Zheng Quan Zhi Xing·2025-07-22 18:28Core Viewpoint - The Guolianan CSI Semiconductor ETF reported a slight decline in net value for Q2 2025, with a quarterly net value growth of -0.05%, while showing a strong annual performance with a net value increase of 34.62% [1][2]. Fund Performance - The fund's scale as of Q2 2025 is 23.728 billion yuan, an increase of 2.425 billion yuan from the previous period, representing a 11.38% quarter-on-quarter change [2]. - The fund's maximum drawdown over the past year is -19.73%, and the maximum drawdown since inception is -62.42% [1][2]. Comparative Performance - Over the past year, the fund ranks 722 out of 2395 similar funds, with a median net value growth of 25.63% in the same category [2]. - The fund's performance over various time frames includes: - 1 week: 1.33% (Rank: 2931/3363) - 1 month: 4.50% (Rank: 3057/3289) - 3 months: -1.49% (Rank: 3021/3097) - 6 months: 1.30% (Rank: 2802/2865) - Year-to-date: 2.77% (Rank: 2406/2819) - 2 years: 17.48% - 3 years: 9.88% (Rank: 520/1443) - Since inception: 107.24% [2]. Asset Allocation - The fund's latest asset allocation shows that 99.6% of the net value is in stocks, with no bond assets and 0.54% in cash [2]. - The top ten stock holdings account for 46.18% of the portfolio, with the largest holding being SMIC (688981) at 7.83% [2][3]. Fund Management - The current fund manager, Huang Xinzhan, has over 15 years of experience and has managed the fund since May 8, 2019, achieving a cumulative return of 106.9% during this period [4]. - The best-performing fund in the current quarter managed by the same company is the Guolianan CSI All-Index Securities Company ETF, with a quarterly net value increase of 4.31% [4]. Market Context - The fund manager noted that the international situation remains turbulent, with ongoing conflicts affecting commodity prices and macroeconomic uncertainties impacting the A-share market [7]. - The semiconductor index saw a slight decline of 0.06% in Q2, while small-cap stocks performed relatively well [7].