煤炭等权LOF: 招商中证煤炭等权指数证券投资基金2025年第2季度报告

Core Viewpoint - The report highlights the performance and investment strategy of the China Securities Coal Equal-weight Index Fund for the second quarter of 2025, indicating a slight decline in net asset value and a focus on passive index tracking [1][2]. Fund Overview - The fund aims to achieve returns similar to the underlying index with a tracking deviation not exceeding 0.35% on a daily basis and an annual tracking error of no more than 4% [1]. - The fund employs a passive investment strategy by replicating the composition and weight of the underlying index, the China Securities Coal Equal-weight Index [1][2]. Financial Performance - For the reporting period from April 1 to June 30, 2025, the A class share net value growth rate was -1.43%, while the benchmark growth rate was -2.72% [6]. - The C class share net value growth rate was -1.45%, and the E class share net value growth rate was -1.50%, both against the same benchmark [6]. - The fund's total assets at the end of the reporting period included approximately 720 million yuan in stocks, accounting for 93.56% of total assets [6]. Investment Strategy - The fund's investment strategy includes daily tracking of the portfolio's performance against the underlying index and monthly analysis of tracking deviation and tracking error [1][4]. - The fund may utilize stock index futures to enhance investment efficiency and achieve its investment objectives [1][9]. Market Conditions - The underlying index experienced a decline of 2.9% in the second quarter, with a portfolio maintained at approximately 94.5% [5]. - The report notes that coal prices are stabilizing at the bottom range, with a gradual reduction in inventory, which may support future price increases [5]. Asset Allocation - The fund's asset allocation primarily consists of stocks (approximately 720 million yuan) and a smaller portion in bonds (around 34 million yuan) [6][7]. - The mining industry represents the largest sector in the fund's portfolio, accounting for 71.74% of the total asset value [7].