Core Viewpoint - The company announces the opening of a conversion service for different categories of fund shares within the same fund, effective from August 29, 2025, as part of the modifications to the fund contract and custody agreement [15][22]. Group 1: Fund Conversion Service - The conversion service allows investors to convert their holdings of one category of fund shares into another category within the same fund, provided they are registered with the same registration agency [15][16]. - The minimum application for conversion is one share, and investors can convert all or part of their holdings [16]. - The holding period for converted shares will restart from the date of confirmation of the conversion [16][18]. Group 2: Fee Structure - The conversion fees will be calculated based on the redemption fee of the outgoing share category plus any differential fees for the incoming share category [18][19]. - If the outgoing share category's subscription fee is lower than that of the incoming category, the difference will be charged as a subscription fee [18][19]. Group 3: Contract Modifications - The fund contract and custody agreement have been revised to include the new conversion service, with no substantial adverse impact on existing shareholders [20][21]. - The updated fund contract will be effective from August 29, 2025, and will be available for review on the company's website [22][23].

Fund Overview - The fund is named "招商深证 100 交易型开放式指数证券投资基金" (招商深证 100 ETF) and was established on November 7, 2019 [2] - The fund aims to closely track the underlying index, minimizing tracking deviation and error, primarily using a full replication method [2][3] - As of June 30, 2025, the total fund shares amounted to 86,937,760 [2] Financial Performance - The fund reported a realized loss of 689,812.47 RMB and a total profit of -562,080.83 RMB for the reporting period [3][4] - The weighted average net value profit rate was -1.03%, and the fund share net value growth rate was -0.89% [3] - The fund's net asset value at the end of the period was 49,204,563.30 RMB, with a share net value of 0.5660 RMB [3][4] Investment Strategy - The fund employs a passive investment strategy, primarily replicating the 深证 100 index (price) [2][3] - The fund management utilizes various strategies for bond investments, including duration control and credit risk assessment [2][3] - The fund also engages in hedging through stock index futures and government bond futures to manage systemic risks [2][3] Market Context - During the reporting period, the A-share market showed a slight upward trend, with the 沪深 300 index increasing by 0.03% and the 中证 500 index rising by 3.31% [6] - The fund's net value growth rate of -0.89% outperformed the benchmark growth rate of -2.58% [7] - The market outlook remains optimistic, with expectations of sufficient policy reserves and better-than-expected performance in consumption and exports [7]

招商优质成长混合型证券投资基金 (LOF)2025 年中期报告 基金管理人：招商基金管理有限公司 基金托管人：中信银行股份有限公司 送出日期：2025 年 8 月 28 日 招商优质成长混合型证券投资基金(LOF)2025 年中期报告 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。本中期报告已经三分之二 以上独立董事签字同意，并由董事长签发。 基金托管人中信银行股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核了本 报告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证 复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 第 1 页 共 48 页 招商优质成长混合型证券投资基金(LOF)20 ...

Fund Overview - The fund is named "招商丰泰灵活配置混合型证券投资基金(LOF)" and is managed by 招商基金管理有限公司 with a total fund share of 7,737,418.18 as of June 30, 2025 [1][2] - The fund aims to achieve stable returns for investors by flexibly allocating assets across different investment categories while controlling downside risks [1][2] Financial Performance - The fund reported a realized income of 78,866.70 and a total profit of 125,331.32 for the reporting period [3][12] - The weighted average net value profit rate was 1.07%, and the fund share net value growth rate was 1.11% [3][12] - The fund's net asset value at the end of the reporting period was 11,285,498.39, with a fund share net value of 1.459 [3][12] Investment Strategy - The fund employs a dynamic asset allocation strategy based on macroeconomic analysis, adjusting the proportion of stocks and bonds to optimize the investment portfolio [1][2] - Stock investments are selected using a combination of quantitative and qualitative methods, while bond investments focus on duration strategies and individual bond selection [1][2] - The fund also invests in warrants and stock index futures to manage market risks and adjust stock positions [1][2] Market Outlook - The fund anticipates that the market may experience narrow fluctuations upward in the second half of 2025, with a need for further policy support to address weak domestic demand and low inflation [7][8] - The fund emphasizes selecting high-quality stocks with stable competitive landscapes and focuses on sectors with low correlation to macroeconomic conditions [7][8] Compliance and Governance - The fund management strictly adheres to relevant laws and regulations, ensuring that all investment operations are conducted in compliance with the fund contract [4][5] - The fund management has established a comprehensive research and investment decision-making process to ensure fair investment opportunities across all portfolios [5][6]

Fund Overview - The fund is named "Zhaoshang Zhongzheng Commodity Stock Index Securities Investment Fund (LOF)" and is managed by Zhaoshang Fund Management Co., Ltd. [1] - The fund operates as a contract-based open-end fund and was established on June 28, 2012, with a total fund share of 83,584,797.77 at the end of the reporting period [1][2]. - The fund aims to passively track the performance of the underlying index, the Zhongzheng Commodity Stock Index, with a tracking error not exceeding 0.35% and an annual tracking error not exceeding 4% [1][2]. Financial Performance - The fund reported a profit of CNY 5,962,991.95 for the reporting period, with a net asset value of CNY 128,906,122.86 at the end of June 2025 [3][11]. - The net asset value per fund share was CNY 1.5422, and the cumulative net value growth rate was 79.48% since inception [3][11]. - The fund's net value growth rate for the reporting period was 4.58%, outperforming the benchmark growth rate of 2.31% [6][11]. Investment Strategy - The fund employs a passive index investment strategy, primarily investing in stocks that are part of the Zhongzheng Commodity Stock Index, with at least 90% of its stock assets allocated to these index components [1][16]. - The fund's performance benchmark is composed of 95% of the Zhongzheng Commodity Stock Index return and 5% of the after-tax interest rate of commercial bank demand deposits [1][16]. Management and Compliance - Zhaoshang Fund Management Co., Ltd. has established a comprehensive research and investment decision-making process to ensure fair investment opportunities across all portfolios [4]. - The fund management strictly adheres to relevant laws and regulations, ensuring compliance in all investment operations and protecting the interests of fund shareholders [5][10]. Market Environment - The market environment during the reporting period was characterized by active trading sentiment and ample liquidity, with structural opportunities emerging in various sectors [6][7]. - The fund's performance was influenced by fiscal and monetary policies aimed at stabilizing growth and addressing economic challenges, leading to a mixed performance across different industries [6][7].

Core Viewpoint - The report outlines the performance and financial metrics of the China Securities Index Fund for the first half of 2025, highlighting a challenging market environment with a negative return on investment and various operational strategies to manage risks and enhance returns [1][7]. Fund Overview - The fund is named "China Securities Index Fund" and operates as a contract-based open-end fund, with a total share of 1,713,012,778.28 as of June 30, 2025 [2]. - The fund aims to passively track the China Securities Index, maintaining a tracking error of no more than 0.35% and an annual tracking error of no more than 4% [2]. Financial Performance - The fund reported a realized loss of approximately 4.51 million RMB and a total profit loss of about 63.29 million RMB for the reporting period [3]. - The weighted average net value profit rate was -3.49%, and the fund's share net value growth rate was -2.88% [3]. - The cumulative net value growth rate since inception is -29.10% [3]. Market Environment - The securities sector experienced a volatile adjustment phase, with a decline of 3.34% in the first half of 2025, influenced by intensified trade tensions between China and the U.S. [7]. - Market sentiment improved towards the end of the second quarter, leading to a recovery in trading volumes and expectations for brokerage income [7][8]. Investment Strategy - The fund maintained a stock position of approximately 94.5% during the reporting period, effectively tracking the benchmark index [7]. - The fund's management employs risk management strategies, including the use of stock index futures to enhance investment efficiency [2][5]. Future Outlook - The report anticipates potential benefits for the brokerage sector from expected interest rate cuts by the Federal Reserve and supportive domestic policies [8]. - The brokerage sector's valuation remains low, with a price-to-book ratio of approximately 1.44, indicating potential for valuation recovery [8].

招商国证生物医药指数证券投资基金 基金管理人：招商基金管理有限公司 基金托管人：中国银行股份有限公司 送出日期：2025 年 8 月 28 日 招商国证生物医药指数证券投资基金 2025 年中期报告 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。本中期报告已经三分之二 以上独立董事签字同意，并由董事长签发。 基金托管人中国银行股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核了本 报告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证 复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 第 1 页 共 58 页 招商国证生物医药指数证券投资基金 2025 年中期报告 第 2 页 共 58 页 ...

Fund Overview - The fund is named "招商沪深 300 地产等权重指数证券投资基金" and operates as a contract-based open-end fund [2] - The fund aims to passively track the performance of the "沪深 300 地产等权重指数" using a full replication method [2][3] - The fund's total shares at the end of the reporting period were 3,655,079,118.76 [2] Financial Performance - The fund reported a realized loss of approximately 15.49 million RMB and a total profit loss of about 41.92 million RMB for the reporting period [3] - The weighted average net value profit rate was -10.89%, and the net asset value at the end of the period was 411.60 million RMB [3] - The cumulative net value growth rate of the fund was -48.20% [3] Investment Strategy - The fund utilizes stock index futures to enhance investment efficiency and achieve its investment objectives [2] - The fund's performance benchmark is a combination of 95% of the "沪深 300 地产等权重指数" return and 5% of the benchmark interest rate for RMB demand deposits [2] - The fund employs a passive investment strategy with strict investment discipline and quantitative risk management [2][3] Market Conditions - The real estate market showed a mixed performance, with demand initially rising but lacking long-term support in the second quarter [8] - The fund's A and C share net value growth rates were -10.39% and -10.42%, respectively, compared to a benchmark growth rate of -9.67% [8] - The overall economic environment indicated a GDP growth of 5.3% in China, with various sectors experiencing different levels of demand [9] Management and Compliance - The fund management strictly adheres to relevant laws and regulations, ensuring compliance in all investment operations [6][8] - The fund management has established a comprehensive research and investment decision-making process to ensure fair investment opportunities across portfolios [7] - The fund's valuation process is conducted in accordance with legal requirements, with a dedicated valuation committee overseeing the procedures [10][11]

招商瑞利灵活配置混合型证券投资基 金（LOF）2025 年中期报告 基金管理人：招商基金管理有限公司 基金托管人：中国建设银行股份有限公司 送出日期：2025 年 8 月 28 日 招商瑞利灵活配置混合型证券投资基金（LOF）2025 年中期报告 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。本中期报告已经三分之二 以上独立董事签字同意，并由董事长签发。 基金托管人中国建设银行股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核 了本报告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容， 保证复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 第 1 页 共 57 页 招商瑞利灵活配置混合型证券投 ...

Core Viewpoint - The report provides an overview of the performance and operational status of the招商基金招商蛇口租赁住房封闭式基础设施证券投资基金 for the first half of 2025, highlighting its financial metrics, asset management strategies, and the current state of the rental housing market in Shenzhen. Fund Overview - Fund Name: 招商基金招商蛇口租赁住房封闭式基础设施证券投资基金 - Fund Management Company: 招商基金管理有限公司 - Fund Custodian: 兴业银行股份有限公司 - Total Fund Shares at Period End: 500 million shares - Fund Contract Duration: 52 years - Fund's Main Investment: Over 80% of assets in infrastructure asset-backed securities [2][3] Financial Performance - Total Income for the Period: 38,085,751.15 RMB - Net Profit for the Period: -748,749.08 RMB - Net Cash Flow from Operating Activities: 20,169,677.90 RMB - Total Fund Assets at Period End: 1,576,636,847.26 RMB - Total Fund Net Assets at Period End: 1,349,466,578.66 RMB [3][4] Asset Project Information - The fund holds two rental housing projects in Shenzhen's Nanshan District, comprising 927 rental units and 15 commercial units, with a total rental area of 65,253.27 square meters. - The overall average occupancy rate for the projects is 88.51%, with the 林下项目 at 85.62% and the 太子湾项目 at 92.90% [4][5][6]. Market Context - The rental housing market in China is experiencing rapid growth, driven by government policies supporting the development of affordable rental housing. - The market is characterized by a dual-track system of affordable and market-oriented rental housing, with significant government backing for the former [6][8][10]. - The average rental price in Shenzhen is approximately 3.84 RMB per square meter per day, with a healthy overall rental rate above 90% [11][12]. Regulatory Environment - Recent government initiatives aim to enhance the supply of affordable housing and improve the rental market's operational standards, including the introduction of the Housing Rental Regulations effective from September 15, 2025 [8][9][10]. - Local policies in Shenzhen are focused on increasing the availability of affordable rental housing, particularly for new residents and young people [9][10][12]. Competitive Landscape - The rental housing sector is seeing increased competition with diverse market participants, including state-owned enterprises and specialized operators focusing on market-oriented operations [5][6]. - The fund's projects are positioned favorably due to their quality and strategic location, with limited competition in the immediate area [7].