Core Viewpoint - Baijia Fund Management Co., Ltd. announced the suspension of large-scale subscription and large-scale conversion transfer for the Baijia Baizhen Interest Rate Bond Fund starting from July 28, 2025, to ensure the smooth operation of the fund and protect the interests of fund shareholders [1] Summary by Category Fund Operations - The Baijia Baizhen Interest Rate Bond Fund will suspend large-scale subscription and large-scale conversion transfer for both Class A and Class C fund shares [1] - The daily subscription limit for a single fund account across all sales institutions is set at 10,000 yuan (approximately 1,000 USD) [1] Fund Share Details - The specific fund share details are as follows: - Baijia Zizhi Interest Rate Bond A (Code: 021262) and Baijia Zizhi Interest Rate Bond C (Code: 021263) will both have a subscription limit of 10,000 yuan [1] - Any subscription amount exceeding 10,000 yuan will be partially confirmed, with only the first 10,000 yuan being successful [1]

Core Viewpoint - The report provides an overview of the performance and strategy of the Baijia Baizhen Interest Rate Bond Fund for the second quarter of 2025, highlighting its focus on risk control and stable long-term returns through interest rate research and macroeconomic analysis [1][2]. Fund Overview - Fund Name: Baijia Baizhen Interest Rate Bond Fund - Fund Manager: Baijia Fund Management Co., Ltd. - Fund Custodian: Hengfeng Bank Co., Ltd. - Total Fund Shares at Period End: 1,680,776,478.59 shares [2]. Investment Strategy - The fund aims to achieve investment returns exceeding its performance benchmark while strictly controlling risks. Interest rate research is crucial for investment decisions, focusing on macroeconomic forecasts and financial market trends [2][3]. - Duration configuration is determined based on macroeconomic data and market characteristics, adjusting the portfolio's duration based on interest rate predictions [2][3]. Financial Performance - As of the end of the reporting period, the net asset value of Baijia Baizhen Interest Rate Bond A was 1.2501 RMB, with a net value growth rate of 0.36% compared to a benchmark return of 0.70% [6]. - The net asset value of Baijia Baizhen Interest Rate Bond C was 1.2496 RMB, with no reported growth rate for the period [6]. Asset Allocation - The fund's total assets included 2,022,939,906.86 RMB in bonds, representing 96.23% of total assets, with no holdings in stocks or other securities [6][7]. - The fund maintains a minimum of 80% of its assets in bond investments, with at least 80% of non-cash fund assets in interest rate bonds [4][6]. Market Conditions - The bond market was influenced by factors such as weak economic recovery, institutional allocation behavior, and liquidity conditions, leading to a general decline in bond yields during the reporting period [6]. - The yields on 10-year, 5-year, and 3-year government bonds decreased by approximately 10 basis points, 12 basis points, and 15 basis points, respectively, compared to the previous quarter [6]. Fund Management Compliance - The fund management adhered to relevant laws and regulations, ensuring compliance and protecting the interests of fund shareholders throughout the reporting period [5][11]. - No instances of unfair trading or abnormal transactions were reported during the quarter [6][11].