| 核金名称 | 吸業處安泽60天持在明借發型正券投资基金 | | --- | --- | | 基金面除 | 贝奥德安卓60天持在借鉴 | | 成金主代理 | (122634 製药或开放式 | | 基金运作方式 | 本基金每份基金的额设置60天销定特有明,基金份额持有人在销定 持有用内不能申请办理群国及纳换转出业务。预定持有明资明后进入开 | | | 放特有明,基金份额持在人目开放持有期准日(含资日)起才能申请办理服 | | | 团及村ի共和日本。 | | 高金合同生效日 | 2025年6月17日 | | 其全常理大名称 | 可类被基金管理有限公司 | | 基金托管人名称 | 中国建设银行股份有限公司 | | 登记机构名称 | 中国建设银行股份有限公司 | | 公告依据 | 有关注律法规及《贝莱德安泽和人持有期领导中证券投资基金融企合 同》,《贝莱西安泽60天特有期借参到正救投资基金招募型明书》等 | | 甲殿起始日 | 3025年8月15日 | | 玻璃配格日 | 2025年8月15日 | | 转人及转出高始日 | 2025年8月15日 | | 定期定额投资配资日 | 2025年8月15日 | | 下面是金 ...

Core Viewpoint - BlackRock Fund Management is facing a significant crisis due to a substantial reduction in its fund size, leading to delays in new fund offerings and poor performance of existing funds [2][3]. Fundraising Challenges - BlackRock Fund announced an extension of the fundraising period for its new product, the BlackRock Anze 60-Day Holding Period Bond Fund, from June 6 to June 13 due to lackluster investor interest [3]. - The poor fundraising situation is attributed to both the recovery of the equity market and increased volatility in the bond market, which has shifted investor risk preferences [3]. - The performance of existing funds has not gained market recognition, contributing to the challenges in attracting new investments [3]. Fund Manager Performance - The fund manager for the new product, Liu Xin, has a track record of underperformance, with the total assets under management amounting to 2.698 billion yuan and a best-term return of only 3.83% [4][5]. - Among the four bond funds managed by Liu Xin, three have recorded negative returns over the past three months, with rankings at the bottom of their respective categories [5][6]. Declining Management Scale - As of June 11, BlackRock Fund's management scale has decreased significantly to 6.873 billion yuan, a reduction of 36% from 10.785 billion yuan at the end of 2024, making it one of the most severely affected foreign public fund institutions [7]. - The average performance of BlackRock's mixed funds over the past year is 4.72%, ranking 136 out of 168, which is below the industry average of 9.08% [9]. - The pure bond funds have a one-year return of 2.21%, ranking 125 out of 157, and the secondary bond funds have a return of 0.76%, ranking 135 out of 145, both underperforming their respective averages [9].

Core Viewpoint - In the current macro environment of relatively loose funding and low interest rates, pure bond funds may become a good investment tool for stable returns amid market volatility [1] Group 1: Bond Market Outlook - Short and medium-term bond yields (1-3 years) are expected to show a downward trend, while long-term bond yields (over 10 years) may experience volatility influenced by policy, with overall direction also trending downwards [1][2] - The current 10-year government bond yield still implies an unfulfilled rate cut expectation of 20 to 30 basis points, indicating potential adjustment pressure on long-term yields if policy strength does not meet market expectations [2] - The investment certainty in the domestic bond market is viewed positively, with the trend of declining social financing costs supporting the value of short and medium-term bonds [2] Group 2: Credit Bonds and Investment Strategies - Credit risk for state-owned enterprise bonds and local government financing bonds is manageable under the "debt reduction" policy, providing a basis for investors to achieve excess returns through selective credit strategies [2] - The 2-3 year AA+ rated bonds still hold certain allocation value, while the credit spread for 3-5 year high-grade credit bonds (AAA rated) is above the historical 50th percentile, indicating potential value [2] - The trend of liquidity is becoming a key factor affecting bond market performance, with investors increasingly favoring trading over holding to maturity to enhance returns [3] Group 3: Technology Innovation Bonds - Recent announcements from regulatory bodies support the issuance of technology innovation bonds, indicating a potential increase in market demand for such bonds [4] - The establishment of a "technology board" in the bond market aims to promote the high-quality development of technology innovation company bonds, encouraging investment in this sector [4] - The pricing of technology innovation bonds may be lower than that of ordinary bonds from the same issuer, reflecting a growing market interest driven by policy support [4][5] Group 4: Investment Timing and Strategy - The current period is considered a favorable time for bond investment due to the realization of interest rate cuts and marginal improvements in overseas disturbances [6] - The newly launched BlackRock Anze 60-day holding period bond fund focuses on pure bond investment strategies, suitable for risk-averse investors seeking stable returns [6] - The investment team utilizes a combination of local and global research platforms to identify opportunities in the bond market, aiming for a favorable risk-return ratio [6][7]