三十五年前，诗人海子写下了那首著名的诗《面朝大海，春暖花开》，诗中说："从明天起，关心粮食和蔬菜；我有一所 房子，面朝大海，春暖花开。" 诗歌里还写道："给每一条河每一座山取一个温暖的名字，…….愿你有一个灿烂的前程，愿你有情人终成眷属，愿你在尘 世获得幸福, 我只愿面朝大海，春暖花开。" 以入世的观点看，有房子、有美好的餐食、有家人陪伴、可以去看这个世界的山河大川，应该是我们后半生的美好样子。 但美好的生活不会从天上掉下来，除了必要的身体的爱护、家庭和社会关系的经营外，个人（家庭）财富的调度和积累也 非常重要。 一个简单的统计是，如果以2.2%（中国过去30年的通胀速率）为参考值，经历30年后，我们身边财富的实际购买力或将 萎缩近一半。 所以， 如何管好你手头的财富，充分利用当下的养老金优惠政策，做好长期的养老规划，非常重要。而在这方面， 华泰 柏瑞中证红利低波ETF联接Y（022951）或能助我们一臂之力。 01 高利率时代成为过去式 如果回顾最近几年和过去30年我国的GDP的变化，就可以发现，最大的差异主要来自于两个方面： 其一、我国GDP总量大幅增加； 其二、在高增长下我国GDP增速不可避免地呈现下移 ...

Company Overview and Financial Indicators - The registered capital of the company is 8,635,987,294.00 RMB, with a net capital of 41,314,116,228.09 RMB at the end of the reporting period, an increase from 38,357,111,869.66 RMB at the end of the previous year [1][2] - The company reported a total asset of 292,989,880,945.23 RMB, a decrease of 2.67% compared to 301,015,790,526.93 RMB at the end of the previous year [3][4] - Total liabilities amounted to 226,977,784,647.39 RMB, down 4.67% from 238,096,841,863.91 RMB [3][4] - The equity attributable to shareholders of the parent company increased by 5.29% to 60,875,578,846.37 RMB from 57,815,007,739.31 RMB [3][4] Key Financial Performance - The company achieved an operating income of 5,404,203,234.22 RMB for the first half of 2025, representing a 28.80% increase from 4,195,827,708.27 RMB in the same period last year [3][4] - The total profit for the period was 1,798,698,367.93 RMB, a 42.23% increase compared to 1,264,666,537.89 RMB in the previous year [3][4] - The net profit attributable to shareholders of the parent company was 1,330,137,269.83 RMB, up 41.24% from 941,743,725.43 RMB [3][4] Cash Flow and Other Indicators - The net cash flow from operating activities was -1,967,179,542.93 RMB, an improvement from -5,143,673,805.12 RMB in the previous year [3][4] - The company reported a basic earnings per share of 0.1473 RMB, a 43.01% increase from 0.1030 RMB [3][4] - The weighted average return on equity increased to 2.31%, up by 0.66 percentage points from the previous year [3][4]

Core Viewpoint - Since May, public fund institutions have been actively announcing the addition of new share classes for their funds, as well as enabling the conversion of different share classes within the same fund, which enhances product competitiveness and meets diverse investor needs [1][2][4]. Fund Share Addition - Fund institutions are increasingly adding new share classes, such as C, D, and E shares, to cater to varying investor preferences regarding fees and investment horizons [2][3]. - For instance, on May 28, Xingyin Fund Management announced the addition of C and E share classes for its Xingyin Jufeng Bond Fund, while the original shares were converted to A shares [2]. - The fee structures differ among share classes, with A shares charging subscription fees but not service fees, while C and E shares do not charge subscription fees but have different service fee rates of 0.15% and 0.20% respectively [2][3]. Share Conversion Channel - Several public fund institutions, including Changxin Fund Management and Guohai Franklin Fund Management, have opened conversion channels for different share classes, allowing investors to switch shares based on their investment strategies [4]. - This conversion capability enhances liquidity for investors, reducing transaction costs and time by eliminating the need for redemption before subscription [4]. - The addition of share classes and conversion features is expected to attract more investors, particularly those sensitive to fees or with specific needs, thereby increasing market share for the funds [4].

中泰证券资产管理 基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 A和C都很熟了 但Y份额是什么? 专门为个人养老金设定的, 第先版版 需通过个人养老账户认购。 Y份额主要有三大特点: 1. 税收递延: 投资Y份额的资金可抵税(年上限1.2万元 , 日本科科研发文书》。 周《武公公共在世纪纪刊史 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、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，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 扫码进入基本功专栏 ...

- The report does not contain any quantitative models or factors related to the requested topic[5][7][15]

Core Insights - The overall scale of fund Y shares for personal pension investment reached approximately 11.4 billion yuan by the end of Q1 2023, with pension FOF Y shares accounting for about 10.2 billion yuan and index fund Y shares around 1.2 billion yuan [2][3] Group 1: Fund Scale and Growth - As of the end of Q1 2023, the cumulative scale of public fund Y shares was approximately 11.4 billion yuan, an increase from about 9.1 billion yuan at the end of last year [2][3] - The pension FOF Y shares grew by approximately 1 billion yuan, while index fund Y shares saw a growth close to 900 million yuan, indicating a much faster growth rate for index fund Y shares [3] Group 2: Performance of Individual Funds - A total of 20 Y share products experienced a growth of over 10 million shares in the last quarter, with many index fund Y shares showing growth exceeding 400% [4] - Among the 20 products with significant growth, only 3 were pension FOF Y shares, while 17 were index fund Y shares, highlighting a preference for index funds among investors [4] Group 3: Specific Fund Highlights - The top-performing funds included the "Y shares" of various index funds, particularly those tracking the STAR Market 50, CSI 300, and CSI A500 indices, as well as dividend-themed products [4] - Notably, the "Jianxin Youxiang Progress Pension Target Fund" saw a share increase exceeding 10 million, with a growth rate surpassing 100%, which is relatively rare for Y shares [7]