招商保证金快线货币市场基金 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：平安银行股份有限公司 送出日期：2025 年 8 月 28 日 招商保证金快线货币市场基金 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。 基金托管人平安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 48 页 招商保证金快线货币市场基金 2025 年中期报告 第 2 页 共 4 ...

Group 1 - The U.S. Treasury Department is set to auction a record $100 billion in 4-week Treasury bills on August 7, highlighting the government's significant borrowing needs and its ability to attract investors [1][2] - This record issuance is a $5 billion increase from the previous week and is part of the Treasury's efforts to replenish its General Account (TGA) following the recent increase in the debt ceiling [1][5] - The Treasury plans to continue relying on short-term debt instruments to cover budget deficits at least until 2026, with a focus on increasing the issuance of short-term securities [1][5] Group 2 - The Treasury will also issue a total of $125 billion in coupon-bearing securities this week, with the 3-year and 10-year notes reaching their highest single issuance levels in over a year [2][3] - Specific plans include the issuance of $58 billion in 3-year notes, $42 billion in 10-year notes, and $25 billion in 30-year bonds [3][4] - The Treasury's strategy indicates a continued emphasis on short-term debt, with short-term securities expected to comprise a larger portion of the total outstanding debt in the coming months [5][6] Group 3 - There is currently strong demand for short-term Treasury securities, supported by inflows into U.S. money market funds, which hold approximately $7.4 trillion in assets [6][7] - However, potential risks arise from the Federal Reserve's anticipated interest rate cuts, which may affect the ability of money market fund managers to absorb the supply of short-term securities [6][7] - Analysts predict that despite the current focus on short-term debt, the government will eventually need to increase the issuance of longer-term bonds to meet future borrowing demands [7]

Core Viewpoint - The report provides an overview of the performance and management of the ICBC Credit Suisse Wealth Fast Track Money Market Fund for the second quarter of 2025, highlighting its investment strategies, financial indicators, and market conditions affecting fund performance [1][14]. Fund Product Overview - The fund is a contract-based open-end money market fund, with a total share of approximately 17.98 billion units at the end of the reporting period [2]. - The investment objective is to achieve returns exceeding the benchmark while controlling risks and maintaining asset liquidity [2]. - The fund employs various investment strategies, including interest rate strategies, credit strategies, and relative value strategies, to capitalize on market imbalances [2]. - The benchmark for performance comparison is the after-tax interest rate of the seven-day notice deposit published by the People's Bank of China [2]. Financial Indicators and Fund Performance - For the reporting period from April 1 to June 30, 2025, the fund's A share net yield was 0.3209%, while the B share net yield was 0.3809% [15][7]. - The fund's performance over different time frames shows a net yield of 1.3989% for the past year for A shares and 1.6425% for B shares [5][7]. - The fund's total assets are primarily invested in bonds, accounting for 58.53% of the total assets [16]. Management Report - The fund manager has maintained a neutral to high level of remaining maturity in the portfolio, adjusting liquidity reserves and leverage based on market conditions [14]. - The report indicates that the fund has adhered to legal regulations and internal guidelines to ensure fair treatment of all investors and prevent conflicts of interest [11][12]. Investment Portfolio Report - The average remaining maturity of the investment portfolio was 114 days during the reporting period, with no instances exceeding 120 days [18]. - The fund's investment strategy focuses on maintaining high credit quality and controlling interest rate risk exposure [14]. Fund Share Changes - The total number of shares for A shares increased from approximately 17.04 billion to 17.26 billion, while B shares totaled approximately 720.36 million at the end of the reporting period [23].

Core Viewpoint - The report provides an overview of the performance and management of the Debon Delicate Money Market Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market conditions affecting its operations [1][10]. Fund Product Overview - Fund Name: Debon Delicate Money Market Fund - Fund Code: 000300 - Fund Type: Contractual open-end fund - Effective Date of Fund Contract: September 16, 2013 - Total Fund Shares at Period End: 2,210,935,509.27 shares - Investment Objective: To achieve returns exceeding the performance benchmark while maintaining low risk and high liquidity [3][4]. Financial Indicators and Fund Performance - Net Value Growth Rate for Debon Delicate Money A: 0.3712% for the past three months, 0.6929% for the past six months, and 1.4254% for the past year [7][15]. - Performance Benchmark: Seven-day notice deposit rate (after tax) [3]. - Total Fund Shares for Sub-fund A: 1,833,827,436.16 shares, and for Sub-fund B: 377,108,073.11 shares [3]. Market Analysis - The manufacturing PMI for May was 49.7, indicating a slight recovery but still below the growth line, suggesting the need for further economic stabilization [11]. - Fixed asset investment from January to May showed a year-on-year increase of 3.7%, slightly below market expectations, with real estate showing a larger decline [12]. - The CPI for May was -0.1%, and the PPI was -3.3%, indicating ongoing demand insufficiency in the economy [12]. Investment Strategy - The fund primarily invested in interbank certificates, high-grade credit bonds, interbank deposits, policy financial bonds, government bonds, and reverse repos, maintaining a certain level of leverage [14]. - The average remaining duration of the investment portfolio did not exceed 120 days during the reporting period [15]. Management Report - The fund manager adhered to legal regulations and internal policies, ensuring fair trading practices and compliance throughout the reporting period [11]. - The fund management team includes experienced professionals with significant industry backgrounds [11][14].

Core Viewpoint - The report provides an overview of the performance and management of the Yongying Money Market Fund for the second quarter of 2025, highlighting its investment strategies, financial indicators, and compliance with regulations [1][5]. Fund Product Overview - Fund Name: Yongying Money Market Fund - Fund Code: 000533 - Fund Type: Contractual open-end fund - Effective Date of Fund Contract: February 27, 2014 - Total Fund Shares at Reporting Period End: 109,081,854,038.44 shares - Investment Objective: To pursue higher returns than the benchmark while maintaining safety and high liquidity [2]. - Performance Benchmark: 7-day notice deposit rate (after tax) [2]. - Risk-Return Characteristics: The fund is classified as a low-risk investment, with expected returns lower than equity, mixed, and bond funds [2]. Financial Indicators and Fund Performance - The net asset value of Yongying Money A at the end of the reporting period was 1.0000 yuan, with a net yield of 0.3118% during the period, compared to a benchmark yield of 0.3366% [8][12]. - The fund's realized income includes interest income, investment income, and other income, with no fair value change income due to the use of amortized cost accounting [3][8]. Investment Strategy and Portfolio - The fund primarily invested in interbank deposits, interbank certificates of deposit, repos, and high-grade short-term financing bonds during the reporting period [7]. - The average remaining maturity of the investment portfolio was 104 days, with a maximum of 109 days and a minimum of 77 days, complying with the fund's contract stipulation of not exceeding 120 days [9][10]. Management Report - The fund management adhered to the Securities Investment Fund Law and related regulations, ensuring compliance and fair treatment of all investment portfolios [5][6]. - The management team includes experienced professionals, with the lead manager having 10 years of experience in the securities industry [4]. Fund Share Changes - Total subscription during the reporting period was 5,311,735,514.49 yuan, while total redemptions amounted to 5,505,308,571.10 yuan, resulting in a total fund share of 1,730,555,897.84 shares at the end of the period [12].

Core Viewpoint - The report provides an overview of the performance and management of the Dongfang Hong Money Market Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and net asset value performance. Fund Product Overview - The Dongfang Hong Money Market Fund is managed by Shanghai Dongfang Securities Asset Management Co., Ltd. and is custodied by Industrial and Commercial Bank of China Limited. The fund aims to ensure high liquidity of assets while pursuing stable returns that exceed the performance benchmark [3][4]. Financial Indicators and Fund Net Value Performance - For the reporting period from April 1, 2025, to June 30, 2025, the fund's A class net value yield was 0.3307%, B class was 0.3908%, C class was 0.3308%, D class was 0.3683%, and E class was 0.3908%, all outperforming the benchmark yield of 0.0873% [15]. - The total fund assets at the end of the reporting period amounted to approximately 30.17 billion RMB [4]. Investment Strategy - The fund employs an active investment strategy based on predictions of short-term interest rate changes, utilizing both qualitative and quantitative analyses to achieve stable current returns while controlling risks and ensuring liquidity [5][14]. Management Report - The fund management team has adhered to relevant laws and regulations, ensuring fair treatment of all funds managed and maintaining a focus on maximizing the interests of fund shareholders [13][19]. Investment Portfolio Report - The fund's investment portfolio at the end of the reporting period included approximately 60.52% in bonds, with a focus on maintaining a balanced and liquid asset allocation [16][17]. - The average remaining maturity of the investment portfolio was 93 days, indicating a strategy focused on short-term investments [17]. Other Important Information - The fund did not experience any significant trading anomalies during the reporting period, and there were no instances of the fund's net asset value falling below the required thresholds [15][19].

Core Insights - The total assets of money market funds in the United States have reached $7.02 trillion, indicating significant growth in this investment vehicle [1] Group 1 - The data is provided by the Investment Company Institute (ICI), highlighting the authoritative source of the information [1] - The increase in money market fund assets reflects a trend towards safer investments amid market volatility [1] - The current asset level signifies a robust demand for liquidity and capital preservation strategies among investors [1]

Core Insights - The asset size of money market funds has increased to $7.023 trillion [1] Group 1 - The data is provided by the Investment Company Institute (ICI) [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 (一)投资目标与投资策略 ■ (二)投资组合资产配置图表/区域配置图表 投资组合资产配置图表 编制日期：2025年4月2日 送出日期：2025年4月7日 本概要提供本基金的重要信息，是招募说明书的一部分。 作出投资决定前，请阅读完整的招募说明书等销售文件。 一、产品概况 ■ 二、基金投资与净值表现 ■ (三)自基金合同生效以来基金每年的净值收益率及与同期业绩比较基准的比较图 ■ 注：1、本基金成立于2021年11月22日；2、基金的过往业绩不代表未来表现；3、产品2021年数据非完 整年度数据。 三、投资本基金涉及的费用 （一）基金销售相关费用 以下费用在申购/赎回基金过程中收取： ■ （二）基金运作相关费用 以下费用将从基金资产中扣除： ■ 注：1、本基金交易证券、基金（如有）等产生的费用和税负，按实际发生额从基金资产扣除。 2、披露相关费用年金额的为基金整体承担费用，非单个份额类别费用，且年金额为预估值，单位为 元，最终实际金额以基金定期报告披露为准。 3、如果以0.90%的管理费计算的七日年化暂估收益率小于或等于2倍活期存款利率，基金 管理人将调整管理费 ...

Core Viewpoint - The report provides a comprehensive overview of the Ping An Money Market Fund's performance, management, and financial metrics for the year 2024, highlighting its focus on risk control and liquidity management while striving for stable returns. Group 1: Fund Overview - Fund Name: Ping An Money Market Fund [1] - Fund Manager: Ping An Fund Management Co., Ltd. [1] - Fund Custodian: Ping An Bank Co., Ltd. [1] - Fund Operation Type: Contractual open-end [1] - Fund Contract Effective Date: December 7, 2016 [1] - Total Fund Shares at Year-End: 14,833,343,541.23 shares [1] Group 2: Financial Performance - Total Net Asset Value at Year-End: 7,371.89 million RMB [2] - Fund Share Net Value at Year-End: 1.0000 [2] - Annualized Yield for Ping An Money Market A: 1.8625% [12] - Annualized Yield for Ping An Money Market C: 1.6591% [3] - Annualized Yield for Ping An Money Market D: 0.4369% [12] Group 3: Investment Strategy - Investment Objective: To achieve stable returns exceeding the performance benchmark while strictly controlling investment risks and maintaining high liquidity [1] - Investment Strategy: Adjusting the fund's investment portfolio based on predictions of short-term interest rate changes, with a focus on qualitative and quantitative analysis of various investment types [1] Group 4: Management and Compliance - Management Company Established: January 7, 2011, with a registered capital of 1.3 billion RMB [4] - Total Public Fund Management: 215 funds with total assets under management of approximately 637.1 billion RMB as of December 31, 2024 [4] - Compliance with Regulations: The fund management strictly adheres to relevant laws and regulations, ensuring the protection of fund holders' interests [14][16] Group 5: Audit and Custody - Auditor: Ernst & Young Hua Ming [17] - Audit Opinion: Standard unqualified opinion on the financial statements [17] - Custodian's Compliance: The custodian, Ping An Bank, has fulfilled its duties without harming the interests of fund holders [16]