华宝致远混合型证券投资基金（QDII） 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 06 月 30 日止。 基金简称 华宝致远混合 基金主代码 008253 基金运作方式 契约型开放式 基金管理人：华宝基金管理有限公司 基金托管人：交通银行股份有限公司 报告送出日期：2025 年 7 月 21 日 华宝致远混合 2025 年第 2 季度报告 §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。 基金托管人交通银行股份有限公司根据本基金合同规定，于 2025 年 07 月 17 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。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 基金合同生效日 2019 年 11 月 27 日 报告期末基金份额总额 253,624,437.64 份 ...

Core Viewpoint - The Morgan Anyu Return Mixed Securities Investment Fund aims to achieve stable returns through strict risk control and dynamic asset allocation based on macroeconomic analysis and market conditions [2][3]. Fund Product Overview - Fund Name: Morgan Anyu Return Mixed - Fund Code: 004823 - Fund Type: Contractual open-end fund - Effective Date of Fund Contract: September 13, 2018 - Total Fund Shares at Reporting Period End: 122,437,254.25 shares [2]. Investment Strategy - The fund employs a comprehensive analysis of macroeconomic conditions, fiscal and monetary policies, and market sentiment to determine asset allocation among stocks, bonds, and money market instruments [2][3]. - The fund utilizes various investment strategies, including duration strategy, credit bond strategy, and convertible bond strategy, to actively manage the portfolio [3][4]. Performance Metrics - For the reporting period from April 1, 2025, to June 30, 2025, the fund's net value growth rates were as follows: - Morgan Anyu Return Mixed A: 0.54% (benchmark: 1.60%) - Morgan Anyu Return Mixed C: 0.42% (benchmark: 1.60%) [12][13]. - Over the past year, the net value growth rate for Morgan Anyu Return Mixed A was 6.53%, while for Mixed C it was 6.00% [5][12]. Financial Indicators - The fund's total assets were allocated as follows: - Stocks: 31,817,490.49 RMB (17.56%) - Bonds: 68,855,405.68 RMB (37.99%) [16]. - The fund's investment in policy financial bonds amounted to 10,329,104.11 RMB (5.71%) [18]. Market Analysis - The domestic real estate data showed a weak trend, while consumer spending improved due to fiscal support [9]. - The U.S. economy is oscillating between stagnation and recession, with potential impacts on global risk appetite [10]. - The bond market remained stable despite negative factors, with a decline in the ten-year government bond yield by 16 basis points [11]. Fund Management - The fund management team has adhered to fair trading practices and has not engaged in any actions detrimental to the interests of fund shareholders [6][9]. - The fund manager's investment decisions comply with relevant laws and regulations, ensuring fair treatment across different investment portfolios [6][9].

Core Viewpoint - The credit card industry in China is experiencing a significant transformation, shifting from expansion to a focus on quality and efficiency, as evidenced by the increasing number of banks discontinuing co-branded credit card products [12][19]. Group 1: Market Trends - Since January 1, 2025, at least seven major banks have announced the discontinuation of at least 22 co-branded credit card products, indicating a trend of product adjustments in the credit card market [2][6]. - Major banks, including China Bank and Citic Bank, have stopped issuing various co-branded credit cards, with reasons primarily cited as "business adjustments" or "contract expiration" [4][6]. Group 2: Product Adjustments - Co-branded credit cards, which are partnerships between banks and profit-oriented institutions, are being phased out due to their unsustainable cooperation models and imbalanced overall returns [9][10]. - Banks are transitioning to standard credit cards for existing co-branded cardholders, with changes in reward structures and benefits [4][6]. Group 3: Regulatory Environment - The regulatory framework has tightened, with new guidelines from the former CBIRC and the People's Bank of China mandating banks to focus on quality over quantity in credit card issuance [10][12]. - The new regulations require banks to limit the ratio of dormant credit cards to no more than 20%, prompting a reevaluation of credit card strategies [10][12]. Group 4: Consumer Behavior - The credit card market is increasingly catering to younger consumers, who have diverse interests and consumption needs, necessitating banks to innovate and tailor products accordingly [18][19]. - The decline in credit card issuance and usage reflects a broader trend of market saturation and the need for banks to refine their customer engagement strategies [12][13]. Group 5: Future Outlook - The discontinuation of co-branded credit cards is seen as a necessary step towards a more refined and efficient credit card business model, focusing on high-value customer segments and innovative product offerings [15][19]. - The industry is expected to evolve towards precision marketing and enhanced customer experiences, leveraging digital technologies and data analytics [7][19].

Core Viewpoint - The third China International Supply Chain Promotion Expo has showcased various financial services from multiple institutions, focusing on the latest demands of the industrial and supply chains [1] Group 1: Financial Services - Several financial institutions have introduced distinctive financial services tailored to meet the evolving needs of the supply chain [1] - The Bank of Communications has partnered with over 100 companies participating in this year's expo [1] Group 2: Industry Focus - The financial services offered by the Bank of Communications are centered around six major chains, including advanced manufacturing, clean energy, and smart automotive [1] - A significant emphasis is placed on addressing the funding challenges faced by small and micro enterprises within the supply chain [1]

Core Viewpoint - The financial sector is increasingly focusing on providing tailored products and services to enhance the stability and upgrade of industrial and supply chains, as demonstrated at the third China International Supply Chain Promotion Expo [1][2][3]. Group 1: Insurance Innovations - China Insurance launched exclusive insurance products targeting nine major industrial chains, including low-altitude economy, computing power, integrated circuits, energy storage, digital technology, green agriculture, and smart vehicles [1]. - These products aim to address core needs of the industrial chain such as "supplementing, stabilizing, strengthening, and expanding" the chain, shifting from a "one enterprise, one policy" model to a "one chain, one policy" approach [1]. - The combination products integrate risk protection across the entire industrial chain process, covering research, production, logistics, and sales, creating a comprehensive risk management network [1]. Group 2: Banking Innovations - Bank of China showcased its latest financial solutions and upgraded five major products to support high-level opening-up [2]. - The "Zhongyin Smart Chain" includes six sub-chains: advanced manufacturing, digital technology, smart vehicles, clean energy, healthy living, and green agriculture, aimed at promoting the circular development of industrial chains [2]. - The focus is on using intelligent products to address bottlenecks and enhance the resilience and innovation of the industrial chain ecosystem [2]. Group 3: Digital Financial Services - The "Yuntong Easy Chain" from Bank of Communications aims to alleviate financing difficulties for enterprises through a diversified product system [3]. - The "Yuntong Financial Management" showcases digital financial products for enterprise financial management and payment settlement, featuring the "Cloud Cross-Bank" platform with ten integrated functions [3]. - The innovations presented at the expo indicate a shift in financial support for industrial and supply chain modernization from traditional credit support to more in-depth risk management and efficient digital platforms [3].

Group 1 - The core viewpoint of the articles highlights the issuance of TLAC non-capital bonds by major state-owned banks in China, with a total issuance scale of 120 billion yuan so far this year, and an expected total of 150 billion yuan by the end of the year [1] - The issuance details include that the Bank of Communications issued 40 billion yuan in June, followed by Agricultural Bank and Bank of China with 30 billion yuan and 50 billion yuan respectively, with actual issuance exceeding planned amounts [1] - By the end of Q1 2025, the total loss-absorbing capacity risk-weighted ratios and leverage ratios for the five major state-owned banks are disclosed, with Industrial and Commercial Bank of China at 21.83% and 10.80%, Agricultural Bank at 20.50% and 10.22%, Bank of China at 20.73% and 11.00%, China Construction Bank at 21.87% and 11.20%, and Bank of Communications at 18.71% and 10.75% [1] Group 2 - The Chief Economist of CITIC Securities noted that Bank of Communications was included in the list of global systemically important banks later than the other four banks, and its total loss-absorbing capacity risk-weighted ratio is lower, but there is still ample time for improvement [2] - Fitch's senior analyst indicated that if the growth rate of risk-weighted assets remains stable in the coming years, all five banks are expected to meet the next phase of total loss-absorbing capacity requirements on schedule [2] - There is an expectation for an accelerated issuance pace of TLAC non-capital bonds in the future [3]

Group 1 - The 2025 China (Shenzhen) Unicorn Enterprise Conference was held on July 17-18, focusing on new opportunities and pathways for the globalization of innovative enterprises [1] - The conference gathered representatives from government, financial institutions, investment firms, think tanks, and unicorn companies to discuss support for unicorns, potential unicorns, seed unicorns, and gazelle enterprises [1][3] - Traffic Bank emphasized its commitment to serving the real economy and supporting technological innovation through its "Jiaoyin Science and Technology Innovation" financial service system, providing comprehensive financial solutions for unicorn enterprises [1][7] Group 2 - Traffic Bank participated as a co-organizer of the conference, showcasing its international and comprehensive advantages, and witnessed the release of the "GEI China Unicorn Enterprise Research Report 2025" and "Shenzhen Unicorn and Gazelle Enterprise Research Report 2025" [3] - The establishment of the "Unicorn Enterprise Service Alliance" was announced, marking the implementation of a full-chain service system targeting high-growth enterprises [3][4] - During the "Unicorn Enterprises Going Global Exchange Conference," Traffic Bank presented its cross-border service capabilities, covering equity investment, bond financing, and mergers and acquisitions [5] Group 3 - Traffic Bank has launched various innovative measures in Shenzhen, including a financial service station for technology parks and specialized credit for unicorns, providing over 200 billion yuan in credit support to numerous technology enterprises by June this year [7] - The bank aims to leverage its position in the Guangdong-Hong Kong-Macao Greater Bay Area to assist more enterprises in expanding globally [7]

Core Viewpoint - Recently, nearly 20 banks in Shenzhen issued statements warning against a loan intermediary, Xin Xin Hui Lin (Shenzhen) Consulting Service Co., Ltd, which falsely claimed to be affiliated with these banks [2][5][10]. Group 1: Bank Responses - Multiple banks, including major institutions like China Construction Bank and Industrial and Commercial Bank of China, explicitly named Xin Xin Hui Lin in their statements, clarifying that they have no partnership with the intermediary [2][5]. - The banks urged consumers to be cautious of misleading claims such as "internal interest rate reductions" and "credit score improvement" [3][5]. Group 2: Xin Xin Hui Lin's Operations - Xin Xin Hui Lin has been promoting itself through advertisements claiming partnerships with various banks, offering services like interest rate reductions and charging high service fees [6][8]. - The company was established only six months ago, with a registered capital of 10 million yuan, and has rapidly expanded by being a shareholder in nine other consulting firms [7]. Group 3: Regulatory Context - The collective action by banks to issue warnings is unprecedented in recent years, reflecting a strong commitment to compliance and consumer protection amid ongoing regulatory crackdowns on financial misconduct [9][10]. - Regulatory bodies have intensified efforts to combat illegal financial practices, particularly in the loan, insurance, and credit card sectors [10][11]. Group 4: Consumer Awareness - Experts highlight the issue of information asymmetry in the financial sector, which leaves consumers vulnerable to scams by loan intermediaries [12][13]. - It is recommended that consumers apply for loans directly through legitimate financial institutions or their official online channels to avoid potential fraud [14].

Core Viewpoint - The fund "Guangfa ESG Responsibility Investment Mixed A" reported a profit of 5.0087 million yuan in Q2 2025, with a net asset value growth rate of 1.85% during the period [2]. Fund Performance - As of July 17, the fund's unit net value was 0.912 yuan, with a three-month growth rate of 10.76%, a six-month growth rate of 5.49%, and a one-year growth rate of 7.61% [3]. - The fund's performance ranks 290 out of 607 for three months, 481 out of 607 for six months, and 510 out of 601 for one year among comparable funds [3]. Fund Management - The fund manager, Wang Haitao, oversees four funds, all of which have positive returns over the past year [2]. - The fund's average stock position since inception is 66.91%, with a peak of 85.68% at the end of H1 2025 and a low of 31.95% at the end of Q1 2023 [14]. Investment Strategy - The fund has made minor adjustments to its portfolio, increasing holdings in stable operating assets such as banks while reducing exposure to companies in electronics, power equipment, machinery, and textiles with high U.S. market shares [2]. - The fund emphasizes ESG ratings in its investment selection process, focusing on companies with strong competitiveness and governance [2]. Fund Size and Concentration - As of the end of Q2 2025, the fund's size was 285 million yuan [16]. - The fund has a high concentration of holdings, with its top ten stocks including Changjiang Electric Power, Luxshare Precision, CATL, and others [19]. Risk Metrics - The fund has a Sharpe ratio of -0.25 since inception [9]. - The maximum drawdown since inception is 21.54%, with the largest quarterly drawdown occurring in Q3 2023 at 9.56% [12].

Core Viewpoint - The AI Fund, CITIC Prudential Dividend Select A (008091), reported a profit of 329,100 yuan for Q2 2025, with a weighted average profit per fund share of 0.0235 yuan. The fund's net value growth rate was 1.57%, and its total scale reached 22.47 million yuan by the end of Q2 2025 [3][16]. Fund Performance - As of July 17, the fund's unit net value was 1.633 yuan. Over the past year, the fund achieved a cumulative net value growth rate of 10.38%, ranking it highest among its peers, while CITIC Prudential New Blue Chip had the lowest at -0.2% [3]. - The fund's net value growth rates over different periods are as follows: 4.51% over the last three months (ranked 543/615), 4.91% over the last six months (ranked 480/615), and 14.74% over the last three years (ranked 29/324) [4]. Investment Strategy - In Q2 2025, the fund adjusted its holdings towards high-dividend stocks, slightly increasing the concentration of its portfolio. The external environment has become more complex, with increasing trade barriers, but the overall economic operation in China remains stable and improving [3]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years is 0.4308, ranking 17/319 among comparable funds. The maximum drawdown over the same period was 14.64%, with the largest single-quarter drawdown occurring in Q1 2022 at 14.53% [10][12]. Portfolio Composition - The average stock position of the fund over the past three years was 88.66%, compared to the industry average of 83.13%. The fund reached a peak stock position of 92.3% in mid-2021 and a low of 70.57% in Q1 2020 [15]. - As of Q2 2025, the top ten holdings of the fund included Midea Group, Yangtze Power, Bank of Communications, Hangzhou Bank, Industrial and Commercial Bank of China, Jiangsu Bank, China Merchants Bank, Gree Electric Appliances, Daqin Railway, and Industrial Bank [19].