Core Viewpoint - The upcoming long holiday during the Mid-Autumn Festival and National Day presents a unique opportunity for financial management, where proper investment strategies can yield significant returns from money market funds, interbank certificate funds, and short-term bond funds [1]. Group 1: Money Market Funds - Money market funds primarily invest in low-risk, high-liquidity assets and do not charge subscription or redemption fees, making them an attractive option for short-term investments [3]. - To benefit from the 8-day holiday returns, investors must successfully subscribe to money market funds before 3 PM on September 29; otherwise, they will miss out on the holiday earnings [3]. - Some money market funds may suspend subscriptions before long holidays to protect existing investors' returns, emphasizing the need for timely investment [3]. Group 2: Bond Funds - Although bond funds do not trade during the holiday, they continue to accrue interest, allowing investors to enjoy returns that will be reflected in the fund's net asset value on the first trading day after the holiday [8]. - Investors who miss the money market fund subscription deadline can still invest in bond funds before 3 PM on September 30 to benefit from holiday earnings [8]. - Given the current low yield in the bond market, it is advisable to prioritize short-term bond funds and interbank certificate funds to mitigate interest rate risks [8]. Group 3: Interbank Certificate Funds - Interbank certificate funds, which do not charge subscription or redemption fees, have a minimum holding period of 7 days and track interbank certificate indices [9]. - The leading interbank certificate fund has achieved a cumulative return of 8.91% from December 2021 to September 2025, outperforming the money market fund index [9][10]. - While interbank certificate funds offer higher returns than money market funds, they carry slightly higher risks [10]. Group 4: Short-term Bond Funds - Short-term bond funds invest in high-liquidity, near-term bonds and have low interest rate risk, making them a stable investment option [11]. - Some short-term bond funds have waived subscription fees, enhancing their attractiveness for investors [11]. - Historical performance shows that a specific short-term bond fund has achieved an annualized return of 3.41% since inception, ranking in the top 1% of its category [14]. Group 5: Equity Funds - Historical data indicates a strong pattern in A/H share performance around the National Day holiday, typically showing a decline before the holiday and an increase afterward, known as the holiday effect [16]. - Over the past decade, the probability of the technology media communication index rising after the holiday is 90%, with a median increase of 2.31% [18]. - Investors are encouraged to complete subscriptions for equity index funds before the holiday, as these funds generally do not suspend subscriptions [18].

Report Title - "Number Analysis of Public Offering Pure Bond and Hybrid Asset Strategy Funds' 2025 Semi-Annual Report - Institutions Increase Allocation to 'Fixed Income +', and Allocate More Growth-Oriented Equity Assets" [1] Report Date - September 2, 2025 [2] Core View - The report analyzes the performance, asset allocation, and institutional holding changes of various types of bond and hybrid asset strategy funds, showing that institutions are increasing their allocation to 'fixed income +' funds and shifting their equity asset allocation towards growth directions. Summary by Fund Type Short-Term Pure Bond Funds - Multiple funds are listed, such as Great Wall Short Bond A (007194.OF) with a scale of 3.2686 billion yuan, an institutional holding of 1.7147 billion shares, and an institutional increase of 0.5179 billion shares. Its 1-year return is 2.91% (ranked 22/347), and the 3-year return is 3.81% (ranked 2/278) [21]. - Another example is Boshi Credit Preferred A (009271.OF) with a scale of 2.0333 billion yuan, an institutional holding of 1.0058 billion shares, and an institutional increase of 0.7677 billion shares. Its 1-year return is 2.24% (ranked 127/347), and the 3-year return is 3.37% (ranked 13/278) [23]. Medium and Long-Term Pure Bond Funds - For instance, Bank of China Fenghe Regular Open (004722.OF) has a scale of 4.8366 billion yuan, an institutional holding of 4.3551 billion shares, and no institutional increase. Its 1-year return is 2.68% (ranked 1287/1965), and the 3-year return is 3.28% (ranked 841/1509) [21]. - Guoshou Anbao Tai'an Pure Bond (010232.OF) has a scale of 2.401 billion yuan, an institutional holding of 2.2246 billion shares, and an institutional increase of 0.2758 billion shares. Its 1-year return is 3.93% (ranked 315/1965), and the 3-year return is 4.18% (ranked 152/1509) [21]. Mixed Bond - Type I Funds - Invesco Great Wall Jingtai Pure Profit A (007562.OF) has a scale of 1.9143 billion yuan, an institutional holding of 1.1324 billion shares, and an institutional increase of 0.4631 billion shares. Its 1-year return is 5.32%, and the 3-year return is 4.33% (ranked 43/329) [21]. - E Fund Enhanced Return A (110017.OF) has a scale of 3.1526 billion yuan, an institutional holding of 0.8182 billion shares, and an institutional increase of 0.0847 billion shares. Its 1-year return is 4.62%, and the 3-year return is 4.32% (ranked 45/329) [21]. Mixed Bond - Type II Funds - E Fund Yuxiang Return A (002351.OF) has a scale of 2.6613 billion yuan, an institutional holding of 1.5665 billion shares, and an institutional increase of 0.1322 billion shares. Its 1-year return is 5.42% (ranked 173/507), and the 3-year return is 3.05% (ranked 76/340) [21]. - Invesco Great Wall Jingsheng Double Dividend A (002065.OF) has a scale of 1.1558 billion yuan, an institutional holding of 0.9907 billion shares, and an institutional increase of 0.2778 billion shares. Its 1-year return is 4.20% (ranked 265/507), and the 3-year return is 4.49% (ranked 11/340) [21]. Partial - Bond Hybrid Funds - E Fund Hengsheng 3 - Month Fixed - Open (007884.OF) has a scale of 0.2021 billion yuan, an institutional holding of 0.1734 billion shares, and no institutional increase. Its 1-year return is 8.71% (ranked 117/674), and the 3-year return is 5.36% (ranked 15/587) [21]. - Anxin Minwen Growth A (008809.OF) has a scale of 0.3115 billion yuan, an institutional holding of 0.1198 billion shares, and an institutional decrease of 0.0067 billion shares. Its 1-year return is 7.60% (ranked 169/674), and the 3-year return is 4.33% (ranked 41/587) [21]. Flexible Allocation - Partial - Bond Funds - Boshi Hongkang A (003411.OF) has a scale of 0.3552 billion yuan, an institutional holding of 0.1264 billion shares, and an institutional increase of 0.0177 billion shares. Its 1-year return is 1.64% (ranked 127/139), and the 3-year return is 2.60% (ranked 40/139) [21]. - E Fund Ruicai I (001802.OF) has a scale of 0.1288 billion yuan, an institutional holding of 0.1088 billion shares, and no institutional increase. Its 1-year return is 9.31% (ranked 10/139), and the 3-year return is 4.79% (ranked 5/139) [21]. Convertible Bond - Style Funds - Huatai Baoxing Zunli A (005908.OF) has a scale of 0.7893 billion yuan, an institutional holding of 0.5427 billion shares, and an institutional increase of 0.0791 billion shares. Its 1-year return is 12.89% (ranked 45/102), and the 3-year return is 6.77% (ranked 4/102) [21]. - Huashang Credit Enhancement A (001751.OF) has a scale of 0.7591 billion yuan, an institutional holding of 0.3941 billion shares, and an institutional increase of 0.0952 billion shares. Its 1-year return is 22.38% (ranked 9/102), and the 3-year return is 5.17% (ranked 13/102) [21]. Convertible Bond - Type Funds - China - Europe Convertible Bond A (004993.OF) has a scale of 0.7529 billion yuan, an institutional holding of 0.511 billion shares, and an institutional increase of 0.2871 billion shares. Its 1-year return is 20.92% (ranked 1/39), and the 3-year return is - 2.06% (ranked 22/39) [21]. - Penghua Convertible Bond A (000297.OF) has a scale of 0.635 billion yuan, an institutional holding of 0.4305 billion shares, and an institutional decrease of 0.0113 billion shares. Its 1-year return is 12.89% (ranked 17/39), and the 3-year return is - 2.84% (ranked 26/39) [21].