Group 1 - The fund is a passive index fund that aims to track the performance of the underlying index through sampling replication and dynamic optimization methods [3][4] - The fund's investment strategy includes asset allocation and bond investment strategies, focusing on bonds with a credit rating of AA+ or above [2][3] - As of the end of the reporting period, the total fund shares amounted to 569,999,845.00 shares [2][5] Group 2 - The fund's net asset value (NAV) for Class A shares was 1.0039 yuan, with a net value growth rate of 0.39%, while Class C shares had an NAV of 1.0347 yuan and a growth rate of 3.47% [9] - The performance benchmark for the fund is calculated as 95% of the yield of the underlying index plus 5% of the after-tax yield of the bank's current deposit rate [4] - The fund's total bond investment amounted to 571,560,590.01 yuan, representing 99.86% of the total fund assets [10] Group 3 - The report indicates that the bond market saw a decline in yields during the reporting period, with 10-30 year government bonds down by approximately 16 basis points [8][9] - The fund strictly adhered to its investment guidelines, primarily investing in the components of the underlying index and making adjustments based on market conditions [9][10] - The fund management has maintained compliance with legal regulations and has not engaged in any abnormal trading activities during the reporting period [7][9]

中金公司 5 月金融数据解读 20250613 摘要 5 月新增贷款同比减少，公司贷款少增 2000 亿，反映信贷需求不足， 尤其是中长期对公贷款和零售贷款增速低于 8%，表明实体经济需求恢 复缓慢。LPR 调降未能有效刺激企业贷款需求，2025 年以来企业贷款 需求整体下降。 社融同比多增主要依赖政府债券发行，而非信贷增长，政府成为主要加 杠杆主体。政府债券投向项目收益产生周期较长，导致金融数据与实体 经济景气度存在滞后效应。短期对公、票据贴现和非银贷款支撑社融数 据，但未能完全反映真实需求。 银行负债压力较大，依赖政信类大项目维持稳定，批发、制造业等领域 信贷需求未完全恢复。未来流动性受财政政策和大型项目进展影响，需 关注金融脱媒现象，资金从银行体系转移至其他渠道，增加银行流动性 压力，削弱货币政策传导效果。 居民短期贷款因银行促销力度下降而减少，中长期贷款受益于房贷利率 下调和提前还贷率下降而有所好转，与商品房销售数据基本吻合。对公 贷款受限，绿色普惠金融虽增速下降但仍是重要贡献部分，信贷需求压 力依然存在。 Q&A 目前的信贷需求情况如何？对市场有何影响？ 2025 年以来整体下降，这也一定程度上表明 ...