华夏标普500ETF（QDII）四季报解读：成立以来跑输基准11.67% 信息技术持仓占比33.85%

Financial Performance - The fund achieved a realized income of 5,953,989.66 yuan and a profit of 18,091,622.39 yuan during the reporting period from October 1, 2025, to December 31, 2025, with a weighted average profit per fund share of 0.0091 yuan [1] - As of the end of the reporting period, the fund's net asset value was 3,500,078,476.44 yuan, with a net asset value per share of 1.7395 yuan and a total of 2,012,143,045 shares [1] Fund Performance Comparison - The fund's short-term net value performance closely aligned with the performance benchmark, with a net value growth rate of 0.55% over the past three months, outperforming the benchmark by 0.06 percentage points [2] - Over the past year, the fund's growth rate was 11.57%, also surpassing the benchmark by 0.08 percentage points, while the three-year growth rate was 79.59%, exceeding the benchmark by 0.31 percentage points [2] - However, since the fund's contract took effect on October 12, 2022, the cumulative net value growth rate of 73.95% significantly lagged behind the benchmark's 85.62%, with a shortfall of 11.67 percentage points [2] Investment Strategy and Market Analysis - The fund aims to closely track the S&P 500 index using a full replication strategy and alternative strategies, targeting an absolute daily tracking deviation of no more than 0.2% and an annual tracking error of no more than 2% [2] - During the reporting period, global geopolitical conflicts and economic slowdown prompted the Federal Reserve to cut interest rates by 25 basis points in October and December, totaling a 75 basis point reduction for the year, shifting the policy focus towards stabilizing employment [2] - The fund's operations focused on managing investor subscriptions and redemptions, as well as adjustments to constituent stocks, while ensuring market liquidity through partnerships with liquidity service providers [2] Asset Composition - As of the end of the reporting period, equity investments accounted for 97.45% of the fund's total assets, amounting to 3,415,492,305.46 yuan, with common stocks making up 95.79% [4] - All equity assets were invested in the U.S. market, representing 97.58% of the fund's net asset value [4] Sector Allocation - The technology sector had the highest allocation at 33.85%, followed by financials at 13.17%, communication services at 10.40%, and consumer discretionary at 10.23%, with the top four sectors collectively accounting for over 60% of the fund's investments [5] - The fund's exposure to cyclical sectors such as energy, utilities, and materials was less than 5% [5] Top Holdings - The top ten holdings represented 36.52% of the fund's net asset value, with seven of these being technology stocks, including NVIDIA (7.62%), Apple (6.76%), and Microsoft (6.05%) [6] - Other notable holdings included Amazon (3.78%), Broadcom (2.75%), and Google (both Class A and C shares) [6] Share Dynamics - During the reporting period, there were no redemptions or splits, maintaining a total share count of 2,012,143,045 [6]