永赢稳健增强债券型证券投资基金 2025 年第 2 季度报告 永赢稳健增强债券型证券投资基金 基金管理人：永 赢 基 金管理有限公司 基金托管人：浙 商 银 行股份有限公司 报告送出日期：2025 年 07 月 17 日 报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并对其内 容的真实性、准确性和完整性承担个别及连带责任。 基金托管人浙 商 银 行股份有限公司根据本基金合同规定，于 2025 年 07 月 15 日复核了本报告中 的财 务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 | §2 | 基金产品概况 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 基金简称 永赢稳健增强债券 | | | | | | | | 基金主代码 014088 | | | | | | | | 基金运作方式 契约型开放式 | | | | | | | | 基金合同生效日 2021 年 ...

Group 1 - The fund is named "Zhaoshang Asset Management China Bond 1-5 Year Policy Financial Bond Index Securities Investment Fund" and is classified as a bond-type securities investment fund [23][24] - The fund will be publicly offered from July 21, 2025, to August 4, 2025, through designated sales institutions, with the possibility of adjusting the fundraising period based on subscription conditions [1][32] - The fund's management company is Zhaoshang Securities Asset Management Co., Ltd., and the custodian is Zhejiang Commercial Bank Co., Ltd. [1][58] Group 2 - The fund offers two classes of shares: Class A shares, which charge subscription fees, and Class C shares, which do not charge subscription fees but deduct service fees from the fund's assets [2][29] - The minimum subscription amount for individual investors is set at 1.00 yuan, and there is no limit on the cumulative subscription scale for individual investors during the fundraising period [8][44] - The fund aims to achieve effective tracking of the benchmark index with minimal tracking deviation and tracking error [25] Group 3 - The fund's investment scope primarily includes the components of the benchmark index and other financial instruments with good liquidity, such as government bonds and policy financial bonds [26] - The fund will not invest in stocks, convertible bonds, or credit bonds, and it must maintain at least 80% of its assets in bond investments [27] - The fund's total minimum subscription amount is set at 200 million shares, with a minimum fundraising amount of 200 million yuan [31]

Group 1: Government Initiatives - Shanghai Municipal Party Committee and the Cyberspace Administration of Shanghai launched "Several Measures to Support Quality Internet Content Creation," outlining nine support policies including financial incentives, talent policies, scene construction, and overseas support [1][6] - The Ministry of Industry and Information Technology is soliciting opinions on the revision of the "Mobile Power Safety Technical Specifications," which will impose stricter technical standards on mobile power supplies, including power banks [3][4] Group 2: Economic Data - The National Bureau of Statistics reported that China's GDP for the first half of the year reached 660,536 billion yuan, with a year-on-year growth of 5.3%. The primary, secondary, and tertiary industries grew by 3.7%, 5.3%, and 5.5% respectively [3] - The second quarter GDP growth was 5.2%, with a quarter-on-quarter increase of 1.1% [3] Group 3: Corporate Developments - Geely Holding Group announced the signing of a merger agreement between Geely Automobile and Zeekr Technology, with Geely acquiring all outstanding shares of Zeekr, offering shareholders the option of cash or stock exchange [3][14] - Bubble Mart expects its revenue for the six months ending June 30, 2025, to grow by no less than 200% year-on-year, with profits potentially increasing by no less than 350% [13][14] - Xpeng Huitian announced the completion of a $250 million Series B financing round, indicating a $100 million amount for the B2 round [13][15] Group 4: Market Trends - The banking sector has shown an upward trend, with several A-share listed banks, including Xiamen Bank and Shanghai Pudong Development Bank, seeing stock price increases of over 30% this year [8] - The eleventh batch of national drug centralized procurement has been initiated, focusing on quality control and compliance in the procurement process [5] Group 5: Strategic Partnerships - Ningde Times signed a strategic cooperation agreement with T3 Mobility to advance Robotaxi business development, leveraging its battery swap and intelligent technology solutions [13][16] - BMW China partnered with Momenta to develop a smart driving assistance solution based on a large model, applicable to multiple vehicle models [13][16]

Group 1 - The fund aims to achieve investment returns higher than the performance benchmark while strictly controlling investment risks and maintaining high liquidity [2][3] - The fund's total share at the end of the reporting period is 5,713,043,677.31 shares [2] - The fund is classified as a low-risk money market fund, with expected risks and returns lower than equity, mixed, and bond funds [2] Group 2 - The fund's net value yield for the past three months is 0.3051% for Class A, 0.3652% for Class B, and 0.3051% for Class D, with the performance benchmark yield being 0.3366% [10][11] - The fund's net value yield for the past six months is 0.5852% for Class A, 0.7050% for Class B, and 0.5853% for Class D, with the performance benchmark yield being 0.6695% [10][11] - The fund's net value yield for the past year is 1.2747% for Class A, 1.5172% for Class B, and 1.2743% for Class D, with the performance benchmark yield being 1.3500% [10][11] Group 3 - The fund's investment strategy involves active management of the asset portfolio based on in-depth research of macroeconomic trends, monetary policy changes, and market supply-demand conditions [2] - The fund's financial indicators for the reporting period include a total asset allocation of 70.71% in bonds and asset-backed securities [13] - The fund has not experienced any significant deviations from its investment strategy or any violations of legal regulations during the reporting period [9][10]

Core Viewpoint - Zhejiang Zheshang Bank's Hangzhou branch has established housing provident fund service points to enhance convenience for employees of provincial direct units, aligning with the "one-time run" reform in Zhejiang Province [1][2] Group 1: Service Expansion - The bank has set up five service points in key areas to provide housing provident fund services, including extraction, inquiry, contribution, loan consultation, and policy explanation [1] - The locations were chosen to ensure balanced service coverage and convenience for employees, particularly addressing the issue of long travel distances for some workers [1] Group 2: Strategic Goals - The establishment of these service points is part of the bank's strategy to integrate into the broader government service enhancement and improve the business environment [2] - The initiative aims to create a "15-minute convenient service circle" and enrich the service offerings by incorporating basic government service functions into bank branches [2] - The bank emphasizes its commitment to serving the public and supporting the local economy, reflecting its mission to provide quality financial services [2]

Core Viewpoint - Zhejiang Commercial Bank is undergoing significant leadership changes, with the resignation of Chairman Lu Jianqiang and the appointment of Chen Haiqiang as the acting chairman, amidst ongoing challenges related to performance fluctuations and internal control issues [1][3][7]. Leadership Changes - Chairman Lu Jianqiang resigned due to age, and Chen Haiqiang, the current president, will assume his responsibilities until a new chairman is elected and approved by the regulatory authority [1][3]. - Chen Haiqiang's qualification as president was approved just two days before Lu's resignation, following an eight-month vacancy in the president position [5][7]. - The bank has experienced frequent changes in its executive team, including the resignation of former chairman Shen Renkang due to disciplinary investigations and the rapid departure of newly appointed president Zhang Rongseng [7][8]. Performance and Compliance Issues - Zhejiang Commercial Bank has faced performance volatility and internal control failures, leading to over 30 regulatory fines in 2024, totaling more than 11 million yuan, primarily for inadequate loan management and violations of prudent operating principles [9][12]. - The bank's non-performing loan (NPL) ratio improved to 1.38% by the end of 2024, down from 1.44% in 2023, but still lags behind peers like Ningbo Bank and Hangzhou Bank [14][16]. - The bank's total non-performing loans increased by 3.65% to 25.494 billion yuan, with a significant rise in overdue loans [16][19]. Risk Exposure - The bank's loan portfolio is heavily concentrated in high-risk sectors, particularly real estate, which poses ongoing asset quality pressures [19][21]. - As of the end of 2024, loans to the real estate sector accounted for a significant portion of the bank's top ten borrowers, indicating a high exposure to potential defaults in this volatile market [21][22]. Future Outlook - The bank is in a deep adjustment phase, with the new leadership tasked with restoring market confidence and addressing historical challenges [7][22]. - The management team has been restructured to include a new chairman, which is expected to facilitate a more stable governance framework moving forward [22].

Group 1 - The banking sector has shown renewed strength, with Guizhou Bank rising over 4% [1] - Other banks such as Minsheng Bank, Zheshang Bank, Huaxia Bank, Xiamen Bank, Citic Bank, Xi'an Bank, and Postal Savings Bank also experienced gains, with Minsheng Bank increasing over 3% [1]

Core Viewpoint - Zhejiang Zheshang Bank has undergone significant leadership changes in July 2023, with Chairman Lu Jianqiang resigning due to age, and CEO Chen Haiqiang taking over the chairman's responsibilities, reflecting a trend towards younger leadership in the banking sector [2][4][11]. Leadership Changes - On July 10, 2023, Zhejiang Zheshang Bank announced the resignation of Chairman Lu Jianqiang due to age, with CEO Chen Haiqiang approved to assume the chairman's duties [2][4]. - Chen Haiqiang was appointed as the bank's president on April 10, 2023, and his qualifications were approved by the National Financial Regulatory Administration on July 8, 2023 [4][11]. Industry Trends - The trend of younger executives is becoming more pronounced in the banking sector, with seven bank presidents born in the 1970s and one in the 1980s, while most chairpersons are from the 1960s [11][14]. - The leadership changes at Zhejiang Zheshang Bank are part of a broader pattern, as several other banks have also seen new appointments in 2023 [11][14]. Performance and Strategy - Zhejiang Zheshang Bank has been focusing on addressing non-performing loans, with a significant increase in the transfer of bad loans to asset management companies, amounting to 20.144 billion yuan in 2024, a 274.77% increase from 2023 [4]. - The bank's credit impairment losses were reported at 28.195 billion yuan in 2024, up 7.97% from the previous year [4]. - The bank has successfully reduced its real estate non-performing loan ratio from 2.48% to 1.55% over the past year [4]. Key Initiatives by Lu Jianqiang - Lu Jianqiang emphasized the importance of resolving shadow banking issues and managing nearly 200 billion yuan in non-performing assets during his tenure [5][10]. - He introduced the "Good Financial" concept, focusing on the social value of finance, and aimed for high-quality development goals, achieving over 60 billion yuan in revenue for the first time in 2022 [9][10]. - The "Digital Zheshang" strategy was launched to enhance digital transformation, with a focus on customer-centric reforms and breaking down internal barriers [10].

Meeting Overview - The meeting for the fund holders of the Guangfa Stable Macro One-Year Holding Mixed Securities Investment Fund will be held via communication methods [1][2] - The fund was approved for registration on August 10, 2022, and officially commenced operations on April 6, 2023 [2] - The meeting aims to discuss the proposal for the continuous operation of the fund [4] Voting Details - Voting will take place from July 15, 2025, to August 18, 2025, at 15:00 [2] - Fund holders must submit their completed ballots and required documents to the designated recipient during the voting period [3][9] - Both paper and telephone voting options are available, with specific instructions for each method [10][11] Agenda Items - The main agenda item for the meeting is the proposal regarding the continuous operation of the fund [4][31] - The rights registration date for fund holders to participate in the meeting is set for July 14, 2025 [5] Authorization and Proxy Voting - Fund holders can authorize others to vote on their behalf, with specific requirements for both individual and institutional holders [13][14] - The authorization process includes providing necessary documentation and ensuring compliance with legal regulations [15][16] Voting Validity and Counting - The validity of votes will be determined based on specific criteria, including the completeness of ballots and timely submission [24][25] - The counting of votes will be supervised by authorized personnel and notarized [23] Conditions for Resolutions - A quorum requires that the votes represented by fund holders or their proxies exceed 50% of the total fund shares on the rights registration date [26] - If the meeting does not meet the quorum, a second meeting may be convened [27][28]

Core Viewpoint - Zhejiang Zheshang Bank's wealth management subsidiary, Zhejiang Yin Wealth Management, has launched its first "Common Prosperity" themed wealth management product, "Congjian Baoshi No. 7," as part of its initiative to support the construction of common prosperity demonstration zones [1][3]. Group 1: Product Launch and Strategy - The launch of three "Common Prosperity" themed wealth management products is a significant step for Zhejiang Yin Wealth Management in promoting common prosperity [3]. - The products are designed to integrate the concept of "deepening Zhejiang" into their management system, utilizing management fees for charitable causes and increasing financial support in specific areas [3][4]. - The "Congjian Baoshi No. 7" product links management fees to the net asset value of the product, incentivizing the management team to enhance investment performance [3][4]. Group 2: Charitable and Financial Support - The "Tongshan Gongfu" product allocates part of its management fees to charity, focusing on rural education, poverty alleviation, and investor rights protection [4]. - The "Tongxin Gongfu" product emphasizes support for specialized, innovative sectors, ESG initiatives, and pension security, guiding residents' wealth towards new productive investments [4]. Group 3: Broader Financial Initiatives - Zhejiang Zheshang Bank aims to provide low-threshold, low-risk, and low-fee products to accelerate financial inclusivity and help residents preserve and increase their wealth [5]. - The bank has been actively involved in enhancing financial services in mountainous and island counties, demonstrating a commitment to high-quality development [6]. - The establishment of financial advisory studios and the deployment of over 5,000 financial advisors across Zhejiang province aim to support local enterprises and farmers [6]. Group 4: Industry Impact - Analysts believe these initiatives translate the grand goal of common prosperity into executable financial solutions, positioning Zhejiang Zheshang Bank as a model for comprehensive financial services in county areas [7].