Core Insights - The "Fixed Income +" funds have become the main driver of growth in the market, with a total of 2,209 funds and a combined scale of 2.7 trillion yuan as of the end of Q3 2025, highlighting their importance in asset allocation for investors [1][4] - The launch of the Changcheng Fengze Bond Fund aims to provide investors with more quality and stable investment options, with a focus on a multi-asset allocation strategy [1][2] Fund Characteristics - The Changcheng Fengze Bond Fund will allocate at least 80% of its assets to bonds, while stocks and convertible bonds will account for 5%-20% of the fund's assets [2] - The fund manager, Zhang Zhen, emphasizes the need for proactive portfolio management and a clear multi-asset allocation logic in response to new market trends [2] Investment Strategy - The investment strategy includes building a bond base focusing on medium to short-duration government bonds and high-grade corporate bonds to secure stable coupon income, supplemented by long-duration bonds for additional returns [2] - The fund will enhance returns through convertible bonds, targeting those with high yields and low conversion premiums, while maintaining a diversified approach to control drawdowns [2] - Stock investments will focus on high-dividend, low-volatility stocks with strong financial health, selected based on market changes [2] Performance Metrics - The Changcheng Stable Income Fund, managed by Zhang Zhen, has shown strong performance, with a one-year return of 7.48%, significantly outperforming its benchmark of 4.27% [2] - The fund's Sharpe ratio of 2.31 indicates excellent investment efficiency compared to the industry average of 1.34 [2] Research and Development - Changcheng Fund is enhancing its fixed income product line with clear differentiation in strategy to cater to various risk preferences, aiming to improve investor understanding and experience [3] - The firm is also promoting integrated research and development, establishing specialized teams for different fixed income sectors to ensure efficient decision-making processes [3]

Core Viewpoint - The report provides an overview of the performance and management of the Changcheng Stable Income Bond Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market conditions during the reporting period [1][3]. Fund Overview - Fund Name: Changcheng Stable Income Bond Fund - Fund Manager: Changcheng Fund Management Co., Ltd. - Fund Custodian: Industrial and Commercial Bank of China Limited - Total Fund Shares at Reporting Period End: 293,816,189.68 shares [2]. - Investment Objective: To achieve long-term stable returns through active management of fixed income and equity assets while controlling risks [2]. - Investment Strategy: Utilizes a top-down analysis approach, considering macroeconomic factors, monetary and fiscal policies, and market conditions to dynamically adjust asset allocation [2]. - Performance Benchmark: 90% of the return from the China Bond Composite Wealth Index and 10% from the CSI 300 Index [2]. Financial Indicators - Fund A Net Value Growth Rate for the past three months: 1.42%, six months: 1.97%, one year: 7.05%, three years: 4.42%, five years: 7.06%, since inception: 40.42% [5]. - Fund C Net Value Growth Rate for the past three months: 1.32%, six months: 1.78%, one year: 6.64%, three years: 3.20%, five years: 4.96% [5]. - Total realized income for Fund A includes interest income, investment income, and other income after deducting relevant expenses [3]. Investment Portfolio - As of the reporting period, the fund's asset allocation was 93.43% in bonds and 2.97% in stocks [12]. - The fund's investment in policy financial bonds amounted to 39,880,832.05 yuan, representing 9.93% of the net asset value [13]. - The fund's investment strategy includes maintaining a minimum of 80% in bond assets and a maximum of 20% in equity assets [7]. Market Conditions - The bond market experienced fluctuations, with a general bullish trend during the second quarter of 2025, influenced by global economic events and domestic monetary policy adjustments [10][11]. - The report notes a significant drop in domestic interest rates, with the 10-year government bond yield decreasing by approximately 9 basis points [10]. - The market showed signs of recovery towards the end of June, with expectations of renewed central bank bond purchases [10].