Supported by multiple positive factors, the A-share market has entered a rapid upward phase in recent months, with relatively evident profit-making effects. As market momentum continues to build, concerns about volatility are also emerging. How can investors strive to capture equity uptrends amid market fluctuations? Second-tier bond funds may be a suitable option.

BOC Chunli Three-Month Holding Period Bond Fund (Class A: 023275, Class C: 023276) under BOC Fund Management belongs to this category of products, committed to providing investors with long-term stable returns.

Second-tier bond funds possess characteristics of "balanced offense and defense" and "multi-asset allocation," striving to provide bond returns while further capturing gains from equity upside momentum. This characteristic is also reflected in related index performance. Data shows that the Wind Mixed Bond Secondary Index (885007.WI) achieved a cumulative return of 44.34% over the past ten years, with a maximum drawdown of -6.93%. (Data source: Wind, statistical period: September 16, 2015 - September 16, 2025)

The ability of second-tier bond funds to achieve "balanced strategy" is related to their underlying assets and allocation ratios. Generally, second-tier bond funds primarily invest in the bond market while participating modestly in equity markets for growth potential. Bond investments account for no less than 80% of fund assets, while equity investments do not exceed 20% of fund assets.

As a member of second-tier bond funds, BOC Chunli Three-Month Holding Period Fund targets low volatility enhancement, pursuing higher returns while striving to control maximum drawdown, highlighting steady growth. In equity investments, the product pursues medium to long-term returns without chasing short-term trends or performance rankings, strictly managing asset risk-return ratios. Meanwhile, its bond investment strategy emphasizes stability.

The positive holding experience is inseparable from the fund manager's investment strategy. Fund Manager Chen Wei consistently maintains a steady approach, avoiding concentration in any single asset while pursuing long-term stable appreciation of fund assets under effective portfolio risk control, continuously accumulating excess returns.

The fund manager's comprehensive personal investment system is closely related to the professional investment research team behind it. BOC Fund Management has established an experienced and high-performing investment management team. Over the years, the company has continuously improved its investment research platform, focusing on building capabilities in multi-asset allocation and credit analysis. Years of dedicated effort have yielded results, particularly in fixed income, ranking among industry leaders. According to Cathay Securities data, as of the end of June 2025, BOC Fund's fixed income products ranked 4th among 18 large fixed income fund companies in terms of 3-year excess returns. (Data source: Cathay Securities, as of June 30, 2025. Fund management company excess return refers to the average excess return of actively managed funds weighted by assets under management during the period. Assets under management during the period are calculated as simple averages of available period scales. Classification is based on Cathay Securities' scale rankings for active equity and active fixed income average scales over the past year, with fund companies ranked by scale from large to small. Large companies are defined as those whose cumulative average active fixed income scale accounts for 50% of the market's total active fixed income scale)

Notably, the product sets a three-month holding period, meaning each fund share has a minimum holding period of three months. During this minimum holding period, holders cannot redeem or transfer out. This period setting aims to balance liquidity and returns, further enhancing investor holding experience. For investors, the holding period can help avoid chasing highs and selling lows to some extent, striving to obtain long-term returns.

Performance Review:

BOC Chunli Three-Month Holding Bond Class A was established on February 20, 2025, managed by Fund Manager Chen Wei since inception. Net asset value growth rate/benchmark return rate: 0.77%/0.00% from inception to the first half of 2025.

BOC Chunli Three-Month Holding Bond Class C was established on February 20, 2025, managed by Fund Manager Chen Wei since inception. Net asset value growth rate/benchmark return rate: 0.62%/0.00% from inception to the first half of 2025.

The fund manager's other similar products include BOC Steady Growth, BOC Zhaoli, BOC Tongli, BOC Hengyue 180-day, and BOC Minli. Similar category refers to "Bond Funds - Ordinary Bond Funds - Ordinary Bond Funds (Secondary)" according to Galaxy Securities.

BOC Steady Growth Bond Class A was established on February 4, 2013, managed by Fund Manager Chen Wei since December 31, 2014. Five-year net asset value growth rates/benchmark returns: 2020: 4.36%/-0.06%, 2021: 4.87%/2.10%, 2022: 0.14%/0.51%, 2023: 3.61%/2.06%, 2024: 5.11%/4.98%, First half 2025: 0.92%/-0.14%.

BOC Steady Growth Bond Class C was established on April 12, 2018, managed by Fund Manager Chen Wei since inception. Net asset value growth rates/benchmark returns: 2019: 7.23%/1.31%, 2020: 4.02%/-0.06%, 2021: 4.62%/2.10%, 2022: -0.05%/0.51%, 2023: 3.45%/2.06%, 2024: 4.96%/4.98%, First half 2025: 0.85%/-0.14%.

BOC Steady Growth Bond Class E was established on March 15, 2019, managed by Fund Manager Chen Wei since inception. Net asset value growth rates/benchmark returns: Inception to end of 2019: 4.41%/0.94%, 2020: 3.92%/-0.06%, 2021: 4.53%/2.10%, 2022: -0.08%/0.51%, 2023: 3.41%/2.06%, 2024: 4.91%/4.98%, First half 2025: 0.82%/-0.14%.

BOC Zhaoli Bond Class A was established on September 27, 2019, managed by Fund Manager Chen Wei since inception. Net asset value growth rates/benchmark returns: Inception to end of 2019: 1.83%/1.22%, 2020: 6.03%/2.62%, 2021: 6.03%/1.50%, 2022: -0.41%/-1.78%, 2023: 2.24%/0.71%, 2024: 4.27%/6.13%, First half 2025: 0.76%/-0.06%.

BOC Zhaoli Bond Class C was established on September 27, 2019, managed by Fund Manager Chen Wei since inception. Net asset value growth rates/benchmark returns: Inception to end of 2019: 1.73%/1.22%, 2020: 5.59%/2.62%, 2021: 5.61%/1.50%, 2022: -0.81%/-1.78%, 2023: 1.83%/0.71%, 2024: 3.84%/6.13%, First half 2025: 0.56%/-0.06%.

BOC Tongli Bond Class A was established on June 24, 2021, managed by Fund Manager Chen Wei since inception. Net asset value growth rates/benchmark returns: Inception to end of 2021: 2.74%/0.23%, 2022: -4.85%/-1.27%, 2023: 0.97%/0.64%, 2024: 4.88%/6.28%, First half 2025: 4.43%/0.93%.

BOC Tongli Bond Class C was established on June 24, 2021, managed by Fund Manager Chen Wei since inception. Net asset value growth rates/benchmark returns: Inception to end of 2021: 2.53%/0.23%, 2022: -5.23%/-1.27%, 2023: 0.58%/0.64%, 2024: 4.43%/6.28%, First half 2025: 4.22%/0.93%.

BOC Hengyue 180-Day Holding Bond Class A was established on January 21, 2022, managed by Fund Manager Chen Wei since inception. Net asset value growth rates/benchmark returns: Inception to end of 2022: 1.25%/2.07%, 2023: 3.27%/3.19%, 2024: 5.78%/3.63%, First half 2025: 1.18%/0.69%.

BOC Hengyue 180-Day Holding Bond Class C was established on January 21, 2022, managed by Fund Manager Chen Wei since inception. Net asset value growth rates/benchmark returns: Inception to end of 2022: 1.06%/2.07%, 2023: 3.06%/3.19%, 2024: 5.57%/3.63%, First half 2025: 1.08%/0.69%.

BOC Minli One-Year Holding Bond Class A was established on March 3, 2022, managed by Fund Manager Chen Wei since inception. Net asset value growth rates/benchmark returns: Inception to end of 2022: -0.77%/-0.86%, 2023: 2.11%/0.64%, 2024: 5.33%/6.28%, First half 2025: 1.93%/0.93%.

BOC Minli One-Year Holding Bond Class C was established on March 3, 2022, managed by Fund Manager Chen Wei since inception. Net asset value growth rates/benchmark returns: Inception to end of 2022: -1.10%/-0.86%, 2023: 1.70%/0.64%, 2024: 4.91%/6.28%, First half 2025: 1.72%/0.93%.

Risk Warning: Fund investments carry risks and should be approached with caution. The fund management company manages and utilizes fund assets in accordance with the principles of diligence, honesty, trustworthiness, and prudent diligence, but does not guarantee profits or minimum returns for this fund. In rare extreme market conditions, fund investments may risk total principal loss. Past performance does not predict future results, and the performance of other funds managed by the fund management company does not guarantee this fund's performance. Before investing in this fund, investors need to fully understand the product characteristics and investment risks and bear potential losses from fund investments. Investors should carefully read the fund contract, prospectus, product overview, and other documents before making investment decisions to understand the fund's specific situation. They should assess whether the fund matches their risk tolerance based on investment objectives, investment period, investment experience, and asset status, and complete risk tolerance and product risk matching verification as required by sales institutions. BOC Chunli Three-Month Holding is classified as an R2 product, suitable for investors rated C2 and above after customer risk tolerance assessment. When purchasing through distributors, distributor risk rating rules shall prevail. BOC Chunli Three-Month Holding sets a minimum 3-month holding period for each fund share, during which shareholders cannot submit redemption applications. Views expressed in this document do not constitute investment advice or other counsel and may change with changing circumstances.