鹏华丰润债券型证券投资基金(LOF) 基金管理人：鹏华基金管理有限公司 基金托管人：中国建设银行股份有限公司 送出日期：2025 年 8 月 28 日 鹏华丰润债券(LOF)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。 基金托管人中国建设银行股份有限公司根据本基金合同规定，于 2025 年 08 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 01 月 01 日起至 2025 年 06 月 30 日止。 第 2页 共 50页 鹏华丰润债券(LOF)2025 年中期报告 第 3页 共 ...

落地两年之后，个人养老金理财产品第九次扩容。 8月26日，中国理财网发布第九批个人养老金理财产品名单，中邮理财新增2只个人养老金理财产品。至 此，已有6家理财公司成功发行37只个人养老金理财产品，目前市场上共有21家商业银行参与代销。 收益率大多高于同类 个人养老金资金账户的资金可以投资于银行理财、储蓄存款、商业养老保险、公募基金等多种金融产 品，目前银行理财的数量偏少。根据国家社会保险公共服务平台8月27日的最新数据显示，目前个人养 老金产品中，包括37只银行理财、466只储蓄存款、329只保险和303只公募基金。 个人养老金理财产品因其资金封闭运行、直至退休方能领取的特性，注定了其投资视角的长期性。正因 为资金投入后需要跨越数十年的周期才能提取，无论是投资者还是管理人都对其有更高的收益预期，管 理人在产品设计和投资时可以一定程度上摆脱短期市场波动和赎回压力的束缚，得以从容地进行长线布 局。 目前来看，绝大多数的个人养老金理财产品的收益都高于其同类。 以存款为例：建设银行养老金账户的最高存款利率为1.6%，而普通账户的整存整取的最高利率为五年 期0.85%；农业银行养老金账户的最高存款利率也为1.60%，普 ...

（原标题：个人养老金理财再扩容：6家机构发行37只，收益率大多高于同类） 21世纪经济报道记者 吴霜 落地两年之后，个人养老金理财产品第九次扩容。 8月26日，中国理财网发布第九批个人养老金理财产品名单，中邮理财新增2只个人养老金理财产品。至此，已有6家理财公司成功发行37只个人养 老金理财产品，目前市场上共有21家商业银行参与代销。 个人养老金理财产品是指可以使用个人养老金账户里的资金购买的理财产品。2022年11月25日，个人养老金制度在北京、上海、广州、西安等36 个先行城市或地区启动实施。 实施两年左右后，这一制度扩展至全国。 个人养老金资金账户的资金可以投资于银行理财、储蓄存款、商业养老保险、公募基金等多种金融产品，目前银行理财的数量偏少。根据国家社 会保险公共服务平台8月27日的最新数据显示，目前个人养老金产品中，包括37只银行理财、466只储蓄存款、329只保险和303只公募基金。 而对于保险产品来说，其头部产品的结算利率大多也能超过保证利率。华源证券研究显示，当前专属商业养老保险市场呈现"高结算、低保证、风 险溢价显著"的特点，2024年头部产品实现超4%的收益率，均高于其2%左右的保证利率。 ...

Core Viewpoint - The insurance industry in China has seen a significant increase in the scale of fund utilization, surpassing 36 trillion yuan by the end of Q2 2025, marking a year-on-year growth of 17.4% [1] Group 1: Fund Utilization Scale - By the end of Q2 2025, the total fund utilization balance of insurance companies reached over 36 trillion yuan, with property insurance companies holding 2.35 trillion yuan and life insurance companies holding 32.6 trillion yuan [1] - The balance of investments in stocks and securities investment funds by life and property insurance companies reached 4.73 trillion yuan, reflecting a 25% increase compared to the same period in 2024 [2] Group 2: Equity Investment Trends - The proportion of equity investments has been steadily increasing, with life insurance companies investing 4.35 trillion yuan in stocks and securities investment funds, a 25.7% year-on-year increase, accounting for 13.34% of their total fund utilization [2] - Property insurance companies invested 379.2 billion yuan in stocks and securities investment funds, representing 16.16% of their total fund utilization, showing a significant increase [2] Group 3: Stock Investment Growth - The enthusiasm for stock investments among insurance companies has rapidly increased, with life insurance companies holding 2.87 trillion yuan in stocks, accounting for 8.81% of their total fund utilization, up 1.8 percentage points year-on-year [3] - Property insurance companies held 195.5 billion yuan in stocks, representing 8.33% of their total fund utilization, an increase of 1.84 percentage points year-on-year [3] Group 4: Bond Investments - The total balance of bond investments by insurance companies reached 17.87 trillion yuan by the end of Q2 2025, a significant increase of 1.9 trillion yuan from the end of 2024, making it the largest investment category [5] - Life insurance companies held 16.92 trillion yuan in bonds, accounting for 51.90% of their total fund utilization, while property insurance companies held 945.5 billion yuan, representing 40.29% [5] Group 5: Changes in Investment Strategy - The recent tax policy changes regarding bond interest income are not expected to alter the fundamental role of bonds as a stabilizing asset for insurance companies, which continue to prioritize long-duration bonds in their investment strategies [6] - Analysts suggest that insurance companies may shift towards investment products with better tax advantages or higher returns, while maintaining a focus on absolute returns in equity investments [6]

Core Viewpoint - The insurance industry in China has seen a significant increase in fund utilization, with the total balance surpassing 36 trillion yuan as of Q2 2025, reflecting a year-on-year growth of 17.4% [2]. Group 1: Fund Utilization Overview - As of Q2 2025, the fund utilization balance of property insurance companies reached 2.35 trillion yuan, while life insurance companies held 32.6 trillion yuan [2]. - The total investment in stocks and securities investment funds by both life and property insurance companies amounted to 4.73 trillion yuan, marking a 25% increase compared to the same period in 2024 [3][4]. Group 2: Equity Investment Trends - The proportion of equity investments has been steadily increasing, with life insurance companies investing 4.35 trillion yuan in stocks and securities investment funds, a 25.7% increase year-on-year, representing 13.34% of their total fund utilization [4]. - Property insurance companies invested 379.2 billion yuan in stocks and securities investment funds, accounting for 16.16% of their total fund utilization, showing a significant increase [4]. - The rise in equity investment is attributed to several factors, including stock market gains, a low-interest-rate environment, and regulatory policies encouraging long-term investments [5]. Group 3: Bond Investment Dynamics - The total balance of bond investments by both life and property insurance companies reached 17.87 trillion yuan, a substantial increase of 1.9 trillion yuan from the end of 2024, making it the largest investment category [8]. - Life insurance companies held 16.92 trillion yuan in bonds, representing 51.90% of their total fund utilization, while property insurance companies held 945.5 billion yuan, accounting for 40.29% [8]. - The recent tax policy changes regarding bond interest income are not expected to alter the fundamental role of bonds as a stable investment for insurance funds [9]. Group 4: Decline in Bank Deposits - The proportion of investments in bank deposits has been declining, with life insurance companies holding 8.02% and property insurance companies holding 17.24% of their total fund utilization in bank deposits as of Q2 2025 [9]. Group 5: Future Investment Outlook - Analysts suggest that insurance funds may shift towards investments with better tax advantages or higher returns, with a continued emphasis on equity investments in the long term [10].

在低利率、资产荒背景下，保险行业资产负债匹配的诉求愈发强烈，也在倒逼险资重构底仓资产，调整配置思路。根据金融监管总局数据，截至2025年二 季度末，保险资金运用余额突破36万亿元大关，同比增长17.39%至36.23万亿元。 超36万亿元险资如何配置？从总体思路来看，债券仍是险资配置的"基本盘"，同时，人身险公司和财险公司的股票配置余额占比均有所提升。受访专家认 为，险资将继续加大债券配置力度；此外，对股票等资产配置比例有望提升。 债券仍是配置主力 适度增配股票 在低利率环境下，长期性的保险资金对增加权益类资产投资有着潜在需求。从二季度情况看，保险资金配置的股票规模在持续提升。以人身险公司为例， 人身险公司二季度末持仓股票金额为2.87万亿元，股票在人身险资金运用余额中占比8.81%，这一占比相较2025年一季度末提升0.38个百分点。 实际上，从险资举牌情况也能看出险资对权益投资的热情。北京商报记者根据保险业协会官网统计，截至8月17日，年内险资举牌上市公司总次数已达27 次，从投资标的所处行业来看，银行股被举牌次数最多，其次是公用事业、能源、科技等板块，普遍具备低估值、高股息特征，符合险资投资逻辑。 招商 ...

8月8日，南都·湾财社记者从中国太平获悉，国家金融监督管理总局近日批复同意中国太平旗下太平资 产投资设立太平（深圳）私募证券投资基金管理有限公司，注册地位于深圳。 公开资料显示，作为中国太平保险集团旗下专业资产管理机构，太平资产成立于2006年9月，是国内首 批成立的9家保险资产管理公司之一。股东结构包括中国太平控股（80%）和比利时富杰集团 （20%）。数据显示，截至2024年12月末，太平资产管理资产规模逾15000亿元，投资业绩保持稳健。 太平资产表示，作为金融央企，设立该私募证券投资基金公司，旨在积极响应保险资金长期投资改革试 点，下一步将严格规范基金运作管理，建立健全长周期考核机制和符合保险资金特性的投资策略，充分 发挥保险资金长期资本、耐心资本作用，进一步加大中长期资金对于资本市场的投资力度，坚定服务国 家战略、服务实体经济，更好发挥保险资金"稳定器"和"压舱石"作用。 在获批消息公布后，中国太平集团表达了其对中国经济和资本市场的坚定信心。中国太平表示，坚定看 好中国经济和中国资本市场的发展前景，将充分履行央企责任担当，秉承"长期投资、价值投资、审慎 投资"理念，积极为维护资本市场稳定、服务实体经 ...

Core Views - The opportunity cost of equity investment remains low, with a downward trend in interest rates since September last year, enhancing the attractiveness of stock investments compared to other asset classes [2][78]. - The real estate risks that began to unfold in 2021 have not yet fully stabilized, indicating that the adjustment in the national real estate market is still ongoing [2][11]. - China has a comparable gap with the US in the AI technology revolution, with advantages in application, potentially outperforming any other country in practical implementation [2][51]. - Chinese companies must transition to a phase where they gain more added value through branding and enhance the technological content of their products [2][66]. - The view on technology stocks is still cautious, described as a "game for the brave," emphasizing the need for risk awareness and contingency plans [2][90]. Economic Growth Model - China's past economic growth model is becoming ineffective, necessitating reforms, particularly the transition from an investment-driven government to a service-oriented government [4][19]. - The challenges in this transition include high levels of local government debt and the inefficiency of past investments, which have led to diminishing returns [21][23]. - The future direction of economic growth will likely rely more on consumption to drive growth, with a significant focus on the service sector to address employment issues [26][29]. Real Estate Sector - Since 1998, approximately 500 billion square meters of commercial housing stock has been accumulated, with a significant portion of household wealth tied up in real estate [11]. - The average national price of real estate is around 10,000 yuan per square meter, indicating that the wealth of households in real estate amounts to approximately 500 trillion yuan [11]. - The real estate market is still facing downward pressure, with sales volumes declining from a peak of 1.56 billion square meters in 2021 to over 800 million square meters in 2024 [38][39]. - The rental yield is a crucial factor in stabilizing real estate prices, with a target yield of around 2% being necessary for long-term stability [42][43]. Technology Sector - The technology sector has shown significant growth since 2018, particularly in the context of US-China decoupling, necessitating self-reliance in technology development [12][15]. - The biopharmaceutical sector has been a standout performer, with Chinese companies increasingly contributing to global drug development [48][49]. - Despite challenges, China's manufacturing sector remains robust, with a strong supply chain and cost advantages that are difficult for other countries to replicate [17][71]. Manufacturing Sector - Manufacturing is considered the foundation of China's economic strength, with historical examples showing that countries that neglect manufacturing tend to decline [16]. - The focus for Chinese manufacturers should shift towards increasing product value through R&D and branding, moving away from a volume-driven model [66]. - The impact of tariffs on manufacturing is manageable for many companies, with strategies in place to mitigate costs and maintain competitiveness [70]. Investment Strategy - The current investment strategy emphasizes maintaining a high allocation in equities, particularly in dividend-paying stocks and technology, while being cautious about market conditions [76][89]. - The portfolio is diversified, with approximately 40% in dividend assets, 30% in technology stocks, and over 20% in manufacturing [92][98]. - The focus on Hong Kong stocks is driven by their relative affordability and the broader range of investment opportunities available compared to the domestic market [83][84].

上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到 先得！ 下半年以来，超百只基金投顾组合完成调仓。随着赚钱效应的升温，权益类投顾组合持续加仓 权益资产，即便近期遇到了小幅调整，越跌越买的态势仍较为显著。具体来看，基金"专业买 手"更青睐科技等成长领域，拥有产业长周期逻辑的资产被伺机加仓。 加仓权益 青睐主动管理型基金 在市场赚钱效应的加持下，部分权益类基金投顾近期回报丰厚。据开源证券统计，7月股票型投 顾产品平均收益率达到5.12%，高于沪深300指数的3.54%。拉长来看，今年以来，不少投顾组 合的涨幅已经超过20%，如嘉实百灵全天候策略、中欧优势行业全明星等。 不少投顾组合乘胜追击，于近期提升了权益仓位。同源数据显示，仅7月就有141个基金投顾组 合进行了持仓调整。其中，股票型投顾产品减仓偏债类基金，加仓权益类基金；股债混合型投 顾产品加仓主动权益基金，减仓指数基金。例如"嘉实百灵全天候策略"投顾组合在7月上半月降 低了黄金、债券的仓位，并提升权益仓位。 面对近期的市场震荡，多数基金投顾并不担忧。从天天基金网上的基金投顾组合来看，大多组 合最近的"发车"金额并未因 ...

Core Viewpoint - The recent actions of Tibet Tianlu in reducing its stake in China Power Construction have brought renewed attention to a previously dormant investment, highlighting the significant investment by Taiping Life in China Power Construction and its recent stock performance recovery [1] Group 1: Investment Actions - Taiping Life invested 3.5 billion yuan in a private placement of China Power Construction in 2023, which initially faced a decline in stock price but has recently seen a recovery of over 30% [1] - Tibet Tianlu's reduction of its stake in China Power Construction amounted to approximately 184 million yuan, representing 4.78% of the company's audited net assets for the last fiscal year [1][6] - The transaction generated a net investment gain of about 45.75 million yuan for Tibet Tianlu, accounting for 43.87% of its audited net profit for the last fiscal year [1] Group 2: Stock Performance - As of August 5, 2023, China Power Construction's stock closed at 6.42 yuan per share, with a significant increase of over 30% in the past month [1] - The stock price had previously dropped to a low of 4.33 yuan per share in September 2024, but has rebounded strongly since July 2023 due to positive news regarding the Yarlung Tsangpo River downstream hydropower station [1] Group 3: Broader Investment Landscape - Taiping Life has expanded its investment portfolio significantly, becoming a top ten shareholder in 23 listed companies, including Zhejiang Commercial Bank and China Nuclear Power, covering sectors such as energy and finance [2][3] - The company has made substantial investments in the energy sector, including a 2.25 billion yuan investment in China Nuclear Power in 2021 [3] Group 4: Financial Performance - China Taiping's total assets exceeded 1.7 trillion HKD by the end of 2024, reflecting a growth of 14.9% year-on-year [4] - The company reported a net profit of 8.43 billion HKD for 2024, a significant increase of 36.2% compared to the previous year, largely driven by investment income [5]