矿业ETF: 招商中证有色金属矿业主题交易型开放式指数证券投资基金2025年中期报告

Core Viewpoint - The report provides a comprehensive overview of the performance and financial metrics of the China Securities Index Fund focused on non-ferrous metal mining, highlighting its investment strategy, financial results, and market conditions during the reporting period from January 1, 2025, to June 30, 2025 [1][2]. Fund Overview - The fund is named "China Securities Non-Ferrous Metal Mining Theme ETF" and was established on June 21, 2023, with a total fund share of 12,163,978.00 shares as of the end of the reporting period [1][2]. - The fund aims to closely track the performance of the benchmark index with a target of keeping the average tracking deviation within 0.2% and annualized tracking error within 2% [1][2]. Financial Performance - The fund achieved a realized income of 456,282.44 and a profit of 2,131,901.11 during the reporting period [3]. - The weighted average profit per fund share was 0.1585, with a net asset value of 13,715,616.96 at the end of the period [3]. - The fund's share net value growth rate was 16.86%, while the benchmark growth rate was 16.73%, indicating a strong performance relative to its benchmark [3][8]. Market Conditions - The non-ferrous metal index increased by over 16% during the reporting period, reflecting strong market interest in resource stocks [7]. - Basic metals showed an upward trend, while energy metal sentiment gradually recovered, despite uncertainties in the external environment [7]. - The report anticipates a "volatile upward, structural rebalancing" market trend in the second half of the year, with A-shares remaining at relatively low valuations [8]. Investment Strategy - The fund employs a full replication strategy to construct its investment portfolio based on the benchmark index's components and weights [1][2]. - In cases of liquidity issues or regulatory restrictions, the fund manager may utilize alternative investment strategies to maintain close tracking of the index [1][2]. Management and Compliance - The fund management company, China Merchants Fund Management Co., Ltd., has established a robust research and investment decision-making process to ensure fair investment opportunities across portfolios [6][7]. - The fund's operations during the reporting period adhered strictly to relevant laws and regulations, with no actions detrimental to the interests of fund shareholders [7][12].