Core Viewpoint - The fixed income funds continue to attract investors despite the recovery of the equity market, with non-monetary fixed income funds seeing significant growth in scale, contributing to the overall increase in public fund size [1] Group 1: Fund Performance - In Q2 of this year, non-monetary fixed income funds grew by over 860 billion yuan, becoming a major driver of public fund growth [1] - As of the end of Q2, the scale of non-monetary fixed income funds managed by Great Wall Fund reached 111.9 billion yuan, maintaining above the 100 billion yuan mark for three consecutive years [1] - Great Wall Fund's fixed income team has been recognized for its investment management capabilities, leading to strong performance across various fixed income products [1][2] Group 2: Product Differentiation - Great Wall Fund has developed a product matrix covering different risk-return characteristics, including low-volatility products, balanced risk-return products, and high-elasticity products [1] - The clear product positioning enhances the distinct "fixed income stability" of each product, allowing fund managers to set clear operational goals [2] Group 3: Specific Fund Highlights - Great Wall Short Bond and Great Wall Enhanced Income are examples of low-volatility products, with respective one-year volatility rates of 0.86% and 1.92%, while maintaining leading performance in their categories [2] - The Great Wall Stable Income fund aims for steady net value growth while controlling drawdown, ranking in the top 30% among ordinary bond funds [3] - The Great Wall Jiu Yue fund, a high-elasticity product, focuses on high-elasticity convertible bonds and has ranked in the top 10% among its peers [3] Group 4: Overall Market Position - Great Wall Fund's fixed income products have consistently delivered stable performance in a complex market environment, ranking in the top 20% for one, two, and three-year returns according to industry assessments [3]

Group 1 - The core viewpoint of the articles highlights the increasing attractiveness of fixed-income funds amid a volatile equity market, with a significant growth in non-monetary fixed-income fund sizes, exceeding 860 billion yuan in Q2 2023 [1][2] - Longcheng Fund's fixed-income team has shown strong performance, with non-monetary fixed-income fund sizes reaching 111.9 billion yuan by the end of Q2, maintaining over 100 billion yuan for three consecutive years [1][2] - The demand for fixed-income products is characterized by a "rigid" feature due to the ongoing low-interest-rate environment and the increasing wealth management awareness among investors [2][6] Group 2 - The issuance of bond funds in Q2 2023 reached 118.5 billion yuan, significantly surpassing the 94.6 billion yuan issued for equity funds, indicating a strong demand for stable investment options [2] - Longcheng Fund has developed a diversified product matrix to cater to different risk-return profiles, including low-volatility, balanced, and high-yield products [2][8] - The performance of Longcheng Fund's fixed-income products has been consistently strong, with rankings in the top 20% for one, two, and three-year returns across the market [6][8] Group 3 - Longcheng Fund's low-volatility products, such as Changcheng Short Bond and Changcheng Enhanced Income, have demonstrated leading performance in their respective categories, with low volatility rates of 0.86% and 1.92% [3][4] - The stable growth target of the moderate-risk products is exemplified by Changcheng Stable Income, which ranks in the top 30% among ordinary bond funds [4] - High-elasticity products like Changcheng Jiuyue aim for higher returns, with the fund's performance placing it in the top 10% of its category [5] Group 4 - The fixed-income investment landscape has shifted towards a more refined approach, emphasizing the importance of team collaboration and systematic support in fund management [6][7] - Longcheng Fund's research team has expanded its focus to include overseas markets and peer product research, enhancing the strategic and practical aspects of investment decision-making [7] - The clear product positioning and diverse product line of Longcheng Fund allow for effective risk management while capturing investment opportunities in both equity and bond markets [8]

存款利率持续下行，3年期定存跌破2%，居民储蓄热情却居高不下。2024年，我国储蓄率约为43%，远 高于26%的世界平均水平，且今年上半年住户存款进一步攀升至162.02万亿元。（数据来源：世界银 行、央行，截至2025年6月30日，以上数据仅供示意，不构成实际投资建议，投资需谨慎。） 这种现象背后，折射出"资产荒"环境下居民投资理财的避险倾向。不过，闲钱在账户里"躺平"难免可 惜，或许是时候升级一下闲钱投资玩法了！ 闲钱投资"债"升级 为降低融资成本、助力经济回暖，近年来我国利率中枢逐步下行。这样的低利率环境对闲钱投资的影响 到底有多大？ 以某大行的定存利率为例，当前的利率相比10年前已明显下降，若现在我们将10万元分别存入1年期、3 年期定存，到期利息收入将为950元、3750元，相比2014年时分别缩水2050元、8250元。 | | 2014/11/22 | 2015/6/28 | 2022/9/15 | 2025/5/20 | | --- | --- | --- | --- | --- | | 年期定存利率 | 3% | 2.25% | 1.65% | 0.95% | | 年期定存利息 | 3000 ...

Core Insights - The public fund management scale has reached a new historical high of 34.05 trillion yuan as of the end of Q2 2025, with a quarterly increase of over 2.24 trillion yuan [1][2] - The main contributors to this growth are bond funds, money market funds, and equity funds, with bond funds increasing by 865.32 billion yuan, money market funds by 950.54 billion yuan, and equity funds by 271.15 billion yuan [2] Fund Management Scale - As of the end of Q2 2025, the management scale of various fund types includes: equity funds at 4.74 trillion yuan, mixed funds at 3.32 trillion yuan, bond funds at 10.77 trillion yuan, and money market funds at 13.93 trillion yuan [1] - The public fund management scale has consistently increased since surpassing 30 trillion yuan in April 2024, with multiple records set thereafter [1] Leading Fund Companies - The top ten public fund management companies include E Fund, Huaxia Fund, and GF Fund, with E Fund managing 2.16 trillion yuan and Huaxia Fund managing 2.10 trillion yuan, marking them as the only two companies above the 2 trillion yuan threshold [2][3] - Huaxia Fund experienced the largest growth in management scale in Q2, increasing by 184.76 billion yuan [2] Non-Money Market Fund Growth - In the non-money market fund category, the top ten companies include E Fund, Huaxia Fund, and GF Fund, with both Huaxia and E Fund seeing increases of over 100 billion yuan in management scale [3] - Several thematic funds have also seen significant growth, particularly index funds, driven by large capital inflows into broad-based index ETFs [3][4] Thematic Fund Performance - Among actively managed equity funds, thematic funds have shown substantial growth, with the highest increase seen in the Huatai-PineBridge Innovation Medicine Mixed Fund, which grew by 4.36 billion yuan [4] - Other notable funds include Huaxia Military Industry Security Mixed Fund and Yongying Advanced Manufacturing Select Mixed Fund, both of which also experienced significant scale increases [4]