Fund Overview - The fund is named Penghua CSI Wine Index Securities Investment Fund (LOF) and is managed by Penghua Fund Management Co., Ltd. with China Construction Bank as the custodian [1][2] - The fund aims to closely track the benchmark index with a target of keeping the average tracking deviation within 0.35% daily and annual tracking error within 4% [2][3] Financial Performance - As of June 30, 2025, the fund's A class shares reported a net value growth rate of -9.63%, while the benchmark growth rate was -11.02% [8] - The fund's C class shares had a net value growth rate of -9.67%, also against a benchmark growth rate of -11.02% [8] - The total net asset value of the fund at the end of the reporting period was approximately 6.46 billion RMB [1] Investment Strategy - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of the constituent stocks [7] - Adjustments to the investment portfolio are made in response to changes in the index constituents and their weights, as well as market conditions affecting liquidity [2][7] Market Conditions - The report indicates that overall consumption performance has been below expectations, with traditional consumption scenarios like business banquets under pressure, impacting the profitability of high-margin liquor products [7] - The fund's management is focused on tracking the index while addressing investor subscription and redemption activities [7] Risk and Compliance - The fund management adheres to legal regulations and the fund contract, ensuring compliance and risk control in managing fund assets [6][14] - No significant violations or abnormal trading behaviors were reported during the period [7][14]

Core Viewpoint - The report provides an overview of the performance and management of the Penghua CSI Pharmaceutical Health Index Securities Investment Fund (LOF) for the first half of 2025, highlighting the fund's investment strategy, financial performance, and market outlook. Fund Overview - Fund Name: Penghua CSI Pharmaceutical Health Index Securities Investment Fund (LOF) [2] - Fund Manager: Penghua Fund Management Co., Ltd. [2] - Fund Custodian: China Construction Bank Co., Ltd. [2] - Fund Operation Type: Listed Contractual Open-End Fund (LOF) [2] - Fund Code: 160635 [2] - Investment Objective: To closely track the benchmark index with minimal tracking deviation [2] - Investment Strategy: Passive index investment method, adjusting the portfolio based on changes in the benchmark index [2][9] Financial Performance - Total Fund Shares at Period End: 135,864,260.94 [2] - A Class Fund Net Value Growth Rate: -11.64% [5] - C Class Fund Net Value Growth Rate: -41.14% [5] - Realized Income for A Class: -4,254,323.33 [4] - Realized Income for C Class: -1,340,414.02 [4] - Period Profit for A Class: 2,269,546.78 [4] - Period Profit for C Class: 804,689.26 [4] Investment Strategy and Adjustments - The fund aims to minimize tracking error and maintain a close correlation with the benchmark index [2][9] - Adjustments to the investment portfolio are made based on changes in the benchmark index components and their weights [2][9] - The fund may also invest in financial derivatives such as stock index futures and warrants to manage risks and enhance returns [2][9] Market Outlook - The pharmaceutical sector is expected to benefit from supportive policies and an increase in innovative drug approvals [12] - The high-value consumables and medical equipment sectors are projected to recover in the second half of 2025 due to low base effects from the previous year [12] - The overall economic environment is anticipated to improve, driven by strong domestic demand and fiscal policy support [12]

Fund Overview - The fund is named Penghua ChiNext Index Securities Investment Fund (LOF) and is managed by Penghua Fund Management Co., Ltd. with China Construction Bank as the custodian [2][3] - The fund aims to closely track the ChiNext Index, targeting a daily tracking deviation of no more than 0.35% and an annual tracking error of no more than 4% [2][3] Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the A class shares achieved a net value growth rate of 1.68%, while the benchmark growth rate was 0.61% [8][9] - The C class shares recorded a net value growth rate of 1.53%, also outperforming the benchmark [8][9] - The I class shares experienced a slight decline with a net value growth rate of -0.02% against a benchmark growth rate of 1.53% [8][9] Investment Strategy - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of the constituent stocks [2][3] - Adjustments to the stock portfolio will be made in response to changes in the index constituents and their weights, as well as market conditions [2][3] Market Analysis - The ChiNext Index showed a recovery trend in the first half of 2025, driven by sectors such as pharmaceuticals and new energy [7][9] - The overall market is in a recovery phase, with significant influences from domestic monetary policy adjustments and trade negotiations [9][10] Management and Compliance - The fund management strictly adheres to relevant laws and regulations, ensuring compliance and protecting the interests of fund shareholders [6][12] - The fund manager has established a comprehensive index tracking mechanism to minimize tracking errors [7][10]

Fund Overview - The fund is named Penghua China 50 Open-Ended Securities Investment Fund, managed by Penghua Fund Management Co., Ltd. and custodied by Bank of Communications Co., Ltd. [1] - The fund aims for long-term stable appreciation of assets by focusing on value investment in fundamentally sound and liquid stocks that are relatively undervalued [1][2]. Financial Performance - The fund reported a profit of CNY 85,564,438.25 for the period from January 1, 2025, to June 30, 2025, with a net asset value of CNY 954,713,778.90 at the end of the reporting period [3][12]. - The fund's net asset value per share was CNY 1.879, with a cumulative net value growth rate of 799.31% since inception [3][12]. - The fund's profit distribution at the end of the reporting period was CNY 446,713,056.87, translating to a profit per share of CNY 0.8794 [3][12]. Investment Strategy - The fund employs a mixed investment strategy, focusing on both stocks and bonds, with an emphasis on long-term holding and moderate trading based on market conditions [1][2]. - The investment strategy includes a top-down approach to macroeconomic analysis and a bottom-up approach for industry-specific opportunities, particularly in sectors like precious metals and chemicals [5][6]. Market Context - The fund's performance occurred against a backdrop of increased market volatility and structural opportunities, with notable sectors being AI computing, innovative pharmaceuticals, and robotics [5][6]. - The fund manager anticipates a potential easing of monetary policy by the Federal Reserve, which could lead to increased global liquidity [6]. Compliance and Governance - The fund management strictly adheres to relevant laws and regulations, ensuring compliance in all operational aspects, including fair trading practices [4][10]. - The fund's valuation processes are managed by a dedicated valuation committee, ensuring transparency and accuracy in asset valuation [7][8].

鹏华消费领先灵活配置混合型证券投资基 金 基金管理人：鹏华基金管理有限公司 基金托管人：交通银行股份有限公司 送出日期：2025 年 8 月 28 日 鹏华消费领先混合 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。 基金托管人交通银行股份有限公司根据本基金合同规定，于 2025 年 08 月 27 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 01 月 01 日起至 2025 年 06 月 30 日止。 第 2页 共 52页 鹏华消费领先混合 2025 年中期报告 第 3页 共 52页 鹏华 ...

鹏华中证移动互联网指数型证券投资基金 (LOF) 基金管理人：鹏华基金管理有限公司 基金托管人：中国建设银行股份有限公司 送出日期：2025 年 8 月 28 日 鹏华中证移动互联网指数(LOF)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 08 月 27 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 01 月 01 日起至 2025 年 06 月 30 日止。 第 2页 共 55页 鹏华中证移动互联网指数(LOF)20 ...

Core Viewpoint - The report provides an overview of the performance and management of the Penghua CSI Hong Kong-Shenzhen Technology Leaders Index Securities Investment Fund (LOF) for the first half of 2025, highlighting its investment strategy, financial performance, and market conditions affecting the fund [1][8]. Fund Overview - Fund Name: Penghua CSI Hong Kong-Shenzhen Technology Leaders Index Securities Investment Fund (LOF) [1] - Fund Management Company: Penghua Fund Management Co., Ltd. [1] - Fund Custodian: China Merchants Bank Co., Ltd. [1] - Fund Operation Type: Listed open-ended fund (LOF) [1] - Fund Contract Effective Date: December 7, 2021 [1] - Total Fund Shares at Period End: 53,449,959.75 shares [1] Investment Objectives and Strategies - The fund aims to closely track the benchmark index, minimizing tracking deviation and error, with daily tracking deviation controlled within 0.35% and annual tracking error within 4% [1][2]. - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of constituent stocks [2][3]. Financial Performance - The fund's A share net value growth rate for the reporting period was 12.79%, while the benchmark growth rate was 11.72% [9]. - The C share net value growth rate was 12.68%, and the I share net value growth rate was 12.58%, both outperforming the benchmark [9]. - The fund's total net asset value at the end of the reporting period was 0.9192 RMB for A shares, 0.9075 RMB for C shares, and 1.1168 RMB for I shares [10][12]. Market Conditions - The report notes that the A-share and Hong Kong stock markets experienced fluctuations due to global uncertainties, particularly trade tensions, but showed resilience overall [9][10]. - The technology sector was highlighted as a key area of focus, with significant interest in artificial intelligence, innovative pharmaceuticals, and other high-growth industries [10]. Risk Management and Compliance - The fund management strictly adheres to legal regulations and the fund contract, ensuring compliance and risk management throughout the reporting period [7][12]. - The fund has mechanisms in place to monitor and control risks associated with investment strategies and market conditions [11].

Core Insights - The global financial market is undergoing a significant digital transformation, yet there is a notable divide in attitudes on Wall Street towards digital assets [1] - Despite record inflows into Bitcoin spot ETFs and traditional financial giants holding substantial crypto ETF shares, 75% of global fund managers remain resistant to entering the digital asset space [1][3] - This resistance is attributed not to regulatory uncertainties but to deep-rooted fears and misunderstandings about the digital asset industry [3] Group 1: Market Dynamics - The traditional fund managers face a management paradox where their commitment to fiduciary duty prevents them from meeting the growing demand for digital asset investments [5] - There is a mismatch between the increasing interest in digital assets from clients and the lack of corresponding investment solutions provided by their managers [5] - The misconception that meme coins represent the entire crypto ecosystem highlights a superficial understanding of digital assets among traditional finance professionals [5] Group 2: Institutional Trends - A fundamental shift is occurring in the Bitcoin trading market, with 89% of transactions exceeding $100,000, indicating significant institutional participation [7] - Traditional financial instruments, such as Venezuelan bonds, are viewed with more confidence than Bitcoin, despite Bitcoin's track record of never defaulting [7] - As the Federal Reserve approaches a rate-cutting cycle, traditional sources of returns are declining, pushing institutions to explore innovative yield alternatives like crypto staking [7] Group 3: Regulatory Environment - The recent SEC guidelines on liquidity staking could mark a pivotal moment for the industry, allowing regulated products to offer staking yields without direct crypto holdings [8] - XBIT, as a decentralized trading platform, aligns well with the market demands under this new regulatory environment [8] - The gap between the 75% of fund managers adhering to traditional frameworks and the growing recognition of the need for technological adaptation remains significant [8]

Fund Overview - The fund is named Penghua CSI Internet of Vehicles Theme ETF, with a total fund share of 52,799,732.00 as of the report date [2][3] - The fund aims to closely track the benchmark index with a daily tracking deviation of less than 0.2% and an annual tracking error of less than 2% [2][3] - The fund employs a passive index investment strategy, adjusting the investment portfolio according to changes in the benchmark index's constituent stocks and their weights [2][3] Financial Performance - The fund achieved a realized income of 2,989,438.77 and a profit of 1,500,373.16 during the reporting period [3][4] - The net asset value at the end of the reporting period was 47,738,549.72, with a net asset value per share of 0.9041 [3][4] - The cumulative net value growth rate of the fund was -9.59% [3][4] Market Context - The A-share market exhibited an "N-shaped" trend in the first half of the year, with the Shanghai Composite Index rising by 2.76% [11] - Economic growth was supported by stable domestic demand, better-than-expected exports, and rapid industrial production, laying a solid foundation for the year [11][12] - The technology sector, particularly artificial intelligence and robotics, performed well early in the year, while other sectors like banking and new consumption gradually took over as market hotspots [11][12] Industry Insights - The integration of vehicle-road-cloud technology continues to progress in China, driven by policy support and technological exploration, although the pace of development has not met expectations [12][13] - The deployment of V2X technology is enhancing vehicle-road-cloud interaction efficiency, but cost pressures are causing car manufacturers to be cautious about investing in vehicle communication capabilities [12][13] - Future development in the vehicle-road-cloud industry requires attention to cost-sharing mechanisms and the exploration of business models, with a generally optimistic outlook for growth potential [12][14]

Core Viewpoint - The report provides an overview of the performance and management of the Penghua CSI Photovoltaic Industry ETF, highlighting its investment strategy, financial performance, and market conditions affecting the photovoltaic industry in the first half of 2025 [1][2][16]. Fund Overview - Fund Name: Penghua CSI Photovoltaic Industry ETF - Fund Manager: Penghua Fund Management Co., Ltd. - Fund Custodian: Shenwan Hongyuan Securities Co., Ltd. - Total Fund Shares at Period End: 535,729,352.00 shares - Fund Contract Effective Date: February 22, 2021 - Investment Objective: To closely track the benchmark index with minimal tracking deviation [2][4]. Financial Performance - Realized Income for the Period: -22,381,681.56 CNY - Net Profit for the Period: -28,278,000.84 CNY - Average Fund Share Profit Rate: -0.0541 - Fund Share Net Value Growth Rate: -11.28% - Total Net Asset Value at Period End: 238,909,028.67 CNY - Cumulative Net Value Growth Rate: -33.10% [10][11][27]. Market Conditions - The photovoltaic sector experienced a surge in new installations in May 2025, reaching 92.92 GW, the highest monthly record, driven by the "531" installation rush [16]. - The report indicates that the domestic demand may face pressure in the second half of the year due to high installation levels and ongoing capacity pressures [16]. - The overall market performance showed resilience despite global uncertainties, with the A-share market remaining strong, influenced by robust economic data and liquidity [17][18]. Investment Strategy - The fund employs a passive index investment strategy, aiming to minimize tracking error and closely replicate the performance of the CSI Photovoltaic Industry Index [4][16]. - Adjustments to the investment portfolio are made based on changes in the index constituents and their weights, as well as market conditions affecting liquidity [4][5][6]. Management Report - Penghua Fund Management Co., Ltd. has a history of over 20 years in fund management, with a total asset management scale of 1,251.3 billion CNY as of the report date [12][13]. - The fund manager emphasizes compliance with regulations and a commitment to maximizing the interests of fund shareholders while managing risks effectively [15][18].