Core Viewpoint - Recent reductions in deposit interest rates have led state-owned banks to offer one-year fixed deposit rates below 1%, prompting investors to seek better alternatives for idle funds [1] Group 1: Market Context - The one-year fixed deposit rates at major state-owned banks are now between 0.95% and 0.98%, marking the entry into a "zero" interest rate era [1] - With traditional bank deposits becoming less attractive, there is a growing interest in short-term financial instruments that offer liquidity and better returns [1] Group 2: Investment Opportunities - Short-term bond funds are highlighted as a favorable option for managing idle cash, providing both liquidity and a positive return profile [1] - The Wind data indicates that the Wind Short-term Pure Bond Fund Index has achieved positive returns every year since its inception, with an annualized return of 3.44% over the past 18 years [1] Group 3: Fund Performance - The Hui'an Short-term Bond Fund has consistently delivered positive returns for five consecutive years since its inception in September 2019, with a maximum drawdown of around -1% [2] - The fund offers multiple share classes to cater to different investor needs, with low investment thresholds and flexible redemption options [2] Group 4: Specific Fund Features - The Hui'an Yongli 30-day Holding Period Short Bond Fund and Hui'an Yongfu 90-day Holding Period Short Bond Fund have maintained a maximum drawdown of approximately -0.3% since their inception [3] - The Hui'an Yongli fund requires a minimum holding period of 30 days for free redemption, making it suitable for managing funds idle for over a month, while the Hui'an Yongfu fund requires a 90-day holding period [3]

Core Viewpoint - The report highlights the strong performance of the Huian Yongfu 90-Day Holding Period Short-Duration Bond Fund, which has consistently outperformed its benchmark across various time frames, indicating effective management and investment strategy [1][3]. Performance Summary - As of June 30, 2025, the fund achieved a quarterly return of 0.96%, compared to its benchmark of 0.64%, and a year-to-date return of 1.54% against a benchmark of 0.47% [1]. - Over the past year, the fund's return was 3.53%, significantly higher than the benchmark's 2.11%, and since inception, it has delivered a return of 9.28% versus the benchmark's 8.21% [1]. - The fund ranked 7th among similar short-duration bond funds for the first half of the year and was in the top 10 (8/713) for the past year [1]. Investment Strategy - The fund's bond portfolio includes a mix of government bonds, financial bonds, and corporate bonds, with financial bonds making up 73.82% of the portfolio, indicating a focus on low-risk investments [3]. - The fund's management executed a proactive strategy in April, capitalizing on market conditions to secure capital gains, followed by a focus on earning coupon income as market conditions evolved [3]. - In June, the fund increased leverage and improved static returns through selective bond purchases, responding to central bank actions that stabilized funding costs [3]. Fund Growth - The fund's assets grew from approximately 150 million yuan at the end of the previous year to nearly 2 billion yuan by the end of the second quarter of this year, reflecting its appeal to investors [4].

Group 1 - The article highlights the decline of deposit interest rates in a low-interest environment, indicating that the era of relying solely on interest income is over [1] - It emphasizes the growing value of short- and medium-term bond funds, which focus on bond investments and have a lower risk of default due to their investment in high-grade credit bonds [1][2] - The Huian Yongfu 90-Day Holding Period Short-Term Bond Fund has shown a performance of 3.68% over the past year, ranking 8th among similar funds, and has consistently delivered positive returns for 11 consecutive quarters since its inception [1][2] Group 2 - The Huian Yongfu 90-Day Holding Period Short-Term Bond Fund requires investors to hold their investment for at least 90 days before free redemption, making it suitable for those with short-term liquidity needs [2] - The fund's management strategy has involved maintaining low positions and durations in early months of 2025, gradually increasing exposure to short-term bonds to mitigate capital loss from rising yield curves [2] - Analysts suggest that the bond market's favorable conditions in the upcoming quarter, driven by factors such as declining funding rates and potential interest rate cuts, present a good opportunity for investors to consider short- and medium-term bond funds [3]

Group 1 - The core viewpoint of the articles highlights the increasing pace of dividend distributions by public funds in response to regulatory calls for enhancing investor experience, with total dividends exceeding 81 billion yuan as of April 25, 2025 [1] - Bond funds are the main contributors to this dividend distribution, accounting for over 62 billion yuan, which is approximately 80% of the total dividends distributed by funds this year [1] - The Hui'an Jiayu Pure Bond Fund has announced dividends of 0.27 yuan per 10 shares for Class A and 0.08 yuan for Class C, with the cash dividend distribution date set for April 29, 2025 [1] Group 2 - Hui'an Fund has established a strong competitive position in the fixed income investment sector over its nine years of operation, consistently empowering bond investments [2] - According to a report by Guotai Haitong Securities, Hui'an Fund ranks in the top 30 for absolute returns in pure bond funds over the last three years and five years, with rankings of 28 out of 132 and 27 out of 111, respectively [2] - The bond market has experienced fluctuations, with long-term interest rates remaining stable following recent monetary policy announcements, including a 600 billion yuan MLF operation by the central bank [2] Group 3 - Analysts suggest that the bond market may stabilize as the political bureau meeting emphasized the acceleration of fiscal issuance and monetary policy support, reducing concerns over negative market sentiment [3] - The Hui'an Fund research team believes that the current bond market lacks negative fundamentals, and the probability of short-term rate cuts may decrease, leading to a continued range-bound market [3] - Hui'an Fund offers several low-volatility, low-drawdown short- and medium-term bond funds, which have consistently performed well since their inception [3] Group 4 - As of the end of Q1 2025, Hui'an Short Bond Fund A has achieved positive returns for 25 consecutive quarters since its inception, while Hui'an Yongli 30-Day Holding Period Short Bond A and Hui'an Yongfu 90-Day Holding Period Medium-Short Bond A have also maintained positive returns for 12 and 11 consecutive quarters, respectively [4] - These funds have effectively controlled maximum drawdowns to around -0.3%, enhancing the holding experience for investors [4]