Core Viewpoint - Ordinary secondary bond funds have recently shown strong performance and long-term returns, making them a preferred choice for investors seeking a balance of safety and yield in a volatile capital market [1] Group 1: Core Advantages - The core advantage of ordinary secondary bond funds lies in their asset allocation strategy, which allows for both offensive and defensive positioning, catering to investors who seek stability without settling for pure bond yields [2] - A stable base is established by allocating over 80% of assets to fixed-income securities such as government bonds, financial bonds, and corporate bonds, significantly reducing portfolio volatility and appealing to investors with moderate risk tolerance [2] - The ability to invest up to 20% of assets in the stock market enhances yield potential, allowing investors to benefit from stock market gains during favorable conditions while improving overall returns during stable bond market periods [2] - The strategy's flexibility allows fund managers to adjust positions based on market conditions, balancing performance stability with yield potential [2] Group 2: Performance Metrics - From September 24, 2024, to July 31, 2025, the Wind Mixed Bond Secondary Fund Index increased by 7.92%, outperforming the Wind Mixed Bond Primary Fund Index (4.41%) and the Wind Pure Bond Fund Total Index (1.98%) [2] - In a short-term period from September 24 to December 13, 2024, the index saw a remarkable increase of 5.06%, indicating strong sustained positive returns [2] - Over the past five years, the average net value growth rate of mixed bond secondary funds reached 17.9%, demonstrating steady asset appreciation and mitigating the impact of market volatility [3] Group 3: Selection Criteria for Secondary Bond Funds - When selecting secondary bond funds, investors should consider not only returns but also performance stability, fund size, and historical success rates [4] - Notable funds include: - Invesco Great Wall Jingyifengli Bond A (code: 003504) with a scale of 8.457 billion, achieving a 35.54% return over the past two years and a 10.94% return in 2024, outperforming the average of 4.96% [4] - Fortune Optimized Enhanced Bond A/B (code: 100035/100036) with a scale of 21 billion, showing a 30.97% return over the past two years and a 9.48% return in 2024, demonstrating strong risk control [4] - Hongde Yukan Bond A (code: 002738) with a scale of 0.402 billion, achieving a 13.30% return over the past two years, outperforming the benchmark by 5.85% [5] - Huashang Credit Enhanced Bond A (code: 001751) with a scale of 9.043 billion, achieving a 31.82% return over the past two years and a 9.29% return in 2024 [5] - Jianxin Shuangxinhongli Bond A (code: 530017) focusing on a balanced strategy, achieving a 23.96% return over the past two years and a 4.79% absolute return in 2024 [5] Group 4: Market Positioning - Secondary bond funds serve as an essential "balancer" in asset allocation, effectively avoiding the low yields of pure bond funds while mitigating the volatility risks associated with equity funds [6] - Long-term holding of these funds allows investors to fully benefit from the dual advantages of bond yields and equity appreciation, reducing the impact of short-term market fluctuations on returns [6]

Core Viewpoint - Yichin Optoelectronics (600537.SH) reported a significant decline in institutional ownership in its Q3 2025 report, indicating potential shifts in investor confidence [1] Institutional Ownership - As of October 30, 2025, there is one institutional investor holding shares in Yichin Optoelectronics, with a total of 54.6962 million shares, representing 4.62% of the total share capital [1] - The institutional ownership percentage has decreased by 17.98 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 26 public funds were disclosed, including notable funds such as the Shanghai Stock Exchange Composite Index ETF, Wanjiaguo Zheng 2000 ETF, and others [1]

Core Viewpoint - Yichin Photovoltaic (600537.SH) reported its semi-annual results for 2025, highlighting a significant increase in institutional investor holdings, which may indicate growing confidence in the company's performance and prospects [1] Institutional Holdings - As of August 25, 2025, five institutional investors disclosed holdings in Yichin Photovoltaic A-shares, totaling 265 million shares, which represents 22.37% of the company's total equity [1] - The institutional investors include Shenzhen Weizhi Energy Co., Ltd., Shenzhen Heqin Investment Industrial Partnership (Limited Partnership), BARCLAYS BANK PLC, J.P. Morgan Securities PLC - proprietary funds, and Hongde Yukan Bond A [1] - Compared to the previous quarter, the total institutional holding percentage increased by 0.85 percentage points [1] Public Fund Disclosures - During this period, one new public fund was disclosed, namely Hongde Yukan Bond A, compared to the previous quarter [1]