Fund Overview - The fund is named "Huaxia Hang Seng Biotechnology Exchange-Traded Fund (QDII)" and aims to closely track the Hang Seng Biotechnology Index, which reflects the performance of the largest 50 biotechnology companies listed in Hong Kong [1][12] - The fund was established on September 29, 2021, and is managed by Huaxia Fund Management Co., Ltd. with China Agricultural Bank as the custodian [1][4] - As of June 30, 2025, the total fund shares amounted to 5,933,266,022 [1][19] Financial Performance - The fund reported a profit of approximately 1.79 billion RMB for the first half of 2025 [2] - The net asset value per share at the end of the reporting period was 0.7256 RMB, with a net value growth rate of 51.45% [14][19] - The fund's cumulative net value growth rate since inception is -27.44% [6][14] Investment Strategy - The fund employs a combination of strategies including full replication, alternative strategies, and derivatives to minimize tracking error and closely follow the benchmark index [1][12] - The fund's performance benchmark is the return of the Hang Seng Biotechnology Index, adjusted for valuation exchange rates [1][12] Market Context - The Hong Kong stock market showed strong performance in the first half of 2025, with significant inflows from southbound funds, particularly in sectors like AI technology, new consumption, and innovative pharmaceuticals [13][15] - The fund's investment operations were conducted with a focus on maintaining liquidity and stability, responding to investor subscriptions, redemptions, and adjustments in constituent stocks [13][14] Management and Compliance - Huaxia Fund Management Co., Ltd. is recognized as one of the largest ETF asset management companies in China, with a comprehensive product line covering various indices [5][8] - The fund management strictly adheres to relevant laws and regulations, ensuring fair treatment of all fund holders and maintaining transparency in operations [10][18]

Core Viewpoint - The report provides a comprehensive overview of the performance and management of the Huaxia CSI 1000 Exchange-Traded Fund (ETF) for the first half of 2025, highlighting its investment strategies, financial metrics, and market conditions affecting its operations [1][11][12]. Fund Overview - Fund Name: Huaxia CSI 1000 ETF - Fund Manager: Huaxia Fund Management Co., Ltd. - Fund Custodian: China Merchants Bank Co., Ltd. - Total Fund Shares at Period End: 14,654,425,606 shares - Fund Contract Effective Date: March 18, 2021 - Fund's Investment Objective: To closely track the CSI 1000 Index with minimal tracking deviation [1][2][11]. Financial Indicators and Fund Performance - Realized Income for the Period: CNY 1,875,209,531.46 - Total Profit for the Period: CNY 3,587,964,547.03 - Average Net Value Profit Rate: 10.97% - Net Asset Value at Period End: CNY 38,226,981,314.51 - Fund Share Net Value Growth Rate: 7.48% - Cumulative Net Value Growth Rate: 8.14% [2][3][11]. Market and Economic Conditions - The domestic economy showed stability with a GDP growth of 5.3% year-on-year in the first half of 2025, while CPI decreased by 0.1% compared to the previous year [11][12]. - The A-share market experienced volatility due to various factors, including trade policies and liquidity changes, but maintained resilience overall [12][14]. Investment Strategy - The fund employs a combination of replication strategies and alternative strategies to effectively track the CSI 1000 Index, which consists of 1000 smaller, liquid stocks not included in the CSI 800 Index [11][12]. - The fund's tracking deviation for the reporting period was +0.79%, attributed to factors such as stock dividends and operational expenses [13][14]. Management and Operations - Huaxia Fund Management Co., Ltd. has a strong reputation in the ETF management space, being one of the largest in terms of asset management scale [4][5]. - The fund management adheres to strict compliance with regulations and maintains a commitment to fair trading practices [10][17].

Core Viewpoint - The report provides an overview of the performance and management of the Small and Medium Enterprises 100 Exchange-Traded Fund (ETF) for the first half of 2025, highlighting its investment strategy, financial performance, and market conditions affecting the fund [1][2]. Fund Overview - Fund Name: Small and Medium Enterprises 100 ETF - Fund Manager: China Asset Management Co., Ltd. - Fund Custodian: China Construction Bank Co., Ltd. - Total Fund Shares at Period End: 175,954,340.57 shares [3]. - Fund's Investment Objective: To closely track the underlying index and minimize tracking deviation and error [3]. Financial Performance - Realized Income for the Period: CNY 21,867,972.50 - Profit for the Period: CNY 21,802,471.19 - Weighted Average Fund Share Profit for the Period: 0.1182 - Net Asset Value at Period End: CNY 604,534,430.92 - Fund Share Net Value at Period End: 3.4357 [4][20]. - Fund Share Net Value Growth Rate for the Period: 3.21% [15]. Market Conditions - The report indicates that the global economic environment remains complex, with trade disputes and geopolitical tensions contributing to uncertainty. However, domestic macroeconomic policies are supportive of growth, with GDP increasing by 5.3% year-on-year [14][15]. - The A-share market experienced volatility, with small-cap stocks outperforming large-cap stocks during the reporting period [14][15]. Investment Strategy - The fund primarily employs a full replication strategy, constructing its stock portfolio according to the composition and weight of the underlying index. Adjustments are made based on changes in the index's constituent stocks [13][14]. - The fund's performance is benchmarked against the Small and Medium Enterprises 100 Index, which reflects the core index of the original SME board market [13][14]. Management Report - The fund manager, China Asset Management Co., Ltd., emphasizes its commitment to managing the fund with integrity and diligence, aiming to maximize returns for fund shareholders [16]. - The report highlights the importance of maintaining liquidity and stability in fund operations, with designated liquidity service providers to enhance market liquidity [15][19].

Group 1 - The A-share market is currently experiencing a four-month consecutive rise, indicating a potential bull market, but caution is advised for new investors as the market may not have significant upward movement left [1][3]. - The bull market is estimated to be about 60% complete, with an expected maximum rise of 40%, placing the index between 4800 and 5100 points [1]. - If major sectors like liquor, securities, insurance, and real estate start to rally, it could signal the end of the current bull market, as there would be fewer low-positioned shares available for purchase [3]. Group 2 - A significant market shift is anticipated in September, with consumer sectors likely to rise, while other indices may experience selling pressure [5]. - The Shanghai Composite Index is expected to have limited downside potential unless it reaches between 4100 and 4200 points [5]. - Investors are advised to maintain their positions if they are not holding high-positioned shares, as the market is likely to continue its upward trend [5]. Group 3 - The current trading volume is around 3 trillion, suggesting that market analysis may be less valuable, and investors should rely on their convictions and profits as a safety net [7]. - The sentiment in the market is characterized by a mix of excitement and caution, with a focus on maintaining profits rather than increasing positions [7].

Fund Overview - The fund is named Penghua CSI Livestock Breeding ETF, managed by Penghua Fund Management Co., Ltd. and custodied by Huatai Securities Co., Ltd. [2] - The fund aims to closely track the CSI Livestock Breeding Index, with a target of keeping the average tracking deviation within 0.2% daily and annual tracking error within 2% [2][3] - As of June 30, 2025, the total fund shares amounted to 910,143,594 [2] Financial Performance - The fund reported a realized loss of approximately 10.12 million RMB and a profit of approximately 34.83 million RMB for the reporting period [3] - The net asset value of the fund at the end of the reporting period was approximately 552.17 million RMB, with a net asset value per share of 0.6067 RMB [3][15] - The cumulative net value growth rate of the fund was -39.33% since the fund's inception [3][4] Investment Strategy - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of the index constituents [9] - Adjustments to the investment portfolio will be made in response to changes in the index constituents or due to market conditions affecting liquidity [9][10] - The fund also utilizes stock index futures for hedging systemic risks and improving investment efficiency [2][9] Market Context - The CSI Livestock Breeding Index increased by 3.79% during the reporting period, outperforming the Shanghai Composite Index, which rose by 2.76% [8][9] - The livestock sector has shown signs of recovery, particularly in pig prices, which fluctuated between 14 to 15 RMB per kilogram, with expectations for further price increases in the second half of the year [9][10] - The overall economic environment remains challenging, with GDP growth at 5.3% but low CPI and PPI figures indicating weak market sentiment [10][11] Management and Governance - Penghua Fund Management Co., Ltd. has been operational since December 22, 1998, managing assets totaling approximately 1.25 trillion RMB across various funds [5] - The fund manager, Chen Long, has 16 years of experience in the securities industry and has been managing this fund since its inception [5][6] - The fund management adheres to strict compliance with regulations and has established a fair trading system to ensure equitable treatment of different investment portfolios [7][14]

Fund Overview - The fund is named Penghua CSI 800 Real Estate Index Securities Investment Fund (LOF) and is managed by Penghua Fund Management Co., Ltd. [1] - The fund aims to closely track the CSI 800 Real Estate Index, with a target of keeping the average tracking deviation within 0.35% daily and annual tracking error within 4% [2][3]. Financial Performance - As of June 30, 2025, the fund's A class share net value growth rate was -7.21%, while the benchmark growth rate was -7.56% [8]. - The C class share net value growth rate was -7.35%, and the I class share net value growth rate was -5.28% [8]. - The fund's total assets amounted to approximately 236.29 million RMB at the end of the reporting period [14]. Investment Strategy - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of the index constituents [2]. - Adjustments to the stock investment portfolio will be made according to changes in the index constituents and their weights, as well as legal and regulatory investment limits [2][3]. Market Context - The real estate market showed signs of weak recovery, with a 10.1% year-on-year increase in transaction volume for the top ten cities in the first five months [7]. - The fund's performance was impacted by factors such as fund positioning, large subscriptions and redemptions, and adjustments in constituent stocks [7]. Management and Compliance - Penghua Fund Management Co., Ltd. has been managing assets totaling approximately 1.25 trillion RMB, with a focus on compliance with relevant laws and regulations [4]. - The fund management strictly adheres to fair trading practices and has not engaged in any actions that would harm the interests of fund shareholders during the reporting period [6][12].

Fund Overview - The fund is named Penghua CSI Wine Index Securities Investment Fund (LOF) and is managed by Penghua Fund Management Co., Ltd. with China Construction Bank as the custodian [1][2] - The fund aims to closely track the benchmark index with a target of keeping the average tracking deviation within 0.35% daily and annual tracking error within 4% [2][3] Financial Performance - As of June 30, 2025, the fund's A class shares reported a net value growth rate of -9.63%, while the benchmark growth rate was -11.02% [8] - The fund's C class shares had a net value growth rate of -9.67%, also against a benchmark growth rate of -11.02% [8] - The total net asset value of the fund at the end of the reporting period was approximately 6.46 billion RMB [1] Investment Strategy - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of the constituent stocks [7] - Adjustments to the investment portfolio are made in response to changes in the index constituents and their weights, as well as market conditions affecting liquidity [2][7] Market Conditions - The report indicates that overall consumption performance has been below expectations, with traditional consumption scenarios like business banquets under pressure, impacting the profitability of high-margin liquor products [7] - The fund's management is focused on tracking the index while addressing investor subscription and redemption activities [7] Risk and Compliance - The fund management adheres to legal regulations and the fund contract, ensuring compliance and risk control in managing fund assets [6][14] - No significant violations or abnormal trading behaviors were reported during the period [7][14]

Fund Overview - The fund is named Penghua CSI Bank Index Securities Investment Fund (LOF) and is managed by Penghua Fund Management Co., Ltd. [1] - The fund aims to closely track the benchmark index with a target of keeping the average tracking deviation within 0.35% daily and annual tracking error within 4% [2][3]. Financial Performance - As of June 30, 2025, the fund's A share net value growth rate was 14.28%, while the benchmark growth rate was 12.34% [10]. - The fund's total net assets reached approximately 549.89 million RMB, with a total of 383,194,556.67 shares outstanding [14]. Investment Strategy - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of constituent stocks [2]. - Adjustments to the stock investment portfolio will be made based on changes in the benchmark index constituents and their weights, as well as market conditions [2][9]. Market Context - The banking sector performed well in the first half of 2025, driven by a preference for dividend-paying assets amid an asset shortage [9]. - The fund's performance is influenced by macroeconomic factors, including fiscal policies and trade negotiations, which have affected market sentiment and capital flows [10][11]. Management and Compliance - Penghua Fund Management Co., Ltd. has been managing assets totaling 1.25 trillion RMB across various funds, demonstrating extensive experience in investment management [6]. - The fund management strictly adheres to regulations and has implemented fair trading practices to ensure equitable treatment of different investment portfolios [7][8].

鹏华中证高铁产业指数型证券投资基金 (LOF) 基金管理人：鹏华基金管理有限公司 基金托管人：招商银行股份有限公司 送出日期：2025 年 8 月 28 日 鹏华中证高铁产业指数(LOF)2025 年中期报告 基金管理人的董事会、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的法律责任。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。 基金托管人招商银行股份有限公司根据本基金合同规定，于 2025 年 08 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 01 月 01 日起至 2025 年 06 月 30 日止。 第 2页 共 54页 鹏华中证高铁产业指数(LOF)2025 年中期报 ...

过去三年 9.23% 0.03% 8.73% 0.03% 0.50% 0.00% 注：业绩比较基准=中证 0-4 年期地方政府债指数收益率。 收益率变动的比较 注：1、本基金基金合同于 2020 年 07 月 30 日生效。2、截至建仓期结束，本基金的各项投资比 例已达到基金合同中规定的各项比例。 注：无。 §4 管理人报告 鹏华基金管理有限公司成立于 1998 年 12 月 22 日，业务范围包括基金募集、基金销售、资产 管理及中国证监会许可的其他业务。截至本报告期末，公司股东由国信证券股份有限公司、意大 利欧利盛资本资产管理股份公司（Eurizon Capital SGR S.p.A.）、深圳市北融信投资发展有 第 8页 共 46页 限公司组成，公司性质为中外合资企业，公司注册资本 15,000 万元人民币。截至本报告期末，公 司管理资产总规模达到 12,513 亿元，359 只公募基金、12 只全国社保投资组合、8 只基本养老保 险投资组合。经过 20 余年投资管理基金，在基金投资、风险控制等方面积累了丰富经验。 任本基金的基金经理 （助理）期限 证券从 姓名 职务 说明 业年限 任职日期 离任日期 叶 ...