“两重”建设加速加力，内需潜力将不断释放，央企创新驱动ETF(515900)近2周新增规模位居可比基金第一

Core Insights - The Central State-Owned Enterprises Innovation-Driven Index (000861) decreased by 0.97% as of September 2, 2025, with mixed performance among constituent stocks [3] - The Central State-Owned Enterprises Innovation-Driven ETF (515900) fell by 1.20%, currently priced at 1.57 yuan, but has seen a cumulative increase of 2.06% over the past two weeks [3][4] - The construction and decoration sector faced revenue and profit pressures in the first half of 2025, with China State Construction achieving a revenue of 1,108.31 billion yuan, down 3.17% year-on-year, while net profit increased by 3.24% to 30.40 billion yuan [3][4] Industry Summary - Major listed companies in the construction industry reported a total revenue of 3.75 trillion yuan in the first half of 2025, a decline of 5.7% year-on-year, with net profit down 6.5% to 87.5 billion yuan [4] - The decline is attributed to local government debt pressures and a downturn in the real estate sector, with some companies opting to slow growth to focus on asset quality [4] - Despite the challenges, the industry's gross and net profit margins remained stable due to improved cost control and reduced expenses [4] ETF Performance - The Central State-Owned Enterprises Innovation-Driven ETF saw a significant growth of 65.43 million yuan over the past two weeks, ranking in the top quartile among comparable funds [4] - As of September 1, 2025, the ETF's net value increased by 19.96% over the past year, with a maximum monthly return of 15.05% since inception [4] - The ETF's Sharpe ratio was 1.05 for the past year, indicating strong risk-adjusted returns [5] Tracking and Fees - The ETF has a tracking error of 0.037% over the past five years, the lowest among comparable funds, closely following the Central State-Owned Enterprises Innovation-Driven Index [6] - The management fee is 0.15% and the custody fee is 0.05%, both of which are the lowest in its category [5]