Summary of China Europe Quality Select Hybrid Securities Investment Fund Product Information
Prepared on: May 10, 2024
Date of delivery: May 13, 2024
This summary provides important information about the Fund and is part of the Prospectus.
Please read the complete prospectus and other sales documents before making an investment decision.
1、 Product Overview
Fund Abbreviation CEIBS Quality Select Hybrid Fund Code 021305
Fund Abbreviation A CEIBS Quality Selection Hybrid A Fund Code A 021305
Fund Abbreviation C CEIBS Quality Selection Hybrid C Fund Code C 021306
Fund Manager China Europe Fund Management Co., Ltd. Fund Custodian Guangzhou Rural Commercial Bank Co., Ltd
Effective date of fund contract - listing exchange and listing date not listed yet
Fund type Mixed transaction currency RMB
Operation mode: ordinary open; open frequency: daily
Date when the fund manager starts to serve as the fund manager of the fund Date of securities practice
Zhang Xueming - September 1, 2016
Note: The fund type of the Fund is mixed partial equity
2、 Fund investment and net worth performance
（1） Investment objectives and strategies
Please read the "Fund Investment" section of the Prospectus for details
The investment objective is to select stocks and pursue long-term stable appreciation of net asset value on the premise of striving to control portfolio risk.
Scope of Investment The investment scope of the Fund includes financial instruments with good liquidity, including domestic stocks issued and listed according to law (including the main board, GEM, science and technology innovation board and other stocks allowed to be issued and listed by the CSRC), depositary receipts, Hong Kong stocks Bonds (including government bonds, local government bonds, government supported institutional bonds, financial bonds, corporate bonds, central bank bills, medium-term notes, short-term financing bonds, ultra short-term financing bonds, convertible bonds, exchangeable bonds, publicly issued subordinated bonds, and pure bonds of convertible bonds with separate transactions), asset-backed securities, bond repurchase, bank deposits, interbank deposit receipts, cash Derivative instruments (including treasury bond futures, stock index futures, stock options), credit derivatives (excluding contractual credit derivatives) and other financial instruments permitted by laws and regulations or by the CSRC to be invested by funds (subject to the relevant provisions of the CSRC).
The Fund will participate in financing business in accordance with laws and regulations. If laws and regulations or regulatory authorities allow the fund to invest in other varieties in the future, the fund manager may include them into the investment scope after performing appropriate procedures. The proportion of the Fund's investment portfolio: the proportion of shares and depositary receipts in the Fund's investment portfolio is 60% - 95% of the Fund's assets; The proportion of investment in shares of Hong Kong Stock Standard shall not exceed 50% of all stock assets and depositary receipts; At the end of each trading day, after deducting the trading deposits required to be paid for stock index futures, treasury bond futures and stock option contracts, the total proportion of government bond investment in cash (excluding settlement reserves, deposits, subscription receivables, etc.) or with maturity within one year shall not be less than 5% of the net asset value of the fund; The investment proportion of stock options, stock index futures, treasury bond futures and other financial instruments shall be implemented in accordance with laws and regulations or the provisions of regulatory authorities. If laws and regulations or regulators change the investment proportion limit of investment varieties, the fund manager may adjust the investment proportion of the above investment varieties after performing appropriate procedures.
Main investment strategy 1. Major asset allocation strategy The Fund mainly uses the top-down analysis method to allocate major assets, determine the investment proportion of stocks, bonds, cash and other assets, and focus on tracking macroeconomic data (including GDP growth rate, industrial added value, PPI, CPI Changes in market interest rates, import and export trade data, etc.) and the changing trend of the policy environment. 2. Stock investment strategy (1) A-share selection strategy The Fund selects high-quality stocks with high and stable ROE in the A-share market through the combination of active management and quantitative stock selection, and tries to avoid tail risk. In terms of active management, the Fund will comprehensively consider the company's core business competitiveness, industry development prospects, market position, profitability, financial leverage, growth ability and other factors, and select listed companies with high profitability, strong profitability sustainability, abundant cash flow and growth. In terms of quantitative stock selection, the Fund will adhere to the concept of combining fundamental and systematic investment, and screen the industry leaders with high and stable ROE in the past through quantitative models; Based on the long-term backtesting research of A-share market, driven by data information, and combined with forward-looking market judgment, select individual stocks with high probability of maintaining high ROE in the future. At the same time, closely track the financial statement information and stock price performance, dynamically adjust the stock pool, and maximize the tail risk. (2) Stock investment strategy of the Hong Kong Stock Connect The Fund can invest in stocks listed on the Hong Kong Stock Exchange within the specified scope of trading allowed under the Hong Kong Stock Connect mechanism through the Hong Kong Stock Connect mechanism. For Hong Kong stocks, the Fund mainly adopts the combination of "bottom-up" individual stock research and quantitative model to select high-quality stocks with high and stable ROE.
Qualitatively, the Fund's screening dimensions mainly include: corporate governance structure and management (such as scientific governance structure, excellent management, clear business model and business strategy), the company's industry position and core competitive advantages (such as product advantages, cost advantages, technical advantages and pricing ability) The company's performance (for example, the performance is stable and sustainable, and has the ability to sustain growth in the medium and long term). In terms of quantitative analysis, the Fund will select individual stocks with investment potential according to the Company's fundamentals and financial statement information. The evaluation indicators include but are not limited to profit indicators such as net profit, return on net assets, operational cash flow, growth indicators such as revenue growth rate and profit growth rate of main business. (3) For the investment of depositary receipts, the Fund will select high-quality listed companies according to the stocks listed and traded in China through a combination of qualitative analysis and quantitative analysis, and try to avoid the possible negative impact due to the difference of depositary receipts in trading rules, governance structure of listed companies and other aspects. 3. Bond investment strategy The Fund examines the change trend of the bond market yield caused by the domestic macroeconomic quality cycle, adopts active investment strategies such as interest rate expectations, duration management, yield curve strategies, and strives to obtain returns higher than the performance benchmark.
Performance comparison benchmark: yield of CSI 800 index × 80%+yield of CSI Hong Kong Stock Connect composite index (RMB) × 10%+bank demand deposit interest rate (after tax) × 10%
Risk return characteristics The Fund is a hybrid fund, and its expected return and expected risk level are higher than bond funds and money market funds, but lower than equity funds. If the Fund invests in the stocks of the Hong Kong Stock Connect, it also needs to bear the unique risks arising from the differences in the investment environment, investment targets, market systems and trading rules under the Hong Kong Stock Connect mechanism.
3、 Expenses involved in investing in the Fund
（1） Fund sales related expenses
The following fees are charged in the process of subscribing/subscribing/redeeming funds:
CEIBS Quality Selection Blend A
Cost type share (S) or amount (M)/holding period (N) charge method/rate
Subscription fee M ＜ 1 million yuan 1.20%
RMB 1 million ≤ M ＜ RMB 5 million 0.80%
5 million yuan ≤ M 1000 yuan per transaction
Subscription fee (pre charge) M ＜ 1 million yuan 1.50%
1 million yuan ≤ M ＜ 5 million yuan 1.00%
5 million yuan ≤ M 1000 yuan per transaction
Redemption fee N ＜ 7 days 1.50%
7 days ≤ N ＜ 30 days 0.75%
30 days ≤ N ＜ 180 days 0.50%
N ≥ 180 days 0
Note: The above table is applicable to investors (subscribing/subscribing for pension funds of Class A fund shares of the Fund through the fund manager's direct sales center
In case of subscription/subscription of Class A fund units, the Fund shall be subscribed/subscribed through the direct marketing center of the Fund Manager
See the Prospectus and relevant announcements of the Fund for details of the application of pension client rates for Class A fund units.
China Europe Quality Selection Hybrid C
Cost type share (S) or amount (M)/holding period (N) charge method/rate
Redemption fee N ＜ 7 days 1.50%
7 days ≤ N ＜ 30 days 0.50%
N ≥ 30 days 0
Subscription fee: No subscription fee is charged for Class C fund units of the Fund.
Subscription fee: No subscription fee will be charged for Class C fund units of the Fund.
（2） Fund operation related expenses
The following expenses will be deducted from the fund assets:
Fee category Charging method/annual fee rate
Management fee 1.20%
Custody fee 0.20%
Sales service charge C 0.40%
Note: The expenses and taxes incurred by the Fund in trading securities and funds shall be deducted from the Fund assets according to the actual amount incurred.
4、 Risk disclosure and important tips
（1） Risk disclosure
The Fund does not provide any guarantee. Investors may lose their investment principal.
The investment is risky, and investors should carefully read the Prospectus and other sales documents of the Fund when purchasing the Fund.
The risks of the Fund mainly include:
-Market risk
1. Policy risk, 2. interest rate risk, 3. credit risk, 4. inflation risk, 5. reinvestment risk, 6
Legal risk
-Management risk;
-Liquidity risk;
-Strategic risk;
-Other risks;
-Unique risks:
1. The Fund may participate in stock index futures trading. The stock index futures adopt the margin trading system, because the margin trading has
With leverage, when adverse market conditions occur, minor changes may cause greater losses to investors' equity. At the same time,
The stock index futures adopt the daily debt free settlement system. If the margin is not replenished within the specified time, it will be forced
Closing positions may cause significant losses to the net value of the fund.
2. The Fund may invest in stock options. As a financial derivative, stock option has some unique risks
Point. The main risk of investing in stock options is the market risk brought by the price fluctuation of derivatives; Derivative underlying assets
Liquidity risk arising from the transaction volume being greater than the transaction volume that can be quoted in the market; Derivative contract price and underlying index price
Basis risk caused by the fluctuation of price difference; Unable to raise funds in time to establish or maintain derivatives contract position
Margin risk arising from the required margin; Credit risk caused by the counterparty's unwillingness or inability to perform the contract;
And various operational risks.
3. The Fund may participate in treasury bond futures trading. Treasury bond futures trading adopts margin trading, and fund assets may
Faced with margin risk due to failure to raise funds in time to meet the margin required for establishing or maintaining treasury bond futures positions
Insurance. At the same time, the potential loss may be multiplied, with leverage risk. In addition, treasury bond futures are used to hedge market risks
In the process of using, the fund assets may face the basis risk due to the inconsistency between the price fluctuation of the treasury bond futures contract and the contract subject
Insurance.
4. The Fund may invest in asset-backed securities. The Fund Manager shall make asset disbursements based on the principle of prudence and risk control
Assets invested by holding securities but still facing credit risk, interest rate risk, prepayment risk and operational risk
The debtor of the supporting securities defaults, or the securities are caused by the decrease of the credit quality of the asset-backed securities and the fluctuation of the market interest rate
The price drops, resulting in loss of fund property. Affected by the size of the asset-backed securities market and the level of transaction activity
Holding securities has certain liquidity risk.
5. Risk of Hong Kong stock trading failure: there is a daily limit limit during the pilot period of Hong Kong Stock Connect business. On the Stock Exchange of Hong Kong
At the pre opening stage of the limited company, if the quota is used up on the same day, the new purchase order declaration will face the risk of failure; In joint delivery
During the continuous trading period, if the quota of the day is used up, the Japanese fund will be unable to buy through the Hong Kong Stock Connect
Risk.
6. Exchange rate risk: the Fund can invest in Hong Kong stocks, and submit the Hong Kong dollar purchase order basis within trading hours
The incoming reference exchange rate and the selling reference exchange rate are not equal to the final settlement exchange rate. At the end of the trading day of Hong Kong Stock Connect, China's securities registration
The clearing limited liability company conducts net exchange, apportions the exchange cost to each transaction according to the transaction amount, and determines the actual transaction
Applicable settlement exchange rate. Therefore, the Fund's investment is exposed to exchange rate risk, and exchange rate fluctuations may cause losses to the Fund's investment income
Loss.
7. Risks in overseas markets.
(1) The Fund can invest in the Hong Kong market through the "Hong Kong Stock Connect" mechanism
There are certain restrictions on the object of investment, tax policy and other aspects, and such restrictions may be constantly adjusted
The change of may cause obstacles for the Fund to enter or exit the local market, thus affecting the investment income and normal purchase and redemption
Have direct or indirect impact.
(2) The trading rules of the Hong Kong market are different from those of the mainland A-share market. In addition, participation in Hong Kong shares under the Hong Kong Stock Connect mechanism
Ticket investment will also face the following special risks, including but not limited to:
1) Risk of large fluctuation of stock price in Hong Kong stock market: Hong Kong stock market implements T+0 reverse trading, and the trading price of individual shares
There is no upper and lower limit for price rises and falls in Georgia, so Hong Kong shares may show more violent price fluctuations than A-shares;
2) Possible risks caused by inconsistent trading days under the Hong Kong Stock Connect mechanism: Hong Kong only refers to Shanghai, Shenzhen and Hong Kong as trading days
On the trading day of the Stock Connect, the Hong Kong Stock Connect cannot be traded normally and Hong Kong shares cannot be sold in time when the mainland market is open and Hong Kong markets are closed
It may bring some liquidity risk;
3) In case of typhoon, black rainstorm or other circumstances specified by the Stock Exchange in Hong Kong, the Stock Exchange may suspend the market and invest
Investors will face the risk that they will not be able to carry out Hong Kong Stock Connect transactions during the period of market suspension; Securities trading service companies of mainland stock exchanges
In case of abnormal trading conditions identified by the company, the securities trading service company of the mainland stock exchange may suspend the provision of some or all of them
Part of the Hong Kong Stock Connect service, investors will face the risk of being unable to carry out Hong Kong Stock Connect transactions during the suspension of the service;
4) Where the investors are subject to the distribution and conversion of the rights and interests of the Hong Kong Stock Connect, the acquisition of the listed company or other abnormal circumstances
Securities listed on the Stock Exchange other than Hong Kong Stock Connect can only be sold through Hong Kong Stock Connect, but cannot be purchased
Unless otherwise stipulated by the Exchange; Stock listed on the Stock Exchange obtained due to equity distribution or conversion of Hong Kong Stock Connect
If the subscription rights are listed on the Stock Exchange, they can be sold through the Hong Kong Stock Connect, but they cannot be exercised; Due to the equity distribution of Hong Kong Stock Connect
Non SEHK listed securities obtained through conversion or acquisition of listed companies may enjoy relevant rights and interests, but shall not be
Purchase or sale of Hong Kong Stock Connect;
5) Proxy voting. Since China Clearing is to submit the voting intention to Hong Kong Clearing after summarizing the investors' wishes
The collection period for investors set by China Securities Depository and Clearing Corporation Limited ended earlier than that of Hong Kong Securities Depository and Clearing Corporation Limited; Voting without equity registration date
The holding on the voting deadline shall be taken as the calculation basis; If the number of votes exceeds the number of shares held, the holding base shall be allocated in proportion
Number.
8. The Fund may choose to invest some of its assets according to the needs of its investment strategy or the changes in the market environment of different allocation places
Invest in Hong Kong stocks or choose not to invest fund assets in Hong Kong stocks. Fund assets are not necessarily invested in Hong Kong stocks
The possibility of investment.
9. In order to hedge credit risk, the Fund may invest in credit derivatives, which may face liquidity
Liquidity risk, repayment risk and price fluctuation risk. Liquidity risk refers to credit derivatives in the process of transaction transfer
The risk that it is difficult to realize at a reasonable price due to the inability to find counterparties or the small number of counterparties. Repayment wind
Insurance means that during the duration of credit derivatives, due to uncontrollable market and environmental changes, the establishment institution may operate
The situation is not good, or the cash flow of the founding institution deviates from the expectation to some extent, thus affecting the risk of credit derivatives settlement
Insurance. The risk of price fluctuation is due to changes in the operating conditions or interest rate environment of the originator or the protected bond entity,
The risk of causing the price fluctuation of credit derivatives transactions.
10. Main risks of financing business
(1) Market risk
1) Risk that may amplify investment loss: financing business has leverage effect, which can not only amplify investment income, but also
Investment risks must be amplified. When the stock is used as collateral for financing transactions, the original stock price decline needs to be borne
The risks brought by the purchase of shares through financing must be borne, and the corresponding interest and expenses must be paid at the same time
The risk taken may far exceed that of ordinary securities trading.
2) Increased risk of cost caused by interest rate changes: during financing transactions, as stipulated by the People's Bank of China
The benchmark interest rate of term loan will be raised, and the securities company will raise the financing interest rate accordingly, and the investment cost will also increase due to the increase of interest rate
Plus, it will face the risk of increased financing costs.
3) Compulsory closing position risk: in financing transactions, the relationship between the investment portfolio and the securities company except for the entrusted trading of ordinary transactions
In addition, there are more complex creditor's rights and debt relationships, as well as trust relationships and guarantee relationships arising from creditor's rights and debt
Department. In order to protect its own creditor's rights, the securities company monitors the assets and liabilities of the portfolio credit account in real time
Under the circumstances, compulsory position closing can be carried out for portfolio guarantee assets, and the type, quantity, price and timing of position closing will not be subject to investment
Under the control of the portfolio, the amount of closing positions may exceed all liabilities, which will bring losses to the portfolio.
4) External regulatory risk: when financing transactions are abnormal or the market is subject to systematic risk
Exchanges and securities companies will probably take corresponding measures for financing transactions, such as increasing the proportion of financing margin and maintaining the burden
To maintain the stable operation of the market. These measures may bring leverage effect to the principal
Reduce, or even enter the state of additional collateral or compulsory closing positions in advance and other potential losses.
(2) Liquidity risk
The liquidity risk of financing business mainly refers to when the fund fails to pay off the debt within the agreed period, or the price of listed securities
The proportion between the value of collateral and financing debt is lower than the proportion of closing and maintenance guarantee due to fluctuations, and it cannot be agreed
There is a risk of compulsory position closing when collateral is added.
(3) Credit risk
Credit risk mainly refers to the risk arising from counterparty default. On the one hand, if the securities company fails to comply with the financing contract
The performance of obligations may bring risks; On the other hand, if the securities company's financing business capital
If the transaction authority of financing business is cancelled or suspended, the securities company may fail to perform, and the portfolio may face
Certain risks.
11. Investment risk of depositary receipts
The Fund may invest in depositary receipts, which are issued by depositors and issued in China on the basis of overseas securities
Bank, representing the equity of overseas underlying securities. The rights and interests actually enjoyed by holders of depositary receipts and the rights of holders of overseas underlying securities
Although the benefits are basically equivalent, they are not equivalent to directly holding overseas underlying securities. Investing in depositary receipts may face
Relevant costs and investments brought about by differences in trading rules, governance structure of listed companies, shareholders' rights, etc. in domestic and overseas markets
Risk. The obligations to be undertaken and possible restrictions in the process of trading and holding depositary receipts should be paid attention to
Macroeconomic risk, policy risk, market risk, force majeure risk, etc.
-Risks that the risk return characteristics of the Fund's legal documents may not be consistent with the risk assessment of the fund of the sales agency
（2） Important tips
The registration of the Fund raised by the CSRC does not indicate that it makes a substantive judgment on the value and income of the Fund
Or guarantee, which does not mean that there is no risk in investing in the Fund.
The Fund Manager shall manage and use the Fund assets in accordance with the principles of due diligence, good faith, prudence and diligence, but shall not
The securities fund must be profitable and does not guarantee the minimum return.
Fund investors who acquire fund units in accordance with the fund contract become fund unit holders and parties to the fund contract
People.
If the summary information of the fund product information changes significantly, the fund manager will update it within three working days
In case of any change in interest, the Fund Manager shall update it once a year. Therefore, compared with the actual situation of the Fund, the contents of this document may
In a certain lag, if you need to obtain the relevant information of the fund in a timely and accurate manner, please pay attention to the information released by the fund manager
Temporary announcement, etc.
The parties agree that all disputes arising out of or in connection with the Fund Contract, except those arising from
If it can be settled through friendly negotiation, it shall be submitted to Shanghai International Economic and Trade Arbitration Commission for arbitration
The arbitration shall take place in Shanghai, and the arbitral award shall be final and binding on all parties concerned. Zhong
The arbitration fees and attorney fees shall be borne by the losing party, unless otherwise specified in the arbitration award. During the dispute settlement period, the Fund Manager and
The Fund Custodian shall scrupulously abide by their respective duties and continue to faithfully, diligently and responsibly perform the obligations agreed in the Fund Contract,
To safeguard the legitimate rights and interests of fund share holders. The Fund Contract is governed by the laws of the People's Republic of China (for the purpose of the Fund Contract
(excluding the legislation of Hong Kong, Macao and Taiwan).
5、 Other data query methods
See the fund manager's website [www.zofund.com] [customer service hotline: 400-700-9700] for the following information
1. China Europe Quality Selection Hybrid Securities Investment Fund Contract
China EU Quality Selection Hybrid Securities Investment Fund Custody Agreement
Prospectus of China Europe Quality Selection Hybrid Securities Investment Fund
2. Regular reports, including quarterly, interim and annual reports of the Fund
3. Net value of fund units
4. Fund sales agency and contact information
5. Other important information
6、 Other information
nothing