1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The issuance of the first batch of Sci - tech Innovation Bond ETFs has landed, empowering the continuous expansion of the Sci - tech Innovation Bond market. As of July 15, 2025, 10 Sci - tech Innovation Bond ETFs have raised a total of 28.988 billion yuan, accounting for about 96.63% of the planned fundraising scale cap [1][13]. - Through the analysis of the underlying component bonds of the tracking indices of Sci - tech Innovation Bond ETFs, it is found that there are differences in the term structure, issuer structure, coupon rate, and yield distribution among the three major indices, and the excess spread of Sci - tech Innovation Bonds varies due to the issuer's qualifications [1]. - The issuance of Sci - tech Innovation Bond ETFs will increase the allocation demand for Sci - tech Innovation Bonds, improve market liquidity, and attract medium - and long - term funds into the Sci - tech Innovation Bond market [1][8]. 3. Summary by Relevant Catalogs 3.1 First Batch of Sci - tech Innovation Bond ETFs Issued, Empowering the Continuous Expansion of the Sci - tech Innovation Bond Market - On June 18, 2025, the first batch of 10 Sci - tech Innovation Bond ETFs were submitted collectively, approved on July 2, and scheduled for issuance on July 7. Among them, 6 products track the CSI AAA Sci - tech Innovation Corporate Bond Index, 3 track the SSE AAA Sci - tech Innovation Corporate Bond Index, and 1 tracks the SZSE AAA Sci - tech Innovation Corporate Bond Index [1][13]. - As of July 15, 2025, these 10 ETFs raised a total of 28.988 billion yuan, accounting for about 96.63% of the planned fundraising scale cap [1][13]. 3.2 Analysis of the Component Bond Structure of the Tracking Indices of Sci - tech Innovation Bond ETFs - **Component Bond Quantity and Scale**: As of July 4, 2025, the number of component bonds of the CSI, SSE, and SZSE AAA Sci - tech Innovation Corporate Bond Indices was 825, 678, and 146 respectively, with outstanding scales of 107.4735 billion yuan, 93.0605 billion yuan, and 14.183 billion yuan respectively [1][16]. - **Remaining Term Structure**: The remaining term structures of the three indices are basically the same, mainly short - and medium - term within 5 years. The Shenzhen index has a relatively lower component bond term center, and the term distribution of the index component bonds is consistent with that of the existing Sci - tech Innovation Corporate Bonds [1][17]. - **Issuer Structure**: The issuers of the component bonds of the three indices are all AAA - rated with high credit quality, mainly central and local state - owned enterprises. The Shenzhen index has a more diverse issuer structure in terms of enterprise nature and industry distribution [1][22]. - **Coupon Rate Distribution**: The coupon rates of the component bonds of the three indices are mainly concentrated in the 2 - 2.5% range. The coupon rate center of the Shenzhen index has shifted upward [1][26]. - **Yield Distribution**: The yield distribution of the CSI and SSE indices is more balanced, while the yield of the Shenzhen index shows significant polarization [1][28]. - **Excess Spread**: The excess spread of perpetual and non - perpetual Sci - tech Innovation Bonds of the top ten issuers by market value in the index component bonds is between - 2.45 and 23.94BP and between - 7.78 and 32.97BP respectively. The compression space of the excess spread of the Shenzhen index is relatively large [1][29]. 3.3 Impact of the Issuance of Sci - tech Innovation Bond ETFs on the Sci - tech Innovation Bond Market - **Increase Allocation Demand for Sci - tech Innovation Bonds**: Sci - tech Innovation Bond ETFs have advantages such as low fees, high position transparency, and efficient trading mechanisms. With the issuance of the first batch of ETFs, the scale is expected to continue growing, bringing about allocation demand for component bonds. The market of Sci - tech Innovation Corporate Bonds may have started [1][34][35]. - **Improve Market Liquidity of Sci - tech Innovation Bonds**: The launch of ETFs will strengthen the market liquidity of Sci - tech Innovation Corporate Bonds, facilitate investors' participation, compress liquidity premiums, and improve pricing efficiency [1][8][38]. - **Attract Medium - and Long - Term Funds into the Sci - tech Innovation Bond Market**: The launch of Sci - tech Innovation Bond ETFs can match the allocation needs of institutional investors such as social security funds, pensions, and insurance funds, attracting medium - and long - term funds into the market [8][43].

Core Viewpoint - The report highlights the performance and investment strategy of the招商创业板大盘交易型开放式指数证券投资基金 for the second quarter of 2025, indicating a net asset value growth of 5.31% compared to the benchmark growth of 4.13% during the same period [14]. Fund Overview - The fund is a trading open-ended index fund, primarily tracking the创业板大盘指数, with a total fund share of 267,863,172.00 shares at the end of the reporting period [2][20]. - The fund aims to minimize tracking deviation and error, with an expected daily tracking deviation of no more than 0.2% and an annual tracking error of no more than 2% [2]. Investment Strategy - The fund employs a full replication method to construct an index investment portfolio based on the composition and weight of the underlying index [2]. - The management strategy includes macroeconomic analysis and risk management principles, focusing on interest rate expectations and asset allocation strategies to manage bond investments [3][4]. Financial Performance - The fund's net asset value growth rate for the past three months was 5.31%, while the benchmark's growth rate was 4.13% [14]. - Over the past year, the fund achieved a return of 35.21%, outperforming the benchmark return of 31.82% [10]. Asset Allocation - As of the end of the reporting period, the fund's assets were primarily allocated to stocks (99.26%), with a minimal allocation to bonds (0.02%) [15]. - The manufacturing sector represented the largest portion of the fund's investments, accounting for 70.45% of the total asset value [15]. Shareholder Activity - The total subscription during the reporting period was 70,000,000.00 shares, while total redemptions amounted to 112,000,000.00 shares, resulting in a decrease in total fund shares [20]. Compliance and Governance - The fund management adheres to relevant laws and regulations, ensuring compliance in all trading activities and maintaining a fair investment decision-making process [12][13].

Core Viewpoint - The report provides an overview of the performance and management of the ShenZhen Electronic Information Media Industry (TMT) 50 Exchange-Traded Fund (ETF) for the second quarter of 2025, highlighting its investment strategy, financial performance, and market conditions during the reporting period [1][2][8]. Fund Product Overview - The fund is named ShenZhen TMT50 ETF, with a total share of 629,061,992 at the end of the reporting period [2]. - The fund aims to closely track the ShenZhen TMT50 Index using a full replication method, adjusting the stock weights according to the index's composition [2][3]. Performance Metrics - The fund's net asset value growth rate for the past three months was 3.02%, while the benchmark index increased by 2.35% [11]. - Over the past year, the fund achieved a growth rate of 21.64%, outperforming the benchmark's 20.02% [7]. - The fund's performance over three years was 8.38%, compared to the benchmark's 2.55% [7]. Investment Strategy - The fund employs a passive investment strategy, aiming to minimize tracking deviation and error [3][4]. - The fund's investment is primarily in the manufacturing sector, accounting for 78.74% of the total net asset value [14]. Market Conditions - During the reporting period, the TMT50 Index rose by 2.35%, supported by active capital market performance driven by fiscal and monetary policies [10][11]. - The market showed structural opportunities, with sectors like defense, banking, and communication performing well, while food and beverage, and household appliances lagged [11]. Fund Management - The fund management is conducted by招商基金管理有限公司, ensuring compliance with relevant laws and regulations [9][10]. - The fund manager has established a robust investment decision-making process, ensuring fair opportunities across investment portfolios [9][10]. Shareholder Information - The fund experienced an increase in total shares from 611,561,992 to 629,061,992 during the reporting period, with total subscriptions of 57,500,000 and redemptions of 40,000,000 [20][21].

Core Viewpoint - The report provides an overview of the performance and management of the China Merchants Index Bank Securities Investment Fund for the second quarter of 2025, highlighting its investment strategy, financial performance, and compliance with regulations. Fund Product Overview - The fund is a passive index fund that aims to track the China Securities Bank Index, with a target tracking error of no more than 0.35% and an annual tracking error of no more than 4% [2][3]. - The fund employs a full replication method to construct its stock portfolio based on the composition and weight of the index constituents [2][3]. - The fund's performance benchmark is a combination of 95% of the China Securities Bank Index return and 5% of the benchmark interest rate for RMB demand deposits [2][3]. Financial Indicators and Fund Net Value Performance - For the reporting period, the A class shares achieved a net value growth rate of 11.58%, while the benchmark growth rate was 10.39% [8]. - The C class shares recorded a net value growth rate of 11.56%, also against a benchmark of 10.39% [8]. - The E class shares had a net value growth rate of 11.51% during the same period [8]. - The fund's overall performance over the past three months, six months, and one year shows significant growth, with the one-year growth rate reaching 36.00% for A class shares [3][8]. Management Report - The fund manager emphasizes adherence to legal regulations and internal policies, ensuring fair investment opportunities across all portfolios [6][7]. - The fund's investment strategy includes strict risk management and compliance with investment guidelines, with no significant abnormal trading activities reported during the period [7][8]. - The fund maintained a stable operation with a portfolio position of approximately 94.5% during the reporting period, successfully tracking the benchmark [7][8]. Investment Portfolio Report - The fund's total assets include approximately 1.36 billion RMB in stocks, accounting for 89.52% of the total assets, and a small portion in bonds [9][10]. - The fund's top ten securities primarily consist of major banks, reflecting its focus on the banking sector [13][15]. - The fund did not hold any restricted stocks or convertible bonds during the reporting period [12][16].

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 second quarter of 2025, highlighting its focus on rental housing projects in Shenzhen and the financial metrics associated with these investments [1][3]. Fund Product Overview - The fund is named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, with a total of 500 million shares at the end of the reporting period [1]. - The fund primarily invests over 80% of its assets in infrastructure asset-backed securities, aiming for long-term stable cash flow growth from infrastructure projects [1][3]. - The fund's contract duration is 52 years, and it was established on September 26, 2024, with shares listed on the Shenzhen Stock Exchange [1][3]. Financial Indicators and Fund Operations - For the reporting period from April 1, 2025, to June 30, 2025, the fund reported a distributable amount of CNY 13,873,645.95, with a per-share distribution of CNY 0.0277 [3][5]. - The total income for the period was CNY 19,968,323.06, with a net profit of CNY 713,294.75 [3][5]. - The fund incurred management fees totaling CNY 340,899.65 and operational management fees of CNY 2,213,044.43 during the reporting period [3][5]. Asset Project Basic Information - The fund holds two rental housing projects in Shenzhen, with a total of 927 rental units and 15 commercial units, covering a rental area of 65,253.27 square meters [4][5]. - The 林下 project has been operational since March 2016, while the 太子湾 project has been operational since May 2020, both showing stable operational performance without any major incidents or disputes [4][5]. Cash Flow and Recovery Fund Usage - The total cash inflow for both projects during the reporting period was CNY 22,882,340.63, while total cash outflow was CNY 10,362,390.33 [5][6]. - The original equity holder has committed to using 85% of the net recovery funds for infrastructure projects, with CNY 59,430.58 million allocated for investment [6][8]. Management and Personnel - The fund management team includes experienced professionals with backgrounds in finance and infrastructure project management, ensuring effective oversight and operational management [7][8].

Core Viewpoint - The report highlights the performance and investment strategy of the China Securities Coal Equal-weight Index Fund for the second quarter of 2025, indicating a slight decline in net asset value and a focus on passive index tracking [1][2]. Fund Overview - The fund aims to achieve returns similar to the underlying index with a tracking deviation not exceeding 0.35% on a daily basis and an annual tracking error of no more than 4% [1]. - The fund employs a passive investment strategy by replicating the composition and weight of the underlying index, the China Securities Coal Equal-weight Index [1][2]. Financial Performance - For the reporting period from April 1 to June 30, 2025, the A class share net value growth rate was -1.43%, while the benchmark growth rate was -2.72% [6]. - The C class share net value growth rate was -1.45%, and the E class share net value growth rate was -1.50%, both against the same benchmark [6]. - The fund's total assets at the end of the reporting period included approximately 720 million yuan in stocks, accounting for 93.56% of total assets [6]. Investment Strategy - The fund's investment strategy includes daily tracking of the portfolio's performance against the underlying index and monthly analysis of tracking deviation and tracking error [1][4]. - The fund may utilize stock index futures to enhance investment efficiency and achieve its investment objectives [1][9]. Market Conditions - The underlying index experienced a decline of 2.9% in the second quarter, with a portfolio maintained at approximately 94.5% [5]. - The report notes that coal prices are stabilizing at the bottom range, with a gradual reduction in inventory, which may support future price increases [5]. Asset Allocation - The fund's asset allocation primarily consists of stocks (approximately 720 million yuan) and a smaller portion in bonds (around 34 million yuan) [6][7]. - The mining industry represents the largest sector in the fund's portfolio, accounting for 71.74% of the total asset value [7].

Core Viewpoint - The report highlights the performance and management of the China Securities Index Wine Investment Fund for the second quarter of 2025, indicating a challenging market environment for the wine industry with a focus on strategic adjustments to enhance investment returns [1][8]. Fund Product Overview - The fund is named "China Securities Index Wine" and operates as a contract-based open-end fund, with a total fund share of approximately 55 billion [2]. - The fund aims to passively track the China Securities Wine Index using a full replication method, adjusting its portfolio based on the index's constituent stocks and their weights [2]. Performance Metrics - The fund's A class share net value growth rate for the reporting period was -12.17%, while the benchmark growth rate was -12.83%. The C class share net value growth rate was -12.20% [9]. - The wine index experienced a decline of 13.47% during the quarter, with the fund maintaining a stable position at approximately 94.5% [8]. Investment Strategy - The fund employs a passive investment strategy with strict investment discipline and quantitative risk management to achieve returns similar to the benchmark index [2]. - The management emphasizes the importance of liquidity analysis for constituent stocks and may use fundamental substitution strategies if liquidity is insufficient [2]. Market Conditions - The report notes that the wine industry is facing a destocking cycle and weak business demand, leading to a reassessment of growth targets by wine companies [8]. - The management suggests that breaking the negative cycle requires decisive actions such as adjusting inventory and providing incentives to channels and consumers to restore market order [8]. Asset Allocation - As of the reporting period, the fund's total assets were primarily allocated to stocks, accounting for approximately 93.87% of the total assets, with minimal investments in bonds [10]. - The manufacturing sector dominates the fund's investments, representing 94.48% of the fund's net asset value [11]. Fund Share Changes - The total fund shares for A class increased to approximately 40.94 billion, while C class shares rose to about 14.08 billion during the reporting period [23].

Group 1 - The report covers the performance of the China Merchants HuShen 300 Real Estate Equal Weight Index Fund for the second quarter of 2025, highlighting a challenging environment for the real estate sector with a decline in both sales volume and price [12][13]. - The fund's A share net value growth rate was -4.59%, while the benchmark growth rate was -4.12% during the same period [13]. - The fund's total share amount at the end of the reporting period was 3,655,079,118.76 shares [2]. Group 2 - The fund employs a passive index investment strategy, aiming to track the HuShen 300 Real Estate Equal Weight Index with a tracking error not exceeding 0.35% [2][3]. - The fund's investment portfolio is primarily composed of stocks, with 92.85% of total assets allocated to equities, specifically in the real estate sector [14][15]. - The fund management has established a robust research methodology and investment decision-making process to ensure fair investment opportunities across all portfolios [11][12]. Group 3 - The fund's investment strategy includes the use of stock index futures to enhance investment efficiency and manage liquidity risks [4][20]. - The fund's performance over the past three years shows a significant decline of -57.85%, indicating a challenging market environment [8]. - The fund's investment in the top ten securities does not exceed the stipulated limits in the fund contract, ensuring compliance with regulatory requirements [20].

Core Viewpoint - The report provides an overview of the performance and management of the招商国证生物医药指数证券投资基金 for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market conditions affecting the fund's performance [1][5]. Fund Product Overview - The fund is a passive index fund that aims to track the国证生物医药指数, utilizing a complete replication method to construct its stock portfolio based on the index's components and their weights [1][5]. - As of the end of the reporting period, the total fund shares amounted to approximately 24.03 billion [1]. Financial Indicators and Fund Performance - For the reporting period from April 1, 2025, to June 30, 2025, the A class share net value growth rate was 1.46%, while the C class share net value growth rate was 1.44%, both outperforming the benchmark growth rate of 0.90% [3][7]. - The fund's asset allocation included approximately 94.36% in stocks and 0.19% in bonds, indicating a strong focus on equity investments [5][8]. Investment Strategy - The fund employs a disciplined investment approach with quantitative risk management to achieve returns similar to the benchmark index [1][5]. - The management team actively monitors the fund's tracking deviation from the benchmark and adjusts the portfolio accordingly to optimize performance [1][5]. Market Conditions - The report notes significant market volatility influenced by factors such as overseas trade tensions and geopolitical conflicts, with the国证生物医药指数 increasing by 0.90% during the reporting period [7][8]. - The fund maintained a position of approximately 94.5% during the reporting period, effectively tracking the benchmark [7].

招商智星稳健配置混合型基金中基金 （FOF-LOF）2025 年第 2 季度报告 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 7 月 18 日 招商智星稳健配置混合型基金中基金（FOF-LOF）2025 年第 2 季度报告 §1 重要提示 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。 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 7 月 17 日复核了本 报告中的财务指标、净值表现和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。 本报告中财务资料未经审计。 本报告期自 2025 年 4 月 1 日起至 6 月 30 日止。 §2 基金产品概况 基金主代码 161730 交易代码 161730 基金运作方式 契约型开放式 基金合同生效日 2 ...