招商中证银行指数证券投资基金 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 招商中证银行指数证券投资基金 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 58 页 招商中证银行指数证券投资基金 2025 年中期报告 第 2 页 共 ...

Core Viewpoint - The report provides a comprehensive overview of the performance and management of the招商智星稳健配置混合型基金中基金 (FOF-LOF) for the first half of 2025, highlighting its investment strategies, financial metrics, and market conditions affecting its performance. Fund Overview - Fund Name: 招商智星稳健配置混合型基金中基金 (FOF-LOF) - Fund Manager: 招商基金管理有限公司 - Fund Custodian: 中国银行股份有限公司 - Fund Type: Open-ended mixed fund of funds (FOF-LOF) - Fund Contract Effective Date: June 8, 2022 - Investment Objective: To achieve long-term stable appreciation of fund assets through asset allocation and fund selection while controlling risk [2][3]. Financial Performance - Total realized income for the period: 149,466.59 RMB - Total profit for the period: 269,800.00 RMB - Weighted average net value profit rate: 0.55% - Net asset value at the end of the period: 41,738,549.13 RMB - Fund share net value growth rate: 0.57% - Cumulative net value growth rate: 0.80% [3][4]. Market Conditions - The equity market experienced significant volatility in the first half of 2025, with the Hang Seng Index rising by 20% and the Hang Seng Technology Index increasing by 18.68% [7][10]. - The bond market showed mixed trends, with a notable decline in yields for 10Y and 30Y government bonds by over 25 basis points during the second quarter [9][10]. Investment Strategy - The fund focuses on dynamic asset allocation based on economic cycles and policy changes, aiming to optimize the investment portfolio while maintaining a stable overall risk level [2][3]. - The fund's investment strategies include stock, bond, convertible bond, and asset-backed securities strategies, among others [2][3]. Fund Manager's Report - The fund manager emphasizes adherence to legal regulations and a commitment to managing fund assets with diligence and integrity, ensuring compliance with investment strategies and risk management protocols [4][5][6]. - The fund manager has established a robust research and decision-making process to ensure fair investment opportunities across all portfolios [5][6]. Future Outlook - The fund aims to continue its stable and low-volatility investment philosophy, striving to create sustainable long-term returns for investors [9][10]. - The focus will remain on identifying opportunities in both equity and bond markets while being mindful of external market pressures such as geopolitical risks and inflation [10].

Core Viewpoint - The report provides a comprehensive overview of the performance and operational status of the招商公路高速公路封闭式基础设施证券投资基金, highlighting its financial metrics, investment strategies, and the operational performance of its underlying asset, the亳阜高速公路. Fund Overview - The fund is named 招商基金招商公路高速公路封闭式基础设施证券投资基金, with a total of 500 million shares at the end of the reporting period [2]. - The fund's operation is contract-based and has a lifespan of 15 years, with over 80% of its assets invested in infrastructure asset-backed securities [2][3]. - The fund aims to achieve long-term stable cash flow growth from infrastructure projects through active management [2]. Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the fund reported total income of approximately RMB 213.71 million and a net profit of about RMB 45.20 million [3]. - The fund's total assets at the end of the reporting period were approximately RMB 4.06 billion, with net assets of about RMB 3.24 billion, resulting in a total asset to net asset ratio of 125.13% [3]. - The cash distribution rate for the period was 3.44%, with an annualized cash distribution rate of 6.93% [3]. Asset Project Performance - The underlying asset, 亳阜高速公路, generated toll revenue of approximately RMB 218.07 million during the reporting period, reflecting a year-on-year increase of 7.49% [4]. - The average daily traffic volume was 15,326 vehicles, a 10.15% increase year-on-year, with passenger vehicles increasing by 14.48% and freight vehicles by 3.52% [4]. - The toll fee structure remained unchanged during the reporting period, and the project has a diversified revenue source with no single major cash flow provider [4][5]. Industry Context - The highway industry in China is entering a mature phase, with a total highway mileage of 549,040 kilometers as of the end of 2024, including 190,700 kilometers of expressways [5]. - The industry is characterized by weak cyclicality, with stable toll revenue due to the essential nature of road transport [5]. - Recent adjustments in toll policies in Anhui province are expected to positively impact toll revenue for the project [6][7]. Regulatory Environment - The Anhui provincial government issued new regulations regarding differentiated toll pricing, which are expected to enhance the project's revenue potential [6][7]. - The fund's management is committed to monitoring the impact of regulatory changes on traffic volume and toll income [7].

Core Viewpoint - The report provides a comprehensive overview of the performance and financial status of the招商保证金快线货币市场基金 for the first half of 2025, highlighting its investment strategy, financial metrics, and market outlook. Fund Overview - Fund Name: 招商保证金快线货币市场基金 - Fund Manager: 招商基金管理有限公司 - Fund Custodian: 平安银行股份有限公司 - Fund Type: Open-ended trading fund - Fund Inception Date: May 17, 2013 - Total Fund Shares at Period End: 6,697,063,645.37 RMB [2][3] Financial Performance - Realized Income for the Period: 1,153,765.94 RMB - Net Asset Value at Period End: 167,979,800.00 RMB - Net Value Yield for the Period: 0.6658% - Cumulative Net Value Yield: 31.2871% [3][4] Investment Strategy - The fund aims to achieve stable current returns while maintaining the safety of principal and liquidity through a rigorous market value analysis and a conservative investment portfolio strategy focused on short-term financial instruments [2][3]. Market Review - The macroeconomic environment shows a mixed performance with fixed asset investment growth at 2.8% year-on-year, while real estate investment continues to decline by 11.2% [6][7]. - Manufacturing investment remains strong with a 7.5% year-on-year increase, and consumer retail sales improved by 5.0% [6][7]. Fund Operations - The fund actively seeks high-yield assets along the interest rate curve while ensuring compliance with legal and liquidity requirements [7][8]. - The fund's A, B, and D share classes reported net value yields of 0.6658%, 0.7848%, and 0.7879% respectively, outperforming the benchmark yield of 0.1760% [8][9]. Financial Statements - Total Assets as of June 30, 2025: 7,415,363,379.36 RMB - Total Liabilities: 718,299,733.99 RMB - Total Net Assets: 6,697,063,645.37 RMB [11][12].

Core Points - The report provides an overview of the performance and financial status of the招商中证全指红利质量交易型开放式指数证券投资基金 for the period from March 12, 2025, to June 30, 2025, highlighting its investment strategy and financial metrics [1][3][6] Fund Overview - The fund is named 招商中证全指红利质量 ETF and operates as an open-ended index fund, with a total fund share of 226,635,053.00 shares as of the report date [1][2] - The fund aims to closely track the 中证全指红利质量指数, with a target of keeping the average tracking deviation within 0.2% and annualized tracking error within 2% [1][2] Financial Performance - The fund achieved a realized income of 4,734,416.83 RMB and a profit of 3,342,949.80 RMB during the reporting period [3][6] - The weighted average profit per fund share was 0.0134 RMB, with a net asset value of 228,005,160.76 RMB at the end of the period [3][6] - The fund's net asset value per share was 1.0060 RMB, reflecting a cumulative net value growth rate of 0.60% [3][6] Investment Strategy - The fund employs a full replication strategy, investing directly in the components of the benchmark index and adjusting the portfolio as necessary to maintain alignment with the index [1][2] - The fund's investment strategy includes various asset classes such as stocks, bonds, and derivatives, with a minimum of 90% of its assets allocated to the benchmark index components [1][10] Management and Compliance - The fund is managed by 招商基金管理有限公司, which has a registered capital of 1.31 billion RMB and is owned by 招商银行股份有限公司 and 招商证券股份有限公司 [2][3] - The fund management adheres to strict compliance with relevant laws and regulations, ensuring that all investment operations are conducted in the best interest of fund holders [4][5][6] Financial Statements - As of June 30, 2025, the total assets of the fund amounted to 230,179,164.67 RMB, with total liabilities of 2,174,003.91 RMB [8][9] - The fund's total revenue for the reporting period was 3,545,580.70 RMB, with total expenses of 202,630.90 RMB, resulting in a net profit of 3,342,949.80 RMB [9][11]

Fund Overview - The fund is named "Zhaoshang Zhongzheng Shanghai Environmental Exchange Carbon Neutrality ETF" and was established on July 14, 2022 [2] - The fund aims to closely track the performance of the underlying index, with a target of keeping the average tracking deviation within 0.2% and annual tracking error within 2% [2][3] - The fund's total shares at the end of the reporting period were 335,719,131 [2] Financial Performance - The fund reported a realized loss of approximately 11.74 million RMB during the reporting period [3] - The net profit for the period was approximately 4.70 million RMB, resulting in a weighted average net value profit rate of 1.66% [3][9] - The fund's net asset value at the end of the reporting period was approximately 267.88 million RMB, with a net asset value per share of 0.7979 RMB [3][16] Investment Strategy - The fund employs a full replication strategy, investing directly in the components of the underlying index [2] - The fund's investment strategy includes various asset classes such as stocks, bonds, and derivatives, with a focus on maintaining a close alignment with the index [2][20] - The fund's performance benchmark is the return of the Zhongzheng Shanghai Environmental Exchange Carbon Neutrality Index [21] Market Environment - The report indicates that fiscal and monetary policies have been working together to stabilize growth, with active capital market performance supported by policy measures [8] - The market has shown structural opportunities, with certain sectors like non-ferrous metals and banking performing well, while others like coal and real estate lagged [8][10] Management and Compliance - The fund management company, Zhaoshang Fund Management Co., Ltd., has been operating in compliance with relevant laws and regulations, ensuring the protection of investors' interests [5][7] - The fund has established a comprehensive research and investment decision-making process to ensure fair investment opportunities across its portfolios [6][7]

Fund Overview - The fund is named "招商纳斯达克 100 交易型开放式指数证券投资基金 (QDII)" and aims to closely track the performance of the Nasdaq 100 Index [2] - The fund was established on April 12, 2023, and began trading on April 25, 2023, with a total share amount of 2,855,744,064.00 shares at the end of the reporting period [2][3] - The fund employs a full replication strategy to construct its investment portfolio based on the components and weights of the underlying index [2] Financial Performance - The fund achieved a realized income of 30,161,252.54 RMB and a profit of 386,664,053.22 RMB during the reporting period from January 1, 2025, to June 30, 2025 [3] - The weighted average net value profit rate was 8.11%, and the fund's share net value growth rate was 7.45% [3] - The fund's net asset value at the end of the reporting period was 4,992,871,529.14 RMB, with a share net value of 1.7484 RMB [3][10] Market Context - The Nasdaq 100 Index increased by 7.93% during the reporting period, with the S&P 500 and Dow Jones indices rising by 5.50% and 3.64%, respectively [6] - The fund maintained a position of approximately 99.2% during the reporting period, effectively tracking the benchmark index [6] - Market expectations suggest potential economic fluctuations in the second half of 2025, but corporate earnings remain resilient, particularly in the technology sector [6] Management and Operations - The fund management company, 招商基金管理有限公司, was established on December 27, 2002, and is fully owned by 招商银行股份有限公司 and 招商证券股份有限公司 [4] - The fund manager has implemented a comprehensive research methodology and investment decision-making process to ensure fair investment opportunities across portfolios [4][5] - The fund's investment strategy includes various approaches such as bond investment, asset-backed securities, and derivatives [2][3]

Core Viewpoint - The report provides a comprehensive overview of the performance and financial metrics of the China Securities Index Fund focused on non-ferrous metal mining, highlighting its investment strategy, financial results, and market conditions during the reporting period from January 1, 2025, to June 30, 2025 [1][2]. Fund Overview - The fund is named "China Securities Non-Ferrous Metal Mining Theme ETF" and was established on June 21, 2023, with a total fund share of 12,163,978.00 shares as of the end of the reporting period [1][2]. - The fund aims to closely track the performance of the benchmark index with a target of keeping the average tracking deviation within 0.2% and annualized tracking error within 2% [1][2]. Financial Performance - The fund achieved a realized income of 456,282.44 and a profit of 2,131,901.11 during the reporting period [3]. - The weighted average profit per fund share was 0.1585, with a net asset value of 13,715,616.96 at the end of the period [3]. - The fund's share net value growth rate was 16.86%, while the benchmark growth rate was 16.73%, indicating a strong performance relative to its benchmark [3][8]. Market Conditions - The non-ferrous metal index increased by over 16% during the reporting period, reflecting strong market interest in resource stocks [7]. - Basic metals showed an upward trend, while energy metal sentiment gradually recovered, despite uncertainties in the external environment [7]. - The report anticipates a "volatile upward, structural rebalancing" market trend in the second half of the year, with A-shares remaining at relatively low valuations [8]. Investment Strategy - The fund employs a full replication strategy to construct its investment portfolio based on the benchmark index's components and weights [1][2]. - In cases of liquidity issues or regulatory restrictions, the fund manager may utilize alternative investment strategies to maintain close tracking of the index [1][2]. Management and Compliance - The fund management company, China Merchants Fund Management Co., Ltd., has established a robust research and investment decision-making process to ensure fair investment opportunities across portfolios [6][7]. - The fund's operations during the reporting period adhered strictly to relevant laws and regulations, with no actions detrimental to the interests of fund shareholders [7][12].

Fund Overview - The fund is named "招商中证香港科技交易型开放式指数证券投资基金（QDII）" and is abbreviated as "港股科技 50ETF" [2] - The fund aims to closely track the underlying index with a target of minimizing tracking deviation and tracking error [2] - The fund primarily adopts a full replication method to construct its stock investment portfolio based on the underlying index [2] Financial Performance - The fund achieved a realized income of 17,868,010.59 RMB and a profit of 21,370,215.06 RMB during the reporting period [3] - The weighted average net value profit rate for the period was 5.00%, with a net asset value of 585,250,731.84 RMB at the end of the period [3] - The fund's net asset value per share increased by 26.09% during the reporting period [3][7] Market Context - The Hong Kong stock market continued its upward trend, with the Hang Seng Index rising by 20.00% and the Hang Seng Technology Index increasing by 18.68% [6] - The fund's benchmark index, the Hong Kong Technology Index, rose by 27.64% during the reporting period, benefiting from improved corporate fundamentals and favorable market policies [6][7] Investment Strategy - The fund maintains a high investment position, with an average holding of around 99% during the reporting period [6] - The fund's investment strategy includes various approaches such as bond investment, asset-backed securities, and derivatives [2] Management and Compliance - The fund management company, 招商基金管理有限公司, has established a comprehensive research and investment decision-making process to ensure fair investment opportunities across portfolios [5] - The fund's operations during the reporting period complied with relevant laws and regulations, with no significant abnormal trading behavior reported [6][10]

Fund Overview - The fund is named "Zhaoshang Zhongzheng Biotechnology Theme ETF" and was established on February 8, 2021, with a total fund share of 145,372,396.00 shares as of the report date [2][3]. - The fund aims to closely track the performance of the underlying index, minimizing tracking deviation and error through a full replication strategy [2][3]. Financial Performance - The fund reported a realized loss of approximately 8.98 million RMB and a profit of 5.37 million RMB for the reporting period from January 1 to June 30, 2025 [3][4]. - The weighted average net value profit rate was 7.21%, with a net asset value of approximately 71.41 million RMB at the end of the reporting period [3][4]. - The fund's net asset value per share was 0.4913 RMB, with a cumulative net value growth rate of -50.87% since inception [3][4]. Market Context - The underlying index, the Zhongzheng Biotechnology Theme Index, increased by 6.46% during the reporting period, while the fund's net value growth rate was 6.87% [7][8]. - The market showed active trading sentiment, supported by fiscal and monetary policies aimed at stabilizing growth and promoting high-quality development [7][8]. Investment Strategy - The fund employs a strategy that includes risk management through hedging with liquid and actively traded index futures, as well as participation in government bond futures to control systemic risks in the bond market [2][3]. - The fund's investment decisions are based on thorough analysis of macroeconomic conditions and the impact of domestic fiscal and monetary policies on the bond market [2][3]. Regulatory Compliance - The fund management strictly adheres to relevant laws and regulations, ensuring that all transactions are conducted in compliance with the fund contract and regulatory requirements [6][8]. - The fund has not experienced any significant abnormal trading behavior that could harm the interests of fund shareholders during the reporting period [6][8].