ICBC(SH:601398) Zheng Quan Zhi Xing·2025-08-27 13:38Core Points - The report provides an overview of the Penghua CSI 500 Exchange-Traded Fund (ETF), including its management, investment strategy, and performance metrics for the first half of 2025 [1][2][3]. Fund Overview - Fund Name: Penghua CSI 500 ETF - Fund Manager: Penghua Fund Management Co., Ltd. - Fund Custodian: Industrial and Commercial Bank of China [1][2]. - Total Fund Shares at Period End: 194,211,253.00 shares [2]. - Fund's Investment Objective: To closely track the underlying index with minimal tracking deviation and error [2]. Investment Strategy - The fund employs a passive index investment approach, constructing an investment portfolio based on the benchmark weights of the constituent stocks in the underlying index [2][8]. - Adjustments to the investment portfolio are made based on changes in the underlying index constituents and their weights, as well as market conditions [2][8]. Performance Metrics - The fund's net asset value at the end of the reporting period was RMB 296,784,105.27, with a per-share net value of RMB 1.5282 [3][16]. - The fund's profit for the period was RMB 18,862,046.74, with a weighted average profit per share of RMB 0.0888 [3][17]. - The fund's net value growth rate for the period was 5.31%, outperforming the benchmark index growth rate of 3.31% [3][9]. Market Context - The CSI 500 Index increased by 3.31% during the reporting period, while the Shanghai Composite Index rose by 2.76% [8][9]. - The market experienced a spring rally driven by sectors such as AI computing and robotics, despite facing challenges from U.S. tariff impacts [9][10]. Future Outlook - The fund manager anticipates a continuation of a slow bull market in A-shares, with positive factors gradually accumulating [10][11]. - There is an expectation for a potential turning point in corporate earnings in the coming year, driven by low interest rates and economic recovery [11][12].