专业能力的刻度：债券投资主动管理收益率达17.09%； 客户盈利的结晶：累计为持有人创造盈利超693亿元，增速超103%； 客户信任的选择：截至2025年二季度末，为超5600万持有人提供专业服务，固收持有人户数五年增长超 1900万户，增速超50%， 投研团队的支撑：固收团队稳步成长为近100人投研大团队，其中"管大钱"的百亿基金经理从6人扩充至 16人，增速超166.67%。 良性循环的结果：固收总规模增长超5000亿元，增速超101%。 过去五年，国内理财市场悄然地落下刚性兑付的帷幕。当"保本保息"从一句承诺变成历史的注脚，这不 仅意味着理财产品告别了"承诺的收益率"，更让所有市场参与者，从机构投资者到个人投资者，共同迎 接新课题：当波动成为常态，如何在波动中追寻真正可持续的投资回报。 理财净值化转型，拆解了旧时代"刚兑"的安全幻觉，将收益背后的风险真实地呈现在每个投资者面前， 也敦使行业回归到比拼专业能力的"价值创造"。在这一趋势下，面对"低利率"与"资产荒"的双重挑战， 鹏华固收·黄金战队以"雕刻者"的姿态躬身入局，以时光为尺，以责任为刃，坚持长期主义打磨投资能 力，坚持严格标准管控风险，致力于持有 ...

Core Insights - The report highlights the impressive performance of Penghua Fixed Income team in the first half of 2025, generating over 6.7 billion yuan in profits for investors amidst market volatility [1][8] - The team has successfully navigated the bond market, showcasing their investment management capabilities and creating value for investors [2][8] Fund Performance - Penghua Fixed Income's money market and non-money bond funds achieved net profits of 3.378 billion yuan and 3.345 billion yuan respectively in the first half of 2025 [1] - The net profits for specific fund types include pure bond funds at 1.692 billion yuan, fixed income plus funds at 1.433 billion yuan, and bond index funds at 220 million yuan [1] - The top-performing funds in the pure bond category include Penghua Fengxiang, Penghua Jinrun, and others, with profits of 314 million yuan, 165 million yuan, and 102 million yuan respectively [3] Fund Manager Expertise - Several fund managers have demonstrated exceptional active management skills, contributing significantly to the overall profits of the funds they manage [4] - Notable fund managers include Wang Shiqian, Fang Chang, and others, with respective profits of 1.063 billion yuan, 493 million yuan, and 473 million yuan from their managed products [4][5] Investor Engagement - The number of investors in Penghua Fixed Income's funds has increased significantly, with over 56 million total accounts as of June 2025 [1][8] - The top 10 bond funds by investor count have seen substantial interest, with funds like Penghua Nian Nian Hong and Penghua Fengxiang exceeding 910,000 and 820,000 accounts respectively [6][7] Strategic Outlook - The Penghua Fixed Income team aims to continue leveraging their research capabilities and diverse asset allocation strategies to deliver stable returns for investors in varying market conditions [8]

Overview - The performance of interest rate bond funds has been notably superior in Q2 2025, with significant contributions from financial-style bond funds and some standout credit bond funds [1][14][19] - The bond market in Q2 2025 exhibited characteristics of "low interest rates and rapid fluctuations," with government bonds outperforming other types of bonds [14][19] Fund Shares - The total share of bond funds in the market saw a marginal increase in Q2 2025 compared to Q1, with over half of the top-performing medium to long-term bond funds also experiencing slight growth [2][26] - Notable increases in shares were observed in funds such as Penghua Fengxiang, Dongfang Zhenbao Pure Bond A, and Tianhong Qixiang A, each expanding by over 3 billion shares in a single quarter [2][26] Net Value - The net value growth of top-performing bond funds in Q2 2025 significantly outperformed that of Q1 2025, with nearly 70% of the growth in Q2 attributed to changes in April [3][30][33] - The sample of top-performing bond funds showed a clear recovery in net value, contrasting with the negative growth rates seen in Q1 [30][33] Bond Type Allocation - By the end of Q2 2025, top-performing bond funds reduced their holdings in interest rate and credit bonds while slightly increasing their positions in certificates of deposit [4][36] - Within credit bonds, there was a notable increase in holdings of financial and corporate bonds, while holdings of medium-term notes and short-term financing bonds were reduced [4][36] Investment Strategy - The investment strategy for Q2 2025 focused on extending duration, reducing leverage, and making moderate downward adjustments [5][58] - The average duration of the bond fund portfolios increased, with top-performing funds maintaining a duration above the market average [5][48][52] - The average leverage ratio for top-performing bond funds slightly decreased to 122.43% in Q2 2025 [58] Summary and Outlook - Looking ahead, the bond market is expected to maintain a volatile upward trend in Q3, with a focus on the flexibility of duration management in September [6][65] - The strategy of extending duration remains favorable, particularly if the positive conditions persist, with key targets for 10Y and 30Y government bonds set at 1.7% and 1.9% respectively [6][65] - For credit bonds, strategies include focusing on short-duration assets and high liquidity long bonds to enhance returns [6][65]