Fund Overview - The fund is named "招商沪深 300 地产等权重指数证券投资基金" and operates as a contract-based open-end fund [2] - The fund aims to passively track the performance of the "沪深 300 地产等权重指数" using a full replication method [2][3] - The fund's total shares at the end of the reporting period were 3,655,079,118.76 [2] Financial Performance - The fund reported a realized loss of approximately 15.49 million RMB and a total profit loss of about 41.92 million RMB for the reporting period [3] - The weighted average net value profit rate was -10.89%, and the net asset value at the end of the period was 411.60 million RMB [3] - The cumulative net value growth rate of the fund was -48.20% [3] Investment Strategy - The fund utilizes stock index futures to enhance investment efficiency and achieve its investment objectives [2] - The fund's performance benchmark is a combination of 95% of the "沪深 300 地产等权重指数" return and 5% of the benchmark interest rate for RMB demand deposits [2] - The fund employs a passive investment strategy with strict investment discipline and quantitative risk management [2][3] Market Conditions - The real estate market showed a mixed performance, with demand initially rising but lacking long-term support in the second quarter [8] - The fund's A and C share net value growth rates were -10.39% and -10.42%, respectively, compared to a benchmark growth rate of -9.67% [8] - The overall economic environment indicated a GDP growth of 5.3% in China, with various sectors experiencing different levels of demand [9] Management and Compliance - The fund management strictly adheres to relevant laws and regulations, ensuring compliance in all investment operations [6][8] - The fund management has established a comprehensive research and investment decision-making process to ensure fair investment opportunities across portfolios [7] - The fund's valuation process is conducted in accordance with legal requirements, with a dedicated valuation committee overseeing the procedures [10][11]

Core Viewpoint - The report provides a comprehensive overview of the performance and management of the招商智星稳健配置混合型基金中基金 (FOF-LOF) for the first half of 2025, highlighting its investment strategies, financial metrics, and market conditions affecting its performance. Fund Overview - Fund Name: 招商智星稳健配置混合型基金中基金 (FOF-LOF) - Fund Manager: 招商基金管理有限公司 - Fund Custodian: 中国银行股份有限公司 - Fund Type: Open-ended mixed fund of funds (FOF-LOF) - Fund Contract Effective Date: June 8, 2022 - Investment Objective: To achieve long-term stable appreciation of fund assets through asset allocation and fund selection while controlling risk [2][3]. Financial Performance - Total realized income for the period: 149,466.59 RMB - Total profit for the period: 269,800.00 RMB - Weighted average net value profit rate: 0.55% - Net asset value at the end of the period: 41,738,549.13 RMB - Fund share net value growth rate: 0.57% - Cumulative net value growth rate: 0.80% [3][4]. Market Conditions - The equity market experienced significant volatility in the first half of 2025, with the Hang Seng Index rising by 20% and the Hang Seng Technology Index increasing by 18.68% [7][10]. - The bond market showed mixed trends, with a notable decline in yields for 10Y and 30Y government bonds by over 25 basis points during the second quarter [9][10]. Investment Strategy - The fund focuses on dynamic asset allocation based on economic cycles and policy changes, aiming to optimize the investment portfolio while maintaining a stable overall risk level [2][3]. - The fund's investment strategies include stock, bond, convertible bond, and asset-backed securities strategies, among others [2][3]. Fund Manager's Report - The fund manager emphasizes adherence to legal regulations and a commitment to managing fund assets with diligence and integrity, ensuring compliance with investment strategies and risk management protocols [4][5][6]. - The fund manager has established a robust research and decision-making process to ensure fair investment opportunities across all portfolios [5][6]. Future Outlook - The fund aims to continue its stable and low-volatility investment philosophy, striving to create sustainable long-term returns for investors [9][10]. - The focus will remain on identifying opportunities in both equity and bond markets while being mindful of external market pressures such as geopolitical risks and inflation [10].

招商基金招商公路高速公路封闭式基 础设施证券投资基金 2025 年中期报告 基金管理人：招商基金管理有限公司 基金托管人：中国银行股份有限公司 送出日期：2025 年 8 月 28 日 招商基金招商公路高速公路封闭式基础设施证券投资基金 2025 年中期报告 基金管理人的董事会、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的法律责任。本中期报告已经三 分之二以上独立董事签字同意，并由董事长签发。 基金托管人中国银行股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核了本 报告中的财务指标、收益分配情况、财务会计报告和投资组合报告等内容，保证复核内容不 存在虚假记载、误导性陈述或重大遗漏。 运营管理机构已对中期报告中的相关披露事项进行确认，不存在异议。确保相关披露内 容的真实性、准确性和完整性。 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及其更新。 本报告中财务资料未经审计。 本报告期自 ...

Fund Overview - The fund is named "招商纳斯达克 100 交易型开放式指数证券投资基金 (QDII)" and aims to closely track the performance of the Nasdaq 100 Index [2] - The fund was established on April 12, 2023, and began trading on April 25, 2023, with a total share amount of 2,855,744,064.00 shares at the end of the reporting period [2][3] - The fund employs a full replication strategy to construct its investment portfolio based on the components and weights of the underlying index [2] Financial Performance - The fund achieved a realized income of 30,161,252.54 RMB and a profit of 386,664,053.22 RMB during the reporting period from January 1, 2025, to June 30, 2025 [3] - The weighted average net value profit rate was 8.11%, and the fund's share net value growth rate was 7.45% [3] - The fund's net asset value at the end of the reporting period was 4,992,871,529.14 RMB, with a share net value of 1.7484 RMB [3][10] Market Context - The Nasdaq 100 Index increased by 7.93% during the reporting period, with the S&P 500 and Dow Jones indices rising by 5.50% and 3.64%, respectively [6] - The fund maintained a position of approximately 99.2% during the reporting period, effectively tracking the benchmark index [6] - Market expectations suggest potential economic fluctuations in the second half of 2025, but corporate earnings remain resilient, particularly in the technology sector [6] Management and Operations - The fund management company, 招商基金管理有限公司, was established on December 27, 2002, and is fully owned by 招商银行股份有限公司 and 招商证券股份有限公司 [4] - The fund manager has implemented a comprehensive research methodology and investment decision-making process to ensure fair investment opportunities across portfolios [4][5] - The fund's investment strategy includes various approaches such as bond investment, asset-backed securities, and derivatives [2][3]

招商中证香港科技交易型开放式指数 证券投资基金（QDII）2025 年中期报告 基金管理人：招商基金管理有限公司 基金托管人：中国银行股份有限公司 送出日期：2025 年 8 月 28 日 招商中证香港科技交易型开放式指数证券投资基金（QDII）2025 年中期报告 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。本中期报告已经三分之二 以上独立董事签字同意，并由董事长签发。 基金托管人中国银行股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核了本 报告中的财务指标、净值表现、利润分配情况、财务会计报告、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及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 第 1 页 共 58 页 招商中证香港 ...

8月26日，中国银行（601988）发布公告称，已完成规模400亿元的减记型无固定期限资本债券（以下简称"永续债"）发行，前5年票 面利率2.16%，每5年调整一次，在第5年及之后的每个付息日附发行人赎回权。 同日，农业银行（601288）披露，该行已全额赎回2020年8月20日在全国银行间债券市场簿记发行的规模350亿元永续债。 "近年来，商业银行盈利面临压力，通过利润留存补充资本空间缩窄，发行永续债、二级资本债可以从外源性渠道丰富资本金来源， 提升经营的稳健性。"中国邮政储蓄银行研究员娄飞鹏在接受《金融时报》记者采访时表示。 事实上，这已不是中国银行第一次发债。5月26日，中国银行曾发行500亿元减记型二级资本债券。此前，工商银行、建设银行分别于 5月13日、5月19日各自完成发行400亿元无固定期限资本债券。除国有大行外，浦发银行、招商银行、中信银行等股份制银行也于近 期密集发行"二永债"（即二级资本债和永续债）补充资本。 可以看到，今年以来，国有大型银行资本实力得到显著增强。除通过永续债、二级资本债等工具补充其他资本外，核心一级资本方 面，财政部年内发行两期特别国债，并于6月完成对首批国有大行的注资， ...

Core Viewpoint - Beijing Zhongke Runyu Environmental Technology Co., Ltd. has received approval from the National Association of Financial Market Institutional Investors for the registration of debt financing instruments totaling up to RMB 1 billion [1][2]. Group 1: Debt Financing Instruments - The company approved a proposal to register and issue debt financing instruments in the interbank bond market, with a total scale not exceeding RMB 1 billion [1]. - The company received a registration acceptance notice from the National Association of Financial Market Institutional Investors on August 26, 2025, allowing the registration of medium-term notes and short-term financing bonds [1][2]. - The registration for medium-term notes and short-term financing bonds is valid for two years starting from August 25, 2025 [2]. Group 2: Issuance Management - The company will manage the issuance of medium-term notes and short-term financing bonds according to its funding needs and market interest rate fluctuations within the registered quota and validity period [2]. - The company is committed to adhering to relevant disclosure rules and regulations during the issuance process [2].

证券之星消息，8月27日国有大型银行板块较上一交易日下跌2.22%，邮储银行领跌。当日上证指数报收 于3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。国有大型银行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 666109 | 建设银行 | 9.03 | -1.31% | 170.54万 | 15.46 Z | | 601398 | 工商银行 | 7.41 | -1.85% | 515.72万 | 38.53亿 | | 601988 | 中国银行 | 5.55 | -1.94% | 286.15万 | 16.01亿 | | 601328 | 交通银行 | 7.44 | -2.23% | 206.10万 | 15.46亿 | | 601288 | 农业银行 | 7.11 | -2.34% | 621.80万 | 44.43 Z | | 601658 | 邮储银行 | 6.00 | -4.31% | 257.19万 | 15.6517 | 以上内 ...

Group 1 - The Guangdong Provincial Government successfully issued offshore RMB local government bonds in Macau, totaling 2.5 billion yuan [1] - The bond issuance included three types: 2-year blue bonds at a rate of 1.63% (500 million yuan), 3-year bonds for the 15th National Games at a rate of 1.75% (1.5 billion yuan), and 5-year green bonds at a rate of 1.85% (500 million yuan) [1] - The issuance attracted significant interest from investors across multiple regions, with a peak order book size of 11.8 billion yuan and a subscription multiple of 4.72 times, setting a record for Guangdong's bond issuance in Macau [1] Group 2 - The successful bond issuance reflects the Guangdong Provincial Government's emphasis on collaborative development with Macau and support for the diversification of Macau's economy [2] - China Bank acted as the sole green and blue structuring advisor, helping the bonds achieve green certification and comply with various sustainable finance classifications [2] - The funds raised will support infrastructure for the 15th National Games and the Hengqin Guangdong-Macau Deep Cooperation Zone, focusing on sustainable water resources and pollution prevention projects [1][2]

Group 1 - The Guangdong Provincial Government successfully issued offshore RMB local government bonds in Macau, totaling 2.5 billion yuan, with China Bank acting as the sole global coordinator for the fifth consecutive year [1][2] - The bond issuance includes three types: 2-year blue bonds at a rate of 1.63% (500 million yuan), 3-year bonds for the 15th National Games and Hengqin construction at 1.75% (1.5 billion yuan), and 5-year green bonds at 1.85% (500 million yuan) [1] - The issuance attracted significant interest from investors across multiple regions, with a peak order book size of 11.8 billion yuan and a subscription multiple of 4.72, setting a record for Guangdong's bond issuance in Macau [1] Group 2 - The successful bond issuance reflects the Guangdong Provincial Government's emphasis on collaborative development with Macau and support for the diversification of Macau's economy [2] - China Bank served as the sole green and blue structuring advisor, helping the bonds achieve green certification from the Hong Kong Quality Assurance Agency, meeting various sustainable finance classification standards [2] - China Bank aims to leverage its cross-border business advantages to contribute to the steady and prudent promotion of RMB internationalization [2]