骏马追风，万象更新，值此马年新春来临之际，我谨代表上银基金全体员工向长期以来信任与支持我们 的广大投资者、精诚合作的伙伴们、关注陪伴上银基金的朋友们，致以最诚挚的问候和最美好的新春祝 福！ 2025年是"十四五"规划收官之年。回首旧岁，上银基金紧跟国家发展步伐，深入贯彻党的二十届四中全 会关于加快建设金融强国、推动资本市场高质量发展作的战略部署，积极落实《推动公募基金高质量发 展行动方案》，在强化投研能力、优化产品布局、深化投资者服务等方面不断提升，全体员工凝心聚 力，书写了发展道路上坚实而奋进的篇章。 一、步履坚实：深化布局，持续夯实投研实力 回望2025年，我国经济向新向优，资本市场在改革中坚韧前行。上银基金立足行业发展大势，在主动识 变、应变中精准把握股债市场的新机遇，持续锻造核心竞争力。截至2025年末，公司总资产管理规模 2894亿元，其中公募资产管理规模2516亿元。 二是践行资管机构服务人民的初心与社会责任，精心打造追求长期稳健回报的产品。上银新兴价值成长 混合A与上银鑫达灵活配置混合A均以中长期视角构建组合，以价值投资和均衡策略为核心、注重风险 收益比与回撤控制，成立以来分别超越业绩比较基准1 ...

Core Viewpoint - The company emphasizes the importance of long-term value and rational investment strategies in the evolving landscape of public funds in China, aiming for high-quality development and diversified asset allocation [1] Group 1: Industry Trends - The public fund industry in China is expected to surpass 37 trillion yuan by 2025, with a growing demand for diversified asset allocation as the equity market recovers [1] - The A-share market in 2025 is characterized by structural opportunities rather than a broad market rally, focusing on new productive forces [2] Group 2: Company Performance - The company has successfully positioned itself in key sectors such as semiconductors, resources, and high-end manufacturing, leading to significant fund performance, including a 99.32% return for the Shangyin Resource Select A fund [2] - The Shangyin Emerging Value Growth Mixed Fund has achieved a cumulative return of 287.63% since its inception in 2014, significantly outperforming its benchmark [3] Group 3: Fixed Income Strategy - In a volatile bond market, the company’s fixed income team has maintained a focus on risk-return balance, achieving a top 9% ranking in absolute return among fixed income funds [4] - Specific bond products have demonstrated strong performance, such as the Shangyin Huicheng Li 60-Day Bond, which recorded a maximum drawdown of only -0.05% and a yield of 2.61% [4] Group 4: Research and Development Capabilities - The company has enhanced its integrated research mechanism, focusing on macro, industry, and micro-level analysis to improve investment decision-making [7] - The investment team is committed to long-term performance evaluation, aligning with the industry’s high-quality development direction [7] Group 5: Client Engagement and Education - The company has introduced innovative investor education initiatives, such as the "Zhangle Duck" ambassador, to promote rational and long-term investment principles [9] - Over 500 pieces of educational content were published, significantly improving investor confidence during market fluctuations [9] Group 6: Future Outlook - The company plans to expand its product matrix to include a full spectrum of investment options, focusing on active equity, fixed income, quantitative indices, and overseas investments [10] - The company aims to strengthen its research ecosystem and enhance its multi-asset management capabilities to meet diverse investor needs [10]

Core Viewpoint - The company has achieved significant growth and stability in the asset management sector over the past twelve years, with a focus on innovation and long-term value creation for investors [1][2]. Performance and Growth - As of June 2025, the total assets under management reached 272.7 billion yuan, with public fund assets at 250.6 billion yuan, reflecting a year-on-year growth of 13% and a non-monetary management scale of 176.3 billion yuan, growing by 10% [2]. - The company has served over 6.45 million investors and generated a total profit of 42 billion yuan for its public fund products since inception [2]. Investment Performance - The company's equity and fixed income products have shown strong performance, with equity investments receiving a five-star rating for both three-year and five-year periods from Guotai Junan Securities [3]. - Specific funds such as the "Shangyin Future Life Flexible Allocation Mixed A" achieved a net value growth rate of 34.65% over the past year, significantly outperforming its benchmark [4]. - The "Shangyin New Emerging Value Growth Mixed A" has a cumulative net value growth rate of 236.82% since inception, ranking in the top 23% of its category over the past five years [4]. Fixed Income Investment - The fixed income funds have maintained a strong performance, with the company’s public fixed income products achieving a "zero default" record, showcasing excellent risk management capabilities [5]. - The "Shangyin Policy Financial Bond A" has consistently ranked in the top 1% for excess returns across multiple time frames [6]. Product Diversification - The company offers a diverse range of products, including 59 public fund products and 29 private asset management plans, covering various mainstream business areas to meet different investor needs [7]. - The investment strategy includes a dual-track approach for equity products, focusing on both value preservation and growth opportunities in emerging sectors [9]. Research and Talent - The company has established a comprehensive investment research framework, with a team of 56 professionals, 90% of whom hold master's degrees or higher, ensuring a strong foundation for investment decision-making [12]. - The research team effectively captures market trends and identifies investment opportunities, contributing to the company's strong performance in 2025 [13]. Social Responsibility - The company actively promotes rational investment concepts and engages in social responsibility initiatives, including educational support for underprivileged students and community service projects [15]. Future Outlook - As it enters its twelfth year, the company aims to continue its commitment to innovation and excellence in asset management, focusing on delivering superior performance and service to investors [16].

Core Viewpoint - The company has achieved significant growth and stability in the asset management sector over the past twelve years, with a focus on innovation and long-term value creation for investors [1][2]. Performance and Growth - As of June 2025, the total assets under management reached 272.7 billion yuan, with public fund assets at 250.6 billion yuan, reflecting a year-on-year growth of 13% [2]. - The company has served over 6.45 million investors and generated a total profit of 42 billion yuan for its public fund products since inception [2]. - The growth in scale is attributed to the strong performance of equity and fixed-income products, with equity investments receiving top ratings from Guotai Junan Securities [2][4]. Product Performance - The "Shangyin Future Life Flexible Allocation Mixed A" fund achieved a net value growth rate of 34.65% over the past year, significantly outperforming its benchmark [3]. - The "Shangyin Emerging Value Growth Mixed A" fund has a cumulative net value growth rate of 236.82% since inception, ranking in the top 23% of its category over the past five years [3]. - The "Shangyin Medical Health Mixed A" fund reported a net value growth rate of 57.49% in the past year, placing it in the top 8% of its category [3][21]. Fixed Income Investment - The fixed-income funds have consistently ranked in the top 10 for absolute returns over the past two years, showcasing the company's strong risk management capabilities [4]. - The "Shangyin Policy Financial Bond A" fund has excelled in excess returns across multiple time frames, receiving five-star ratings [5]. Diverse Product Offerings - The company offers a diverse range of products, including 59 public funds and 29 private asset management plans, covering various mainstream business areas [7]. - The equity segment focuses on value and growth strategies, while the fixed-income segment emphasizes stability and risk management [8][9]. Research and Talent - The company has established a comprehensive research and investment framework, with a dedicated team of 56 professionals, 90% of whom hold master's degrees or higher [11][12]. - The investment team has successfully identified key market trends, driving product performance through in-depth analysis of macro policies and fundamental factors [12]. Social Responsibility - The company actively promotes rational investment concepts and engages in social responsibility initiatives, including educational support for underprivileged students [13]. Future Outlook - As it celebrates its twelfth anniversary, the company aims to continue its commitment to innovation and excellence in asset management, focusing on high-quality development and investor trust [14].