华夏国证消费电子主题交易型开放式指数 证券投资基金 基金管理人：华夏基金管理有限公司 基金托管人：中国建设银行股份有限公司 报告送出日期：二〇二五年八月三十日 华夏国证消费电子主题交易型开放式指数证券投资基金 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。 基金托管人中国建设银行股份有限公司根据本基金合同规定，于 2025 年 8 月 28 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 1 月 1 日起至 6 月 30 日止。 华夏国证消费电子主题交易型开放式指数 证券投资基金 2025 年中 ...

Fund Overview - The fund is named "Huaxia CSI Intelligent Automotive Theme ETF" and was established on May 13, 2021, with a total share of 78,446,068.00 at the end of the reporting period [1][2] - The fund aims to closely track the CSI Intelligent Automotive Theme Index, targeting an absolute tracking deviation of no more than 0.2% on a daily basis and an annual tracking error of no more than 2% [1][2] - The fund's investment strategies include replication strategy, alternative strategy, depositary receipt investment strategy, derivative investment strategy, bond investment strategy, asset-backed securities investment strategy, and securities lending strategy [1][2] Financial Performance - The fund achieved a realized income of CNY 3,823,897.46 and a profit of CNY 4,098,692.17 during the reporting period [2] - The weighted average net value profit rate for the period was 4.71%, with a fund share net value growth rate of 3.57% [2] - The fund's net asset value at the end of the reporting period was CNY 84,552,770.49, with a share net value of CNY 1.0778 [2][9] Investment Strategy and Market Conditions - The fund primarily adopts a passive index replication strategy, responding to daily subscriptions, redemptions, and adjustments of constituent stocks [8][9] - The fund's performance is influenced by macroeconomic stability, with expectations for continued growth in the A-share and Hong Kong markets due to favorable policies and low overall valuations [9][10] - The fund's tracking deviation for the reporting period was -0.05%, attributed to factors such as stock dividends, daily operational expenses, and index structural adjustments [9] Management and Compliance - The fund is managed by Huaxia Fund Management Co., Ltd., which has extensive experience in ETF management and a comprehensive product line covering various indices [3][4] - The fund management adheres to strict compliance with relevant laws and regulations, ensuring fair treatment of all funds and maintaining transparency in operations [6][11] - The fund's custodian, CITIC Bank, has confirmed that the management of the fund complies with all legal requirements and does not harm the interests of fund shareholders [11][12]

Core Viewpoint - The report provides a comprehensive overview of the performance and management of the Huaxia CSI 1000 Exchange-Traded Fund (ETF) for the first half of 2025, highlighting its investment strategies, financial metrics, and market conditions affecting its operations [1][11][12]. Fund Overview - Fund Name: Huaxia CSI 1000 ETF - Fund Manager: Huaxia Fund Management Co., Ltd. - Fund Custodian: China Merchants Bank Co., Ltd. - Total Fund Shares at Period End: 14,654,425,606 shares - Fund Contract Effective Date: March 18, 2021 - Fund's Investment Objective: To closely track the CSI 1000 Index with minimal tracking deviation [1][2][11]. Financial Indicators and Fund Performance - Realized Income for the Period: CNY 1,875,209,531.46 - Total Profit for the Period: CNY 3,587,964,547.03 - Average Net Value Profit Rate: 10.97% - Net Asset Value at Period End: CNY 38,226,981,314.51 - Fund Share Net Value Growth Rate: 7.48% - Cumulative Net Value Growth Rate: 8.14% [2][3][11]. Market and Economic Conditions - The domestic economy showed stability with a GDP growth of 5.3% year-on-year in the first half of 2025, while CPI decreased by 0.1% compared to the previous year [11][12]. - The A-share market experienced volatility due to various factors, including trade policies and liquidity changes, but maintained resilience overall [12][14]. Investment Strategy - The fund employs a combination of replication strategies and alternative strategies to effectively track the CSI 1000 Index, which consists of 1000 smaller, liquid stocks not included in the CSI 800 Index [11][12]. - The fund's tracking deviation for the reporting period was +0.79%, attributed to factors such as stock dividends and operational expenses [13][14]. Management and Operations - Huaxia Fund Management Co., Ltd. has a strong reputation in the ETF management space, being one of the largest in terms of asset management scale [4][5]. - The fund management adheres to strict compliance with regulations and maintains a commitment to fair trading practices [10][17].

Core Viewpoint - The report provides a comprehensive overview of the performance and management of the Guangfa Growth Enterprise Board Two-Year Regular Open Mixed Securities Investment Fund for the first half of 2025, highlighting its financial metrics, investment strategies, and market outlook. Fund Overview - Fund Name: Guangfa Growth Enterprise Board Two-Year Regular Open Mixed Securities Investment Fund - Fund Manager: Guangfa Fund Management Co., Ltd. - Fund Custodian: China Construction Bank Co., Ltd. - Total Fund Shares at Period End: 242,631,412.08 shares [1] - Fund Net Asset Value at Period End: 209,921,589.98 RMB [2] Financial Performance - Realized Income for the Period: -5,773,176.69 RMB [2] - Profit for the Period: 19,940,221.84 RMB [2] - Average Fund Share Profit for the Period: 0.0822 RMB [2] - Net Asset Value Growth Rate for the Period: 10.50% [2] - Cumulative Net Value Growth Rate: -13.48% [2] Investment Strategy - The fund aims to identify and utilize potential investment opportunities across major asset classes, including stocks, fixed income securities, and cash, while maintaining strict risk control and liquidity [1]. - The investment strategy is based on macroeconomic analysis, policy trends, and market liquidity, adjusting the asset allocation according to different economic cycles [1]. Market Outlook - The report indicates a cautious optimism regarding the domestic economic recovery, emphasizing the need for additional policy support to sustain growth momentum [11]. - Key investment directions include global pricing resources, Chinese manufacturing exports, dividend assets, and emerging sectors such as AI and innovative pharmaceuticals [11]. Compliance and Governance - The fund management adheres to relevant laws and regulations, ensuring that all operations are compliant and in the best interest of fund shareholders [7][13]. - The fund's valuation process is overseen by an independent valuation committee to ensure fairness and objectivity [12]. Performance Comparison - The fund's performance is benchmarked against a composite index, with the fund's net value growth rate of 10.50% significantly outperforming the benchmark's return of 0.98% during the same period [11].

华夏创业板两年定期开放混合型 证券投资基金 基金管理人：华夏基金管理有限公司 基金托管人：中国工商银行股份有限公司 报告送出日期：二〇二五年八月三十日 华夏创业板两年定期开放混合型证券投资基金 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 8 月 28 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 1 月 1 日起至 6 月 30 日止。 华夏创业板两年定期开放混合型证券投资基金 2025 年中期报 告 华夏创业板两年定 ...

Fund Overview - The fund is named "Huaxia Feed Soybean Meal Futures ETF" and was established on September 24, 2019, with a total fund share of 1,415,524,066.00 shares as of the report date [1][2] - The fund aims to closely track the underlying index, minimizing tracking deviation and error, primarily investing in soybean meal futures contracts [1][2] - The fund's performance benchmark is the Dalian Commodity Exchange Soybean Meal Futures Price Index [1][2] Financial Performance - The fund achieved a realized income of 107,042,622.83 RMB and a profit of 221,869,766.60 RMB during the reporting period from January 1, 2025, to June 30, 2025 [2][14] - The weighted average net value profit rate was 7.24%, and the fund share net value growth rate was 5.01% [2][14] - As of June 30, 2025, the fund's net asset value was 2,717,299,342.80 RMB, with a share net value of 1.9196 RMB [2][14] Market Analysis - The domestic economy showed a stable recovery with a GDP growth rate of 5.3% in the first half of 2025, despite external tariff impacts [9] - The soybean meal market experienced fluctuations, initially driven by drought conditions in South America and subsequent adjustments in U.S. soybean yield forecasts [9][10] - The fund's investment strategy includes actively managing investor subscriptions and redemptions while tracking the underlying index [10] Management and Operations - Huaxia Fund Management Company, established in April 1998, is one of the first national fund management companies approved by the China Securities Regulatory Commission [3][4] - The company has a comprehensive product line covering various indices and has received multiple awards for its performance and contributions to the fund industry [4][5] - The fund management adheres to strict compliance with relevant laws and regulations, ensuring fair treatment of all funds under management [8][12] Future Outlook - The fund anticipates limited downside potential for soybean meal prices, with factors such as U.S. soybean planting area and weather conditions being critical to monitor [10] - The management emphasizes maintaining low tracking deviation and error to achieve investment goals for fund shareholders [11]

Core Viewpoint - The report provides an overview of the performance and management of the Small and Medium Enterprises 100 Exchange-Traded Fund (ETF) for the first half of 2025, highlighting its investment strategy, financial performance, and market conditions affecting the fund [1][2]. Fund Overview - Fund Name: Small and Medium Enterprises 100 ETF - Fund Manager: China Asset Management Co., Ltd. - Fund Custodian: China Construction Bank Co., Ltd. - Total Fund Shares at Period End: 175,954,340.57 shares [3]. - Fund's Investment Objective: To closely track the underlying index and minimize tracking deviation and error [3]. Financial Performance - Realized Income for the Period: CNY 21,867,972.50 - Profit for the Period: CNY 21,802,471.19 - Weighted Average Fund Share Profit for the Period: 0.1182 - Net Asset Value at Period End: CNY 604,534,430.92 - Fund Share Net Value at Period End: 3.4357 [4][20]. - Fund Share Net Value Growth Rate for the Period: 3.21% [15]. Market Conditions - The report indicates that the global economic environment remains complex, with trade disputes and geopolitical tensions contributing to uncertainty. However, domestic macroeconomic policies are supportive of growth, with GDP increasing by 5.3% year-on-year [14][15]. - The A-share market experienced volatility, with small-cap stocks outperforming large-cap stocks during the reporting period [14][15]. Investment Strategy - The fund primarily employs a full replication strategy, constructing its stock portfolio according to the composition and weight of the underlying index. Adjustments are made based on changes in the index's constituent stocks [13][14]. - The fund's performance is benchmarked against the Small and Medium Enterprises 100 Index, which reflects the core index of the original SME board market [13][14]. Management Report - The fund manager, China Asset Management Co., Ltd., emphasizes its commitment to managing the fund with integrity and diligence, aiming to maximize returns for fund shareholders [16]. - The report highlights the importance of maintaining liquidity and stability in fund operations, with designated liquidity service providers to enhance market liquidity [15][19].

Fund Overview - The fund is named "Huaxia National Semiconductor Chip Exchange-Traded Fund" and was established on January 20, 2020 [1] - The fund aims to closely track the performance of the National Semiconductor Chip Index, with a target tracking deviation of no more than 0.2% on a daily basis and an annual tracking error of no more than 2% [1][2] - The fund primarily invests in stocks that are components of the index, categorized as a high-risk, high-return equity fund [1][2] Financial Performance - The fund achieved a realized income of approximately 1.83 billion RMB and a profit of approximately 268 million RMB during the reporting period [2] - The weighted average profit per fund share was 0.0134 RMB, with a net asset value of approximately 25.42 billion RMB at the end of the reporting period [2] - The fund's net asset value per share was 1.2284 RMB, with a cumulative net value growth rate of 22.84% since inception [2][10] Market Environment - The A-share market experienced significant volatility due to various factors, including trade tensions and macroeconomic policies, but showed resilience overall [9][11] - The market style favored small-cap growth stocks, driven by policy support and improved market sentiment [9][11] Management and Strategy - The fund management company, Huaxia Fund Management Co., Ltd., has extensive experience in managing ETF products and aims to capture market opportunities through in-depth investment research [3][4] - The fund's investment strategy includes a combination of replication strategies, alternative strategies, and derivative investment strategies [1][2] Regulatory Compliance - The fund management adheres to relevant regulations and guidelines, ensuring fair treatment of all fund participants and maintaining a transparent operational framework [8][12] - The fund has not encountered any significant compliance issues during the reporting period [8][12]

华夏创业板低波价值交易型开放式指数 证券投资基金 基金管理人：华夏基金管理有限公司 基金托管人：中国农业银行股份有限公司 报告送出日期：二〇二五年八月三十日 华夏创业板低波价值交易型开放式指数证券投资基金 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。 基金托管人中国农业银行股份有限公司根据本基金合同规定，于 2025 年 8 月 28 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 1 月 1 日起至 6 月 30 日止。 华夏创业板低波价值交易型开放式指数证券投资 基金 2025 年中期报告 ...

Group 1 - The offshore RMB exchange rate rose to 7.1173, marking the first time it has surpassed 7.12 since November 6, 2024, and reaching a nearly 10-month high, closing at 7.1209 with an increase of 314 points [1] - The onshore RMB against the USD closed at 7.1306, up 194 basis points from the previous trading day [3] - The People's Bank of China and the Reserve Bank of New Zealand renewed a bilateral currency swap agreement worth 250 billion RMB, effective for five years, aimed at enhancing financial cooperation and stabilizing the financial market [4] Group 2 - Recent RMB strength is driven by three factors, including the adjustment of the RMB central parity rate, which has shifted from a discount to a premium of 400-500 basis points against the onshore market [5] - It is anticipated that the RMB exchange rate may return to the "6 era" if the central bank continues to implement market-based policies, potentially increasing the attractiveness of Chinese assets [5] - The monetary policy report suggests a focus on improving interest rate regulation and reducing financing costs, with expectations of possible interest rate cuts and reserve requirement ratio reductions in the fourth quarter [5][6]