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].

鹏华中证细分化工产业主题交易型开放式 指数证券投资基金 基金管理人：鹏华基金管理有限公司 基金托管人：华泰证券股份有限公司 送出日期：2025 年 8 月 28 日 化工 ETF2025 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。 基金托管人华泰证券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 化工 ETF2025 年中期报告 第 3页 共 55页 化 ...

Core Viewpoint - The report provides a comprehensive overview of the performance and management of the Penghua CSI 5-Year Local Government Bond ETF, highlighting its investment strategies, financial metrics, and compliance with regulations. Fund Overview - Fund Name: Penghua CSI 5-Year Local Government Bond ETF - Fund Manager: Penghua Fund Management Co., Ltd. - Fund Custodian: China Merchants Bank Co., Ltd. - Total Fund Shares at Period End: 35,305,910.00 shares [2] - Fund Contract Effective Date: August 23, 2019 [2] - Investment Objective: To closely track the benchmark index with a daily tracking deviation not exceeding 0.25% and an annualized tracking error not exceeding 3% [2]. Investment Strategy - The fund employs a stratified sampling strategy to replicate the benchmark index, focusing on liquidity and credit ratings of the selected bonds [2]. - Alternative strategies may be used when market liquidity is insufficient, ensuring that the replacement bonds closely match the characteristics of the original bonds [2]. - The fund also utilizes leverage strategies to enhance returns by borrowing funds to invest in higher-yielding bonds [2]. Financial Performance - Realized Income for the Period: 83,241,942.55 RMB [3] - Net Profit for the Period: 22,617,018.54 RMB [3] - Weighted Average Fund Share Profit for the Period: 0.6255 RMB [3] - Fund Share Net Value Growth Rate: 0.50% [3] - Cumulative Net Value Growth Rate: 25.78% [3]. Key Financial Metrics - Fund Net Asset Value at Period End: 4,105,838,405.86 RMB [3] - Fund Share Net Value at Period End: 116.2932 RMB [3] - Available Distributable Profit at Period End: 545,787,404.55 RMB [3]. Management Report - Penghua Fund Management Co., Ltd. has been managing assets totaling 1,251.3 billion RMB across 359 public funds as of the report date [4]. - The fund management adheres to strict compliance with regulations and aims to maximize benefits for fund shareholders [5]. Custodian Report - China Merchants Bank has confirmed the accuracy of the financial indicators and net value performance reported, ensuring compliance with legal and regulatory requirements [9].

Fund Overview - The fund is named Penghua Guozheng Nonferrous Metals Industry Exchange-Traded Open-Ended Index Securities Investment Fund, with an indefinite contract duration and listed on the Shenzhen Stock Exchange since March 25, 2021 [2][3] - The investment objective is to closely track the benchmark index, aiming to minimize tracking deviation and error, with daily tracking deviation controlled within 0.2% and annual tracking error within 2% [2][4] Financial Performance - The fund achieved a realized income of CNY 316,177.28 and a profit of CNY 14,740,757.80 during the reporting period [8] - The weighted average profit per fund share was CNY 0.1542, with a net asset value growth rate of 15.13% and a cumulative net value growth rate of 14.66% [10][18] - The fund's net asset value at the end of the reporting period was CNY 95,225,831.53, with a distributable profit of CNY 12,174,313.53 [8][22] Investment Strategy - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of constituent stocks and adjusting according to changes in the index [4][5] - Adjustments to the investment portfolio may occur due to changes in constituent stocks, liquidity issues, or other market factors, aiming to minimize tracking error [4][5] Market Context - The fund's benchmark index, the Guozheng Nonferrous Metals Industry Index, outperformed major broad indices during the reporting period, with a growth rate of 14.52% [17][18] - The macroeconomic environment was favorable for the nonferrous metals sector, with a weak dollar and tariff impacts benefiting prices of gold, copper, and other metals [17][18] Management and Compliance - The fund is managed by Penghua Fund Management Co., Ltd., which has extensive experience in fund management and compliance with relevant regulations [12][16] - The fund's operations adhered strictly to the fund contract and regulatory requirements, ensuring no actions detrimental to the interests of fund shareholders occurred during the reporting period [16][21]

Core Viewpoint - The report provides an overview of the performance and management of the Penghua CSI Mainland Low Carbon Economy Theme ETF for the first half of 2025, highlighting its investment strategy, financial performance, and market conditions affecting its operations [1][2][3]. Fund Overview - Fund Name: Penghua CSI Mainland Low Carbon Economy Theme ETF - Fund Manager: Penghua Fund Management Co., Ltd. - Fund Custodian: Huatai Securities Co., Ltd. - Total Fund Shares at Period End: 433,467,316.00 shares - Fund Contract Effective Date: April 6, 2021 - Investment Objective: To closely track the benchmark index with minimal tracking deviation [1][2]. Financial Performance - Average Fund Share Profit for the Period: -0.0299 - Average Net Value Profit Rate for the Period: -5.20% - Fund Share Net Value Growth Rate for the Period: -5.00% - Net Asset Value at Period End: 251,122,940.60 RMB - Fund Share Net Value at Period End: 0.5793 RMB - Cumulative Net Value Growth Rate: -13.11% [3][4]. Performance Comparison - Performance over the past month: 3.58% - Performance over the past three months: 0.59% - Performance over the past six months: -5.00% - Performance over the past year: 7.72% - Performance over the past three years: -44.19% - Cumulative performance since fund inception: -13.11% [4][5]. Management Report - The fund manager, Penghua Fund Management Co., Ltd., has been in operation since December 22, 1998, managing a total asset scale of 1,251.3 billion RMB across 359 public funds [5][6]. - The fund manager emphasizes compliance with regulations and aims to maximize benefits for fund shareholders while managing risks effectively [8][9]. Market Conditions - The report notes that the fund's performance was affected by various market factors, including global uncertainties and domestic economic resilience [10][11]. - The fund's benchmark index, the CSI Mainland Low Carbon Economy Theme Index, underperformed compared to major indices during the reporting period [9][10]. Investment Strategy - The fund employs a passive index investment strategy, primarily investing in the top 50 companies in the low-carbon economy sector listed on the Shanghai and Shenzhen stock exchanges [9][10]. - Adjustments to the investment portfolio are made based on changes in the benchmark index and market conditions to minimize tracking error [2][3].

Core Viewpoint - The report outlines the performance and investment strategy of the Penghua Dynamic Growth Mixed Securities Investment Fund (LOF) for the first half of 2025, highlighting its focus on high-growth, undervalued stocks while managing risks through dynamic asset allocation between stocks and bonds [1][2][3]. Fund Overview - Fund Name: Penghua Dynamic Growth Mixed Securities Investment Fund (LOF) - Fund Manager: Penghua Fund Management Co., Ltd. - Fund Custodian: Agricultural Bank of China Co., Ltd. - Total Fund Shares at Period End: 1,284,776,120.21 shares - Fund Net Asset Value at Period End: 1,157,612,350.62 RMB - Fund Share Net Value at Period End: 0.901 RMB [1][3][4]. Investment Strategy - The fund employs a combination of top-down and bottom-up investment strategies, focusing on strategic asset allocation and dynamic adjustments based on market conditions [3][4]. - The investment strategy emphasizes selecting stocks with high growth potential and sustainable profitability, particularly those that are undervalued relative to their growth prospects [3][4][5]. - The fund utilizes a quantitative model for dynamic asset allocation, adjusting the proportion of stocks and bonds based on market conditions [2][3][4]. Financial Performance - Realized income for the period was -34,075,181.59 RMB, while the profit for the period was 102,032,146.76 RMB - The weighted average net value profit rate for the period was 9.13%, and the fund share net value growth rate was 9.48% [1][3][4]. - Cumulative net value growth rate since inception is 263.25% [1][3][4]. Market Analysis - The report indicates that the A-share market is currently in a reasonable valuation range, with overall risk premiums returning to historical averages, suggesting potential for future growth [14][15]. - The fund's portfolio is primarily focused on sectors such as pharmaceuticals and electronics, which have shown significant performance [15][16]. - The outlook for the second half of 2025 anticipates continued market volatility, with a focus on structural opportunities within the market [16][17]. Risk Management - The fund aims to mitigate systemic risks associated with stock investments by adjusting the allocation between stocks and bonds based on market conditions [8][9]. - The fund employs various investment strategies, including duration strategies and relative value exploration, to ensure the safety and liquidity of the bond portfolio [8][9]. Management and Compliance - The fund management adheres to strict compliance with relevant laws and regulations, ensuring fair treatment of all investment portfolios [13][19]. - The custodian, Agricultural Bank of China, confirms that the fund management has operated within legal frameworks and has not engaged in any actions detrimental to the interests of fund shareholders [19].

鹏华中证 A 股资源产业指数型证券投资基 金(LOF) 基金管理人：鹏华基金管理有限公司 基金托管人：中国工商银行股份有限公司 送出日期：2025 年 8 月 28 日 鹏华中证 A 股资源产业指数(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。 基金托管人中国工商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 A 股资源产业 ...

Core Viewpoint - The current bull market in China is driven by a shift in investor behavior towards lower-risk "fixed income+" products, contrasting with the high-risk leverage-driven bull market of 2015 [1][33]. Group 1: Market Context - The macroeconomic backdrop for both the 2015 and 2025 bull markets is similar, characterized by moderate economic growth and a significant shift of bank savings into investment products [1]. - The previous bull market was marked by high-risk tolerance and expectations of rapid wealth accumulation, while the current market sees investors seeking safer returns through "fixed income+" products [1][33]. Group 2: Understanding "Fixed Income+" - "Fixed income+" is not a single product but a diverse asset class that includes various strategies and styles, catering to different investor needs [9][12]. - The demand for transparency in investment products is crucial, with clearer product characteristics leading to better alignment with investor goals [2][5]. Group 3: Product Characteristics - The "fixed income+" category includes a range of products such as bond funds, mixed funds, and convertible bond funds, each with distinct risk-return profiles [9][11]. - The performance of "fixed income+" products can vary significantly based on their underlying assets and strategies, similar to equity funds [11][12]. Group 4: Investment Strategies - Different strategies within "fixed income+" products include technology-focused, balanced, and convertible bond-enhanced approaches, each targeting specific risk profiles and market conditions [19][21][25]. - The performance of these products is influenced by market dynamics, with some strategies outperforming others in different market environments [11][22]. Group 5: Long-Term Investment Perspective - Historical data suggests that holding higher-risk assets over a long period generally yields better returns compared to lower-risk assets [12]. - The current market environment, with declining static yields on bonds, enhances the attractiveness of taking on risk for potentially higher returns [12][33]. Group 6: Product Innovation - Companies like Penghua Fund are innovating within the "fixed income+" space by offering a comprehensive range of products that cater to various investor preferences and risk appetites [14][18]. - The introduction of quantitative strategies combined with traditional fixed income products provides investors with more options and potential for enhanced returns [27][28].

Fund Overview - The fund is named "招商丰泰灵活配置混合型证券投资基金(LOF)" and is managed by 招商基金管理有限公司 with a total fund share of 7,737,418.18 as of June 30, 2025 [1][2] - The fund aims to achieve stable returns for investors by flexibly allocating assets across different investment categories while controlling downside risks [1][2] Financial Performance - The fund reported a realized income of 78,866.70 and a total profit of 125,331.32 for the reporting period [3][12] - The weighted average net value profit rate was 1.07%, and the fund share net value growth rate was 1.11% [3][12] - The fund's net asset value at the end of the reporting period was 11,285,498.39, with a fund share net value of 1.459 [3][12] Investment Strategy - The fund employs a dynamic asset allocation strategy based on macroeconomic analysis, adjusting the proportion of stocks and bonds to optimize the investment portfolio [1][2] - Stock investments are selected using a combination of quantitative and qualitative methods, while bond investments focus on duration strategies and individual bond selection [1][2] - The fund also invests in warrants and stock index futures to manage market risks and adjust stock positions [1][2] Market Outlook - The fund anticipates that the market may experience narrow fluctuations upward in the second half of 2025, with a need for further policy support to address weak domestic demand and low inflation [7][8] - The fund emphasizes selecting high-quality stocks with stable competitive landscapes and focuses on sectors with low correlation to macroeconomic conditions [7][8] Compliance and Governance - The fund management strictly adheres to relevant laws and regulations, ensuring that all investment operations are conducted in compliance with the fund contract [4][5] - The fund management has established a comprehensive research and investment decision-making process to ensure fair investment opportunities across all portfolios [5][6]

Fund Overview - The fund is named "招商沪深 300 地产等权重指数证券投资基金" and operates as a contract-based open-end fund [2] - The fund aims to passively track the performance of the "沪深 300 地产等权重指数" using a full replication method [2][3] - The fund's total shares at the end of the reporting period were 3,655,079,118.76 [2] Financial Performance - The fund reported a realized loss of approximately 15.49 million RMB and a total profit loss of about 41.92 million RMB for the reporting period [3] - The weighted average net value profit rate was -10.89%, and the net asset value at the end of the period was 411.60 million RMB [3] - The cumulative net value growth rate of the fund was -48.20% [3] Investment Strategy - The fund utilizes stock index futures to enhance investment efficiency and achieve its investment objectives [2] - The fund's performance benchmark is a combination of 95% of the "沪深 300 地产等权重指数" return and 5% of the benchmark interest rate for RMB demand deposits [2] - The fund employs a passive investment strategy with strict investment discipline and quantitative risk management [2][3] Market Conditions - The real estate market showed a mixed performance, with demand initially rising but lacking long-term support in the second quarter [8] - The fund's A and C share net value growth rates were -10.39% and -10.42%, respectively, compared to a benchmark growth rate of -9.67% [8] - The overall economic environment indicated a GDP growth of 5.3% in China, with various sectors experiencing different levels of demand [9] Management and Compliance - The fund management strictly adheres to relevant laws and regulations, ensuring compliance in all investment operations [6][8] - The fund management has established a comprehensive research and investment decision-making process to ensure fair investment opportunities across portfolios [7] - The fund's valuation process is conducted in accordance with legal requirements, with a dedicated valuation committee overseeing the procedures [10][11]