Fund Overview - The fund is named "Southern National Index Hong Kong Stock Connect Innovative Drug ETF" and is categorized as an open-ended index fund [12] - The fund's management company is Southern Fund Management Co., Ltd., and the custodian is CITIC Securities Co., Ltd. [12][41] - The fund will be available for subscription from September 3, 2025, to September 12, 2025 [4][12] Subscription Details - Investors can subscribe through online cash subscription or offline cash subscription methods [16] - The minimum subscription amount is 1,000 shares or its multiples for online subscriptions, while offline subscriptions require a minimum of 100,000 shares when processed through the fund manager [10][31] - Subscription fees will not exceed 0.8% of the subscription amount [3][17] Fund Size and Control - The initial fundraising cap is set at 2 billion shares, equivalent to 2 billion RMB, excluding interest and subscription fees [14] - If the cumulative valid subscription applications approach or reach the cap, the fund may close subscriptions early [14] - The fund will implement a "last day proportion confirmation" method to control the subscription scale if the cap is exceeded [15] Investor Requirements - Investors must have a Shenzhen Stock Exchange A-share account or a securities investment fund account to participate in the subscription [25] - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [12][41] Fund Management and Operations - The fund will track the "National Index Hong Kong Stock Connect Innovative Drug Index" and will primarily invest in stocks listed on the Hong Kong Stock Exchange [8] - The fund's performance will closely correlate with the performance of the underlying index [8] - The fund will adopt a full replication method to track the index performance [8]

Market Overview - The A-share market shows signs of recovery, with the Shanghai Composite Index rising by 1.92%, the Shenzhen Component Index by 2.29%, and the ChiNext Index by 3.27% as of May 9 [2] Fund Performance - Certain industry sector indices remain in a correction phase, with the top ten passive index funds by weekly decline primarily consisting of Hong Kong Stock Connect innovative drug and Sci-Tech Innovation Board chip index funds [2][3] - The top fund with the largest weekly decline is the Fortune Hang Seng Hong Kong Stock Connect Healthcare ETF, which fell by 2.67% [3] Specific Fund Insights - The Fortune Hang Seng Hong Kong Stock Connect Healthcare ETF reported a first-quarter net asset value growth rate of 25.03% for Class A and 24.97% for Class C, significantly underperforming the benchmark return of 29.46% [4] - For the second quarter, the fund will focus on the commercialization progress of innovative drug companies and the impact of policy details on valuations, particularly in cutting-edge areas such as AI drug development platforms and cell therapy [4]