Fund Overview - The fund is named Huatai-PB Credit Enhancement Bond Fund, managed by Huatai-PB Fund Management Co., Ltd. and custodied by Bank of China [3][10] - The fund operates as a listed open-end fund (LOF) and has been active since September 22, 2011 [3][10] - The fund aims for long-term stable appreciation of assets through systematic credit analysis and optimized investment portfolio [3][4] Investment Strategy - The fund employs a macroeconomic analysis approach, focusing on GDP growth, inflation rates, interest rates, and money supply to adjust asset allocation dynamically [4] - The primary investment focus is on fixed-income financial instruments, particularly credit bonds, while utilizing various strategies such as duration management and yield curve positioning [4][5] - The fund also explores new stock subscriptions and warrants, assessing their intrinsic value and market conditions [5] Performance Metrics - As of June 30, 2025, the net asset value (NAV) per share for Class A is 1.1983 RMB, with a net value growth rate of 1.68%, while Class B has an NAV of 1.1986 RMB and a growth rate of 1.67% [15] - The performance benchmark for the fund is the China Bond Composite Index, with the fund's performance exceeding the benchmark in the reporting period [15] Financial Highlights - The total assets of the fund as of June 30, 2025, amount to approximately 73.30 million RMB, a decrease from 88.14 million RMB at the end of the previous year [19] - The fund reported a total income of approximately 1.49 million RMB for the reporting period, with a net profit of approximately 1.16 million RMB [20] - The fund's realized income for Class A and Class B during the reporting period was approximately 564,069.46 RMB and 836,393.19 RMB, respectively [6][20] Management and Compliance - The fund management strictly adheres to relevant laws and regulations, ensuring no conflicts of interest and maintaining fair trading practices [12][13] - The fund manager has a robust governance structure in place, with independent oversight from the custodian bank [18]

Fund Overview - The fund is named Changsheng Tongzhi Advantage Growth Mixed Securities Investment Fund (LOF) and is managed by Changsheng Fund Management Co., Ltd. [1] - The fund aims to invest in growth-oriented listed companies with sustainable performance advantages, seeking to maximize asset appreciation and income while diversifying and mitigating investment risks [1][12] - The fund's performance benchmark is a combination of the CSI 300 Index return (65%), the Shanghai Government Bond Index return (30%), and the one-year fixed deposit rate (5%) [1][12] Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the fund reported a realized loss of approximately RMB 23.20 million and a net profit loss of about RMB 18.42 million [2][11] - The fund's net asset value at the end of the reporting period was approximately RMB 300.99 million, with a net asset value per share of RMB 0.6533 [2][11] - The fund's share net value growth rate for the period was -5.62%, while the benchmark's return was 0.61% [6][11] Investment Strategy and Adjustments - The fund's investment strategy is actively managed, focusing on macroeconomic conditions, industry status, and company growth potential [1][12] - Adjustments made during the reporting period included reducing exposure to cyclical industries and increasing allocations to rare earths and large financial sectors, anticipating valuation recovery and business innovation [5][6] - The fund also decreased its holdings in the food and beverage sector while increasing positions in high-growth, reasonably valued stocks in sectors like chemicals, semiconductors, and military industry [6][7] Market Conditions - The macroeconomic environment remained stable, with consumption growth supported by policies like "old-for-new" exchanges, and exports exceeding market expectations [4][5] - The market saw a preference for small-cap and thematic investments, with small-cap stocks outperforming large-cap stocks during the first half of the year [5][7] - The outlook for the second half of the year suggests increased pressure on exports and consumption, but potential for policy stimulus to stabilize economic growth [7]

Fund Overview - The fund is named Changsheng Tongqing CSI 800 Index Securities Investment Fund (LOF) and was established on May 22, 2015 [1] - The fund aims to track the CSI 800 Index with a daily tracking deviation of less than 0.35% and an annualized tracking error of less than 4% [1][2] - The fund is managed by Changsheng Fund Management Co., Ltd. and is custodied by China Construction Bank [1][2] Financial Performance - As of June 30, 2025, the fund's net asset value was approximately RMB 176.08 million, with a net asset value per share of RMB 1.609 [2][11] - The fund achieved a profit of RMB 1.24 million during the reporting period, with a net profit margin of 0.85% [2][11] - The cumulative net value growth rate of the fund since its inception is 17.26% [2] Investment Strategy - The fund employs a sampling replication strategy to construct its investment portfolio, focusing on stocks with high liquidity and market capitalization [1][2] - The investment strategy aims to optimize the weight of individual stocks in the portfolio to achieve the desired tracking error [1] Market Outlook - The fund anticipates a gradual upward trend in the A-share market in the second half of 2025, driven by low interest rates and high household savings [7] - The fund expects new growth opportunities to emerge from technological advancements, particularly in sectors like artificial intelligence and biotechnology [7] - However, external geopolitical uncertainties, such as U.S. tariff policies, may impact market stability [7]

Group 1 - The fund is named "Fullgoal CSI State-Owned Enterprise Reform ETF" and aims to closely track the underlying index while minimizing tracking deviation and error [3][4] - The fund's total shares at the end of the reporting period were 31,320,773 [3] - The fund's investment strategy involves a full replication method, constructing a stock investment portfolio based on the composition and weight of the underlying index [3] Group 2 - The fund's performance indicators show a realized loss of -615,237.11 RMB and a total profit of -1,243,666.30 RMB for the reporting period [4] - The fund's net asset value at the end of the reporting period was 33,159,457.62 RMB, with a net asset value per share of 1.0587 RMB [4][13] - The cumulative net value growth rate of the fund was 5.87% [4] Group 3 - The fund's performance benchmark is the CSI State-Owned Enterprise Reform Index return rate [3] - The fund's net value growth rate for the reporting period was -1.31%, while the benchmark's return rate was -1.72% [4][13] - The fund's management strictly adheres to relevant laws and regulations, ensuring fair trading practices and independent investment decision-making [10][11] Group 4 - The fund's total assets decreased from 61,943,884.93 RMB at the end of the previous year to 33,338,484.62 RMB at the end of the reporting period [16] - The fund's liabilities also decreased significantly from 454,617.83 RMB to 179,027.00 RMB during the same period [16] - The fund's management company, Fullgoal Fund Management Co., Ltd., was established in 1999 and is one of the first batch of fund management companies approved by the China Securities Regulatory Commission [4]

Fund Overview - The fund is named Changsheng Tongyi Growth Return Flexible Allocation Mixed Securities Investment Fund (LOF) and is managed by Changsheng Fund Management Co., Ltd. [1] - The fund aims to achieve long-term asset appreciation and absolute returns by selecting industries with good growth expectations and identifying fundamentally strong listed companies [1][3]. - The fund's investment strategy includes dynamic asset allocation among stocks, stock index futures, bonds, and money market instruments based on macroeconomic and market indicators [1][3]. Financial Performance - As of June 30, 2025, the fund's total net asset value is approximately RMB 113.28 million, with a net asset value per share of RMB 2.034 [3][4]. - The fund achieved a profit of RMB 8.44 million during the reporting period, with a net profit margin of 7.71% [3][10]. - The fund's cumulative net value growth rate since its transformation is 101.75% [3][4]. Investment Strategy and Market Outlook - The fund maintains a high allocation to growth sectors, particularly in TMT (Technology, Media, and Telecommunications) and healthcare, while underweighting sectors like food and real estate [5]. - The market is expected to remain in a range-bound pattern, with economic growth projected at around 5% for the year, influenced by factors such as export slowdown and real estate market conditions [5][6]. - The fund will continue to monitor emerging sectors like AI and robotics for potential investment opportunities [5][6]. Management and Compliance - The fund management company, established in 1999, adheres to strict compliance with investment regulations and fair trading practices [3][6]. - The fund has not engaged in any unfair trading practices or conflicts of interest during the reporting period [6][7]. - The fund's investment decisions are made under the guidance of an investment decision committee, ensuring a structured approach to asset management [3][6].

Core Viewpoint - The report provides a comprehensive overview of the Ping An CSI Automotive Parts Theme ETF's performance and management strategies for the first half of 2025, highlighting its investment objectives and financial metrics. Fund Overview - The fund is named Ping An CSI Automotive Parts Theme ETF, managed by Ping An Fund Management Co., Ltd., and is traded on the Shenzhen Stock Exchange [2][20]. - The fund aims to closely track the performance of the CSI Automotive Parts Theme Index, with a target to minimize tracking deviation and error [2][20]. - The fund's total shares at the end of the reporting period were 22,244,616 [2]. Financial Performance - The fund achieved a realized income of CNY 582,877.85 and a profit of CNY 450,202.49 during the reporting period [3][4]. - The weighted average profit per fund share was CNY 0.0231, with a net asset value growth rate of 6.45% [3][4]. - The fund's net asset value at the end of the reporting period was CNY 24,953,789.73, with a cumulative net value growth rate of 12.18% [4][3]. Investment Strategy - The fund employs a full replication strategy to construct an index investment portfolio based on the composition and weight of the underlying index [2][20]. - The fund's investment composition must include at least 90% in the index's constituent stocks and at least 80% in non-cash assets [20]. - The fund's performance benchmark is the return of the CSI Automotive Parts Theme Index [3][20]. Management Report - Ping An Fund Management Co., Ltd. has been managing the fund since its inception on April 29, 2024, and has a total of 230 public funds under management, with assets totaling approximately CNY 660 billion [6][20]. - The fund manager emphasizes the importance of risk control and compliance with relevant regulations to protect the interests of fund shareholders [10][13]. Financial Statements - The financial statements for the reporting period are prepared in accordance with the relevant accounting standards and reflect the fund's financial position as of June 30, 2025 [21][22]. - The fund did not experience any significant changes in accounting policies or estimates during the reporting period [22].

Fund Overview - The fund is named Changsheng Tongsheng Growth Preferred Flexible Allocation Mixed Securities Investment Fund (LOF) and was established on December 26, 2014 [3] - The fund is managed by Changsheng Fund Management Co., Ltd. and custodied by Bank of China [2][3] - The fund aims to achieve long-term asset appreciation by focusing on sectors related to economic transformation, industrial upgrading, model innovation, and policy hotspots [3] Investment Strategy - The fund employs a combination of top-down industry selection and bottom-up stock picking to identify companies with high growth potential and reasonable valuations [3] - The asset allocation strategy involves dynamic adjustments among stocks, stock index futures, bonds, and money market instruments to control market risk and enhance allocation efficiency [3][4] Performance Metrics - As of June 30, 2025, the fund's net asset value was approximately RMB 385.95 million, with a total of 266,920,910.72 fund shares [3][20] - The fund achieved a net asset value per share of RMB 1.446, with a net value growth rate of 7.51% during the reporting period [15][20] - The fund's total realized income for the period was RMB 20.45 million, with a total profit of RMB 26.42 million [5][21] Financial Indicators - The fund's total assets amounted to RMB 388.83 million, with liabilities totaling RMB 2.87 million [19][20] - The fund's profit distribution for the reporting period was not implemented, in accordance with legal regulations and fund contract agreements [17] - The fund's performance benchmark is set at 50% of the CSI 300 Index return plus 50% of the China Bond Composite Index return [4][7] Management and Governance - The fund management company, Changsheng Fund Management Co., Ltd., was established in March 1999 and is one of the first ten fund management companies in China [8] - The company has a registered capital of RMB 206 million and manages a total of 73 open-end funds as of June 30, 2025 [8][9] - The fund management adheres to principles of honesty, diligence, and responsibility, ensuring fair treatment of all investment portfolios [12][13]

Fund Overview - The fund is named "Ping An Zhongzhai-0-3 Year National Development Bank Bond ETF" and is managed by Ping An Fund Management Co., Ltd. [1] - The fund aims to closely track the underlying index, targeting an average tracking deviation of no more than 0.25% and an annualized tracking error of no more than 3% [1][2]. - The fund was established on September 1, 2022, and its shares are traded on the Shenzhen Stock Exchange [1]. Financial Performance - The fund achieved a realized income of CNY 15,116,613.31 and a profit of CNY 2,851,224.44 during the reporting period from January 1, 2025, to June 30, 2025 [2][3]. - The weighted average net value profit rate for the period was 0.21%, with a net asset value of CNY 1,008,139,154.66 at the end of the reporting period [2][3]. - The fund's share net value growth rate was 0.29%, while the cumulative net value growth rate since inception was 6.25% [2][3]. Investment Strategy - The fund employs a passive management strategy using representative stratified sampling to replicate the characteristics of the underlying index [1][6]. - The average daily tracking deviation during the reporting period was 0.02%, with an annualized tracking error of 0.33%, indicating effective tracking of the underlying index [6]. Market Conditions - The bond market faced challenges due to a conservative stance from the central bank regarding liquidity, with the 10-year government bond yield reaching 1.9% [7][8]. - The market is expected to remain volatile, with the 10-year government bond likely to experience fluctuations in the second half of the year [8]. Management and Governance - Ping An Fund Management Co., Ltd. has been managing the fund in compliance with relevant laws and regulations, ensuring the protection of investors' interests [5][9]. - The fund management team is composed of experienced professionals, with a focus on maintaining fair trading practices and transparency [5][6].

Group 1 - The core viewpoint of the report is to provide a comprehensive overview of the performance and management of the Huaxia Preferred Allocation Equity Fund of Funds (FOF-LOF) for the first half of 2025, highlighting its investment strategies and financial results [1][2][3] - The fund aims for long-term capital appreciation through a diversified investment strategy that includes various asset classes such as stocks, bonds, and other financial instruments [1][2] - The fund's performance is benchmarked against a composite index consisting of the CSI 300 Index, Hang Seng Index, and a bond index, with a target risk and return profile higher than mixed and bond funds [1][2] Group 2 - As of June 30, 2025, the total fund shares amounted to 303,349,394.74, with a net asset value of approximately RMB 209.24 million [2][13] - The fund reported a realized loss of approximately RMB 6.39 million for Class A and RMB 0.31 million for Class C during the reporting period, with net profit margins of -2.18% and -2.37% respectively [2][3] - The cumulative net value growth rate for Class A was -30.98% and for Class C was -31.94%, indicating a significant decline in performance compared to the benchmark [2][3] Group 3 - The fund management company, Huaxia Fund Management Co., Ltd., has a long history and is recognized as one of the first national fund management companies in China, with a wide range of investment products and strategies [4][5] - The company emphasizes a research-driven investment approach to capture market opportunities and aims to provide good returns for investors [4][5] - The fund's investment strategy during the reporting period focused on high equity allocation, particularly in growth assets, while maintaining a balanced approach with consumer and financial sectors [9][10]

Fund Overview - The fund is named "Huaxia CSI Dividend Quality ETF" and was established on December 20, 2021, with a total share of 546,290,777.00 at the end of the reporting period [1][2] - The fund aims to closely track the CSI Dividend Quality 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 employs various investment strategies, including full replication, alternative strategies, and investment in derivatives and bonds [1][2] Financial Performance - The fund achieved a realized income of 8,028,150.80 RMB and a profit of 19,549,449.27 RMB during the reporting period from January 1, 2025, to June 30, 2025 [2][3] - The weighted average net value profit rate for the period was 3.60%, with a net asset value of 514,654,634.43 RMB and a net asset value per share of 0.9421 RMB at the end of the period [2][3] - The cumulative net value growth rate since the fund's inception is -5.79% [2][3] Market Environment - The macroeconomic environment in China showed resilience, with a GDP growth rate of 5.3% in the first half of 2025, supported by counter-cyclical policies and adjustments in export structures [12][13] - The A-share market experienced high volatility but recorded positive returns across major indices, with sectors like non-ferrous metals, banking, and military industries performing well [12][13] - The fund's tracking deviation was +2.04%, primarily due to dividend distributions, operational expenses, and index adjustments [13] Management and Operations - The fund management company, Huaxia Fund Management Co., Ltd., has a strong reputation and extensive experience in managing ETF products, being one of the largest in the domestic market [4][5] - The fund management adheres to strict compliance with regulations and has implemented robust risk monitoring and control mechanisms [11][15] - The fund did not distribute profits during the reporting period, aligning with regulatory requirements [14][15] Client Services - In the first half of 2025, the fund management company focused on enhancing customer experience through improved online services and educational initiatives [7] - The company has established liquidity service partnerships with several securities firms to ensure smooth market operations for the fund [13]