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]

Core Viewpoint - The article emphasizes the importance of anti-money laundering (AML) efforts, highlighting the direct and indirect harms caused by money laundering to society and the economy, and the government's commitment to strengthening legal frameworks and enforcement measures against such crimes [2][4][9]. Group 1: Direct Harms of Money Laundering - Money laundering undermines the stability of the economic system, leading to economic distortion and disorder [4]. - It serves as a financial lifeline for other serious criminal activities, including drug trafficking, terrorism, smuggling, corruption, fraud, and tax evasion [4]. - It poses significant risks to banks and financial institutions, damaging the credibility of the financial system [3]. Group 2: Government Actions and Legal Framework - Since 2020, the Supreme People's Procuratorate has significantly increased the prosecution of money laundering cases, with 2,971 individuals prosecuted in 2023, nearly 20 times the number in 2019 [5]. - In the first half of 2024, 1,391 individuals were prosecuted for money laundering, representing a year-on-year increase of 28.4% [5]. - The legal basis for prosecuting money laundering includes various articles in the Criminal Law, which have been expanded to include self-laundering and other related offenses [6][7]. Group 3: Legal Revisions and Enforcement - The Criminal Law Amendment (XI) made significant changes to the definitions and penalties for money laundering, removing terms like "knowingly" and "assist," and including self-laundering in the scope of prosecution [7]. - The recent legal interpretations clarify the standards for recognizing self-laundering and other forms of money laundering, providing a clearer legal basis for enforcement [8]. - The government is committed to enhancing the effectiveness of AML measures through improved collaboration among judicial bodies and stricter penalties for offenders [8]. Group 4: Public Awareness and Prevention - The article encourages the public to enhance their awareness of AML practices and to be cautious with personal financial information [10][11]. - It provides guidelines on avoiding potential risks associated with money laundering, such as not sharing personal financial information and being wary of high-return investment schemes [11].

Group 1: Open Market Operations - The central bank conducted a reverse repurchase operation on August 27, with a fixed rate and quantity tendering, amounting to 379.9 billion yuan for a 7-day term at an interest rate of 1.40%, with the same amount being awarded [1] - On the same day, 616 billion yuan of reverse repos matured, resulting in a net withdrawal of 236.1 billion yuan [1] Group 2: Funding Conditions - The central bank's reverse repurchase operations were reduced in volume, continuing to withdraw funds, leading to a relatively loose interbank market at the beginning of the day, which tightened as the day progressed [3] - The overnight repo weighted average rate for deposit institutions slightly decreased, hovering around 1.31% [3] - The overnight quotes in the anonymous click (X-repo) system rose from 1.30%-1.35% to 1.45%, indicating limited supply [3] - The latest overnight financing rate in the U.S. was reported at 4.37% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks was around 1.67%, remaining stable compared to the previous day [7] Group 4: Bond Market Overview - The yields on major interbank bonds showed mixed movements [9] - Government bond futures closed collectively higher, with the 30-year main contract rising by 0.24%, the 10-year by 0.08%, the 5-year by 0.07%, and the 2-year by 0.02% [13] Group 5: Economic Indicators - In July, profits of industrial enterprises above a designated size fell by 1.5% year-on-year, with the decline narrowing by 2.8 percentage points compared to June [14] - High-tech manufacturing profits shifted from a decline of 0.9% in June to a growth of 18.9% in July, significantly contributing to the overall profit growth of industrial enterprises [14] - The Ministry of Commerce announced plans to introduce policies next month to expand service consumption, utilizing fiscal and financial measures to enhance service supply capabilities [14] Group 6: Government Debt Issuance - The Ministry of Finance successfully issued 12.5 billion yuan of government bonds in Hong Kong, with various minimum acceptance prices for different maturities [14] Group 7: Local Government Initiatives - Xiamen has implemented a personal bankruptcy protection regulation, allowing individuals unable to repay debts to undergo restructuring or liquidation [14] - The Shanghai Municipal Government has released implementation opinions to accelerate the renovation of urban villages, prioritizing areas with urgent community needs and safety concerns [15]

Fund Overview - The fund is named Penghua CSI Media Index Securities Investment Fund (LOF) and is managed by Penghua Fund Management Co., Ltd. [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] - The fund operates as a listed open-end fund and was established on December 11, 2014, with shares listed on the Shenzhen Stock Exchange since January 18, 2021 [2][3] Financial Performance - As of June 30, 2025, the fund's A class shares achieved a net value growth rate of 10.77%, while the benchmark growth rate was 10.05% [10] - The C class shares recorded a net value growth rate of 10.60%, matching the benchmark growth rate of 10.05% [10] - The I class shares had a net value growth rate of 3.41%, slightly below the benchmark growth rate of 3.69% [10] 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] - The technology sector, particularly driven by advancements in AI and robotics, showed strong performance early in the year, while other sectors like banking and new consumption gradually took over as market leaders [11] - The media industry experienced overall positive growth due to macroeconomic recovery and policy support, although performance varied across segments [12][14] Industry Insights - The gaming industry benefited from accelerated domestic license approvals and expansion into overseas markets, with a total of 812 game licenses issued in the first half of the year, an 18% increase from the previous year [12][14] - The film and cinema sector is recovering with support from quality domestic films and improved operational efficiency through digital transformation [12][14] - The advertising sector remains sluggish, but social media and short video advertising are showing resilience due to precise targeting and high interactivity [14][15] Future Outlook - The media industry may face challenges if consumer willingness to spend remains low, but policy easing and advancements in AI technology could provide new growth momentum [15] - The gaming sector should focus on the release schedule of new games and regulatory changes, while the film sector should leverage holiday periods for strategic releases [15]