Core Viewpoint - The report provides a comprehensive overview of the performance and management of the Western Lead Shenzhen Dividend Exchange-Traded Fund (ETF) for the first half of 2025, highlighting its investment strategy, financial performance, and market conditions affecting the fund's operations [1][2][3]. Fund Overview - The fund aims to closely track the underlying index, minimizing tracking deviation and error through a full replication strategy [2][3]. - The fund's total shares at the end of the reporting period were 291,528,306 [2]. - The fund is managed by Western Lead Fund Management Co., Ltd., with Everbright Securities Co., Ltd. as the custodian [1][2]. Financial Performance - The fund reported a realized income of CNY 1,378,451.97 and a total profit of CNY -2,185,522.74 for the reporting period [4][6]. - The weighted average net value profit rate was -0.91%, and the net value growth rate of the fund shares was -0.93% [4][6]. - The fund's net asset value at the end of the period was CNY 226,300,170.07, with a share net value of CNY 0.7763 [4][6]. Performance Comparison - Over the past month, the fund's share value decreased by -0.93%, while the benchmark index had a return of -2.18% [5]. - In the past year, the fund achieved a return of 10.30%, outperforming the benchmark's 4.66% [5]. - Since the fund's inception, the cumulative net value growth rate has been -22.37% [5]. Market Conditions - The A-share market exhibited a volatile and differentiated pattern, with significant structural characteristics [11]. - Key sectors supporting the index included non-ferrous metals, media, automotive, and banking, while food and beverage, pharmaceuticals, and computing sectors constrained performance [11][12]. - The report indicates that domestic demand is expected to continue recovering, supported by favorable monetary policies and consumption environment improvements [11][12]. Management and Compliance - The fund management strictly adhered to relevant laws and regulations, ensuring the protection of investors' interests [9][14]. - The fund's investment strategy was executed in accordance with legal regulations and the fund contract, focusing on full replication to achieve high correlation with the underlying index [11][12]. - The valuation committee was established to ensure fair and reasonable fund valuations, with oversight on investment strategies and valuation methods [12][13].

Fund Overview - The fund is named "Rongtong Shenzhen 100 Exchange-Traded Open-Ended Index Securities Investment Fund" and is managed by Rongtong Fund Management Co., Ltd. [2][4] - The fund aims to closely track the performance of the Shenzhen 100 Index, targeting a daily tracking deviation of no more than 0.2% and an annualized tracking error of no more than 2% under normal market conditions [2][3]. Investment Strategy - The fund employs a fully passive investment strategy, primarily using a full replication method to construct its investment portfolio based on the benchmark weights of the constituent stocks in the index [3][5]. - The fund's investment strategies include stock investment, bond investment, asset-backed securities investment, depositary receipts investment, stock index futures trading, government bond futures trading, stock options investment, and securities lending [3][5]. Performance Metrics - As of the end of the reporting period, the fund's net asset value was 27,125,426.61 RMB, with a total fund share of 26,388,018.00 [4][23]. - The fund's net asset value per share was 1.0279 RMB, with a net value growth rate of 2.79% during the reporting period [16][23]. - The fund's total profit for the period was 6,137,083.88 RMB, with a weighted average net value profit rate of 5.63% [24][25]. Market Context - The Shenzhen 100 Index experienced a decline of 2.58% in the first half of 2025, while the CSI 300 Index rose by 0.03% and the CSI 500 Index increased by 3.31% [15][17]. - The overall market sentiment remained high, with expectations for continued economic improvement supported by moderate monetary policy and proactive fiscal measures [16][17]. Financial Reporting - The financial statements are prepared in accordance with the relevant accounting standards and reflect the fund's financial position as of June 30, 2025 [26][27]. - The fund did not distribute profits during the reporting period, in compliance with legal regulations and the fund contract [20][25].