Reliable. Penghua Liwen Short-term Debt Bond Securities Investment Fund is referred to as Penghua Liwen Short-term Debt A Fund Code 0075 15, and the fund type: Bond-Short-term Debt Issue Date 201910/0 14. Date/scale of establishment: 201910.30/19.461100 million copies), asset-backed securities, bond repurchase, bank deposits, interbank deposit certificates, treasury bonds futures and other financial instruments that China Securities Regulatory Commission allows the fund to invest (subject to the relevant regulations of China Securities Regulatory Commission).

1. The Fund does not invest in assets such as stocks and warrants, nor does it invest in convertible bonds (except the pure debt part of convertible bonds that can be traded separately) or exchangeable bonds. If the future laws, regulations or regulatory agencies allow the Fund to invest in other varieties, the fund manager can include them in the investment scope after performing appropriate procedures. Investment strategy and asset allocation strategy The Fund will judge the current position and future development direction of the economic cycle by tracking and considering the usual macroeconomic variables (including GDP growth rate, CPI trend, M2 absolute level and growth rate, interest rate level and trend, etc.). ) and various national policies (including fiscal, monetary, tax and exchange rate policies, etc. ), and on this basis, analyze and evaluate the risks and expected returns of various assets, and formulate the allocation ratio between major assets such as bonds and cash.

2. Bond investment strategy The Fund takes short-term debt as its main investment target. The fund's bond investment will adopt active investment strategies such as duration strategy, yield curve strategy, riding strategy, spread strategy, individual bond selection strategy and credit strategy. Duration strategy Duration management is an important consideration for bond investment. The Fund will adopt a top-down portfolio duration management strategy with "target duration" as the core. If the expected interest rate falls, the fund will increase the duration of the portfolio until it is close to the upper limit of the target duration, so as to obtain more income from the increase in bond prices; On the other hand, if the interest rate is expected to rise, the foundation will shorten the duration of the portfolio until the lower limit of the target duration, so as to reduce the risk brought by the decline in bond prices. The morphological change of yield curve strategy is an important basis for judging the overall trend of the market. The Fund will adjust the collocation of long-term, medium-term and short-term bonds accordingly, that is, by predicting the morphological changes of the yield curve, it will adopt bullet-shaped, dumbbell-shaped or trapezoidal strategies to build the portfolio in time and make dynamic adjustments.