基金管理人：鹏华基金管理有限公司 基金托管人：上海浦东发展银行股份有限公司 报告送出日期：2025 年 7 月 18 日 鹏华前海万科 REITs2025 年第 2 季度报告 §1 重要提示 鹏华前海万科 REITs 封闭式混合型发起式 证券投资基金 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。 基金托管人上海浦东发展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 基金的招募说明书及其更新。 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 2025 年 06 月 30 日止。 | §2 | | 基金产品概况 | | | --- | --- | --- | --- | | 基金简称 鹏华 ...

Core Viewpoint - The report provides an overview of the performance and strategy of the交银施罗德信用添利债券证券投资基金 (LOF) for the second quarter of 2025, highlighting its investment objectives, strategies, and financial performance during the reporting period [1][2][3]. Fund Product Overview - The fund is named交银信用添利债券 (LOF) and operates as a listed open-ended fund since January 28, 2014, with a total fund share of 670,656,640.54 units at the end of the reporting period [2][4]. - The fund aims for long-term stable growth of assets by actively taking on moderate credit risk while controlling credit, interest rate, and liquidity risks [2]. Investment Strategy - The fund combines fundamental research, rigorous credit analysis, and proactive investment style to dynamically adjust asset allocation based on macroeconomic conditions and market trends [3]. - The performance benchmark is set at 80% of the 中债企业债总全价指数收益率 and 20% of the 中债国债总全价指数收益率 [3]. Financial Performance - The fund's net value growth rates for various periods are as follows: 0.94% for the past three months, 1.41% for the past year, and 8.36% for the past three years [5]. - The fund's performance is compared against its benchmark, showing a slight underperformance in certain periods [5]. Investment Portfolio - As of the reporting period, the fund's total assets include 839,939,330.96 RMB in bonds, representing 99.83% of the total assets [14]. - The fund holds a significant portion of policy financial bonds, amounting to 71,249,123.28 RMB, which constitutes 9.54% of the net asset value [14]. Market Outlook - The report anticipates that domestic and international economic conditions will significantly influence the bond market in the third quarter of 2025, with expectations of moderate economic slowdown due to increased tariffs and trade tensions [12]. - The fund plans to maintain a neutral to high duration level in its portfolio and actively participate in long-term interest rate bond trading [13].

Group 1 - The fund aims to achieve investment returns higher than the performance benchmark through proactive management while maintaining asset liquidity and strict risk control [2][4] - The fund's investment strategy involves a top-down approach analyzing macroeconomic fundamentals, liquidity levels, and market valuations to dynamically adjust the investment proportions among stocks, bonds, and cash [2][4] - The fund's performance benchmark is composed of 85% of the China Bond Composite Index yield and 15% of the CSI 300 Index yield, indicating a risk-return profile higher than money market funds but lower than mixed and equity funds [2][4] Group 2 - As of the end of the reporting period, the total fund shares amounted to 263,278,748.74, with a net asset value of 1.1453 CNY for Fund A and 1.1429 CNY for Fund C [2][10] - The fund's net value growth rates for the past three months were 1.12% for Fund A and 1.05% for Fund C, both outperforming the benchmark return of 1.07% [10] - The fund's asset allocation primarily consisted of 87.49% in bonds and 12.37% in asset-backed securities, with no holdings in domestic stocks at the end of the reporting period [11][12] Group 3 - The bond market during the reporting period was influenced by factors such as weak economic recovery, institutional allocation behavior, and liquidity easing, leading to a decline in bond yields across the board [8] - The fund's investment focus was on 1-3 year interest rate bonds and commercial paper, supplemented by a certain amount of 7-10 year interest rate bonds, with flexible use of leverage based on market conditions [8][12] - The fund management adhered to legal regulations and internal policies to ensure compliance and protect the interests of fund shareholders [7][8]

Group 1 - The China Development Bank issued a 3-year bond with a scale of 8 billion, an issuance rate of 1.5368%, and a bid-to-cover ratio of 3.55 times, with a marginal ratio of 1.95 times [1] - The China Development Bank also issued a 7-year bond with a scale of 2 billion, an issuance rate of 1.6699%, and a bid-to-cover ratio of 10.18 times, with a marginal ratio of 1.10 times [1]

Group 1: Urban Renewal Initiatives - The central urban work conference emphasized that advancing urban renewal is a key focus for current and future urban work [1] - Financial support is crucial for urban renewal, with policies encouraging diverse financing methods and active participation from financial institutions [1][2] - Urban renewal is seen as a vital tool for driving urban investment and industrial upgrades, contributing to domestic demand expansion and stable growth [2] Group 2: Financial Support for Urban Projects - Agricultural Bank of China introduced specialized credit products to assist residents in purchasing new homes during urban renewal projects [3] - Financial institutions are actively providing loans for municipal infrastructure projects, enhancing urban living conditions and supporting local economies [5][6] - The National Development Bank is supporting the construction of new infrastructure, such as electric vehicle charging stations, to facilitate urban modernization [6] Group 3: Infrastructure and Public Services Improvement - Urban renewal efforts include significant upgrades to essential infrastructure such as gas, water, and sewage systems, as well as public transportation facilities [4] - Projects are designed to improve urban living standards and enhance public services, which are critical for community well-being [4][6] Group 4: Cultural Heritage and Historical Preservation - Urban renewal projects also focus on preserving historical and cultural sites, ensuring that urban development respects and integrates local heritage [8][9] - Financial institutions are providing support for projects aimed at revitalizing historical areas, thereby enhancing cultural identity and community engagement [8][9]

Core Points - The China Development Bank issued a 1-year bond with a scale of 6 billion yuan and an issuance rate of 1.3910%, compared to an expected rate of 1.4000%, with a bid-to-cover ratio of 3.40 times and a marginal ratio of 1.75 times [1] - The China Development Bank also issued a 3-year bond with a scale of 5 billion yuan and an issuance rate of 1.6025%, against an expected rate of 1.6000%, with a bid-to-cover ratio of 3.04 times and a marginal ratio of 3.05 times [1]

Core Points - The article discusses the issuance of green bonds by listed companies from 2000 to 2024, highlighting the data collection and analysis methods used to assess the impact of green bond issuance on companies within the same industry [1][2]. - A total of over 68,000 samples from more than 5,700 companies were analyzed, with 5,400 companies providing complete data for 2024, ensuring the accuracy of the findings [2]. - The study references a methodology based on a Difference-in-Differences (DID) model to evaluate the effects of green bond issuance on other companies in the same industry [1][2]. Data and Variables - The dependent variable is the cost of issuing bonds, defined as the difference between the bond coupon rate and the yield of government bonds with the same maturity [2]. - Key independent variables include whether a company in the same industry has issued green bonds and the size of the company, measured by the natural logarithm of total assets [2]. - Control variables include financial leverage, profitability, growth, cash holdings, fixed asset ratio, company nature, listing status, audit quality, audit opinion, credit rating, and whether the bond is guaranteed [2]. Research Findings - The data indicates that the issuance of green bonds has spillover effects on other companies in the same industry, potentially influencing their financial performance and bond issuance strategies [1][2]. - The research aims to provide a comprehensive understanding of the mechanisms and performance outcomes associated with green bond issuance [1][2].

Core Viewpoint - The report provides an overview of the performance and management of the Huafu Hengsheng Pure Bond Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and net asset value performance. Fund Product Overview - Fund Name: Huafu Hengsheng Pure Bond Fund - Fund Code: 006405 - Fund Type: Contractual open-end fund - Total Fund Shares at Period End: 1,514,633,871.41 shares - Investment Objective: To pursue stable returns and the steady appreciation of fund assets while strictly controlling investment risks [3][4]. - Investment Strategy: The fund primarily invests in bonds, maintaining a long-term balanced allocation among major asset classes, and adjusts asset allocation within a certain range based on macroeconomic conditions and market sentiment [3][4]. - Performance Benchmark: The fund's performance is compared against the China Bond Index [3]. Key Financial Indicators and Fund Net Value Performance - For the period from April 1, 2025, to June 30, 2025, the net value growth rates for different share classes are as follows: - Class A: 1.47% (Benchmark: 1.95%) [12] - Class C: 1.42% (Benchmark: 1.95%) [12] - Class E: 1.43% (Benchmark: 1.95%) [12] - The cumulative net value for Class A is 1.2240 yuan, Class C is 1.1712 yuan, and Class E is 1.1697 yuan at the end of the reporting period [12]. Investment Portfolio Report - The fund's total assets are primarily composed of bonds, with a total value of approximately 1,850,270,324.47 yuan, representing 99.95% of the fund's total assets [13]. - The fund holds no stocks or asset-backed securities at the end of the reporting period [13][14]. Share Changes - At the beginning of the reporting period, the total shares for each class were: - Class A: 133,771,035.87 shares - Class C: 25,602,918.48 shares - Class E: 29,756,518.34 shares - During the reporting period, the total subscription and redemption amounts were: - Class A: Subscriptions of 1,594,374,456.93 shares, Redemptions of 332,713,716.18 shares - Class C: Subscriptions of 13,061,066.41 shares, Redemptions of 10,798,504.13 shares - Class E: Subscriptions of 125,765,938.38 shares, Redemptions of 64,185,842.69 shares - The total shares at the end of the reporting period were: - Class A: 1,395,431,776.62 shares - Class C: 27,865,480.76 shares - Class E: 91,336,614.03 shares [6][8].

Group 1 - The China Development Bank (CDB) issued a 1-year bond with a scale of 6 billion yuan, an issuance rate of 1.3838%, and a bid-to-cover ratio of 2.92 times [1] - The CDB issued a 5-year bond with a scale of 11 billion yuan, an issuance rate of 1.5564%, and a bid-to-cover ratio of 2.71 times [1] - The CDB issued a 10-year bond with a scale of 21 billion yuan, an issuance rate of 1.6790%, and a bid-to-cover ratio of 2.74 times [1] Group 2 - The expected issuance rate for the 1-year bond was 1.4000%, while the actual rate was lower [1] - The expected issuance rate for the 5-year bond was 1.5300%, with the actual rate being slightly higher [1] - The expected issuance rate for the 10-year bond was 1.6700%, with the actual rate being marginally higher [1] Group 3 - The marginal bid-to-cover ratio for the 1-year bond was 1.79 times [1] - The marginal bid-to-cover ratio for the 5-year bond was 3.83 times [1] - The marginal bid-to-cover ratio for the 10-year bond was 13.22 times [1]

Group 1 - The China Development Bank (CDB) issued a 185-day bond with a scale of 2 billion yuan and an issuance rate of 1.3908%, exceeding the expected rate of 1.3200%, with a bid-to-cover ratio of 2.97 times and a marginal ratio of 2.17 times [1] - CDB issued a 3-year bond with a scale of 8 billion yuan and an issuance rate of 1.5370%, higher than the expected rate of 1.5000%, with a bid-to-cover ratio of 2.23 times and a marginal ratio of 8.31 times [1] - CDB issued a 7-year bond with a scale of 2 billion yuan and an issuance rate of 1.6550%, slightly above the expected rate of 1.6500%, with a bid-to-cover ratio of 4.50 times and a marginal ratio of 10.00 times [1]