Zheng Quan Zhi Xing·2025-08-27 11:18Core Viewpoint - The report outlines the performance and financial status of the Rongtong ChiNext ETF for the first half of 2025, highlighting a net asset value of 0.8221 RMB per share and a net value growth rate of 2.04% during the reporting period [2][5][8]. Fund Overview - Fund Name: Rongtong ChiNext ETF - Fund Manager: Rongtong Fund Management Co., Ltd. - Fund Custodian: China Construction Bank Co., Ltd. - Total Fund Shares at Reporting Period End: 131,484,790 shares [1][2]. - Investment Objective: To closely track the underlying index with minimal tracking deviation [1]. Financial Performance - Realized Income for the Period: 1,268,617.46 RMB - Total Profit for the Period: 4,406,569.71 RMB - Average Fund Share Profit for the Period: 0.0307 RMB - Average Net Value Profit Rate for the Period: 3.92% [2]. - Net Asset Value at Period End: 108,087,787.68 RMB, with a cumulative net value growth rate of -17.78% [2][8]. Market Context - The A-share market showed resilience amid external pressures, with the Shanghai Composite Index rising by 2.76% in the first half of 2025 [5]. - The ChiNext Index, as a core broad-based index for technology growth assets, is positioned for strategic allocation due to its valuation level of 32.4 times PE (TTM), indicating significant room for valuation recovery [6]. Investment Strategy - The fund employs a passive index investment strategy, primarily using a full replication method to construct an index investment portfolio [1][4]. - The investment strategy includes stock investment, bond investment, asset-backed securities investment, and stock index futures investment [1]. Risk Management - The fund management adheres to strict risk control measures and fair trading principles, ensuring that all investment decisions are made in the best interest of fund holders [4][5]. - No abnormal trading activities were reported during the period [4]. Future Outlook - The A-share market is expected to show a trend of oscillating upward in the second half of 2025, with a focus on "technology innovation" and "dividend" assets [6]. - The fund's valuation practices are conducted in accordance with established guidelines to minimize valuation discrepancies [6][7].