Core Insights - The National Enterprise Win-Win ETF (159719) has seen a net value increase of 60.28% over the past three years as of November 13, 2025 [1] - The oil and petrochemical sectors are leading the performance, with increased attention on the ETF following the announcement of the "Regulations on the Planning, Construction, and Operation Management of Oil and Natural Gas Infrastructure," effective January 1, 2026 [1] - The regulations emphasize strengthening natural gas reserves and improving the market mechanism for gas storage and peak shaving, with specific requirements for supply companies and local governments [1] Performance Metrics - As of November 7, 2025, the National Enterprise Win-Win ETF has a Sharpe ratio of 1.10 over the past three years [2] - The maximum drawdown over the past six months is 5.61%, with a relative benchmark drawdown of 0.15%, and a recovery time of 37 days post-drawdown [2] Fee Structure - The management fee for the National Enterprise Win-Win ETF is 0.25%, while the custody fee is 0.05% [3] Tracking Accuracy - As of November 13, 2025, the tracking error for the National Enterprise Win-Win ETF over the past month is 0.033% [4] - The ETF closely tracks the FTSE China National Enterprises Open Win-Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [4] - The index consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [4]

Core Viewpoint - The report provides an overview of the performance and management of the Ping An FTSE China State-Owned Enterprises Open Win ETF for the first half of 2025, highlighting its investment strategy, financial performance, and market outlook. Fund Overview - Fund Name: Ping An FTSE China State-Owned Enterprises Open Win ETF - Fund Manager: Ping An Fund Management Co., Ltd. - Fund Custodian: Ping An Bank Co., Ltd. - Total Fund Shares at Period End: 61,195,986 shares [1] - Fund Contract Effective Date: December 17, 2021 [1] Investment Strategy - The fund primarily employs a full replication method to closely track the performance of the underlying index, aiming to minimize tracking deviation and error [1]. - The fund's investment strategy includes stock investments, bond and money market instruments, financial derivatives, and asset-backed securities [1]. Financial Performance - Realized income for the period: -6,271,980.04 RMB - Total profit for the period: -19,729,568.80 RMB - Weighted average net value profit rate: -8.88% [3] - Net asset value at period end: 93,995,204.25 RMB - Fund share net value growth rate: -4.50% [3] Performance Comparison - The fund's annualized tracking error was 0.98%, indicating effective management in tracking the index [9]. - The fund's share net value at the end of the reporting period was 1.5360 RMB, with a cumulative net value growth rate of 53.60% since inception [3][9]. Market Outlook - The report anticipates a stable economic growth rate of around 5% for the year, supported by fiscal and monetary policies aimed at expanding domestic demand [9]. - The A-share market is expected to show resilience against external negative factors, indicating a potential for sustained investment value in Chinese assets [9].