Ping An of China Select Investment Fund Series - Ping An of China SIF - RMB Bond Fund(PACSIF-RMBBF) - Ping An of China Asset Management (Hong Kong) Company Limited

Hong Kong Authorized Unit Trusts

Ping An of China Select Investment Fund Series -

Ping An of China SIF - RMB Bond Fund

Important Information
Overview
Performance
NAV History
Commentary & Portfolio Breakdown
Documents & Notices

Risk Disclosure

• Ping An of China SIF – RMB Bond Fund (the "Fund") principally invests in RMB denominated Income Instruments (as defined below).

• The value of the Fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or the entirety of your investment could be lost. The Fund is an investment product and is not equivalent to bank deposits. There is no guarantee in respect of repayment of principal.

• The Fund may invest in (i) debt securities rated below investment grade or unrated; (ii) debt securities issued or guaranteed by governments or authorities; (iii) debt instruments with loss-absorption features which are subject to the risk of being written down or converted to shares upon the occurrence of trigger events resulting in a significant or total reduction in value; (iv) urban investment bonds issued by Chinese local government financing vehicles; and (v) asset-based securities, all of which are typically subject to higher default, volatility and liquidity risks. The Fund is also subject to other risk associated with debt securities (e.g. credit/counterparty, interest rate, credit rating and downgrading, valuation, credit rating agency, convertible bond and dim sum bond market risks).

• The Fund's investments are concentrated in RMB Income Instruments (as defined below) and in China which is an emerging market. The value of the Fund may be more volatile than that of a fund having a more diverse portfolio, and more susceptible to adverse event affecting the Chinese markets. Investing in emerging markets may involve increased risks, such as liquidity, currency, political, economic, legal, taxation, settlement and custody risks and higher volatility. The Fund is also subject to RMB currency and conversion risks and China tax risks.

• The Fund may use derivatives for hedging or investment purposes. Use of derivatives may expose the Fund to significant losses.

• There is no guaranteed dividend payment. Distributions may be paid out of capital which amounts to a return or withdrawal of part of an investor's original investment or from any capital gains attributable to that original investments and may result in an immediate reduction of the NAV per unit.

• The investment decision is yours. You should not base your investment decision on this material alone. Please refer to the Fund's explanatory memorandum and product key facts statement (including the risk factors and charges stated therein) for further details.

^† For the definition of RMB Income Instruments, please refer to the Explanatory Memorandum of the Fund.

Fund Information

Fund Manager

Ping An of China Asset Management (Hong Kong) Co. Ltd.

Inception date

28/04/2011

Fund size

RMB 287.7 million (29/05/2026)

Base currency

RMB

Unit price

Class A RMB 103.00 per unit	Class A (Accumulation) RMB 100.07 per unit	Class A (monthly distribution) RMB 94.28 per unit
Class A HKD 96.09 per unit	Class A (Accumulation) HKD 106.70 per unit	Class A (monthly distribution) HKD 100.23 per unit
Class A USD 9.09 per unit	Class A (Accumulation) USD 9.99 per unit	Class A (monthly distribution) USD 9.97 per unit

Dealing frequency

Daily ⁽¹⁾

Dividend policy

Semi-annual basis for Class A ⁽²⁾, except the monthly distribution share classes

Fund Objective
Ping An of China SIF-RMB Bond Fund (the "Fund") seeks to provide total return comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating income instruments.

Fund Strategy
The Manager seeks to achieve investment returns through active management of the major risks associated with RMB Income Instruments: duration, term structure, sector allocation, product selection and credit rating where applicable. The Manager will construct the portfolio to take advantage of the expected change in the general level of RMB interest rates based on expectations of global and China's macroeconomic cycle, fiscal policy and monetary policy. The portfolio will consist of RMB denominated Income Instruments of different maturities and credit quality and bank deposits, and each instrument in the portfolio will be selected based on extensive in-house and external fundamental research.

Fund Strategy

The Manager seeks to achieve investment returns through active management of the major risks associated with RMB Income Instruments: duration, term structure, sector allocation, product selection and credit rating where applicable.

The Manager will construct the portfolio to take advantage of the expected change in the general level of RMB interest rates based on expectations of global and China's macroeconomic cycle, fiscal policy and monetary policy. The portfolio will consist of RMB denominated Income Instruments of different maturities and credit quality and bank deposits, and each instrument in the portfolio will be selected based on extensive in-house and external fundamental research.

General Information
Minimum investment:	Class A RMB: RMB10,000 Class A HKD: HKD10,000 Class A USD: USD1,000 Class A GBP: GBP1,000 Class A EUR: EUR1,000 Class A AUD: AUD1,000 Class A RMB (monthly distribution): RMB10,000 Class A HKD (monthly distribution): HKD10,000 Class A USD (monthly distribution): USD1,000 Class A (Accumulation) RMB: RMB10,000 Class A (Accumulation) HKD: HKD10,000 Class A (Accumulation) USD: USD1,000 Class A (Accumulation) GBP: GBP1,000 Class A (Accumulation) EUR: EUR1,000 Class A (Accumulation) AUD: AUD1,000
Minimum holding:	Aggregate minimum value of Units held: Class A RMB: RMB10,000 Class A HKD: HKD10,000 Class A USD: USD1,000 Class A GBP: GBP1,000 Class A EUR: EUR1,000 Class A AUD: AUD1,000 Class A RMB (monthly distribution): RMB10,000 Class A HKD (monthly distribution): HKD10,000 Class A USD (monthly distribution): USD1,000 Class A (Accumulation) RMB: RMB10,000 Class A (Accumulation) HKD: HKD10,000 Class A (Accumulation) USD: USD1,000 Class A (Accumulation) GBP: GBP1,000 Class A (Accumulation) EUR: EUR1,000 Class A (Accumulation) AUD: AUD1,000
Minimum redemption:	Aggregate minimum value of Units held: Class A RMB: RMB10,000 Class A HKD: HKD10,000 Class A USD: USD1,000 Class A GBP: GBP1,000 Class A EUR: EUR1,000 Class A AUD: AUD1,000 Class A RMB (monthly distribution): RMB10,000 Class A HKD (monthly distribution): HKD10,000 Class A USD (monthly distribution): USD1,000 Class A (Accumulation) RMB: RMB10,000 Class A (Accumulation) HKD: HKD10,000 Class A (Accumulation) USD: USD1,000 Class A (Accumulation) GBP: GBP1,000 Class A (Accumulation) EUR: EUR1,000 Class A (Accumulation) AUD: AUD1,000
Subscription fee:	Up to 5%
Switching fee:	1% (Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any).)
Management fee:	1% p.a.
Financial year end:	30 June
Trustee:	BOCI-Prudential Trustee Limited

Codes
ISIN Code	Class A RMB: HK0000079084 ; Class A HKD: HK0000096476 ; Class A USD: HK0000096484 ; Class A GBP: HK0000907995 ; Class A EUR: HK0000908001 ; Class A AUD: HK0000908019 ; Class A RMB (monthly distribution): HK0000943230 ; Class A HKD (monthly distribution): HK0000943248 ; Class A USD (monthly distribution): HK0000943255 ; Class A (Accumulation) RMB: HK0000688108 ; Class A (Accumulation) HKD: HK0000688116 ; Class A (Accumulation) USD: HK0000688124 ; Class A (Accumulation) GBP: HK0000908027 ; Class A (Accumulation) EUR: HK0000908035 ; Class A (Accumulation) AUD: HK0000908043
Bloomberg Code	Class A RMB: PARRMBA HK ; Class A HKD: PARAHKD HK ; Class A USD: PARAUSD HK ; Class A GBP: PINRMAG HK ; Class A EUR: PINGAER HK ; Class A AUD: PINRMAA HK ; Class A RMB (monthly distribution): PINSARM HK ; Class A HKD (monthly distribution): PINSAHK HK ; Class A USD (monthly distribution): PINSGAU HK ; Class A (Accumulation) RMB: PICSBAC HK ; Class A (Accumulation) HKD: PARAAHK HK ; Class A (Accumulation) USD: PARAAUS HK ; Class A (Accumulation) GBP: PINRAAG HK ; Class A (Accumulation) EUR: PINCHAE HK ; Class A (Accumulation) AUD: PINCHSA HK
Reuters Code	Class A RMB: LP68090801 ; Class A HKD: LP68180641 ; Class A USD: LP68180642 ; Class A (Accumulation) RMB ; Class A (Accumulation) HKD ; Class A (Accumulation) USD
Lipper ID	Class A RMB: 68090801 ; Class A HKD: 68180641 ; Class A USD: 68180642 ; Class A (Accumulation) RMB ; Class A (Accumulation) HKD ; Class A (Accumulation) USD

Dividend Record ⁽³⁾

Fund Inception Date: 28/04/2011

Record Date	Ex-Date	Payment Date	Dividend Distribution (per unit)
			Class A RMB	Class A HKD	Class A USD	Class A RMB (monthly distribution)	Class A HKD (monthly distribution)	Class A USD (monthly distribution)
15/05/2026	18/05/2026	26/05/2026	N/A	N/A	N/A	0.24	0.25	0.02
15/04/2026	16/04/2026	23/04/2026	N/A	N/A	N/A	0.24	0.25	0.02
16/03/2026	17/03/2026	24/03/2026	N/A	N/A	N/A	0.24	0.25	0.02
16/02/2026	20/02/2026	27/02/2026	N/A	N/A	N/A	0.24	0.24	0.02
15/01/2026	16/01/2026	23/01/2026	N/A	N/A	N/A	0.30	0.30	0.03
15/12/2025	16/12/2025	23/12/2025	3.74	3.29	0.31	0.30	0.30	0.03
17/11/2025	18/11/2025	25/11/2025	N/A	N/A	N/A	0.30	0.30	0.03
15/10/2025	16/10/2025	23/10/2025	N/A	N/A	N/A	0.30	0.30	0.03
15/09/2025	16/09/2025	23/09/2025	N/A	N/A	N/A	0.30	0.30	0.03
15/08/2025	18/08/2025	25/08/2025	N/A	N/A	N/A	0.30	0.30	0.03
18/07/2025	21/07/2025	23/07/2025	N/A	N/A	N/A	0.30	0.30	0.03
16/06/2025	17/06/2025	24/06/2025	0.17	0.13	0.01	0.30	0.30	0.03
15/05/2025	16/05/2025	23/05/2025	N/A	N/A	N/A	0.30	0.29	0.03
15/04/2025	16/04/2025	25/04/2025	N/A	N/A	N/A	0.30	0.29	0.03
17/03/2025	18/03/2025	25/03/2025	N/A	N/A	N/A	0.30	0.30	0.03
17/02/2025	18/02/2025	25/02/2025	N/A	N/A	N/A	0.30	0.30	0.03
15/01/2025	16/01/2025	23/01/2025	N/A	N/A	N/A	0.30	0.29	0.03
16/12/2024	17/12/2024	24/12/2024	1.97	1.78	0.16	0.30	0.30	0.03
15/11/2024	18/11/2024	25/11/2024	N/A	N/A	N/A	0.30	0.30	0.03
15/10/2024	16/10/2024	23/10/2024	N/A	N/A	N/A	0.31	0.31	0.03
16/09/2024	17/09/2024	25/09/2024	N/A	N/A	N/A	0.31	0.31	0.03
15/08/2024	16/08/2024	23/08/2024	N/A	N/A	N/A	0.31	0.30	0.03
15/07/2024	16/07/2024	23/07/2024	N/A	N/A	N/A	0.37	0.36	0.04
17/06/2024	18/06/2024	25/06/2024	1.54	1.30	0.16	0.37	0.36	0.04
16/05/2024	17/05/2024	24/05/2024	N/A	N/A	N/A	0.37	0.36	0.04
15/04/2024	16/04/2024	23/04/2024	N/A	N/A	N/A	0.37	0.36	0.04
15/03/2024	18/03/2024	25/03/2024	N/A	N/A	N/A	0.37	0.37	0.04
15/02/2024	16/02/2024	23/02/2024	N/A	N/A	N/A	0.37	0.37	0.04
15/01/2024	16/01/2024	23/01/2024	N/A	N/A	N/A	0.37	0.37	0.04
15/12/2023	18/12/2023	27/12/2023	0.74	0.65	0.06	0.37	0.37	0.04
15/11/2023	16/11/2023	23/11/2023	N/A	N/A	N/A	0.37	0.36	0.04
16/10/2023	17/10/2023	25/10/2023	N/A	N/A	N/A	0.37	0.37	0.04
15/09/2023	18/09/2023	25/09/2023	N/A	N/A	N/A	0.37	0.37	0.04
15/08/2023	16/08/2023	23/08/2023	N/A	N/A	N/A	0.37	0.38	0.04
28/06/2023	29/06/2023	07/07/2023	2.40	2.65	0.27	N/A	N/A	N/A
28/12/2021	29/12/2021	07/01/2022	1.21	0.81	0.11	N/A	N/A	N/A
24/06/2021	25/06/2021	08/07/2021	1.21	0.49	0.14	N/A	N/A	N/A
17/12/2020	18/12/2020	08/01/2021	1.51	N/A	0.14	N/A	N/A	N/A
24/06/2020	26/06/2020	03/07/2020	1.18	N/A	0.10	N/A	N/A	N/A
27/12/2019	30/12/2019	09/01/2020	1.60	N/A	0.14	N/A	N/A	N/A
24/06/2019	25/06/2019	05/07/2019	3.24	N/A	0.23	N/A	N/A	N/A
28/12/2018	31/12/2018	21/01/2019	1.00	N/A	0.09	N/A	N/A	N/A
08/06/2018	11/06/2018	06/07/2018	1.60	N/A	0.15	N/A	N/A	N/A
14/12/2017	15/12/2017	12/01/2018	2.40	N/A	0.22	N/A	N/A	N/A
09/06/2017	12/06/2017	05/07/2017	1.70	N/A	0.15	N/A	N/A	N/A
15/12/2016	16/12/2016	13/01/2017	2.40	N/A	0.21	N/A	N/A	N/A
10/06/2016	13/06/2016	07/07/2016	1.60	1.48	0.15	N/A	N/A	N/A
16/12/2015	17/12/2015	13/01/2016	2.30	2.14	0.21	N/A	N/A	N/A
12/06/2015	15/06/2015	09/07/2015	1.55	1.52	0.15	N/A	N/A	N/A
11/12/2014	12/12/2014	07/01/2015	2.30	2.26	0.22	N/A	N/A	N/A
13/06/2014	16/06/2014	10/07/2014	2.20	2.15	0.21	N/A	N/A	N/A
12/12/2013	13/12/2013	08/01/2014	1.80	1.81	0.18	N/A	N/A	N/A
13/06/2013	14/06/2013	10/07/2013	2.45	3.10	0.40	N/A	N/A	N/A
13/12/2012	14/12/2012	09/01/2013	1.10	N/A	N/A	N/A	N/A	N/A
14/06/2012	15/06/2012	10/07/2012	1.80	N/A	N/A	N/A	N/A	N/A
14/12/2011	15/12/2011	09/01/2012	1.00	N/A	N/A	N/A	N/A	N/A

(3) Distribution figures represent past distributions declared and paid for by the fund. There is no guarantee that any distributions will be declared in the future, or that if declared, the amount of any distribution will remain constant or increase over time.

For details of the Dividend Composition Information, please refer to the Fund Dividend Composition Information Notice posted on Documents & Notices section of this website.

- Dividend (ex-date)

Class A RMB : Calendar Year Performance (%)
2010	2011*	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	ITD
NA	-3.84%	7.45%	4.93%	2.83%	4.56%	6.98%	5.86%	3.57%	5.03%	2.29%	2.68%	-0.68%	3.94%	2.06%	2.31%	63.72%

* Since fund inception on 28 April 2011.

Class A HKD : Calendar Year Performance (%)
2010	2011	2012	2013*	2014	2015	2016**	2020	2021	2022	2023	2024	2025	ITD
N/A	N/A	N/A	5.32%	0.03%	-0.97%	5.17%	0.12%	5.90%	-9.13%	1.33%	-1.54%	7.71%	8.17%

* Since share class inception on 1 Mar 2013.
** Performance data of Class A HKD in 2016 was as of 28 September 2016, as the share class was fully redeemed on 28 September 2016; the share class was reactivated on 29 December 2020 with a NAV of HKD 100.

Class A USD : Calendar Year Performance (%)
2010	2011	2012	2013*	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	ITD
N/A	N/A	N/A	5.25%	0.10%	-1.01%	0.94%	13.24%	-1.96%	3.84%	9.31%	5.29%	-9.21%	1.28%	-0.95%	7.49%	41.88%

* Since share class inception on 1 Mar 2013.

Note:

Past performance information is not indicative of future performance. Investors may not get back the full amount invested
The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend reinvested
These figures show by how much the Sub-Fund increased or decreased in value during the calendar year being shown. Performance data has been calculated in the class currency of the relevant class of Units including ongoing charges and excluding subscription fee and redemption fee you might have to pay
Where no past performance is shown there was insufficient data available in that year to provide performance

Class A (Accumulation) RMB : Calendar Year Performance (%)
2019	ITD
N/A	0.07%

Class A (Accumulation) HKD : Calendar Year Performance (%)
2018	2019	2020	2021*	2022	2023	2024	2025	ITD
N/A	N/A	N/A	4.60%	-9.27%	1.36%	-1.49%	7.77%	6.70%

* Since share class inception on 1 Mar 2021.

Class A (Accumulation) USD : Calendar Year Performance (%)
2018	2019	2020	2021*	2022	2023	2024	2025	ITD
N/A	N/A	N/A	4.50%	-8.52%	1.26%	-0.41%	2.30%	-0.10%

* Since share class inception on 1 Mar 2021.

Note:

Past performance information is not indicative of future performance. Investors may not get back the full amount invested
The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend reinvested
These figures show by how much the Sub-Fund increased or decreased in value during the calendar year being shown. Performance data has been calculated in RMB including ongoing charges and excluding subscription fee and redemption fee you might have to pay
Where no past performance is shown there was insufficient data available in that year to provide performance

Class A RMB (monthly distribution) : Calendar Year Performance (%)
2024	2025	Since Fund Launch
2.03%	2.27%	5.42%

Class A HKD (monthly distribution) : Calendar Year Performance (%)
2024	2025	Since Fund Launch
-1.50%	7.76%	12.02%

Class A USD (monthly distribution) : Calendar Year Performance (%)
2024	2025	Since Fund Launch
-0.97%	7.50%	11.70%

Class A RMB : Cumulative Performance (%)
1 month	3 months	6 months	YTD	1 year	3 years	5 years
0.28%	0.33%	0.67%	0.68%	2.25%	5.99%	9.89%

Total return performance is based on NAV-to-NAV with dividend invested (if any), in RMB.

Class A HKD : Cumulative Performance (%)
1 month	3 months	6 months	YTD	1 year	3 years	5 years
0.75%	2.61%	5.65%	4.47%	N/A	N/A	N/A

Total return performance is based on NAV-to-NAV with dividend invested (if any), in HKD.

Class A USD : Cumulative Performance (%)
1 month	3 months	6 months	YTD	1 year	3 years	5 years
0.78%	2.48%	4.96%	3.77%	8.34%	11.41%	3.77%

Total return performance is based on NAV-to-NAV with dividend invested (if any), in USD.

Class A (Accumulation) RMB : Cumulative Performance (%)

Class A (Accumulation) HKD : Cumulative Performance (%)
1 month	3 months	6 months	YTD	1 year	3 years	5 years
0.76%	2.61%	5.67%	4.48%	8.26%	11.44%	N/A

Class A (Accumulation) USD : Cumulative Performance (%)
1 month	3 months	6 months	YTD	1 year	3 years	5 years
-2.44%	-2.44%	-2.44%	-2.44%	-0.20%	4.06%	N/A

Note:
The performance quoted represents past performance of the Fund. Investment return and principal value of an investment will fluctuate so that an investor's units, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Past performance may not be repeated and is no guide for future returns.

Date	NAV/Unit (RMB)	Dividend payout (ex-date)
04/06/2026	103.00	0.00
03/06/2026	103.00	0.00
02/06/2026	103.00	0.00
01/06/2026	102.93	0.00
29/05/2026	102.86	0.00
28/05/2026	102.84	0.00
27/05/2026	102.85	0.00
26/05/2026	102.84	0.00
22/05/2026	102.80	0.00
21/05/2026	102.80	0.00

Fund Manager Commentary
April Review The Fund delivered a return of 0.13% in April and a year-to-date return of 0.37% in RMB term^. In April, the onshore CNY yield curve bull-flattened. Short-end yields declined amid ultra-loose liquidity, while long-end yields also fell, driven by strong fund inflows from wealth management products into bond funds. Inflation and geopolitical concerns from the US-Iran conflict had a muted impact. In the month, we maintained offshore CNH allocations, our holdings remain well diversified in terms of industries and regions, with the majority in the investment grade space and underweight in the local government financing vehicle (LGFV) sectors. Outlook The Chinese bond market in April 2026 experienced a broad-based bull run, with the yield curve flattening. The People's Bank of China (PBOC) maintained an accommodative stance. In April, the PBOC achieved a net withdrawal of approximately 0.93 trillion yuan through reverse repos,medium-term lending facility (MLF), and outright repos, lower than March's 1.14 trillion yuan. Despite this, funding conditions eased significantly, with the DR001 average falling to around 1.22%, and the DR007 average declining to around 1.35%, below the policy rate for the first time since August 2023. This was supported by weak credit demand and structural changes in broad liquidity. Institutional behavior showed a clear split. The short end was supported by easy money, with negotiable certificates of deposit (NCD) rates hitting new lows. The long end was driven by fund inflows from wealth management products (WMPs), which aggressively bought bond funds, pushing yields lower. However, towards month-end, as the 10-year yield broke below the key 1.75% level, profit-taking emerged, and the rally stalled. Banks and insurers remained sidelined, with banks selling long-term bonds to make room for upcoming government bond supply. Economic fundamentals centered on nominal growth. April's purchasing managers' index (PMI) was 50.3, supported by exports and price components, but domestic demand improvement was limited. On inflation, driven by the lagged effect of the oil price surge, April's the producer price index (PPI) and the consumer price index (CPI) data is likely to reflect further pressure. The impact on bond markets remained contained. Looking ahead, the bond market is expected to shift from a smooth rally to a range-bound pattern. The ultra-loose liquidity seen in April is unlikely to persist, with funding rates expected to converge back toward the policy rate. The "money-rich" environment from WMPs may also fade in May. Key indicators to monitor include: 1) the pace of government bond supply and its impact on liquidity; 2) the PBOC's stance on medium-term liquidity operations; and 3) the potential US presidential visit to China and its impact on risk appetite. We maintain a positive view on offshore RMB bonds. They benefit from supportive policies, offer attractive currency- and volatility-adjusted value compared to fixed income in other developed markets. Although relatively small versus the onshore market, the offshore RMB bond market is expected to grow with the process of RMB internationalization. Offshore RMB bonds typically provide a yield pickup over similar onshore securities and offer diversification benefits. Consequently, the Fund remains overweight in the offshore space. Note: CNH is the currency symbol for offshore RMB. Offshore RMB bonds are also known as dim sum bonds. ^ Based on Class A RMB. Fund Allocation: Fund allocations are a percentage of investments in asset categories (i.e. net assets attributable to unitholders) as of the end of the period. The asset category of the Fund is based on its predominant investments under normal market conditions. The Fund may shift allocations among asset classes at any time without prior notice. "Others" consist of other payables and receivables (except interest receivable) as of the end of the period. A temporary negative position may be due to unsettled trade activity and operational expenses. Percentage may not equal 100% due to rounding. Top Holdings: These securities do not represent all of the securities purchased, sold or recommended for clients, and the reader should not assume that investment in the securities listed was or will be profitable. The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list.

Fund Manager Commentary

April Review

The Fund delivered a return of 0.13% in April and a year-to-date return of 0.37% in RMB term^.

In April, the onshore CNY yield curve bull-flattened. Short-end yields declined amid ultra-loose liquidity, while long-end yields also fell, driven by strong fund inflows from wealth management products into bond funds. Inflation and geopolitical concerns from the US-Iran conflict had a muted impact. In the month, we maintained offshore CNH allocations, our holdings remain well diversified in terms of industries and regions, with the majority in the investment grade space and underweight in the local government financing vehicle (LGFV) sectors.

Outlook

The Chinese bond market in April 2026 experienced a broad-based bull run, with the yield curve flattening. The People's Bank of China (PBOC) maintained an accommodative stance. In April, the PBOC achieved a net withdrawal of approximately 0.93 trillion yuan through reverse repos,medium-term lending facility (MLF), and outright repos, lower than March's 1.14 trillion yuan. Despite this, funding conditions eased significantly, with the DR001 average falling to around 1.22%, and the DR007 average declining to around 1.35%, below the policy rate for the first time since August 2023. This was supported by weak credit demand and structural changes in broad liquidity.

Institutional behavior showed a clear split. The short end was supported by easy money, with negotiable certificates of deposit (NCD) rates hitting new lows. The long end was driven by fund inflows from wealth management products (WMPs), which aggressively bought bond funds, pushing yields lower. However, towards month-end, as the 10-year yield broke below the key 1.75% level, profit-taking emerged, and the rally stalled. Banks and insurers remained sidelined, with banks selling long-term bonds to make room for upcoming government bond supply.

Economic fundamentals centered on nominal growth. April's purchasing managers' index (PMI) was 50.3, supported by exports and price components, but domestic demand improvement was limited. On inflation, driven by the lagged effect of the oil price surge, April's the producer price index (PPI) and the consumer price index (CPI) data is likely to reflect further pressure. The impact on bond markets remained contained.

Looking ahead, the bond market is expected to shift from a smooth rally to a range-bound pattern. The ultra-loose liquidity seen in April is unlikely to persist, with funding rates expected to converge back toward the policy rate. The "money-rich" environment from WMPs may also fade in May. Key indicators to monitor include: 1) the pace of government bond supply and its impact on liquidity; 2) the PBOC's stance on medium-term liquidity operations; and 3) the potential US presidential visit to China and its impact on risk appetite.

We maintain a positive view on offshore RMB bonds. They benefit from supportive policies, offer attractive currency- and volatility-adjusted value compared to fixed income in other developed markets. Although relatively small versus the onshore market, the offshore RMB bond market is expected to grow with the process of RMB internationalization. Offshore RMB bonds typically provide a yield pickup over similar onshore securities and offer diversification benefits. Consequently, the Fund remains overweight in the offshore space.

Note: CNH is the currency symbol for offshore RMB. Offshore RMB bonds are also known as dim sum bonds.

^ Based on Class A RMB.
Fund Allocation: Fund allocations are a percentage of investments in asset categories (i.e. net assets attributable to unitholders) as of the end of the period. The asset category of the Fund is based on its predominant investments under normal market conditions. The Fund may shift allocations among asset classes at any time without prior notice. "Others" consist of other payables and receivables (except interest receivable) as of the end of the period. A temporary negative position may be due to unsettled trade activity and operational expenses. Percentage may not equal 100% due to rounding. Top Holdings: These securities do not represent all of the securities purchased, sold or recommended for clients, and the reader should not assume that investment in the securities listed was or will be profitable. The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list.

Top Ten Holdings
HUAFA 2024 I CO LTD 6% S/A PERP	8.17%
DEVELOPMENT BANK OF KAZAKHSTAN JSC 3.35% A 01SEP2028	7.24%
EXPORT-IMPORT BANK OF KOREA 3.16% A 03JUN2034	6.32%
EMIRATES NBD BANK PJSC 3.1% A 18JUL2035	5.84%
SWIRE PROPERTIES MTN FINANCING LTD 3.45% S/A 22JUL2035	5.03%
MASHREQBANK PSC 3.6% 25SEP2029	3.67%
BNP PARIBAS SA 3.6% A 17AUG2031	3.58%
ALIBABA GROUP HLDG LTD 2.65% S/A 28MAY2028	3.57%
SNB FUNDING LTD 3.1% A 23JUN2035	3.56%
BANK OF EAST ASIA LTD 2.95% S/A 09SEP2029	3.54%

As of 30 April 2026

Documents
1.	Explanatory Memorandum	View
2.	Product Key Facts	View
3.	Annual Report	View
4.	Interim Report	View
5.	Monthly Fund Fact Sheet	View

Notices
1.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/05/2026)	View
2.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (05/2026)	View
3.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (10/04/2026)	View
4.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (04/2026)	View
5.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/03/2026)	View
6.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (03/2026)	View
7.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (09/02/2026)	View
8.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (02/2026)	View
9.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (12/01/2026)	View
10.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (01/2026)	View
11.	Dividend Notice to Unitholders - Semi-annual Distribution Unit Classes (11/12/2025)	View
12.	Fund Dividend Composition Information - Semi-annual Distribution Unit Classes (12/2025)	View
13.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/12/2025)	View
14.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (12/2025)	View
15.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (10/11/2025)	View
16.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (11/2025)	View
17.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (10/10/2025)	View
18.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (10/2025)	View
19.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/09/2025)	View
20.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (09/2025)	View
21.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/08/2025)	View
22.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (08/2025)	View
23.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (17/07/2025)	View
24.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (07/2025)	View
25.	Dividend Notice to Unitholders - Semi-annual Distribution Unit Classes (12/06/2025)	View
26.	Fund Dividend Composition Information - Semi-annual Distribution Unit Classes (06/2025)	View
27.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (12/06/2025)	View
28.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (06/2025)	View
29.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (12/05/2025)	View
30.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (05/2025)	View
31.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (10/04/2025)	View
32.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (04/2025)	View
33.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (14/03/2025)	View
34.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (03/2025)	View
35.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (13/02/2025)	View
36.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (02/2025)	View
37.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (10/01/2025)	View
38.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (01/2025)	View
39.	Dividend Notice to Unitholders - Semi-annual Distribution Unit Classes (11/12/2024)	View
40.	Fund Dividend Composition Information - Semi-annual Distribution Unit Classes (12/2024)	View
41.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/12/2024)	View
42.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (12/2024)	View
43.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/11/2024)	View
44.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (11/2024)	View
45.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (10/10/2024)	View
46.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (10/2024)	View
47.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (12/09/2024)	View
48.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (09/2024)	View
49.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (13/08/2024)	View
50.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (08/2024)	View
51.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (12/07/2024)	View
52.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (07/2024)	View
53.	Dividend Notice to Unitholders - Semi-annual Distribution Unit Classes (12/06/2024)	View
54.	Fund Dividend Composition Information - Semi-annual Distribution Unit Classes (06/2024)	View
55.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (12/06/2024)	View
56.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (06/2024)	View
57.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (13/05/2024)	View
58.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (05/2024)	View
59.	Notice to Unitholders (03/05/2024)	View
60.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (12/04/2024)	View
61.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (04/2024)	View
62.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/03/2024)	View
63.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (03/2024)	View
64.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (14/02/2024)	View
65.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (02/2024)	View
66.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/01/2024)	View
67.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (01/2024)	View
68.	Dividend Notice to Unitholders - Semi-annual Distribution Unit Classes (12/12/2023)	View
69.	Fund Dividend Composition Information - Semi-annual Distribution Unit Classes (12/2023)	View
70.	Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/12/2023)	View
71.	Fund Dividend Composition Information - Monthly Distribution Unit Classes (12/2023)	View
72.	Dividend Notice to Unitholders (10/11/2023)	View
73.	Fund Dividend Composition Information (11/2023)	View
74.	Dividend Notice to Unitholders (13/10/2023)	View
75.	Fund Dividend Composition Information (10/2023)	View
76.	Dividend Notice to Unitholders (13/09/2023)	View
77.	Fund Dividend Composition Information (09/2023)	View
78.	Dividend Notice to Unitholders (14/08/2023)	View
79.	Fund Dividend Composition Information (08/2023)	View
80.	Notice to Unitholders (12/07/2023)	View
81.	Dividend Notice to Unitholders (23/06/2023)	View
82.	Fund Dividend Composition Information (06/2023)	View
83.	Notice to Unitholders (23/12/2022)	View
84.	Fund Dividend Composition Information (12/2022)	View
85.	Notice to Unitholders (01/12/2022)	View
86.	Supplemental Notice to Unitholders (10/11/2022)	View
87.	Notice to Unitholders (10/11/2022)	View
88.	Fund Dividend Composition Information (10/2022)	View
89.	Notice to Unitholders (18/08/2022)	View
90.	Dividend Notice to Unitholders (21/12/2021)	View
91.	Fund Dividend Composition Information (12/2021)	View
92.	Dividend Notice to Unitholders (24/06/2021)	View
93.	Fund Dividend Composition Information (06/2021)	View
94.	Notice to Unitholders (10/12/2020)	View
95.	Notice to Unitholders (06/11/2020)	View
96.	Notice to Unitholders (19/06/2020)	View
97.	Notice to Unitholders (29/11/2019)	View

Ping An of China SIF – RMB Bond Fund (the “Fund”), a sub-fund of Ping An of China Select Investment Fund Series, has been authorized by the Securities and Futures Commission of Hong Kong (“SFC”) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance. It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors). Certain information contained in this website is obtained and prepared from sources which Ping An of China Asset Management (Hong Kong) Co. Ltd (“PAAMC”) believes to be reliable. For information sourced externally (as disclosed), PAAMC believes that such information is accurate and complete. This website is for your information and reference only, and does not constitute an offer. Investment involves risks. Investors should not only base investment decisions on this website alone. The past performance is not indicative of future performance. The price of the Fund may rise or fall and investors may lose some or all of their investment. This website is issued by PAAMC and has not been reviewed by the SFC.

From Date: To Date: Time period:
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Fund Information

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General Information

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Dividend Record (3)

Class A RMB : Calendar Year Performance (%)

Class A HKD : Calendar Year Performance (%)

Class A USD : Calendar Year Performance (%)

Class A (Accumulation) RMB : Calendar Year Performance (%)

Class A (Accumulation) HKD : Calendar Year Performance (%)

Class A (Accumulation) USD : Calendar Year Performance (%)

Class A RMB (monthly distribution) : Calendar Year Performance (%)

Class A HKD (monthly distribution) : Calendar Year Performance (%)

Class A USD (monthly distribution) : Calendar Year Performance (%)

Class A RMB : Cumulative Performance (%)

Class A HKD : Cumulative Performance (%)

Class A USD : Cumulative Performance (%)

Class A (Accumulation) RMB : Cumulative Performance (%)

Class A (Accumulation) HKD : Cumulative Performance (%)

Class A (Accumulation) USD : Cumulative Performance (%)

Fund Manager Commentary

Documents

Notices

Dividend Record ⁽³⁾