Zheng Quan Zhi Xing·2025-08-27 10:17Core Viewpoint - The report provides a comprehensive overview of the performance and management of the Western Lead Shenzhen Dividend Exchange-Traded Fund (ETF) for the first half of 2025, highlighting its investment strategy, financial performance, and market conditions affecting the fund's operations [1][2][3]. Fund Overview - The fund aims to closely track the underlying index, minimizing tracking deviation and error through a full replication strategy [2][3]. - The fund's total shares at the end of the reporting period were 291,528,306 [2]. - The fund is managed by Western Lead Fund Management Co., Ltd., with Everbright Securities Co., Ltd. as the custodian [1][2]. Financial Performance - The fund reported a realized income of CNY 1,378,451.97 and a total profit of CNY -2,185,522.74 for the reporting period [4][6]. - The weighted average net value profit rate was -0.91%, and the net value growth rate of the fund shares was -0.93% [4][6]. - The fund's net asset value at the end of the period was CNY 226,300,170.07, with a share net value of CNY 0.7763 [4][6]. Performance Comparison - Over the past month, the fund's share value decreased by -0.93%, while the benchmark index had a return of -2.18% [5]. - In the past year, the fund achieved a return of 10.30%, outperforming the benchmark's 4.66% [5]. - Since the fund's inception, the cumulative net value growth rate has been -22.37% [5]. Market Conditions - The A-share market exhibited a volatile and differentiated pattern, with significant structural characteristics [11]. - Key sectors supporting the index included non-ferrous metals, media, automotive, and banking, while food and beverage, pharmaceuticals, and computing sectors constrained performance [11][12]. - The report indicates that domestic demand is expected to continue recovering, supported by favorable monetary policies and consumption environment improvements [11][12]. Management and Compliance - The fund management strictly adhered to relevant laws and regulations, ensuring the protection of investors' interests [9][14]. - The fund's investment strategy was executed in accordance with legal regulations and the fund contract, focusing on full replication to achieve high correlation with the underlying index [11][12]. - The valuation committee was established to ensure fair and reasonable fund valuations, with oversight on investment strategies and valuation methods [12][13].