Fund Overview - The fund is named "Guangfa CSI 500 Index Quantitative Enhanced Securities Investment Fund" and is classified as an equity-type securities investment fund [15] - The fund is a contractual open-end fund with an indefinite duration [16][17] - The initial fundraising target is set at a maximum of 8 billion RMB, excluding interest during the fundraising period [19] Fund Management and Registration - The fund is managed by Guangfa Fund Management Co., Ltd., with the custodian being Industrial Bank Co., Ltd. [2][3] - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [20] Fund Subscription Details - The subscription period is from January 28, 2026, to February 9, 2026, with a maximum duration of 3 months [24] - The minimum subscription amount is set at 1 RMB, and there is no upper limit for individual investors [31][8] - If the total subscription amount exceeds 8 billion RMB, a proportionate confirmation method will be used to control the effective scale [3][4] Subscription Process - Investors must open a fund account with the management company to subscribe [6] - The subscription process includes specific procedures for both individual and institutional investors, with detailed requirements for documentation [33][39] - Subscription applications must be confirmed by the registration agency, and any invalid applications will result in a refund of the subscription amount [12][50] Fund Fees and Charges - The fund has different fee structures for A and C class shares, with A class shares incurring subscription fees that decrease with the amount subscribed [26][27] - Subscription fees are primarily used for marketing, sales, and registration expenses during the fundraising period [28] Fund Asset Verification and Contract Effectiveness - After the fundraising period, the management company will verify the assets and submit a report to the China Securities Regulatory Commission (CSRC) for the fund contract to take effect [52][53] - If the fund does not meet the legal conditions for effectiveness, the management company will return the subscription amounts to investors with interest [25][53]

Core Viewpoint - The establishment of the Zhongjin Xiamen Torch Industrial Park REIT marks the first public REIT in China backed by assets from a "National Torch Program Software Industry Base," indicating a significant step in the development of the domestic REIT market [1][2]. Group 1: REIT Market Overview - As of December 26, 2025, there are 78 listed REITs in China with a total market capitalization of 219.9 billion yuan [2]. - The potential market size for China's REITs is estimated to be between 2.1 trillion and 4.5 trillion yuan, with current market size representing only 0.04% to 0.2% of this potential [2]. - The approval of the Torch Industrial Park REIT is expected to provide a new model for park-type REITs, responding to government calls for supporting clean energy projects through REITs [2]. Group 2: Asset Types and Performance - The REITs cover a wide range of asset types, including parks, transportation, affordable housing, consumption, logistics, energy, and municipal environmental protection, with the exception of elderly care facilities [3]. - In the first half of 2025, performance varied significantly across sectors, with consumer and environmental REITs showing positive growth, while industrial parks, logistics, and energy sectors faced declines of -9.5%, -4.3%, and -11% respectively [3]. - The rental income from policy-based affordable housing remains stable, while market-oriented projects are exploring service income to offset challenges [3]. Group 3: Investor Sentiment and Market Dynamics - As of mid-2025, institutional investors accounted for an average of 97.21% of investments, with affordable housing and energy sectors making up over 98% of the investments, indicating strong recognition of stable cash flow assets [4]. - The public subscription rate for new projects in 2025 was 3.8 times higher than that of offline investors, although enthusiasm in the primary market has cooled [4]. - The median turnover rate in the secondary market was 1.12%, significantly lower than the average turnover rate of the CSI 300, suggesting a stabilization in institutional holdings [4]. Group 4: Long-term Trends and Returns - The CSI REITs total return index showed a "stabilizing and recovering" trend in 2025, although it was outperformed by the CSI 300 after September due to stock market recovery [5]. - Historically, U.S. REITs have achieved an annualized return of 9.2% from 2009 to 2023, while Chinese REITs have seen an average increase of 17.91% over four years, though they remain sensitive to short-term economic cycles [5].

2025 年 12 月 30 日 中欧基金吉翔：专注发掘具有长期 竞争优势个股的价值型基金经理 ——基金经理研究系列报告之九十 相关研究 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 白皓天 A0230525070001 baiht@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 其 他 权 益 类 产 品 - ⚫ 价值风格的配置价值：长期投资性价比更高，日历效应提示当下配置价值：价值是一类 持有体验度较好的风格策略：（1）从长期配置维度下相对占优；（2）大多数时间下夏 普比明显更高；（3）最大回撤明显更低、创新高能力更强。日历效应反映近期价值风格 的配置价值：观察近 10 年时间中价值风格在 ...

Core Viewpoint - The company plans to optimize its resource allocation by transferring its 33.409% stake in China Oceanwide Fund Management Co., Ltd. through a public listing and joint transfer with France's Rothschild Bank [1] Group 1: Transfer Details - The joint transfer will involve a total of 58.409% of the shares in China Oceanwide Fund, requiring the buyer to acquire both the company's and Rothschild Bank's stakes [1] - The initial listing price for the company's 33.409% stake will not be lower than the assessment results approved by state-owned assets [1] Group 2: Shareholding Structure - China Oceanwide Fund is a public fund management company in which the shareholding structure is as follows: China Oceanwide Trust Co., Ltd. holds 41.591%, the company holds 33.409%, and Rothschild Bank holds 25.000% [1] - After the transfer is completed, the company will no longer hold any shares in China Oceanwide Fund [1]

Core Viewpoint - Guolian Minsheng (601456.SH) announced a strategic move to optimize resource allocation by transferring its 33.409% stake in Zhonghai Fund through a public listing and joint transfer with France's Rothschild Bank, which holds a 25% stake [1] Group 1: Company Structure - Zhonghai Fund's ownership structure includes Zhonghai Trust holding 41.591%, Guolian Minsheng holding 33.409%, and Rothschild Bank holding 25% [1] Group 2: Transfer Details - The joint transfer of shares will total 58.409%, requiring the buyer to acquire both Guolian Minsheng's and Rothschild Bank's stakes in Zhonghai Fund [1] - The initial listing price for the 33.409% stake will not be lower than the evaluation results approved by state-owned assets [1] - There is uncertainty regarding the final transaction price and the identity of the buyer [1]

Macroeconomic Overview - The actual GDP growth in the US for Q3 2025 significantly exceeded expectations, driven by resilient consumer spending and a reduction in imports, with an annualized quarter-on-quarter growth of 4.3%, surpassing the expected 3.3% and the previous 3.8% [1][11] - In October, US durable goods orders were weaker than expected, with a month-on-month decline of 2.2%, below the forecast of -1.5% and the previous increase of 0.7% [1][12] Major Index Performance - For the week of December 22-26, the S&P Oil & Gas Index rose by 0.27%, the Nasdaq 100 Index increased by 1.18%, and the S&P 500 Index gained 1.40%, with 10 out of 11 sectors in the S&P 500 showing gains [1][13] - The S&P 500 Materials sector led with a rise of 2.38%, while the S&P 500 Consumer Staples sector saw a slight decline of 0.10% [1][13] Investment Direction - Following the strong GDP growth in Q3, expectations for interest rate cuts decreased, leading to a rebound in US stocks, while gold reached a historical high [1][15] - Despite high valuations in the US stock market, liquidity expansion and profit recovery are expected to provide support [1][15] ETF Products - The Bosera S&P 500 ETF (513500) is designed to track the US S&P 500 Index, providing a low-cost investment tool for domestic investors to capture growth in US stocks [1][15] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with a significant focus on the information technology sector, which constitutes 57.87% of the index [1][15]

Core Viewpoint - Wang Zonghe, former deputy general manager and fund manager of Penghua Fund, passed away on December 29, 2025, marking the end of a significant career in the investment industry [1][5]. Group 1: Career Overview - Wang Zonghe held a master's degree in finance from Renmin University of China and joined Penghua Fund in May 2009, focusing on research in sectors such as food and beverage, agriculture, and retail [3][7]. - He served as a research analyst and assistant fund manager before becoming a fund manager in December 2010, and was appointed deputy general manager in January 2021 [3][7]. - At one point, he managed a total fund size of 55.4 billion yuan, with the Penghua Craftsmanship Selected Mixed Fund achieving a record subscription of 137.1 billion yuan on its launch day in 2020 [3][7]. Group 2: Investment Philosophy - Wang was known for his long-term bullish stance on the liquor industry, famously stating, "Through storms for thirteen years, I walk alongside Moutai" [3][7]. - He adhered to the "80/20 rule," focusing on the top 20% of outstanding companies within leading industries, selecting the best among them for investment, with liquor being a prime example [3][7]. - His primary investment strategy involved selecting stocks that met the high standards set by Warren Buffett and Charlie Munger, emphasizing high barriers to entry, sustainable ROE, and significant compounding effects for long-term holding [4][8]. - As a secondary strategy, he preferred investing in companies with clear trends visible within three to five years, avoiding bets on growth at high valuations [4][8].

Group 1 - The A-share market has entered a "slow bull" phase in 2025, with the Shanghai Composite Index rising from 3300 points at the beginning of the year to around 4000 points, recently achieving a "9 consecutive days" rally [1][2] - Public funds have seen significant recovery in returns, with over 160 funds achieving a doubling of returns this year, the highest being Yongying Technology Smart Mixed Fund A with a return of 240.56% [1][2] - Despite the overall positive trend, over 850 funds have reported negative returns this year, with the worst performer being Huafu Medical Innovation C, which has a return of -25.61% [6] Group 2 - The top three performing public funds this year are Yongying Technology Smart Mixed Fund A, Yongying Technology Smart Mixed Fund C, and AVIC Opportunity Navigation Mixed Fund A, with returns of 240.56%, 238.44%, and 177.15% respectively [2] - Yongying Technology Smart Mixed Fund A experienced a significant performance surge in Q3, with a return of 99.74%, leading to an increase in fund size from 1.166 billion to 11.521 billion yuan [2] - The funds achieving high returns predominantly focus on technology stocks, particularly in the AI computing power industry, with "Yizhongtian" stocks (Xinyism, Zhongji Xuchuang, and Tianfu Communication) being common in their top holdings [4][5] Group 3 - The market outlook for 2026 remains optimistic, with expectations of continued "slow bull" trends and enhanced profitability, particularly in the technology sector [6][7] - Analysts suggest that while technology stocks will remain a key investment focus, there will be differentiation among stocks, with leading companies that can secure orders and deliver performance likely to attract more investment [7] - The investment strategy should emphasize diversified asset allocation, focusing on high-growth technology assets while also incorporating high-dividend and quality cash flow assets to mitigate market volatility [7]

■ 三、本公告第一点所列基金外，本公司旗下投资范围包括港股通标的股票的基金，若基金参与港股通交 易且该工作日为非港股通交易日，则本公司可根据实际情况决定基金是否开放申购及赎回业务，具体以 届时提前发布的公告为准。 登录新浪财经APP 搜索【信披】查看更多考评等级 根据兴证全球基金管理有限公司（以下简称"本公司"）旗下基金的基金合同和招募说明书的有关规定， 本公司旗下部分基金申购和赎回的开放日为上海证券交易所、深圳证券交易所的正常交易日，若该工作 日为非港股通交易日，则本基金不开放，但基金管理人根据法律法规、中国证监会的要求或本基金合同 的规定公告暂停申购、赎回时除外。若出现新的证券交易市场、证券交易所交易时间变更或其他特殊情 况，本公司将视情况对前述开放日及开放时间进行相应的调整，但应在实施日前依照《信息披露办法》 的有关规定在规定媒介上公告。 为了保障基金平稳运作，保护持有人利益，根据上海证券交易所《关于2026年沪港通下港股通交易日安 排的通知》和深圳证券交易所《关于2026年深港通下的港股通交易日有关安排的通知》，本公司决定在 下列2026年非港股通交易日暂停部分基金的申购、赎回、转换、定投等交易类业务 ...

Group 1 - The company has approved the establishment of a new investment fund, the Fujian Fojin Xinke Venture Capital Partnership, with a total subscribed capital of RMB 30 million, in which the company will contribute RMB 5 million, accounting for 16.67% of the total [2] - The fund has completed its business registration and obtained a business license from the Fuzhou Jin'an District Market Supervision Administration, with the establishment date set for December 12, 2025 [3] - The fund has also completed the necessary registration and filing with the Asset Management Association of China, receiving a private investment fund filing certificate [3][4] Group 2 - The fund's main activities will include private equity investment, investment management, and asset management, specifically targeting investments in unlisted companies [3] - The fund's management will be handled by Fujian Electronic Information Industry Equity Investment Management Co., Ltd., with Wang Zuo as the appointed representative [3] - The fund's registered address is located at the San Chuang Center, Fuxing Avenue, Jin'an District, Fuzhou City [3]