Zheng Quan Zhi Xing·2025-07-17 12:23Core Viewpoint - The report provides an overview of the performance and management of the China Merchants Index Bank Securities Investment Fund for the second quarter of 2025, highlighting its investment strategy, financial performance, and compliance with regulations. Fund Product Overview - The fund is a passive index fund that aims to track the China Securities Bank Index, with a target tracking error of no more than 0.35% and an annual tracking error of no more than 4% [2][3]. - The fund employs a full replication method to construct its stock portfolio based on the composition and weight of the index constituents [2][3]. - The fund's performance benchmark is a combination of 95% of the China Securities Bank Index return and 5% of the benchmark interest rate for RMB demand deposits [2][3]. Financial Indicators and Fund Net Value Performance - For the reporting period, the A class shares achieved a net value growth rate of 11.58%, while the benchmark growth rate was 10.39% [8]. - The C class shares recorded a net value growth rate of 11.56%, also against a benchmark of 10.39% [8]. - The E class shares had a net value growth rate of 11.51% during the same period [8]. - The fund's overall performance over the past three months, six months, and one year shows significant growth, with the one-year growth rate reaching 36.00% for A class shares [3][8]. Management Report - The fund manager emphasizes adherence to legal regulations and internal policies, ensuring fair investment opportunities across all portfolios [6][7]. - The fund's investment strategy includes strict risk management and compliance with investment guidelines, with no significant abnormal trading activities reported during the period [7][8]. - The fund maintained a stable operation with a portfolio position of approximately 94.5% during the reporting period, successfully tracking the benchmark [7][8]. Investment Portfolio Report - The fund's total assets include approximately 1.36 billion RMB in stocks, accounting for 89.52% of the total assets, and a small portion in bonds [9][10]. - The fund's top ten securities primarily consist of major banks, reflecting its focus on the banking sector [13][15]. - The fund did not hold any restricted stocks or convertible bonds during the reporting period [12][16].