CM BANK(SH:600036) Zheng Quan Zhi Xing·2025-08-29 09:43Core Viewpoint - The report provides a comprehensive overview of the performance and management of the Huaxia CSI 1000 Exchange-Traded Fund (ETF) for the first half of 2025, highlighting its investment strategies, financial metrics, and market conditions affecting its operations [1][11][12]. Fund Overview - Fund Name: Huaxia CSI 1000 ETF - Fund Manager: Huaxia Fund Management Co., Ltd. - Fund Custodian: China Merchants Bank Co., Ltd. - Total Fund Shares at Period End: 14,654,425,606 shares - Fund Contract Effective Date: March 18, 2021 - Fund's Investment Objective: To closely track the CSI 1000 Index with minimal tracking deviation [1][2][11]. Financial Indicators and Fund Performance - Realized Income for the Period: CNY 1,875,209,531.46 - Total Profit for the Period: CNY 3,587,964,547.03 - Average Net Value Profit Rate: 10.97% - Net Asset Value at Period End: CNY 38,226,981,314.51 - Fund Share Net Value Growth Rate: 7.48% - Cumulative Net Value Growth Rate: 8.14% [2][3][11]. Market and Economic Conditions - The domestic economy showed stability with a GDP growth of 5.3% year-on-year in the first half of 2025, while CPI decreased by 0.1% compared to the previous year [11][12]. - The A-share market experienced volatility due to various factors, including trade policies and liquidity changes, but maintained resilience overall [12][14]. Investment Strategy - The fund employs a combination of replication strategies and alternative strategies to effectively track the CSI 1000 Index, which consists of 1000 smaller, liquid stocks not included in the CSI 800 Index [11][12]. - The fund's tracking deviation for the reporting period was +0.79%, attributed to factors such as stock dividends and operational expenses [13][14]. Management and Operations - Huaxia Fund Management Co., Ltd. has a strong reputation in the ETF management space, being one of the largest in terms of asset management scale [4][5]. - The fund management adheres to strict compliance with regulations and maintains a commitment to fair trading practices [10][17].