Core Viewpoint - The report provides an overview of the performance and management of the Ping An CSI Hong Kong-Shenzhen Gold Industry ETF for the second quarter of 2025, highlighting its investment strategy, financial indicators, and compliance with regulations [1][2][3]. Fund Product Overview - Fund Name: Ping An CSI Hong Kong-Shenzhen Gold Industry ETF - Investment Objective: Aim to closely track the performance of the benchmark index with a target of keeping the average tracking deviation within 0.2% and annualized tracking error within 2% [1][2]. - Fund Management: Managed by Ping An Fund Management Co., Ltd. and custodied by China Postal Savings Bank [1][2]. Investment Strategy - The fund employs a full replication method to construct its stock portfolio based on the composition and weight of the benchmark index [2]. - Risk control targets include maintaining an average tracking deviation of less than 0.2% and an annualized tracking error not exceeding 2% [2]. Financial Indicators and Fund Performance - As of the end of the reporting period, the fund's net asset value per share was 1.2093 RMB, with a net value growth rate of 12.44% compared to a benchmark return of 11.04% [8]. - The fund's total shares at the end of the reporting period were 27,411,691 [4][8]. Investment Portfolio Report - The fund's total assets included 92.50% in stocks, with a fair value of 31,594,428.96 RMB [9]. - The fund invested 30.76% of its net value in Hong Kong stocks through the Stock Connect mechanism, amounting to 10,195,135.46 RMB [9]. Industry Allocation - The fund's investments were primarily in the mining industry, accounting for 48.37% of the total net asset value, followed by manufacturing at 11.49% [10][11]. - The fund did not hold any domestic stocks or bonds at the end of the reporting period [15]. Share Changes - The total number of shares at the beginning of the reporting period was 24,411,691, with total subscriptions of 50,000,000 and redemptions of 47,000,000 during the period [12]. - The total shares at the end of the reporting period increased to 27,411,691 [12]. Compliance and Governance - The fund management adhered to relevant laws and regulations, ensuring no harm to the interests of fund shareholders during the reporting period [7]. - There were no abnormal trading activities reported during the period [7].