Fund Overview - The fund is named Hongde Yuxiang Bond Fund, managed by Hongde Fund Management Co., Ltd., and custodied by Industrial and Commercial Bank of China [1][2] - The fund aims to achieve investment returns that exceed its performance benchmark through various investment strategies, including asset allocation, fixed income, equity investment, and treasury futures [2][3] Financial Performance - As of the end of the reporting period, the total fund shares amounted to 41,705,064.28 [1] - The net value of Hongde Yuxiang Bond A was 1.2467 RMB, with a net value growth rate of 1.33% during the reporting period, while the benchmark return was 1.12% [9] - The net value of Hongde Yuxiang Bond C was 1.2097 RMB, with a net value growth rate of 1.25% during the reporting period, also against a benchmark return of 1.12% [9] Investment Strategy - The fund employs a dynamic asset allocation strategy based on comprehensive analysis of macroeconomic conditions, market interest rates, and credit risks [2][3] - Fixed income investments utilize various strategies such as duration strategy, yield curve strategy, and individual bond selection [2] - The fund's performance benchmark is composed of 90% of the China Bond Composite Price Index and 10% of the CSI 300 Index [2] Market Conditions - In the second quarter, the bond market experienced a downward trend, with the ten-year treasury yield dropping from 1.81% to 1.63% [7] - The convertible bond market continued to rise, with the Wind Convertible Bond Equal-weighted Index increasing by 4.58% [7] - The equity market saw a slight increase, with the CSI 300 Index rising by 1.25% [7] Fund Management - The fund is managed by experienced professionals, including Zhao Duanduan and Liu Fengfei, who have extensive backgrounds in fixed income investment [5] - The fund management adheres to legal regulations and maintains a commitment to fair trading practices [6] Investment Composition - As of the reporting period, the fund's asset allocation included 87.20% in bonds and 12.15% in stocks [10] - The fund's investments are diversified across various sectors, with significant allocations in finance and manufacturing [10][11]