华夏基金管理有限公司 二〇二六年一月十二日 特此公告 华夏中证500自由现金流交易型开放式指数证券投资基金联接基金（基金简称：华夏中证500自由现金流 ETF联接，A类基金份额代码：025423、C类基金份额代码：025424）基金合同全文和招募说明书全文 于2026年1月12日在本公司网站（www.ChinaAMC.com）和中国证监会基金电子披露网站 （http://eid.csrc.gov.cn/fund）披露，供投资者查阅。如有疑问可拨打本公司客服电话（400-818-6666） 咨询。 本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，但不保证本基金一定盈利，也不 保证最低收益。请充分了解本基金的风险收益特征，审慎做出投资决定。 ...

Group 1 - Morgan Fund Management (China) Co., Ltd. has signed a fund sales agency agreement with China Construction Bank Co., Ltd. to add it as a distribution institution for certain funds [1] - Investors can conduct subscription, redemption, and regular investment operations through China Construction Bank, with specific processes and timings subject to the bank's regulations [1] - Morgan Fund Management (China) Co., Ltd. has also signed a fund sales agency agreement with Hang Seng Bank (China) Co., Ltd. to add it as a distribution institution for certain funds [2] Group 2 - Investors can conduct subscription, redemption, and regular investment operations through Hang Seng Bank, with specific processes and timings subject to the bank's regulations [2] - For detailed inquiries regarding the fund sales, investors are advised to read the relevant legal documents such as the prospectus and fund contracts [2][3] - Contact information for inquiries includes customer service numbers and websites for both China Construction Bank and Morgan Fund Management (China) Co., Ltd. [2][4]

Group 1 - The company, Yinhua Fund Management Co., Ltd., will resume large-scale subscriptions (over 100,000 yuan) for the F-class fund shares of Yinhua Active Money Market Fund for institutional investors from January 12, 2026, and will suspend these subscriptions starting January 13, 2026 [1] - During the suspension period, institutional investors can still make subscriptions (up to 100,000 yuan) through various banks and financial institutions, including Industrial Bank Co., Ltd. and China Postal Savings Bank Co., Ltd. [2] - The company will continue to process redemptions and conversions for all classes of fund shares, including A, B, C, D, E, and F classes, as well as large-scale subscriptions for individual investors during the suspension period [3]

Group 1 - The company, Bosera Fund Management Co., Ltd., has announced changes to the trading abbreviations of certain ETFs listed on the Shenzhen Stock Exchange, effective January 14, 2026, while maintaining the fund codes and names unchanged [1][12] - The change in trading abbreviations will not have a substantial adverse impact on the interests of fund shareholders and does not involve any changes to the rights and obligations of the parties to the fund contract, thus no shareholder meeting is required [1][13] Group 2 - The Bosera S&P 500 ETF has recently experienced significant trading price premiums in the secondary market, deviating considerably from the reference net asset value of the fund shares, prompting the company to alert investors about the premium risk [3] - The company emphasizes that the trading price of the fund in the secondary market is subject to risks beyond just changes in net asset value, including market supply and demand, systemic risks, and liquidity risks [3] Group 3 - As of January 12, 2026, Financial Street Securities Co., Ltd. has been added as a new broker for subscription and redemption services for the Bosera S&P 500 ETF [6][7] - The list of primary brokers for the Bosera S&P 500 ETF includes multiple securities firms, ensuring a broad range of options for investors [9]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week (from January 5th to January 9th, 2026), the median weekly return of equity ETFs was 4.31%. Among broad-based ETFs, the median return of Science and Technology Innovation Board ETFs was 10.15%, the highest. By sector, the median return of technology ETFs was 7.28%, the highest. By theme, the median return of military industry ETFs was 13.50%, the highest [1][12][16]. - Last week, equity ETFs had a net redemption of 803 million yuan, but the overall scale increased by 18.0114 billion yuan. Among broad-based ETFs, CSI 500 ETF had the largest net subscription of 3.648 billion yuan; by sector, cyclical ETFs had the largest net subscription of 13.524 billion yuan; by hot theme, pharmaceutical ETFs had the largest net subscription of 892 million yuan [2][28][31]. - As of last Friday, among broad-based ETFs, ChiNext and SSE 50 ETFs had relatively low valuation quantiles; by sector, large financial and consumer ETFs had relatively moderate valuation quantiles; by sub - theme, wine and new energy vehicle ETFs had relatively low valuation quantiles. Compared with the previous week, the valuation quantiles of CSI 1000, Science and Technology Innovation Board, consumer, and pharmaceutical ETFs increased significantly [3][34][38]. - From Monday to Thursday last week, the margin trading balance of equity ETFs increased from 46.967 billion yuan in the previous week to 48.697 billion yuan, and the short - selling volume increased from 2.394 billion shares in the previous week to 2.42 billion shares. Among the top 10 ETFs in terms of average daily margin buying volume and short - selling volume, securities ETFs and Science and Technology Innovation Board ETFs had relatively high average daily margin buying volumes, and SSE 50 ETFs and CSI 1000 ETFs had relatively high average daily short - selling volumes [4][44][48]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed non - monetary ETFs among fund companies. This week, 9 ETFs will be issued, including Penghua China Securities Consumer Electronics Theme ETF, Yin Hua S&P Hong Kong Stock Connect Low - Volatility Dividend ETF, etc. [5][52][55]. Summary by Relevant Catalogs ETF Performance - Last week, the median weekly return of equity ETFs was 4.31%. The median returns of Science and Technology Innovation Board, CSI 500, CSI 1000, A500, ChiNext, SSE 50, and SSE 300 ETFs were 10.15%, 7.89%, 7.05%, 4.22%, 3.87%, 3.38%, and 2.78% respectively. The median returns of commodity, cross - border, monetary, and bond ETFs were 2.92%, 2.55%, 0.02%, and - 0.01% respectively [12]. - By sector, the median returns of technology, consumer, cyclical, and large financial sector ETFs among equity ETFs last week were 7.28%, 4.95%, 4.15%, and 1.82% respectively [16]. - By hot theme, the median returns of military industry, chip, and AI ETFs among equity ETFs were 13.50%, 11.17%, and 8.51% respectively, showing relatively strong performance; the median returns of bank, dividend, and securities ETFs were - 1.88%, 1.62%, and 1.91% respectively, showing relatively weak performance [16]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 398.11 billion yuan, 101.07 billion yuan, and 76.46 billion yuan respectively. The scales of commodity and monetary ETFs were relatively small, at 26.47 billion yuan and 16.21 billion yuan respectively [20]. - Among broad - based ETFs, SSE 300 and A500 ETFs had relatively large scales of 122.08 billion yuan and 29.96 billion yuan respectively, while the scales of Science and Technology Innovation Board, CSI 500, CSI 1000, SSE 50, and ChiNext ETFs were relatively small [20]. - By sector, as of last Friday, the scale of technology sector ETFs was 47.09 billion yuan, followed by cyclical sector ETFs with a scale of 24.83 billion yuan. The scales of large financial and consumer ETFs were relatively small [26]. - By hot theme, as of last Friday, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 16.17 billion yuan, 14.31 billion yuan, and 10.88 billion yuan respectively [26]. - Last week, equity ETFs had a net redemption of 803 million yuan, and the overall scale increased by 18.0114 billion yuan; monetary ETFs had a net redemption of 1.0539 billion yuan, and the overall scale decreased by 1.0525 billion yuan [28]. - Among broad - based ETFs, CSI 500 ETF had the largest net subscription of 3.648 billion yuan, and its scale increased by 1.8996 billion yuan; A500 ETF had the largest net redemption of 1.3087 billion yuan, and its scale decreased by 59.5 million yuan [28]. - By sector, last week, cyclical ETFs had the largest net subscription of 13.524 billion yuan, and its scale increased by 2.9669 billion yuan; technology ETFs had the largest net redemption of 763 million yuan, and its scale increased by 3.5292 billion yuan [31]. - By hot theme, last week, pharmaceutical ETFs had the largest net subscription of 892 million yuan, and its scale increased by 893.9 million yuan; AI ETFs had the largest net redemption of 538.9 million yuan, and its scale decreased by 9.2 million yuan [31]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the quantile levels of 89.27%, 90.68%, 100.00%, 100.00%, 66.50%, and 99.74% respectively, and the price - to - book ratios were at the quantile levels of 73.68%, 75.83%, 100.00%, 79.37%, 67.90%, and 99.74% respectively. Since December 31, 2019, the current price - to - earnings and price - to - book ratios of Science and Technology Innovation Board ETFs are at the quantile levels of 92.00% and 79.79% respectively. Compared with the previous week, the valuation quantiles of CSI 1000 and Science and Technology Innovation Board ETFs increased significantly [34][36]. - As of last Friday, the price - to - earnings ratios of cyclical, large financial, consumer, and technology sector ETFs were at the quantile levels of 87.54%, 29.87%, 37.87%, and 98.43% respectively, and the price - to - book ratios were at the quantile levels of 83.91%, 57.34%, 45.26%, and 96.04% respectively. Compared with the previous week, the valuation quantile of consumer ETFs increased significantly [38]. - As of last Friday, the price - to - earnings quantiles of military industry, photovoltaic, and chip ETFs were relatively high, at 100.00%, 99.75%, and 98.60% respectively; the price - to - book quantiles of AI, robot, and dividend ETFs were relatively high, at 100.00%, 98.93%, and 98.35% respectively. Compared with the previous week, the valuation quantile of pharmaceutical ETFs increased significantly [39][42]. ETF Margin Trading - Overall, the short - selling volume of equity ETFs has maintained an upward trend in the past year. As of last Thursday, the margin trading balance of equity ETFs increased from 46.967 billion yuan in the previous week to 48.697 billion yuan, and the short - selling volume increased from 2.394 billion shares in the previous week to 2.42 billion shares [44]. - From Monday to Thursday last week, among the top 10 equity ETFs in terms of average daily margin buying volume, securities ETFs and Science and Technology Innovation Board ETFs had relatively high average daily margin buying volumes [48]. - From Monday to Thursday last week, among the top 10 equity ETFs in terms of average daily short - selling volume, SSE 300 ETFs and CSI 1000 ETFs had relatively high average daily short - selling volumes [50]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs, and had a relatively high management scale in multiple sub - fields such as scale index ETFs, theme, style, and strategy index ETFs, and cross - border ETFs; E Fund ranked second, and had a relatively high management scale in scale index ETFs and cross - border ETFs; Huatai - Peregrine Fund ranked third, and had a relatively high management scale in scale index ETFs and theme, style, and strategy index ETFs [52]. - Last week, 2 new ETFs were established, namely Guangfa China Securities Industrial Software Theme ETF and ICBC ChiNext New Energy ETF. This week, 9 ETFs will be issued, including Penghua China Securities Consumer Electronics Theme ETF, Yin Hua S&P Hong Kong Stock Connect Low - Volatility Dividend ETF, etc. [55].

1. Report Industry Investment Rating No relevant content provided. 2. Core View This week, the China Securities REITs Index rose 1.9% throughout the week, with all sectors posting gains and market trading activity also increasing. From the comparison of the weekly price changes of major indices, China Securities Convertible Bonds > CSI 300 > China Securities REITs > China Securities Aggregate Bonds. As of January 9, 2026, the dividend yield of equity REITs was 59 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - based REITs and the 10 - year Treasury yield was 332 basis points [1]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - The weekly price change of the China Securities REITs Index was +1.9%, and the price change since the beginning of the year was +0.4%. As of January 9, 2026, the closing price of the China Securities REITs (closing) Index was 793.05 points. Throughout the week (from January 5 to January 9, 2026), its performance was weaker than the China Securities Convertible Bonds Index (+4.4%) and the CSI 300 Index (+2.8%), but stronger than the China Securities Aggregate Bonds Index (-0.1%). Since the beginning of the year, the order of price changes of major indices was: China Securities Convertible Bonds (+23.9%) > CSI 300 (+20.9%) > China Securities Aggregate Bonds (+0.5%) > China Securities REITs (+0.4%) [2][6]. - In the past year, the return rate of the China Securities REITs Index was -2.0%, and the volatility was 7.7%. The return rate was lower than that of the CSI 300 Index, the China Securities Convertible Bonds Index, and the China Securities Aggregate Bonds Index; the volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bonds Index, but higher than that of the China Securities Aggregate Bonds Index. The total market value of REITs on January 9 was 223.3 billion yuan, an increase of 3.4 billion yuan from the previous week; the average daily turnover rate for the whole week was 0.60%, an increase of 0.08 percentage points from the previous week [2][8]. 3.2 Sector Performance - All sectors posted gains, with municipal facilities, new infrastructure, and water conservancy REITs leading the gains. From the perspective of different project - attribute REITs, the average weekly price changes of equity REITs and franchise - based REITs were +2.8% and +1.6% respectively. Among specific targets, the top three REITs in terms of weekly price increase were E Fund Biwei Market REIT (+7.84%), GF Chengdu Gaotou Industrial Park REIT (+6.91%), and China Merchants Science and Technology Innovation REIT (+6.24%) [3][16][21]. - New infrastructure REITs had the highest trading activity. In terms of different project types, new infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 1.0%; consumer infrastructure REITs had the highest proportion of trading volume this week, accounting for 22.3% of the total REITs trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia China Resources Commercial REIT (121.76 million yuan), CICC Anhui Expressway REIT (79.3 million yuan), and Southern Runze Technology Data Center REIT (53.82 million yuan) [3][23][24]. 3.3 Primary Market Issuance From the beginning of the year to January 9, 2026, there was 1 REIT product in the "accepted" stage, 1 in the "inquiry" stage, and 2 in the "feedback" stage on the exchange [26]. 3.4 Valuation Tracking - REITs have both bond - like and stock - like characteristics. From the bond - like perspective, under the constraint of mandatory high dividends, the annualized cash distribution rate is concerned. As of January 9, the average annualized cash distribution rate of public - offering REITs was 5.96%. From the stock - like perspective, the relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs [28]. - As of January 9, 2026, the dividend yield of equity REITs was 59 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - based REITs and the 10 - year Treasury yield was 332 basis points [1][29][30]. 3.5 Industry News Shanghai Jinjiang Asset Management Co., Ltd. recently announced the short - listed candidates for the fund manager, special plan manager, and financial advisor of its public - offering REIT project. The first short - listed candidate is a consortium composed of Huaan Fund, Huaan Future Asset, and Guotai Haitong Securities, with an issuance - stage fee of 5 million yuan and a 0.2% ongoing fee. The second short - listed candidate is a consortium composed of Dongwu Fund and Dongwu Securities, with the same quotation conditions. The announcement period ends on January 10. As of June 30, 2025, Jinjiang Hotels had over 17,700 contracted hotels, over 1.68 million rooms, and over 200 million members [4][32].

Core Insights - The primary goal for many investors, from novices to retirees, is to earn a consistent stream of monthly income, often achieved through dividend-paying stocks [1] - Dividend-paying ETFs are professionally managed funds that invest in a variety of dividend-paying stocks, each with unique yields and strategies [2] - A list of five monthly dividend-paying ETFs is provided for investors seeking reliable income streams [3] ETF Analysis - **JPMorgan Nasdaq Equity Premium Income ETF (JEPQ)**: This ETF offers a yield of over 10% and focuses on large-cap U.S. stocks while selling options. It targets low-volatility stocks in the Nasdaq 100 Index, has a five-year return exceeding 18%, and manages net assets over $32 billion with an expense ratio of 0.35% [4] - **iShares Preferred and Income Securities ETF (PFF)**: This ETF focuses on preferred stocks, delivering a yield of over 6%. It tracks the ICE Exchange-Listed Preferred & Hybrid Securities Index and has net assets exceeding $14 billion with an expense ratio of 0.45% [5][7] - The ETFs mentioned are diversified across various sectors, including technology and consumer staples, and some utilize strategies beyond high dividends, such as screening for strong financials and low volatility [6]

Core Viewpoint - Morgan Asset Management's China equity investment team anticipates structural opportunities in the market for 2026, driven by the transition of old and new growth dynamics and the development of industries such as AI, high-end manufacturing, new energy, and new consumption [2][3]. Group 1: Market Outlook - The Chinese equity market is at a critical juncture for transitioning growth dynamics, with structural opportunities emerging from macroeconomic volatility and industry trends [2]. - Morgan Asset Management emphasizes long-term investment value and aims to provide insights into macro policy, market trends, and sector-specific strategies for investors [2]. Group 2: Investment Strategies - Investment Director Du Meng believes that the value of Chinese equity assets is set for re-evaluation, with a focus on stable growth in industry demand and cash flow sustainability [5]. - The AI sector is viewed as a significant trend, with expectations of transformative innovations, and investment strategies will involve active participation and dynamic adjustments [5][10]. - The lithium battery industry is highlighted as a promising sector for 2026, driven by a balanced supply-demand state, new demand from energy storage, and attractive valuations [7][8]. Group 3: Sector Focus - The AI industry is recognized as a major trend, with a focus on companies with technological barriers and high order visibility in the computing hardware segment [10][11]. - The consumption sector is expected to show potential, particularly in new consumption driven by younger demographics, while traditional sectors may face challenges [10][19]. - The financial sector is seen as having significant opportunities, supported by favorable policies and a shift towards institutional investment [26][29]. Group 4: ETF and Index Investment - The global ETF market continues to grow, with significant inflows and a focus on differentiated solutions, particularly in the Asia-Pacific region [30][32]. - Morgan Asset Management's strategy in the ETF space emphasizes a "boutique buyer" model, aiming to provide unique value and long-term viability in its offerings [33].

Core Viewpoint - The article emphasizes the potential for value re-evaluation in Chinese equity assets, particularly in the context of structural opportunities arising from macroeconomic shifts and technological advancements such as AI and lithium battery industries [2][6][12]. Group 1: Market Outlook - The Chinese equity market is at a critical juncture of transitioning from old to new growth drivers, with significant structural opportunities emerging from sectors like AI, high-end manufacturing, and new energy [2][6]. - Morgan Asset Management's China equity team focuses on long-term investment value through in-depth industry research, aiming to provide sustainable alpha for investors [2][6]. Group 2: Investment Strategies - Investment Director Du Meng believes that the future of Chinese equity assets is likely to see a value re-evaluation, driven by international investors reassessing the allocation value of Chinese assets [6][12]. - The investment strategy includes a focus on AI as a major industry trend, with a dynamic approach to participation and adjustment based on ongoing developments [6][12]. Group 3: Sector-Specific Insights - The lithium battery industry is viewed positively for 2026 due to a balanced supply-demand state, new demand from energy storage, and attractive valuations as profit margins are currently low [8][12]. - The AI industry is recognized as a significant trend, with expectations of sustained capital expenditure growth and a focus on companies with strong technological barriers and high order visibility [12][16]. Group 4: Consumer and Financial Sectors - The consumer sector is expected to show structural opportunities, particularly driven by younger generations' spending habits, which differ significantly from previous generations [12][35]. - The financial sector is anticipated to benefit from favorable policies aimed at building a strong financial system, with specific attention to the potential of brokerage and insurance companies [33][35]. Group 5: ETF and Index Investment - The global trend towards index investing continues to grow, with significant inflows into ETFs, particularly in the Asia-Pacific region, where China's ETF market is rapidly expanding [39][40]. - Morgan Asset Management's strategy in the ETF space focuses on providing differentiated solutions and enhancing investor experience through a "boutique" approach [40].

Fund Overview - The fund is named Penghua Growth and Progress Mixed Securities Investment Fund, with A and C class shares [10] - The fund is a contractual open-end mixed fund [10] - The initial value of each fund share is 1.00 RMB [11] Fundraising Details - The fundraising period is from January 19, 2026, to February 3, 2026 [16] - The maximum fundraising scale is set at 5 billion RMB, excluding interest during the fundraising period [11][26] - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [13] Subscription Process - Investors must open an open-end fund account with the fund management company to subscribe [28] - The minimum subscription amount for each transaction account is 1 RMB, with specific rules for different sales institutions [24] - The first minimum subscription amount through the direct sales center is 1 million RMB, with subsequent subscriptions having a minimum of 10,000 RMB [24] Subscription Fees - A class shares incur subscription fees, while C class shares do not [17] - Subscription fees for A class shares are used for marketing and sales expenses during the fundraising period [17] Fund Management and Custody - The fund is managed by Penghua Fund Management Co., Ltd., and the custodian is Industrial and Commercial Bank of China [52] Fund Contract and Effectiveness - The fund contract will take effect if the total number of shares reaches at least 200 million and the total fundraising amount is at least 200 million RMB by the end of the fundraising period [16][49] - If the fundraising conditions are not met, the fund management company will return the funds to investors with interest [49] Risk Management - The fund may face various risks, including market volatility and liquidity risks, which investors should understand before investing [7]