国防LOF: 鹏华中证国防指数型证券投资基金(LOF)2025年中期报告

Core Insights - The report highlights the performance of the Penghua CSI Defense Index Fund (LOF) for the first half of 2025, indicating a significant increase in the underlying index, which rose by 14.22% compared to the Shanghai Composite Index's 2.76% and the CSI 300 Index's 0.03% [9][10] - The fund aims to closely track the CSI Defense Index, with a target of keeping the average tracking deviation within 0.35% daily and an annual tracking error of no more than 4% [2][10] - The fund's A and C share classes reported net asset value growth rates of 13.41% and 13.35%, respectively, during the reporting period, slightly below the benchmark growth rate of 13.58% [10][11] Fund Overview - The Penghua CSI Defense Index Fund (LOF) was established on November 13, 2014, and operates as a listed open-end fund [2] - The fund is managed by Penghua Fund Management Co., Ltd., with China Construction Bank serving as the custodian [2] - As of June 30, 2025, the total fund shares amounted to approximately 4.19 billion [2] Financial Performance - The fund's realized income for the reporting period was approximately -95.54 million for Class A and -33.60 million for Class C, while the total profit was 360.38 million for Class A and 121.42 million for Class C [4] - The net asset value of the fund at the end of the reporting period was approximately 4.15 billion, with a net asset value per share of 1.0177 [14][17] - The fund's cumulative net value growth rate was -4.03% for Class A and -7.85% for Class C since inception [4][10] Investment Strategy - The fund employs a passive index investment strategy, constructing a portfolio based on the benchmark weights of the index constituents and adjusting as necessary to minimize tracking error [2][10] - The fund may also invest in government bonds with maturities of less than one year to manage liquidity [2] - The investment strategy includes the use of stock index futures and warrants to stabilize the net asset value of the investment portfolio [2][10] Market Outlook - The defense and military industry is expected to remain a focal point, driven by the completion of the 14th Five-Year Plan and the initiation of the 15th Five-Year Plan, which are anticipated to lead to a new cycle of prosperity [10][12] - The report suggests that military trade will drive the revaluation of military assets, transitioning from thematic investments to order-driven growth [10][12] - Upcoming military parades are expected to create a consensus among investors, potentially leading to a significant upward trend in the sector [10][12]