Zhutong Finance learned that Reyuan Wending Configuration Two Year Holding managed by Rao Gang and Hou Zhenxin disclosed the second quarter report of holdings recently. The fund reduced its positions in both stocks and bonds in the second quarter, with stock positions down from 30.66% in the first quarter to 28.98% at the end of the second quarter, while bond positions fell from 67.61% to 66.13%. Regarding the adjustments of stock and bond positions, the quarterly report mentioned that the overall adjustment of the fund in the second quarter was small, and in terms of equity assets, it further focused on core symbols with relatively high certainty.

Specifically, in terms of holding changes, compared with the first quarter of 2024, the top ten heavy positions stocks have increased their holdings in Tonglian Precision (688210.SH), Contemporary Amperex Technology (300750.SZ), etc., while reducing their holdings in China Mobile (00941), Sieyuan Electric (002028.SZ), Zhejiang Weiming Environment Protection (603568.SH), Industrial and Commercial Bank of China (01398), etc.

Regarding the adjustment of stock and bond positions, the quarterly report mentioned that the overall adjustment of the fund in the second quarter was small, and in terms of equity assets, it further focused on core symbols with relatively high certainty; in terms of convertible bonds, some financial convertible bonds gradually approached the conversion conditions along with the rise of the underlying stocks, and were reduced to realize good returns, so the convertible bond positions were slightly down compared to the previous quarter.

From the performance of the fund, as of the end of the reporting period, the net value of the shares of Reyuan Wending Configuration Two-Year Holding Hybrid A Fund was 0.9969 yuan. During this reporting period, the net value growth rate of the fund shares was 4.66%, while the comparable benchmark yield was 1.30%. As of the end of the reporting period, the net value of shares of Reyuan Wending Configuration Two-Year Holding Hybrid C Fund was 0.9892 yuan. During this reporting period, the net value growth rate of the fund shares was 4.58%, while the comparable benchmark yield was 1.30%.

Rao Gang mentioned in the second quarter report that the overall economic operation was relatively stable in the second quarter of 2024, and from the demand side, it basically continued the characteristics of the first quarter: overall, export demand was more resilient than domestic demand, and the fluctuation rebound of the global manufacturing PMI plus the end of the overseas inventory destocking cycle provided support for export demand, while the low cost advantage of Chinese manufacturing was increasingly reflected in more areas.

In terms of domestic demand, real estate demand continued to be weak overall, but with further policy support and the rapid decline of the base, the year-on-year decline in real estate sales narrowed, and the subsequent rhythm and intensity of real estate inventory destocking policies will be an important observation point for the stability of the real estate boom. Consumption continued to show the structural characteristics of service consumption being stronger than physical consumption, and overall consumption momentum remained weak.

From the investment side, the growth rate of infrastructure investment has slowed down, real estate investment is still sluggish, and under the influence of the gradual manifestation of policies for large-scale equipment updating and transformation and the pull of external demand, manufacturing investment is the only bright spot. In terms of market performance, resource commodities and 'high dividend' assets continued to outperform relatively, with banking, utilities, electronics, coal and transportation taking the top five industry gains.

In terms of asset allocation, under the situation that the market volatility of the stock and bond market narrowed compared with the first quarter, the overall adjustment of the fund was small, and in terms of equity assets, it further focused on core symbols with relatively high certainty by appropriately increasing the concentration of holdings. On the other hand, it continued its operations in the first quarter, and re-balanced the holding structure of some symbols with large changes in stock prices according to the level of expected return rate. In terms of convertible bonds, the fund still mainly holds undervalued convertible bond varieties, such as pure debt with high yield and sufficient valuation protection in financial companies' convertible bonds, and are less affected during the process of stage impact brought by the market style transformation in the convertible bond market. The fund reduced its holdings of some financial convertible bonds that have been held for a long time as the underlying stock rose gradually and approached the conversion conditions, and realized good returns, so the convertible bond positions were slightly down compared to the previous quarter.

ファンドでは、引き続き割安な転換社債を主に保有しており、高い債券利回りと十分な評価保護を持つ金融企業の転換社債などが含まれます。市場スタイルの変化による段階的な衝撃がある中、影響を受けることは比較的少ないです。一部の金融転換社債は長期間保有されており、株価の上昇に伴い、転換条件に達するようになりました。ファンドはこれを保有しており、売却することで良好な利益を得たため、前四半期に比べて転換社債の取り入れ比率はやや下がっています。

饒剛氏は、予算内の赤字国債の発行が加速する可能性があり、中期的にはインフレは貨幣政策を制約するものではないため、債券資産は引き続き適切な資産配分価値を持っていると考えて、2四半期にはその資産のレバレッジと久期を適度に減らす戦略を採用したと述べました。

饒剛氏は、近年の内外の変化によって市場のリスク評価がますます透明化し、株債間の相対的な評価や株式内部のセクター間の評価差に明確に反映されていると述べました。優良な企業は、マクロ的な圧力下で迅速かつ適応的に調整し、持続的な進化を遂げる能力を証明しており、リスク調整後の予想リターンも魅力的で、彼らが所有する信頼と忍耐力を固めています。