Fund Overview - The fund is named "Huaxia Feed Soybean Meal Futures ETF" and was established on September 24, 2019, with a total fund share of 1,415,524,066.00 shares as of the report date [1][2] - The fund aims to closely track the underlying index, minimizing tracking deviation and error, primarily investing in soybean meal futures contracts [1][2] - The fund's performance benchmark is the Dalian Commodity Exchange Soybean Meal Futures Price Index [1][2] Financial Performance - The fund achieved a realized income of 107,042,622.83 RMB and a profit of 221,869,766.60 RMB during the reporting period from January 1, 2025, to June 30, 2025 [2][14] - The weighted average net value profit rate was 7.24%, and the fund share net value growth rate was 5.01% [2][14] - As of June 30, 2025, the fund's net asset value was 2,717,299,342.80 RMB, with a share net value of 1.9196 RMB [2][14] Market Analysis - The domestic economy showed a stable recovery with a GDP growth rate of 5.3% in the first half of 2025, despite external tariff impacts [9] - The soybean meal market experienced fluctuations, initially driven by drought conditions in South America and subsequent adjustments in U.S. soybean yield forecasts [9][10] - The fund's investment strategy includes actively managing investor subscriptions and redemptions while tracking the underlying index [10] Management and Operations - Huaxia Fund Management Company, established in April 1998, is one of the first national fund management companies approved by the China Securities Regulatory Commission [3][4] - The company has a comprehensive product line covering various indices and has received multiple awards for its performance and contributions to the fund industry [4][5] - The fund management adheres to strict compliance with relevant laws and regulations, ensuring fair treatment of all funds under management [8][12] Future Outlook - The fund anticipates limited downside potential for soybean meal prices, with factors such as U.S. soybean planting area and weather conditions being critical to monitor [10] - The management emphasizes maintaining low tracking deviation and error to achieve investment goals for fund shareholders [11]

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 Guozheng Food and Beverage Industry Exchange-Traded Fund" and was established on January 25, 2021 [2] - The fund aims to closely track the performance of the Guozheng Food and Beverage Industry Index, with a target tracking deviation of no more than 0.20% on a daily basis and an annual tracking error of no more than 2% [2][3] - The fund employs a passive investment strategy through full replication of the underlying index [2] Financial Performance - The fund reported a realized loss of approximately 7.19 million RMB and a total profit loss of about 17.31 million RMB for the reporting period from January 1, 2025, to June 30, 2025 [3][4] - The weighted average net value profit rate was -5.95%, and the fund's share net value growth rate was -6.09% [3][4] - The fund's total net asset value at the end of the reporting period was approximately 288.81 million RMB, with a share net value of 0.6355 RMB [3][4] Investment Strategy - The fund's investment strategy includes constructing a stock portfolio based on the composition and weight of the underlying index's constituent stocks [2] - The fund's performance benchmark is the return rate of the Guozheng Food and Beverage Industry Index [2] Management and Compliance - The fund management company, Zhaoshang Fund Management Co., Ltd., is responsible for managing the fund's assets with a commitment to honesty and diligence [4][5] - The fund has established a comprehensive research and investment decision-making process to ensure fair investment opportunities across all portfolios [8][9] Market Context - During the reporting period, the overall A-share market showed a certain degree of upward volatility, with the CSI 300 Index rising by 0.03% and the CSI 500 Index increasing by 3.31% [9][10] - The fund's net value growth rate of -6.09% outperformed the benchmark growth rate of -8.72% during the same period [10]

Fund Overview - The fund is named "Rongtong Four Seasons Enhanced Bond Fund (LOF)" and is managed by Rongtong Fund Management Co., Ltd. with China Industrial and Commercial Bank as the custodian [1][2] - The fund aims for long-term stable appreciation of assets while strictly controlling investment risks [2][8] - The fund's total shares at the end of the reporting period were 307,150,610.40 shares, with a listing date of April 6, 2012 [2][3] Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the fund achieved realized income of CNY 3,598,046.16 for Class A and CNY 1,897,495.26 for Class C [2] - The net asset value (NAV) at the end of the period was CNY 244,689,003.00 for Class A and CNY 101,611,440.01 for Class C [2] - The net value growth rate for Class A was 1.07%, while Class C recorded a growth rate of 0.92% [2][5] Investment Strategy and Market Conditions - The fund's investment strategy involves adjusting and optimizing the asset allocation of fixed-income financial instruments based on macroeconomic research [2][8] - During the first quarter of 2025, bond yields generally rose, with the 10-year government bond yield dropping below 1.6% at the beginning of January but later experiencing upward pressure due to tightening regulations and liquidity [5][8] - In the second quarter, bond yields generally declined, with the 10-year government bond yield falling to around 1.6% in early April [5][8] Management and Governance - The fund management strictly adheres to relevant laws and regulations, ensuring fair treatment of all investment portfolios [4][10] - The fund manager has a comprehensive qualification for managing public funds, including various types of investment funds [4][10] - The fund's valuation process is managed by a committee that includes various departments to ensure accuracy and compliance [9][10] Profit Distribution - The fund implemented its first profit distribution on July 10, 2025, distributing CNY 0.1100 per 10 shares for Class A and CNY 0.0900 for Class C [9][10]

Group 1 - The Shanghai Stock Exchange (SSE) has established new guidelines for risk management of Exchange-Traded Funds (ETFs) to enhance the management of ETF trading behaviors by its members and protect investors' rights [1] - The new self-regulatory rules, titled "Guidelines for Self-Regulatory Supervision of the Shanghai Stock Exchange No. 4 - Risk Management of Exchange-Traded Funds," will take effect on August 1, 2025 [1] - The previous guidelines issued on April 6, 2012, regarding the operational risk management of ETF management companies will be abolished [1]

Group 1 - The Shenzhen Stock Exchange has revised the "Guidelines for Risk Management of Exchange-Traded Open-End Index Funds" and renamed it to "Shenzhen Stock Exchange Securities Investment Fund Business Guidelines No. 4 - Risk Management of Exchange-Traded Open-End Funds" [1] - The new guidelines will come into effect on August 1, 2025 [1]

Core Viewpoint - The Shenzhen Stock Exchange has revised and published the "Guidelines for Securities Investment Fund Business No. 4 - Risk Management of Exchange-Traded Open-End Funds," which will take effect on August 1, 2025 [1] Group 1 - The new guidelines aim to enhance risk management practices for exchange-traded open-end funds [1] - The implementation date is set for August 1, 2025, indicating a future regulatory change [1]