Zheng Quan Zhi Xing·2025-08-29 14:26Core Points - The report provides an overview of the performance and management of the PuYin Ansheng ChiNext ETF for the first half of 2025, highlighting its investment strategy and financial metrics [1][2][20]. Fund Overview - Fund Name: PuYin Ansheng ChiNext ETF - Fund Manager: PuYin Ansheng Fund Management Co., Ltd. - Fund Custodian: Industrial and Commercial Bank of China Ltd. - Total Fund Shares at Period End: 93,475,458.00 shares [1][2]. - Investment Objective: To closely track the benchmark index and minimize tracking deviation and error [1][2]. Financial Performance - Realized Income for the Period: -3,013,767.36 RMB - Profit for the Period: 1,881,902.90 RMB - Weighted Average Fund Share Profit for the Period: 0.0177 RMB - Fund Share Net Value Growth Rate: 1.38% - Fund Asset Net Value at Period End: 81,074,152.47 RMB - Cumulative Net Value Growth Rate: -13.27% [2][22]. Market Context - The A-share market exhibited a "dumbbell" trend in the first half of 2025, with significant performance from both dividend assets represented by banks and micro-cap stocks [20]. - The ChiNext Index, as a core growth index, is expected to perform well in the second half of 2025, driven by factors such as a shift in resident deposits towards equity assets and favorable macroeconomic conditions [22]. Investment Strategy - The fund employs a passive investment strategy that fully replicates the ChiNext Index, aiming to control tracking error and provide long-term returns from core leading assets in the ChiNext market [20][22]. - The fund's investment portfolio is constructed to minimize tracking deviation from the benchmark index, allowing investors to benefit from the growth of China's new economy [20][22]. Management Report - PuYin Ansheng Fund Management Co., Ltd. has been managing the fund in compliance with relevant laws and regulations, ensuring the interests of fund shareholders are prioritized [15][19]. - The management team has established a fair trading execution system to ensure equitable treatment of all fund portfolios [16].