带路LOF: 鹏华中证一带一路主题指数型证券投资基金(LOF)2025年中期报告

Fund Overview - The fund is named Penghua Zhongzheng Belt and Road Theme Index Fund (LOF) and is managed by Penghua Fund Management Co., Ltd. [1] - The fund aims to closely track the underlying index with a target of keeping the average tracking deviation within 0.35% daily and annual tracking error within 4% [2][3] - The fund operates as a listed open-end fund and was established on May 18, 2015, with its shares listed on the Shenzhen Stock Exchange on January 18, 2021 [1][2] Financial Performance - As of June 30, 2025, the fund's A class shares had a net value growth rate of -0.74%, while the benchmark growth rate was -2.02% [7] - The C class shares recorded a net value growth rate of -0.89%, and the I class shares had a growth rate of -0.72% [7] - The total net asset value of the fund was reported at 147,738,722.40 shares at the end of the reporting period [1] Investment Strategy - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of the underlying index components [2] - Adjustments to the investment portfolio will be made based on changes in the underlying index components and their weights, as well as liquidity considerations [2][3] - The fund may also invest in government bonds with maturities of less than one year and utilize financial derivatives such as stock index futures for risk management [2][3] Market Context - The A-share market exhibited an "N-shaped" trend in the first half of the year, with the Shanghai Composite Index rising by 2.76% [8] - Economic growth was supported by stable domestic demand, better-than-expected exports, and rapid industrial production, laying a solid foundation for the year [7][9] - The Belt and Road Initiative is expected to benefit from domestic infrastructure investment and AI computing power construction, contributing positively to the fund's theme [10][11]