Fund Overview - The fund is named Penghua Qianhai Vanke REITs, a closed-end mixed-type initiated securities investment fund, managed by Penghua Fund Management Co., Ltd. and custodied by Shanghai Pudong Development Bank Co., Ltd. [2] - The fund's total shares at the end of the reporting period were 29,995,915.35 shares, with a net asset value of approximately RMB 3.04 billion [3][4]. Investment Strategy - The fund aims to invest in equity of target companies to participate in financial innovation in Qianhai, striving to share the dividends of such innovations [2]. - The investment strategy includes careful analysis of macroeconomic factors, commercial real estate cycles, and the fundamentals of the target company's properties to assess current investment value and future growth potential [2][3]. Financial Performance - The fund achieved a realized income of approximately RMB 28.9 million and a profit of approximately RMB 29.2 million during the reporting period [3]. - The weighted average net value profit rate was 0.96%, and the net value growth rate for the fund was 0.97% [3][4]. - The cumulative net value growth rate since the fund's inception is 54.43% [3]. Asset Allocation - The fund's assets include cash, trading financial assets, and investments in stocks and bonds, with a significant portion allocated to fixed-income assets [4][5]. - The fund's investment in bonds amounted to approximately RMB 219.7 million, while stock investments were around RMB 163.1 million [5][6]. Management and Compliance - Penghua Fund Management Co., Ltd. has been managing assets totaling approximately RMB 1.25 trillion across various funds, demonstrating extensive experience in fund investment and risk control [4]. - The fund management strictly adheres to regulations and maintains a fair trading system to ensure all investment portfolios are treated equitably [7][8]. Market Outlook - The report indicates a cautious outlook for the real estate sector, with expectations of continued pressure on demand and potential challenges in consumer spending due to reliance on government subsidies [8][9]. - The overall market is expected to experience a mixed performance, with large-cap stocks providing support while smaller-cap stocks may see volatility [9][10].

基金管理人：鹏华基金管理有限公司 基金托管人：上海浦东发展银行股份有限公司 报告送出日期：2025 年 7 月 18 日 鹏华前海万科 REITs2025 年第 2 季度报告 §1 重要提示 鹏华前海万科 REITs 封闭式混合型发起式 证券投资基金 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。 基金托管人上海浦东发展银行股份有限公司根据本基金合同规定，于 2025 年 07 月 17 日复核 了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导 性陈述或者重大遗漏。 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，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 | §2 | | 基金产品概况 | | | --- | --- | --- | --- | | 基金简称 鹏华 ...