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]

基金管理人和/或基金托管人的住所/办公地 华夏恒生中国企业交易型开放式指数 证券投资基金（QDII） 基金管理人：华夏基金管理有限公司 基金托管人：招商银行股份有限公司 报告送出日期：二〇二五年八月三十日 华夏恒生中国企业交易型开放式指数证券投资基金（QDII）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 8 月 28 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。 华夏恒生中国企业交 ...

Market Overview - The Hong Kong stock market showed a recovery today, with the Hang Seng Index closing above 25,000 points, up 0.32% or 78.8 points at 25,077.62 points, with a total turnover of HKD 335.6 billion [1] - The Hang Seng Index has increased by 1.23% for the month, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 0.73% and 4.06%, respectively [1] - Everbright Securities noted that the overall profitability of Hong Kong stocks is relatively strong, with scarce assets in sectors like internet, new consumption, and innovative pharmaceuticals [1] Blue Chip Performance - BYD Electronics (00285) rose by 7.3% to HKD 41.18, contributing 3.46 points to the Hang Seng Index, driven by expectations of increased market share in overseas consumer electronics [2] - WuXi Biologics (02269) increased by 6.96% to HKD 33.2, contributing 12.52 points, while CSPC Pharmaceutical Group (01093) rose by 6.67% to HKD 10.07, contributing 8.01 points [2] Sector Highlights - Large tech stocks mostly performed well, with Baidu up over 3%, JD.com up over 2%, and Meituan up 0.98% [3] - Biopharmaceutical stocks rebounded, with Rongchang Biologics rising over 11% and WuXi Biologics up nearly 7% [3] - Gold stocks showed strong performance, with Lingbao Gold surging 15% to a record high [3] Pharmaceutical Sector Developments - The upcoming World Lung Cancer Conference (WCLC) and European Society for Medical Oncology (ESMO) will showcase research results from several domestic innovative drugs [4] - Recent patent licensing agreements in August indicate a growing trend in the pharmaceutical sector, with Rongchang Biologics entering a deal worth up to CNY 5.25 billion [4] Gold Sector Performance - Gold prices reached a five-week high, surpassing USD 3,400 per ounce, with several gold mining companies reporting strong mid-year earnings [5] - Zijin Mining reported a net profit of CNY 23.29 billion for the first half of the year, up 54.41% year-on-year [5] Lithium Battery Sector Activity - The lithium battery sector was active, with TianNeng Power (00819) rising by 10.79% to HKD 8.11 [6] - Domestic battery production is expected to increase, with a 7.48% month-on-month rise in battery production capacity [6] Notable Stock Movements - Guotai Junan International (01788) surged by 15.69% after announcing cryptocurrency trading services for Hong Kong investors [7] - Xindong Company (02400) rose by 5.83% following a strong mid-year earnings report, with revenue up 38.8% [8] - Haier Smart Home (600690) saw a 4.63% increase, reporting a revenue of CNY 156.47 billion, up 10.2% year-on-year [9] - Aobo Holdings (00880) fell by 13.17% after reporting a loss of CNY 182 million, widening from the previous year [10] - ZTE Corporation (00763) declined by 9.27% after reporting a net profit drop of 11.77% [11] - China COSCO Shipping (601919) faced a 7% drop, with a significant decline in second-quarter profits [12]

Core Viewpoint - China Life Insurance Company emphasizes the importance of the Hong Kong stock market in its equity investment strategy, highlighting strong performance and recovery in valuations during the first half of the year [1] Group 1: Market Performance - The Hong Kong stock market has shown a leading increase compared to major global equity indices in the first half of the year [1] - The valuation of Hong Kong stocks has been continuously recovering, indicating a positive trend [1] Group 2: Investment Strategy - China Life has achieved significant returns from investments in the Hong Kong stock market during the first half of the year [1] - The company plans to continue focusing on the Hong Kong market and will maintain investment operations in the second half of the year [1] Group 3: Economic Context - The backdrop of declining US credit and global capital rebalancing enhances the investment value of high-quality assets in the Hong Kong market, particularly in new economy and high-dividend sectors [1]

（原标题：恒指领跑全球，港股强势回归｜全球财经连线） 南方财经记者 杨雨莱 伴随指数走高、交投活跃，以及内资与外资的持续流入，2025年的港股正以一系列亮眼数据，宣告其强 势回归。 截至8月25日，恒生指数年内已累涨近30%，大幅跑赢纳指、标普、日经等全球主要股指，走势整体呈 现"先扬—后抑—再扬"的震荡上行格局。与此同时，南向资金加速进场，截至8月21日，年内净买入总 额已突破9500亿港元，创下单年度新高，显著提升了市场活跃度。 推动港股今年强劲上行的核心动能是什么？当下是否为新的入场良机？ 本期《全球财经连线》，深度解析港股上涨背后的逻辑。 策划：赵海建 监制：施诗 编辑：李依农 记者：杨雨莱 摄制：李群 设计：吴怀宽 【本节目内容及观点仅供参考，不构成任何投资建议！】 新媒体统筹：丁青云 曾婷芳 赖禧 黄达迅 海外运营监制: 黄燕淑 海外运营内容统筹: 黄子豪 海外运营编辑：庄欢 吴婉婕 龙李华 郑全怡 出品：南方财经全媒体集团 ...

Core Viewpoint - The demand for global asset allocation is rising, with QDII funds showing strong performance, as 93% of them have achieved positive returns this year, particularly those focused on the Hong Kong pharmaceutical sector, with some funds exceeding 100% returns [1][2][4]. Group 1: QDII Fund Performance - As of the latest data, there are 314 QDII funds with a total size of 633.48 billion yuan, and 93% of these funds have achieved positive returns this year [1][2]. - The average returns for different types of QDII funds this year are as follows: mixed funds at 29%, stock funds at 22%, alternative investment funds at 17%, and bond funds at 3.6% [2]. - The top-performing QDII funds are primarily invested in the Hong Kong pharmaceutical sector, with the highest returns recorded at 142.57%, 107.47%, and 107.18% for specific funds [2][3]. Group 2: Market Trends and Drivers - The strong performance of Hong Kong stocks is attributed to three main factors: robust macroeconomic conditions in China, a subtle shift in the international environment, and the certainty of growth in specific sectors such as AI and innovative pharmaceuticals [4]. - The Hong Kong stock market has outperformed major global markets, driven by a rebound in the Hang Seng Index and the Hang Seng Tech Index [3][4]. Group 3: QDII Quota Expansion - The State Administration of Foreign Exchange has approved an additional QDII investment quota of 3.08 billion USD, bringing the total approved quota to 170.87 billion USD [5]. - There is a growing interest among institutions to apply for QDII qualifications, with 12 institutions currently in the application process, indicating a strong appetite for global asset allocation [5][6]. - Recent limitations on QDII fund subscriptions have been observed, as several funds have suspended or limited large subscriptions due to high demand exceeding the newly allocated quotas [6].

Core Insights - The recent market performance has been strong, with public funds demonstrating significant profit-making ability and excess returns, particularly in themes like Hong Kong securities, innovative pharmaceuticals, and new consumption [1][5] - As of August 18, over 130 funds have achieved returns exceeding 100% in the past year, with notable performances from technology-themed funds focusing on humanoid robots and AI [1][2] Fund Performance - Three North Exchange theme funds have reported returns over 200% in the past year, with specific funds showing returns of 249.27%, 225.42%, and 216.91% respectively [3][4] - A total of 137 funds have achieved returns over 100% in the past year, with many North Exchange theme funds also performing well, including several with returns exceeding 170% [3][4] Active Management and Benchmark Comparison - Actively managed equity funds in the North Exchange have shown significant excess returns compared to their benchmarks, with one fund reporting a return of 190.48% against a benchmark return of 28.64%, resulting in a 161.84 percentage point outperformance [4] Hong Kong Fund Performance - Hong Kong-related funds, particularly in the securities and innovative pharmaceuticals sectors, have also performed well, with one ETF achieving a return of 176% in the past year [5] - Several funds focused on Hong Kong innovative pharmaceuticals have reported impressive returns, with one fund achieving a return of 152.75% year-to-date [5] Technology Fund Performance - Technology-themed funds, particularly those focused on humanoid robots and AI, have also seen significant returns, with one fund reporting a return of 172.28% and another at 174.11% [6] New Consumption and Small Cap Funds - The fund "Guangfa Growth Leading" has achieved a return of 162.55% by capturing new consumption stocks, while some small-cap quantitative funds have also doubled their returns, although risks have been highlighted by several fund companies [7]

Group 1 - The recent market has shown a strong performance, with public funds demonstrating significant profit-making ability and excess returns, particularly in themes like Hong Kong securities, innovative pharmaceuticals, and new consumption [1][2] - As of August 18, over 130 funds have achieved returns exceeding 100% in the past year, with three North Exchange theme funds reporting returns over 200% [1][2] - Notably, the top-performing North Exchange funds include those managed by Citic Securities and Huaxia, with returns of 249.27% and 225.42% respectively [1][2] Group 2 - Active management equity funds in the North Exchange have shown significant excess returns compared to their benchmarks, with one fund reporting a return of 190.48% against a benchmark return of 28.64% [2] - Hong Kong-related funds, especially in the securities and innovative pharmaceuticals sectors, have also performed well, with the E Fund Hong Kong Securities Investment Theme ETF achieving a return of 176% [2][3] - The performance of the E Fund ETF has been bolstered by a surge in trading volume, reaching nearly 120 billion yuan in a week, marking a record high since its launch [2] Group 3 - Several technology-themed funds have also reported impressive returns, such as the Yongying Advanced Manufacturing Fund, which focuses on humanoid robots and has a return of 172.28% [3] - The China Europe Digital Economy Fund, which targets artificial intelligence sectors, has achieved a return of 174.11% [3] - The growth of new consumption stocks has significantly contributed to the performance of funds like the GF Growth Navigator, which has a return of 162.55% [4]

Group 1: Macroeconomic Factors - The macroeconomic environment significantly impacts the Hong Kong stock market, with global economic growth directly affecting trade and finance in Hong Kong [1] - A rising global economy can lead to increased market demand, benefiting companies' revenues and profits, thus driving the overall stock market upward [1] - Local economic policies, including fiscal, monetary, and industrial policies, are crucial variables influencing the stock market [1] Group 2: Industry Development Trends - Different industries exhibit varying performances in the Hong Kong stock market, making it essential for investors to follow industry trends [2] - The emerging technology sector has gained prominence, with innovative companies attracting significant attention due to their growth potential [2] - Traditional industries, such as resources and manufacturing, face constraints from market demand changes and cost fluctuations [2] Group 3: Company Fundamentals - A company's financial health is a core aspect of its fundamentals, requiring analysis of balance sheets, income statements, and cash flow statements [2] - Stable revenue growth, reasonable debt levels, and strong cash flow indicate good operational health and resilience [2] - Governance structures are also important, as effective governance ensures sound decision-making and protects shareholder interests [2] Group 4: Market Valuation Levels - Accurate assessment of market valuation is critical for determining investment value, with common metrics including Price-to-Earnings (PE) and Price-to-Book (PB) ratios [3] - Comparing current valuation metrics with historical data and peer markets helps investors identify whether the market is overvalued, undervalued, or fairly valued [3] - Currency exchange rates, particularly the peg of the Hong Kong dollar to the US dollar, can significantly influence investment returns [3]

Group 1 - The market is currently performing well, with public funds showing significant profit effects and the ability to achieve excess returns, particularly in the past year [1][2] - Two North Exchange theme funds have achieved returns exceeding 200% in the past year, significantly outperforming their performance benchmarks [2][3] - Over a hundred funds have recorded returns of over 100% in the past year, with a concentration in Hong Kong securities, innovative pharmaceuticals, and technology themes such as humanoid robots and AI [1][2] Group 2 - Actively managed equity funds in the North Exchange have shown significant excess returns compared to their performance benchmarks, with one fund achieving a return of 190.48%, surpassing its benchmark by 161.84 percentage points [3] - The Hong Kong fund sector, particularly in securities and innovative pharmaceuticals, has also seen strong performance, with one ETF tracking Hong Kong securities rising by 173.82% in the past year [3][4] - Several technology-themed funds have also performed well, with one fund focused on humanoid robots rising by 168.68% and another focused on AI rising by 166.36% in the past year [5]