南方中证通信服务ETF发起联接A,南方中证通信服务ETF发起联接C: 南方中证通信服务交易型开放式指数证券投资基金发起式联接基金2025年第2季度报告

Core Viewpoint - The report provides an overview of the Southern CSI Communication Services ETF Fund's performance and investment strategy for the second quarter of 2025, highlighting its passive management approach and alignment with the underlying index [1][4]. Fund Product Overview - The fund is a passive index fund that aims to closely track the performance of the CSI Communication Services Index, with a total fund share of 43,174,395.71 units at the end of the reporting period [2][6]. - The fund's investment strategy includes various asset allocation strategies, targeting ETFs, and financial derivatives to minimize tracking error [2][6]. Financial Indicators and Fund Performance - The fund's A share net value at the end of the reporting period was 1.2688 RMB, with a net value growth rate of 8.49%, outperforming the benchmark growth rate of 7.86% [15]. - The C share net value was 1.2660 RMB, with a net value growth rate of 8.45%, also exceeding the benchmark growth rate [15]. Industry Insights - The communication services sector showed signs of recovery in Q2 2025, with a reported 8.23% increase in the CSI Communication Services Index [14]. - Key trends include growth in telecom revenue, increased 5G user penetration, and a positive outlook for the communication equipment sector driven by AI demand in North America [14]. Investment Strategy - The fund employs a fully replicated strategy to track the underlying index, aiming to keep the average tracking deviation within a specified range [6][7]. - The fund's investment in stock index futures is aimed at hedging risks and reducing transaction costs associated with frequent adjustments in stock positions [17]. Management Report - The fund management adheres to strict compliance with regulations and maintains a focus on risk management to protect investor interests [12][13]. - The fund manager has a solid background in quantitative investment and has been with the Southern Fund since 2012, ensuring experienced oversight [10].