01 重要事件回顾 1、9月3日上午，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在京隆 重举行，天安门广场举行盛大阅兵仪式。 3、9月5日，美国劳工统计局公布的数据显示，美国8月季调后非农就业人口录得2.2 万人，远低于市场预期的7.5万人；失业率录得4.3%，符合市场预期，连续第四个月 抬升，劳动力市场出现连续的降温的信号，强化了美联储本月降息预期。 (9.1-9.7) 02 周度行情回顾 债市仍偏震荡 近期股市波动加剧，债市有所好转，但仍偏震荡。由于股市短期出现调整，叠加财政部与 央行联合工作组召开第二次组长会议，提及"央行国债买卖操作"和"财政政策与货币政策的 协同发力"，为市场带来重启国债买卖操作的乐观预期，债市回暖，十年期国债收益率一 度回落至1.75%下方。不过由于债市进一步做多动能不强，短期仍偏震荡，十年期国债收 益率尚未有效突破1.75 ... 报告正文共计3304字 链接报告 阅读全文（长按上方二维码） 2、9月5日，证监会修订发布《公开募集证券投资基金销售费用管理规定》，明确公 募基金认购费、申购费、销售服务费率调降标准，优化赎回安排等举措，标志着公募 改革第三阶段销售费率改革 ...

Industry Overview Upstream - International crude oil prices are fluctuating at a low level, and PTA prices are falling [2] Midstream - PX operating rate is increasing, and coal consumption of power plants is decreasing [3] Downstream - The sales of commercial housing in second - and third - tier cities are picking up, and the number of international flights is declining [4] Zhongguan Event Overview Production Industry - In the first half of 2025, BYD led in terms of revenue and net profit among listed car companies, while GAC Group's data were at the bottom and it turned from profit to loss. Many car companies saw revenue growth, with BYD and Geely hitting record highs, but only BYD maintained profit growth, and its automotive gross margin dropped by two percentage points [1] - The Ministry of Commerce ruled that US optical fiber producers and exporters circumvented anti - dumping measures on non - dispersion - shifted single - mode optical fibers from the US by changing trade patterns [1] Service Industry - The joint working group of the Ministry of Finance and the People's Bank of China held a meeting, affirming the achievements since its establishment last year and discussing topics such as financial market operation, government bond issuance management, etc. They believe that the coordinated efforts of fiscal and monetary policies provide support for the economy [1] Key Industry Price Indicators | Industry Name | Indicator Name | Frequency | Unit | Update Time | Value | YoY | | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | Daily | Yuan/ton | 9/3 | 2302.9 | 0.00% | | | Spot price: Eggs | Daily | Yuan/kg | 9/3 | | | | | Spot price: Palm oil | Daily | Yuan/ton | 9/3 | 9492.0 | - 0.77% | | | Spot price: Cotton | Daily | Yuan/ton | 9/3 | 15460.2 | 0.82% | | | Average wholesale price: Pork | Daily | Yuan/kg | 9/3 | 20.0 | 0.60% | | | Spot price: Copper | Daily | Yuan/ton | 9/3 | 80360.0 | 0.97% | | | Spot price: Zinc | Daily | Yuan/ton | 9/3 | 22220.0 | - 0.20% | | Non - ferrous metals | Spot price: Aluminum | Daily | Yuan/ton | 9/3 | 20743.3 | - 0.22% | | | Spot price: Nickel | Daily | Yuan/ton | 9/3 | 123333.3 | 1.12% | | | Spot price: Aluminum | Daily | Yuan/ton | 9/3 | 16825.0 | - 0.07% | | | Spot price: Rebar | Daily | Yuan/ton | 9/3 | 3154.5 | - 2.67% | | Ferrous metals | Spot price: Iron ore | Daily | Yuan/ton | 9/3 | 782.3 | - 0.92% | | | Spot price: Wire rod | Daily | Yuan/ton | 9/3 | 3322.5 | - 1.99% | | | Spot price: Glass | Daily | Yuan/square meter | 9/3 | 13.9 | 0.00% | | Non - metals | Spot price: Natural rubber | Daily | Yuan/ton | 9/3 | 15050.0 | 0.95% | | | China Plastics City price index | Daily | - | 9/3 | 802.4 | - 0.18% | | Energy | Spot price: WTI crude oil | Daily | US dollars/barrel | 9/3 | 65.6 | 3.70% | | | Spot price: Brent crude oil | Daily | US dollars/barrel | 9/3 | 69.1 | 2.86% | | | Spot price: Liquefied natural gas | Daily | Yuan/ton | 9/3 | 3892.0 | - 1.32% | | | Coal price: Coal | Daily | Yuan/ton | 9/3 | 782.0 | - 0.13% | | Chemical industry | Spot price: PTA | Daily | Yuan/ton | 9/3 | 4749.5 | - 3.34% | | | Spot price: Polyethylene | Daily | Yuan/ton | 9/3 | 7425.0 | - 0.36% | | | Spot price: Urea | Daily | Yuan/ton | 9/3 | 1712.5 | 0.29% | | | Spot price: Soda ash | Daily | Yuan/ton | 9/3 | 1262.5 | - 2.13% | | Real estate | Cement price index: National | Daily | - | 9/3 | 129.3 | - 0.55% | | | Building materials composite index | Daily | Points | 9/3 | 113.1 | - 1.53% | | | Concrete price index: National index | Daily | Points | 9/3 | 92.9 | - 0.14% | [38]

Core Viewpoint - The report highlights the performance and investment strategy of the招商创业板大盘交易型开放式指数证券投资基金 for the second quarter of 2025, indicating a net asset value growth of 5.31% compared to the benchmark growth of 4.13% during the same period [14]. Fund Overview - The fund is a trading open-ended index fund, primarily tracking the创业板大盘指数, with a total fund share of 267,863,172.00 shares at the end of the reporting period [2][20]. - The fund aims to minimize tracking deviation and error, with an expected daily tracking deviation of no more than 0.2% and an annual tracking error of no more than 2% [2]. Investment Strategy - The fund employs a full replication method to construct an index investment portfolio based on the composition and weight of the underlying index [2]. - The management strategy includes macroeconomic analysis and risk management principles, focusing on interest rate expectations and asset allocation strategies to manage bond investments [3][4]. Financial Performance - The fund's net asset value growth rate for the past three months was 5.31%, while the benchmark's growth rate was 4.13% [14]. - Over the past year, the fund achieved a return of 35.21%, outperforming the benchmark return of 31.82% [10]. Asset Allocation - As of the end of the reporting period, the fund's assets were primarily allocated to stocks (99.26%), with a minimal allocation to bonds (0.02%) [15]. - The manufacturing sector represented the largest portion of the fund's investments, accounting for 70.45% of the total asset value [15]. Shareholder Activity - The total subscription during the reporting period was 70,000,000.00 shares, while total redemptions amounted to 112,000,000.00 shares, resulting in a decrease in total fund shares [20]. Compliance and Governance - The fund management adheres to relevant laws and regulations, ensuring compliance in all trading activities and maintaining a fair investment decision-making process [12][13].