Zheng Quan Zhi Xing·2025-07-21 02:26Core Viewpoint - The report highlights the performance and investment strategy of the Southern CSI All-Share Automotive Index Fund for the second quarter of 2025, emphasizing the challenges faced in the automotive sector and the fund's efforts to manage tracking error effectively while adhering to risk management protocols [1][3]. Fund Overview - The fund is a passive index fund that aims to closely track the CSI All-Share Automotive Index, utilizing a full replication method to construct its investment portfolio [1]. - The fund's total share at the end of the reporting period was 21,166,011.26 shares, with a management focus on achieving returns similar to its performance benchmark [1]. Financial Performance - For the reporting period from April 1, 2025, to June 30, 2025, the A share net value was 1.2968 RMB, with a net value growth rate of -2.75%, while the C share net value was 1.2958 RMB, with a growth rate of -2.77% [2][3]. - The performance benchmark for the same period recorded a growth rate of -3.47%, indicating that the fund outperformed its benchmark [3]. Investment Strategy - The fund employs various investment strategies, including asset allocation, stock investment, and financial derivatives, to better track the underlying index and achieve its investment objectives [1]. - The report indicates a focus on structural investment opportunities within the automotive sector, driven by technological innovation and international expansion [3]. Portfolio Composition - As of the end of the reporting period, the fund's total assets included approximately 90.41% in stocks, amounting to 26,062,823.40 RMB, and 2.09% in bonds [3]. - The manufacturing sector constituted 94.99% of the fund's net asset value, highlighting a concentrated investment in this industry [3]. Management Report - The fund manager, with over seven years of experience, has implemented strict compliance with regulations and risk management practices to ensure the fund's operations are legal and beneficial to investors [2][3]. - The fund management has not engaged in any abnormal trading activities during the reporting period, maintaining a focus on fair trading practices [2].