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 ...

Market Overview - The overall market is experiencing a pullback, with the Shanghai Composite Index closing at 3500.62 points, down 0.12% [2] - The total trading volume for the market was 927 billion, showing a significant decrease compared to the previous day [3] Financial Sector Performance - The financial sector, particularly banks and insurance companies, is underperforming, contributing to the decline of the Shanghai Composite Index [3][8] - Major insurance companies like New China Life and China Life have seen declines exceeding 1%, with New China Life down 2.69% [8] - Among 42 bank stocks, only China Bank remained flat, while others, including Xiamen Bank and Qilu Bank, experienced declines of nearly 4% and 2.89% respectively [13] New IPOs and Market Movements - N Huadian New Energy, the largest IPO of the year, saw its stock price rise by as much as 219.81% during trading, reaching a peak of 10.17 yuan per share [12] - The company raised 18.171 billion yuan through the issuance of 4.969 billion shares, with plans for investment in renewable energy projects [15] Hong Kong Market Performance - The Hong Kong market is showing positive trends, with the Hang Seng Index up 0.28% and the Hang Seng Technology Index up 0.61% [5] - Anta Sports led the gains in the Hang Seng Index, rising by 2.73% [6] Notable Stock Movements - The stock of Weiyali surged by 918% upon its resumption of trading, reflecting significant market interest [17] - The stock price of Weiyali reached 33.2 HKD per share during trading, before settling at 11 HKD, marking a 237.42% increase [18]

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]

Core Viewpoint - A-share listed banks are experiencing a peak in dividend distribution for the 2024 fiscal year, with over thirty banks having completed their annual dividends and several others announcing dividend implementation plans [1][3][4]. Group 1: 2024 Annual Dividends - The Industrial and Commercial Bank of China (ICBC) leads with a total cash dividend of approximately 109.77 billion yuan for the previous year [3][4]. - The six major state-owned banks have collectively distributed over 420 billion yuan in dividends for 2024, with ICBC, China Construction Bank, Agricultural Bank of China, and Bank of China being the top contributors [4][6]. - Other banks such as China CITIC Bank and Beijing Bank have also announced significant cash dividends, with CITIC Bank distributing around 19.46 billion yuan [4][5]. Group 2: 2025 Mid-Year Dividend Plans - Several banks, including China Merchants Bank and Hangzhou Bank, have initiated plans for mid-year dividends in 2025, aiming to enhance investor returns [1][8][10]. - The focus on mid-year dividends is seen as a strategy to improve liquidity and provide more consistent cash flow to investors, which may support long-term stock price appreciation [10]. - Banks like Su Nong Bank and Changsha Bank have expressed intentions to implement mid-year dividend plans based on their financial performance and regulatory requirements [8][9]. Group 3: Stock Performance and Market Trends - The banking sector has shown strong performance in the A-share market, with several banks achieving significant stock price increases in the first half of the year [12][13]. - The overall dividend yield of the banking sector remains attractive, particularly in a low-interest-rate environment, making it appealing for long-term investors [10][13]. - Some banks have faced challenges in executing share buyback plans due to stock price fluctuations, indicating a cautious approach to capital management [11][14].

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]

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]

Group 1 - The current period marks a peak for cash dividends among listed banks in A-shares, with over 30 banks having announced their annual dividends [1] - Industrial and Commercial Bank of China (ICBC) distributed approximately 44.378 billion yuan in cash dividends on July 14, with a per-share dividend of about 0.16 yuan [1] - Other banks such as China Merchants Bank and Agricultural Bank of China have also announced significant cash dividends, with China Merchants Bank distributing around 41.258 billion yuan and Agricultural Bank of China planning to distribute approximately 40.065 billion yuan [1] Group 2 - Several listed banks have indicated intentions for mid-term dividends for 2025, with Changsha Bank planning to distribute dividends based on its net profit, which has totaled 9.373 billion yuan from 2018 to 2024 [2] - The banking sector has shown strong stock performance this year, with several banks experiencing stock price increases exceeding 30% as of July 14 [2] - High dividend yields, with some banks exceeding 4.5%, are contributing to the positive performance of bank stocks, as the average dividend yield of state-owned banks surpasses the yield of 10-year government bonds [2] Group 3 - Multiple brokerages remain optimistic about bank stocks, citing the increasing certainty of insurance capital allocation to bank stocks amid an "asset shortage" [3] - The long-term investment and value investment strategies of insurance capital align with the stable dividend yields and potential for performance improvement in the banking sector [3] - A series of financial policies and structural tools are expected to support the positive accumulation of fundamental factors for banks, indicating a potential performance turning point [3] Group 4 - Some banks have announced share buyback plans, but these have been delayed due to stock price fluctuations and other factors, as seen with Huaxia Bank's announcement regarding its planned share buyback [4] - Chengdu Bank's major shareholders have also postponed their buyback plans due to the stock price exceeding the set upper limit, with the stock reaching a historical high of 20.96 yuan per share [4] - The implementation of buyback plans will depend on future stock price movements and overall market trends [4]

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]

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 - The "2025 World Bank 1000 Strong" ranking by the British magazine "The Banker" highlights the performance of Chinese banks, with 143 banks from mainland China making the list, including 17 from Guangdong province, showcasing the region's financial strength and competitiveness [2][4][6]. Group 1: Rankings of Major Banks - The top four banks in the ranking are Industrial and Commercial Bank of China (1st), China Construction Bank (2nd), Agricultural Bank of China (3rd), and Bank of China (4th) [2][4]. - China Merchants Bank improved its ranking to 8th, while Bank of Communications ranked 9th, with both banks being part of the top ten [4][5]. - Among the 12 national joint-stock banks, the largest improvement was seen in Hengfeng Bank, which moved up from 121st to 118th [4][5]. Group 2: Performance of Guangdong Banks - Guangdong has 17 banks on the list, accounting for 11.89% of the total, with notable improvements in rankings for over half of these banks [6][8]. - Guangdong Huaxing Bank made the most significant leap, advancing 40 places to 336th, while WeBank improved by 28 places to 227th [6][7]. - However, some banks in Guangdong experienced declines, with Zhuhai Huaren Bank dropping 20 places to 358th [7]. Group 3: Financial Growth in Guangdong - In 2024, Guangdong's financial industry added value reached 12.4 trillion yuan, representing 8.8% of the province's GDP, with total assets of financial institutions exceeding 47 trillion yuan [8][9]. - As of May 2025, the balance of loans in Guangdong was 29.5 trillion yuan, a year-on-year increase of 4.7%, while deposits reached 37.4 trillion yuan, growing by 4.3% [8][9]. - The province is focusing on high-quality development, with initiatives aimed at enhancing financing accessibility and expanding credit in key sectors [9].