Financial Performance - In Q4 2025, the fund reported a realized income of 16.05 million yuan but incurred a loss of 59.38 million yuan, resulting in a quarterly loss of 59.4 million yuan [1] - As of the end of the reporting period, the fund's net asset value was 699.42 million yuan, with a fund share net value of 0.9017 yuan [1] Fund Performance - Over the past three months, the fund's share net value decreased by 7.53%, outperforming the benchmark by 0.18 percentage points, which had a return of -7.71% [2] - In the past year, the fund achieved a net value growth of 21.57%, significantly surpassing the benchmark's growth of 19.26%, resulting in an excess return of 2.31 percentage points [2] Investment Strategy and Operations - The fund follows a passive index replication strategy, primarily tracking the Hang Seng China Enterprises Index, with a daily tracking deviation not exceeding 0.3% and an annual tracking error within 2% [2] Macroeconomic and Market Outlook - The U.S. economy in Q4 2025 exhibited characteristics of "high inflation and weak employment," with the Federal Reserve cutting interest rates by 25 basis points in October and December [3] - The Hong Kong stock market faced liquidity pressure due to reduced expectations of further rate cuts by the Federal Reserve, impacting the performance of the Hang Seng China Enterprises Index [3] Asset Allocation - At the end of the reporting period, the fund's total assets were 711 million yuan, with equity investments accounting for 90.04% (640 million yuan) [4] - The fund's equity investments included 80.55% in Hong Kong stocks through the Stock Connect mechanism, valued at 563 million yuan [4] Sector Allocation - The top three sectors in the fund's equity investments were Consumer Discretionary (23.99%), Financials (23.35%), and Communication Services (17.42%), collectively representing 64.76% of the fund's net asset value [5] Top Holdings - The top three holdings were Tencent Holdings (7.29%), Alibaba Group (6.80%), and China Construction Bank (6.13%), together accounting for 20.22% of the fund's net asset value [6] Share Changes - The fund experienced a net redemption of 61 million shares, resulting in a 7.29% decrease in total shares from 836.7 million to 775.7 million [7]