Zheng Quan Zhi Xing·2025-08-27 15:17Core Viewpoint - The report provides an overview of the performance and management of the Penghua CSI Hong Kong-Shenzhen Technology Leaders Index Securities Investment Fund (LOF) for the first half of 2025, highlighting its investment strategy, financial performance, and market conditions affecting the fund [1][8]. Fund Overview - Fund Name: Penghua CSI Hong Kong-Shenzhen Technology Leaders Index Securities Investment Fund (LOF) [1] - Fund Management Company: Penghua Fund Management Co., Ltd. [1] - Fund Custodian: China Merchants Bank Co., Ltd. [1] - Fund Operation Type: Listed open-ended fund (LOF) [1] - Fund Contract Effective Date: December 7, 2021 [1] - Total Fund Shares at Period End: 53,449,959.75 shares [1] Investment Objectives and Strategies - The fund aims to closely track the benchmark index, minimizing tracking deviation and error, with daily tracking deviation controlled within 0.35% and annual tracking error within 4% [1][2]. - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of constituent stocks [2][3]. Financial Performance - The fund's A share net value growth rate for the reporting period was 12.79%, while the benchmark growth rate was 11.72% [9]. - The C share net value growth rate was 12.68%, and the I share net value growth rate was 12.58%, both outperforming the benchmark [9]. - The fund's total net asset value at the end of the reporting period was 0.9192 RMB for A shares, 0.9075 RMB for C shares, and 1.1168 RMB for I shares [10][12]. Market Conditions - The report notes that the A-share and Hong Kong stock markets experienced fluctuations due to global uncertainties, particularly trade tensions, but showed resilience overall [9][10]. - The technology sector was highlighted as a key area of focus, with significant interest in artificial intelligence, innovative pharmaceuticals, and other high-growth industries [10]. Risk Management and Compliance - The fund management strictly adheres to legal regulations and the fund contract, ensuring compliance and risk management throughout the reporting period [7][12]. - The fund has mechanisms in place to monitor and control risks associated with investment strategies and market conditions [11].