Core Viewpoint - The report provides an overview of the performance and management of the Yongying Huiying One-Year Holding Period Bond Fund of Funds (FOF) for the second quarter of 2025, highlighting its investment strategies, financial indicators, and compliance with regulations [1][3]. Fund Product Overview - Fund Name: Yongying Huiying One-Year Holding Period Bond FOF - Fund Code: 013668 - Total Fund Shares at Period End: 288,922,395.96 shares - Investment Objective: To achieve returns exceeding the performance benchmark while strictly controlling portfolio risks [1][2]. Financial Indicators and Fund Performance - FOF A Net Value Growth Rate for the past three months: 1.20%, with a benchmark return of 1.07% - FOF C Net Value Growth Rate for the past three months: 1.10%, with a benchmark return of 1.07% - FOF A Net Value at Period End: 1.0730 CNY - FOF C Net Value at Period End: 1.0574 CNY [1][8]. Management Report - The fund manager adheres to the Securities Investment Fund Law and maintains a disciplined investment research and decision-making process to ensure fair treatment of different investment portfolios [3][4]. - The fund management has implemented strict investment authorization and monitoring systems to prevent conflicts of interest [3][4]. Economic Environment - The macroeconomic environment shows a "strong production, weak demand" structure, with a decline in real estate investment affecting overall investment [4]. - The consumer retail sales have shown signs of recovery due to policy support, but overall inflation remains low, indicating ongoing pressure on corporate profits [4]. Market Conditions - In the second quarter, bond market yields generally declined, influenced by U.S.-China tariff negotiations and monetary policy [5]. - The credit environment improved, with a decrease in credit spreads and increased demand for credit bonds [5][6]. Investment Strategy - The fund maintained a stable allocation strategy, actively participating in opportunities arising from rapid declines in bond yields [6]. - The fund's structure allowed for flexible allocation across different types of bonds to capture narrowing yield spreads [6]. Fund Holdings - At the end of the reporting period, the fund held 17,491,343.49 CNY in bonds, representing 5.70% of total assets, with no holdings in stocks or asset-backed securities [8].