宁波银行中报，收入增速7.9%，利润增速8.2%，较25Q1均提升2%+。 营收利润增速环比改善，核心一级资本环比改善，不良率平稳，整体表现稳中向好， 拐点一：扭转了拨备的下行趋势，拐点二：扭转了利润增速低于收入增速的现象。 截至2025年7月18日，平安上证红利低波动指数A(020456)近1年夏普比率为1.15，在可比基金中排名1/2，同等风险下收益最高。 截至2025年7月24日，平安上证红利低波动指数A(020456)今年以来最大回撤5.35%，相对基准回撤0.44%。 截至2025年7月24日，平安上证红利低波动指数A(020456)开放定投以来定投收益率为11.07%。 平安上证红利低波动指数A(020456)管理费率为0.50%，托管费率为0.10%，费率0.60%。 从平安上证红利低波指数A基金来看，在资金流向方面，截至2025年7月24日，上红低波指数近5个交易日内有3日资金净流入，合计"吸金"46.18亿元，日均 净流入9.24亿元。 融资方面，截至2025年7月23日，上红低波指数近1周融资净买入11.30亿元，最新融资余额达780.49亿元。 与此同时，截至2025年7月24日，平安上 ...

资金流向方面，截至2025年7月22日，上红低波指数主力资金净流入12.95亿元。拉长时间看，近5个交易日内，合计"吸金"4.09亿元，日均净流入8182.79万 元。 截至2025年7月22日，平安上证红利低波动指数A(020456)开放定投以来定投收益率为11.76%。 平安上证红利低波动指数A(020456)管理费率为0.50%，托管费率为0.10%，费率0.60%。 平安上证红利低波动指数A成立于2024年4月23日，是平安基金旗下的一只指数型股票基金，紧密跟踪上红低波指数，追求跟踪偏离度和跟踪误差的最小 化。在正常情况下，力争控制投资组合的净值增长率与业绩比较基准(上证红利低波动指数收益率×95%+银行活期存款利率（税后）×5%)之间的预期日均跟 踪偏离度的绝对值小于0.35%，预期年化跟踪误差不超过4%。现任基金经理由钱晶和白圭尧共同担任，其中钱晶自2024年4月23日任职以来回报达15.67%。 平安上证红利低波动指数A紧密跟踪上红低波指数，上证红利低波动指数选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以及股息率高且 波动率低的证券作为指数样本，采用股息率加权，以反映分红水平高且 ...

Core Viewpoint - The Ping An SSE Dividend Low Volatility Index A (020456) has shown strong performance with significant net inflows and positive returns, indicating a favorable investment opportunity in the low volatility dividend sector [4][5]. Fund Performance - As of July 14, 2025, the unit net value of Ping An SSE Dividend Low Volatility Index A is 1.15 yuan, up 0.63% from the previous trading day, with a cumulative increase of 16.69% over the past year, ranking in the top half of comparable funds [4]. - The fund has achieved a maximum monthly return of 11.16% since its inception, with the longest consecutive monthly gains being 2 months and a maximum gain of 7.40% [4]. - The average monthly return is 3.98%, with a 58.73% weekly profit percentage and a 60.57% monthly profit probability [4]. - The fund has a 100% historical probability of profit over a one-year holding period [4]. - The fund's Sharpe ratio over the past year is 1.15, ranking in the top half of comparable funds, indicating the highest return for the same level of risk [4]. Risk and Return Metrics - The maximum drawdown for the fund this year is 5.35%, compared to a relative benchmark drawdown of 0.44% [4]. - Since the launch of regular investment options, the fund has achieved a return rate of 11.96% [4]. Fund Management and Strategy - The management fee for the fund is 0.50%, with a custody fee of 0.10%, totaling a fee rate of 0.60% [5]. - The fund was established on April 23, 2024, and aims to closely track the SSE Dividend Low Volatility Index, minimizing tracking deviation and error [5]. - The fund manager, Qian Jing, has achieved a return of 15.88% since taking office [5]. Index Composition - The SSE Dividend Low Volatility Index selects 50 securities with good liquidity, continuous dividends, moderate dividend payout ratios, positive growth in earnings per share, and low volatility [5]. - The top ten holdings of the fund include COSCO Shipping Holdings, Chengdu Bank, Youngor Group, Industrial Bank, and Shanghai Rural Commercial Bank, accounting for a total of 27.50% of the portfolio [6][8].

Core Viewpoint - The article highlights the strong performance of the Ping An SSE Dividend Low Volatility Index A (020456), which has shown significant returns and a solid investment strategy focused on low volatility and high dividend-paying stocks [3][4][5]. Group 1: Index Performance - As of July 11, 2025, the Ping An SSE Dividend Low Volatility Index A has a net asset value of 1.15 yuan, with a cumulative increase of 16.41% over the past year [3]. - The index has achieved a maximum monthly return of 11.16% since its inception, with the longest consecutive monthly gain being 2 months and a maximum gain of 7.40% [3]. - The average monthly return is 3.98%, with a weekly profit percentage of 58.73% and a monthly profit probability of 60.43% [3]. - The historical one-year holding profit probability stands at 100% [3]. Group 2: Fund Management and Fees - The management fee rate for the Ping An SSE Dividend Low Volatility Index A is 0.50%, and the custody fee rate is 0.10%, totaling a fee rate of 0.60% [4]. - The fund was established on April 23, 2024, and aims to minimize tracking deviation and error from the SSE Dividend Low Volatility Index [4]. Group 3: Investment Strategy - The Ping An SSE Dividend Low Volatility Index selects 50 securities based on liquidity, continuous dividend payments, moderate dividend payout ratios, positive growth in earnings per share, and high dividend yields with low volatility [5]. - As of March 31, 2025, the top ten holdings of the index fund include COSCO Shipping Holdings, Chengdu Bank, and Yageo, with the top ten stocks accounting for 27.50% of the total weight [5][7].

Core Viewpoint - Ping An Fund announced the appointment of Bai Guiyao as a new fund manager for multiple ETFs, indicating a strategic shift in management to enhance fund performance and investor confidence [1][2][3]. Fund Performance Summary - **Ping An Zhongdai-0-3 Year National Development Bank Bond ETF**: Established on September 1, 2022, with a year-to-date return of 0.25% and a cumulative return of 6.21%, net asset value at 1.0621 yuan, and a scale of 1.384 billion yuan as of March 31, 2025 [1]. - **Ping An FTSE China State-Owned Enterprises Open Win ETF**: Established on December 17, 2021, with a year-to-date return of -3.74% and a cumulative return of 54.67%, net asset value at 1.5482 yuan [1][2]. - **Ping An MSCI China A-Shares Low Volatility ETF**: Established on June 7, 2018, with a year-to-date return of 3.44% and a cumulative return of 47.53%, net asset value at 1.4540 yuan [2][7]. - **Ping An Medical and Medical Device Innovation ETF**: Established on June 9, 2021, with a year-to-date return of 4.62% and a cumulative return of -64.93%, net asset value at 0.3507 yuan [2][6]. - **Ping An 5-10 Year National Bond Active Bond ETF**: Established on December 21, 2018, with a year-to-date return of 0.19% and a cumulative return of 27.40%, net asset value at 1.2624 yuan, scale of 1.42 billion yuan as of March 31, 2025 [2][6]. - **Guangdong-Hong Kong-Macao Greater Bay Area ETF**: Established on September 23, 2019, with a year-to-date return of 2.81% and a cumulative return of 22.84%, net asset value at 1.2284 yuan [2][6]. - **Ping An FTSE China State-Owned Enterprises Open Win ETF Link**: Established on March 26, 2024, with year-to-date returns of -3.51% and -3.60%, cumulative returns of 2.28% and 2.03%, net asset values at 1.0228 yuan and 1.0203 yuan [2][5]. Management Changes - Bai Guiyao has been appointed as a new fund manager for several ETFs, including Ping An Zhongdai-0-3 Year National Development Bank Bond ETF, Ping An FTSE China State-Owned Enterprises Open Win ETF, and others, indicating a focus on enhancing fund management expertise [1][4][5][6][7].

Group 1: Regulatory Developments - The National Financial Regulatory Administration issued the "Market Risk Management Measures for Commercial Banks," emphasizing the integration of market risk management policies into the overall risk management framework, applicable to domestic and foreign subsidiaries with independent legal status [1] - Commercial banks are required to recognize legal differences and funding flow barriers between subsidiaries and adjust their risk management policies accordingly to avoid underestimating market risks [1] Group 2: Investment Activities - Ping An Life increased its stake in China Merchants Bank's H-shares by 6.2955 million shares on June 17, reaching 15% of the bank's H-share capital, triggering a mandatory disclosure under Hong Kong market rules [1] - This marks the third time within six months that Ping An Life has raised its stake in China Merchants Bank, which is the only bank to have been targeted three times by insurance capital among 13 listed companies since 2025 [1] Group 3: Market Trends - Dividend ETFs have seen significant net inflows this year, with a total increase of 17.868 billion shares and net inflow amounting to 20.22 billion yuan, indicating a strong demand for dividend assets due to their high yield and low volatility characteristics [2] - Several Hong Kong dividend ETFs have performed exceptionally well, with some products showing a net value increase of over 10% [2] Group 4: Insurance Sector Insights - CITIC Securities noted that listed insurance companies have fully implemented new financial instrument standards (IFRS9) and new insurance contract standards (IFRS17), which may increase profit volatility but also smooth profits through investments in dividend stocks [3] - The risk factors associated with dividend stocks are lower compared to growth stocks, which helps mitigate the impact of declining solvency on insurance companies [3] Group 5: Investment Products - Various ETFs are highlighted, including the National Enterprise Win-Win ETF, which tracks the FTSE China National Enterprise Open Win-Win Index, focusing on state-owned enterprises and reflecting high-quality development [4] - The Greater Bay Area ETF tracks the performance of companies in the Guangdong-Hong Kong-Macau Greater Bay Area, emphasizing balanced industry distribution and technological innovation [4] - The Free Cash Flow ETF selects companies with high free cash flow rates, excluding financial and real estate sectors, reflecting strong cash flow generation capabilities [4]