Fund Overview - The fund is named "招商深证 100 交易型开放式指数证券投资基金" (招商深证 100 ETF) and was established on November 7, 2019 [2] - The fund aims to closely track the underlying index, minimizing tracking deviation and error, primarily using a full replication method [2][3] - As of June 30, 2025, the total fund shares amounted to 86,937,760 [2] Financial Performance - The fund reported a realized loss of 689,812.47 RMB and a total profit of -562,080.83 RMB for the reporting period [3][4] - The weighted average net value profit rate was -1.03%, and the fund share net value growth rate was -0.89% [3] - The fund's net asset value at the end of the period was 49,204,563.30 RMB, with a share net value of 0.5660 RMB [3][4] Investment Strategy - The fund employs a passive investment strategy, primarily replicating the 深证 100 index (price) [2][3] - The fund management utilizes various strategies for bond investments, including duration control and credit risk assessment [2][3] - The fund also engages in hedging through stock index futures and government bond futures to manage systemic risks [2][3] Market Context - During the reporting period, the A-share market showed a slight upward trend, with the 沪深 300 index increasing by 0.03% and the 中证 500 index rising by 3.31% [6] - The fund's net value growth rate of -0.89% outperformed the benchmark growth rate of -2.58% [7] - The market outlook remains optimistic, with expectations of sufficient policy reserves and better-than-expected performance in consumption and exports [7]

Core Viewpoint - The report outlines the performance and financial metrics of the China Securities Index Fund for the first half of 2025, highlighting a challenging market environment with a negative return on investment and various operational strategies to manage risks and enhance returns [1][7]. Fund Overview - The fund is named "China Securities Index Fund" and operates as a contract-based open-end fund, with a total share of 1,713,012,778.28 as of June 30, 2025 [2]. - The fund aims to passively track the China Securities Index, maintaining a tracking error of no more than 0.35% and an annual tracking error of no more than 4% [2]. Financial Performance - The fund reported a realized loss of approximately 4.51 million RMB and a total profit loss of about 63.29 million RMB for the reporting period [3]. - The weighted average net value profit rate was -3.49%, and the fund's share net value growth rate was -2.88% [3]. - The cumulative net value growth rate since inception is -29.10% [3]. Market Environment - The securities sector experienced a volatile adjustment phase, with a decline of 3.34% in the first half of 2025, influenced by intensified trade tensions between China and the U.S. [7]. - Market sentiment improved towards the end of the second quarter, leading to a recovery in trading volumes and expectations for brokerage income [7][8]. Investment Strategy - The fund maintained a stock position of approximately 94.5% during the reporting period, effectively tracking the benchmark index [7]. - The fund's management employs risk management strategies, including the use of stock index futures to enhance investment efficiency [2][5]. Future Outlook - The report anticipates potential benefits for the brokerage sector from expected interest rate cuts by the Federal Reserve and supportive domestic policies [8]. - The brokerage sector's valuation remains low, with a price-to-book ratio of approximately 1.44, indicating potential for valuation recovery [8].

招商中证银行指数证券投资基金 2025 年中期报告 基金管理人：招商基金管理有限公司 基金托管人：中信银行股份有限公司 送出日期：2025 年 8 月 28 日 招商中证银行指数证券投资基金 2025 年中期报告 基金管理人的董事会及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责任。本中期报告已经三分之二 以上独立董事签字同意，并由董事长签发。 基金托管人中信银行股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核了本 报告中的财务指标、净值表现、利润分配情况、财务会计报告、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 1 月 1 日起至 6 月 30 日止。 第 1 页 共 58 页 招商中证银行指数证券投资基金 2025 年中期报告 第 2 页 共 ...

Core Viewpoint - The company has decided to postpone certain fundraising investment projects to ensure the efficient use of raised funds and align with long-term strategic goals [1][3][4] Fundraising Overview - The company raised a total of RMB 165,224 million from the initial public offering, with a net amount of RMB 157,569 million after deducting fees [1][2] - The funds are managed in a dedicated account to protect investor interests, with a tripartite agreement signed with the sponsor and the bank [2] Investment Project Adjustments - Due to the actual net amount being lower than initially disclosed, the company adjusted the investment amounts for several projects, including: - Cluster Database Management System Upgrade: from RMB 35,201.86 million to RMB 33,069.60 million - New Generation Cloud Database Product Construction: from RMB 25,291.14 million to RMB 17,126.86 million - Dream China Database Industrial Base: from RMB 80,023.57 million to RMB 69,300.10 million - Dream Research Institute Construction: from RMB 60,274.88 million to RMB 20,072.49 million - The total adjusted investment amounts to RMB 157,569.05 million [2][3] Postponement Details - The "Dream China Database Industrial Base" project’s expected operational date has been extended from September 2025 to September 2026 due to practical progress considerations [3][4] - The postponement is a cautious decision based on the project's actual needs and does not affect the project's content or the intended use of funds [3][4] Impact of Postponement - The postponement is not expected to have a significant adverse impact on the company's normal operations or the implementation of investment projects, aligning with the company's long-term development strategy [3][4][5] - The decision has been approved by the company's board and supervisory committee, adhering to relevant legal and regulatory requirements [4][5]

招商中证消费电子主题交易型开放式 指数证券投资基金 2025 年中期报告 基金管理人：招商基金管理有限公司 基金托管人：中信建投证券股份有限公司 送出日期：2025 年 8 月 28 日 招商中证消费电子主题交易型开放式指数证券投资基金 2025 年中期报告 基金管理人的董事会及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责任。本中期报告已经三分之二 以上独立董事签字同意，并由董事长签发。 基金托管人中信建投证券股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核 了本报告中的财务指标、净值表现、利润分配情况、财务会计报告、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 1 月 1 日起至 6 月 30 日止。 第 1 页 共 49 页 招商中证消费电子 ...

安信中证一带一路主题指数型证券投资基 金 基金管理人：安信基金管理有限责任公司 基金托管人：招商证券股份有限公司 送出日期：2025 年 8 月 28 日 安信一带一路指数 2025 年中期报告 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。本中期报告已经三分之二以 上独立董事签字同意，并由董事长签发。 基金托管人招商证券股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核了本报告 中的财务指标、净值表现、利润分配情况、财务会计报告、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 1 月 1 日起至 6 月 30 日止。 第 1 页 安信一带一路指数 2025 年中期报告 第 2 页 安信一带一路指数 2025 年中期报告 第 ...

招商证券国际发布研报称，石药集团(01093)今年二季度收入及净利润均不及预期，反映肿瘤和神经系 统业务线的结构性下行，管理层重申EGFR ADC产品(CPO301/SYS6010)为潜在商业发展(BD)催化剂， 但该行认为市场已消化相关预期。招商证券国际下调集团2025至2026年销售及净利润预测，因公司核心 业务表现乏力及BD预期过高，下调评级至"中性"和目标价至9.3港元(原本12.9港元)。 该行表示，展望未来，石药集团的前景取决于商业合作战略及后期管线商业化情况。市场关注其关键资 产SYS6010。然而，回顾石药过去在1.1类创新药物研发的表现，该行认为其在管线临床进展上落后于 中国其他大型制药及部分生物药公司。 鉴于核心业务环比持续下滑，招商证券国际下调集团今明两年的收入和净利润预测，以反映增长及盈利 前景的短期压力，预计2025财年经历深度调整后，2026财年收入将趋于稳定。目标价调整反映盈利调整 及拆股因素，该行根据成药、管线及传统原料药业务的SOTP估值调整目标价，新目标价为9.3港元，分 别对应今明两年19.4倍、17.9倍市盈率。 ...

智通财经APP获悉，招商证券国际发布研报称，石药集团(01093)今年二季度收入及净利润均不及预期， 反映肿瘤和神经系统业务线的结构性下行，管理层重申EGFR ADC产品(CPO301/SYS6010)为潜在商业 发展(BD)催化剂，但该行认为市场已消化相关预期。招商证券国际下调集团2025至2026年销售及净利 润预测，因公司核心业务表现乏力及BD预期过高，下调评级至"中性"和目标价至9.3港元(原本12.9港 元)。 该行表示，展望未来，石药集团的前景取决于商业合作战略及后期管线商业化情况。市场关注其关键资 产SYS6010。然而，回顾石药过去在1.1类创新药物研发的表现，该行认为其在管线临床进展上落后于 中国其他大型制药及部分生物药公司。 鉴于核心业务环比持续下滑，招商证券国际下调集团今明两年的收入和净利润预测，以反映增长及盈利 前景的短期压力，预计2025财年经历深度调整后，2026财年收入将趋于稳定。目标价调整反映盈利调整 及拆股因素，该行根据成药、管线及传统原料药业务的SOTP估值调整目标价，新目标价为9.3港元，分 别对应今明两年19.4倍、17.9倍市盈率。 ...

展望未来，石药集团的前景取决于商业合作战略及后期管线商业化情况，市场关注其关键资产 SYS6010。然而，回顾石药过去在1.1类创新药物研发的表现，该行认为其在管线临床进展上落后于中 国其他大型制药及部分生物药公司。 招商证券国际发表研究报告指出，石药集团今年二季度收入及净利润均不及预期，反映肿瘤和神经系统 业务线的结构性下行，管理层重申EGFR ADC产品(CPO301/SYS6010)为潜在商业发展(BD)催化剂，但 该行认为市场已消化相关预期。该行下调集团2025至2026年销售及净利润预测，因公司核心业务表现乏 力及BD预期过高，下调评级至"中性"，目标价从12.9港元下调至9.3港元。 ...

Group 1 - The State Council issued an opinion on the implementation of "Artificial Intelligence+" actions, aiming for deep integration of AI with six key areas by 2027, with a target application penetration rate of over 70% for new intelligent terminals and agents [2] - By 2030, AI is expected to fully empower high-quality development in China, with application penetration rates exceeding 90%, making the intelligent economy a significant growth driver [2] - By 2035, China aims to enter a new stage of intelligent economy and society development, supporting the realization of socialist modernization [2] Group 2 - The National Development and Reform Commission announced a new round of fuel price adjustments, effective from August 26, with gasoline and diesel prices reduced by 180 yuan/ton and 175 yuan/ton respectively, translating to a decrease of 0.14 yuan per liter for 92 gasoline [3] - During the 14th Five-Year Plan period, China plans to build the world's largest electric vehicle charging network, with a target of two charging piles for every five vehicles [3] - The renewable energy generation capacity is expected to increase from 40% to around 60% during this period [3] Group 3 - Since 2012, China's foreign investment flow has ranked among the top three globally for 13 consecutive years, with over 50,000 enterprises established overseas by the end of 2024 [4] - The total foreign investment stock exceeds 3 trillion USD, maintaining a global share of 7.2% [4] Group 4 - As of July 2025, the total scale of public funds in China reached 35.08 trillion yuan, setting a new historical high [5] - The Ministry of Housing and Urban-Rural Development and the People's Bank of China issued a management measure for anti-money laundering in real estate, mandating compliance from real estate institutions [5] Group 5 - The Australian Postal Corporation announced the suspension of most parcel services to the United States, with exceptions for letters and gifts valued under 100 USD [6] Group 6 - Companies such as Cambrian reported a net profit of 1.038 billion yuan in the first half of the year, marking a turnaround from losses [7] - China Ping An's operating profit grew by 3.7% in the first half, with an interim dividend of 0.95 yuan per share [7] - Northern Rare Earth's revenue increased by 45.24% year-on-year, with net profit soaring by 1951.52% [7] - Companies like Victory Technology and Light Media reported significant profit increases of 366.89% and 371.55% respectively in the first half of the year [7] Group 7 - According to Citic Securities, improving liquidity is expected to support a rebound in Hong Kong stocks, with a focus on innovative drugs and internet opportunities [9] - Guotai Junan predicts that the paper industry chain prices are likely to continue rising due to seasonal demand and low inventory levels [10]