1. From the perspective of fund companies, since Penghua has a lot of experience in issuing graded funds and has a good reputation in the graded fund market, personally, it is expected that the scale of Penghua Belt and Road (160638) will be larger than the other two after listing. Large-scale, many participants, liquidity will naturally be better.

2. In terms of subscription cost, Anxin Belt and Road (167503) is the cheapest.

3. Judging from the transaction cost after listing, Zhongrong Belt and Road (16820 1) has no subscription fee, but unfortunately, the current arbitrage strategy is far less active than before, so it seems that the advantage is not great.

4. Zhongrong's A-side revenue is +4%, which is higher than the other two. In the case of a certain growth of parent fund, the high growth of A-end net worth will dilute the growth of B-end net worth, which seems to be slightly unfavorable to investors who buy the B-share investment concept itself, but the high 1% within one year seems to be negligible.

Overall, the Penghua Belt and Road (160638) is slightly better.