1. From the perspective of fund companies, since Penghua has a lot of experience in issuing graded funds and has a relatively good reputation in the graded fund market, personally, it is expected that the scale of Penghua Belt and Road (16638) will be larger than the other two after listing. With large scale and many participants, liquidity will naturally be better.

2. From the perspective of subscription cost, Anxin Belt and Road (16753) is the cheapest.

3. From the transaction cost after listing, Zhongrong Belt and Road (16821) 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-end income is +4%, which is higher than the other two. In the case of a certain increase in the parent base, a high increase in the net value of the A-side will dilute the increase in the net value of the B-side, which seems to be slightly unfavorable to investors who buy the concept of B-share investment itself, but it is still 1% higher in one year, which seems to be negligible.

Overall, Penghua Belt and Road (16638) is slightly better.