鹏华中证空天一体军工指数证券投资基金 (LOF) 基金管理人：鹏华基金管理有限公司 基金托管人：中国工商银行股份有限公司 送出日期：2025 年 8 月 28 日 鹏华空天军工指数(LOF)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。 基金托管人中国工商银行股份有限公司根据本基金合同规定，于 2025 年 08 月 27 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 01 月 01 日起至 2025 年 06 月 30 日止。 第 2页 共 60页 鹏华空天军工指数(LOF)2025 年中期 ...

Core Viewpoint - The report highlights the performance and investment strategy of the Penghua Aerospace and Defense Index Fund (LOF) for the second quarter of 2025, emphasizing its passive index tracking approach and the significant outperformance of the aerospace and defense sector compared to broader market indices [1][13][14]. Fund Overview - The fund aims to closely track the underlying index with a target of keeping the average tracking deviation within 0.35% daily and 4% annually [2][3]. - As of the end of the reporting period, the total fund shares amounted to approximately 2.79 billion [1]. Investment Strategy - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of the index constituents [2][3]. - Adjustments to the investment portfolio are made in response to changes in the index constituents or their weights, as well as market conditions affecting liquidity [3][4]. Market Performance - The Aerospace and Defense Index increased by 10.50% during the quarter, significantly outperforming the Shanghai Composite Index (3.26%) and the CSI 300 Index (1.25%) [13][14]. - The report notes a reversal in industry challenges and the impact of military trade developments, which have led to a reassessment of the value of Chinese defense assets [14][15]. Financial Performance - For the reporting period, the net value growth rate for Class A shares was 10.31%, while Class C shares recorded a growth rate of 10.28%, both exceeding the benchmark growth rate of 10.02% [15][16]. - The fund's investment portfolio was primarily allocated to stocks, constituting 88.23% of total assets, with a significant focus on the manufacturing sector [16]. Management Report - The fund manager, Mr. Chen Long, has extensive experience in the securities industry and has been managing the fund since March 2019 [9][10]. - The management emphasizes compliance with regulations and fair trading practices, ensuring that all investment portfolios are treated equitably [12].

Core Viewpoint - The China Securities Index for Aerospace and Military Industry (空天军工指数) shows mixed performance with a slight decline on the latest trading day, but has seen positive growth over the past month, three months, and year-to-date [1]. Group 1: Index Performance - The Aerospace and Military Industry Index closed at 2044.48 points, down 0.01% on the latest trading day, with a trading volume of 16.234 billion yuan [1]. - Over the past month, the index has increased by 3.76%, by 6.98% over the last three months, and by 6.27% year-to-date [1]. Group 2: Index Composition - The index includes leading companies related to the aerospace and military strategy, covering sectors such as aircraft, power and control systems, early warning systems, weapon systems, C4ISR systems, military digitalization, and aerospace materials [1]. - The top ten weighted companies in the index are: AVIC Shenyang Aircraft (9.05%), AVIC Optoelectronics (6.94%), Aero Engine Corporation of China (6.93%), AVIC Xi'an Aircraft (5.4%), AVIC Aircraft (4.08%), Aerospace Electronics (3.7%), Haige Communications (3.53%), Filihua (3.48%), AVIC Chengfei (3.42%), and Ruichuang Micro-Nano (3.38%) [1]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (55.81%) and Shenzhen Stock Exchange (44.19%) [2]. - The industry composition of the index includes: Industrial sector (71.97%), Materials (13.79%), Information Technology (8.12%), and Communication Services (6.12%) [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]. Group 5: Related Investment Funds - Public funds tracking the Aerospace and Military Industry Index include Penghua China Securities Aerospace and Military Industry C and A [3].

Group 1 - The core index of the aerospace and military industry, the China Securities Aerospace and Military Integration Index, experienced a slight decline of 0.06%, closing at 2045.92 points with a trading volume of 13.86 billion yuan [1] - Over the past month, the index has increased by 5.31%, by 7.83% over the last three months, and by 6.40% year-to-date [1] - The index includes leading companies related to the aerospace and military integration strategy, covering sectors such as aircraft, power and control systems, early warning systems, weapon systems, C4ISR systems, military digitalization, and aerospace materials [1] Group 2 - The top ten weighted companies in the index are: AVIC Shenyang Aircraft (9.35%), Aero Engine Corporation of China (7.0%), AVIC Optoelectronics (6.99%), AVIC Xi'an Aircraft (5.36%), AVIC Aircraft (4.07%), Aerospace Electronics (3.8%), Haige Communications (3.66%), Ruichuang Micro-Nano (3.48%), AVIC Chengfei (3.47%), and Western Superconducting (3.24%) [1] - The index's holdings are primarily from the Shanghai Stock Exchange (56.09%) and the Shenzhen Stock Exchange (43.91%) [2] - The industrial sector constitutes 72.33% of the index holdings, followed by materials (13.27%), information technology (8.07%), and communication services (6.33%) [2] Group 3 - Public funds tracking the aerospace and military industry include Penghua China Securities Aerospace and Military Integration C and Penghua China Securities Aerospace and Military Integration A [3]

Core Viewpoint - The China Securities Index for Aerospace and Military Industry (空天军工指数) has shown mixed performance, with a recent decline despite a slight increase over the past month, indicating potential volatility in the sector [1][2]. Group 1: Index Performance - The Aerospace and Military Industry Index opened lower and experienced a decline of 0.33%, closing at 1961.31 points with a trading volume of 17.052 billion yuan [1]. - Over the past month, the index has increased by 2.43%, but it has decreased by 3.72% over the last three months, and it has risen by 2.28% year-to-date [1]. Group 2: Index Composition - The index includes companies whose main business is closely related to the aerospace and military strategy, covering sectors such as aircraft, power and control systems, early warning systems, weapon systems, C4ISR systems, military digitalization, and aerospace materials [1]. - The top ten weighted companies in the index are: AVIC Shenyang Aircraft (9.01%), AVIC Optoelectronics (7.08%), Aero Engine Corporation of China (6.99%), AVIC Xi'an Aircraft (5.23%), AVIC Aircraft (4.08%), Haige Communications (3.76%), AVIC Chengfei (3.7%), Aerospace Electronics (3.56%), Ruichuang Micro-Nano (3.31%), and Western Superconducting (3.21%) [1]. Group 3: Market Distribution - The index's market distribution shows that the Shanghai Stock Exchange accounts for 55.76% and the Shenzhen Stock Exchange accounts for 44.24% [2]. - In terms of industry composition, the index is comprised of 72.39% industrial companies, 13.28% materials, 7.81% information technology, and 6.52% communication services [2]. Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2]. - Weight factors are adjusted in accordance with the sample changes, and temporary adjustments may occur under special circumstances, such as delisting or corporate restructuring [2]. Group 5: Related Funds - Public funds tracking the Aerospace and Military Industry Index include Penghua China Securities Aerospace and Military Industry C and Penghua China Securities Aerospace and Military Industry A [3].