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].