Fund Overview - The fund is named Penghua Fengli Bond Securities Investment Fund (LOF) and is managed by Penghua Fund Management Co., Ltd. with a custodian by China Merchants Bank Co., Ltd. [1] - The fund was established on April 23, 2013, and its shares were listed on the Shenzhen Stock Exchange on May 24, 2016 [1][2]. - As of June 30, 2025, the total number of fund shares is 6,256,085,953.87 [1]. Investment Strategy - The fund aims to achieve returns that exceed the performance benchmark through active investment management while effectively controlling risks and maintaining appropriate liquidity [1][2]. - The investment strategy includes duration strategy, credit spread strategy, yield curve strategy, and bond selection strategy [2]. - The fund will dynamically adjust its asset allocation based on macroeconomic analysis and trends in interest rates and credit spreads [2]. Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the fund's realized income was 94,542,790.27 RMB, with a weighted average profit rate of 3.04% [3][4]. - The net value growth rates for different classes of shares are as follows: A class at 3.22%, C class at 3.01%, D class at 3.21%, and E class at 2.98% [10][11]. - The cumulative net value growth since the fund's inception is 84.67% for A class, 11.34% for C class, 17.34% for D class, and 6.38% for E class [3][4]. Asset Allocation - The fund primarily holds medium to high-rated credit bonds and convertible bonds, with a focus on adjusting the duration of the bond portfolio based on market conditions [10]. - As of the end of the reporting period, the fund's total assets amounted to 7,932,274,068.55 RMB, with significant investments in trading financial assets [15]. Management and Governance - Penghua Fund Management Co., Ltd. has been managing assets totaling 1,251.3 billion RMB across 359 public funds and various investment portfolios [10]. - The fund management team includes experienced professionals with extensive backgrounds in fixed income and investment management [10][12].