Group 1 - The "Chuang Series" indices experienced significant gains, with the ChiNext 50 rising by 7.35%, the ChiNext Composite Index by 6.55%, and the ChiNext 300 by 5.69% [2] - The thematic indices also saw impressive increases, particularly the Innovation Energy index which surged by 9.96% and the ChiNext Battery index which rose by 11.21% [2] - Leading ETF products in the ChiNext series also performed well, with the ChiNext Growth ETF increasing by 8.50% and the ChiNext 50 ETF by 8.15% [2] Group 2 - In the first half of the year, 1,384 ChiNext companies collectively achieved operating revenue of 2.05 trillion yuan, with an average revenue of 1.48 billion yuan, reflecting a year-on-year growth of 9.03% [3] - The net profit for these companies reached 150.54 billion yuan, with an average of 109 million yuan, marking a year-on-year increase of 11.18% [3] - The net profit excluding non-recurring items was 130.93 billion yuan, with an average of 95 million yuan, showing a growth of 11.80% year-on-year [3] Group 3 - The cash flow from operating activities for ChiNext companies showed a significant improvement, with an average net inflow of 11.3 million yuan, a year-on-year increase of 54.44% [4] - In key sectors such as advanced manufacturing, digital economy, and green low-carbon, over 800 listed companies are concentrated in the ChiNext market [4] - In the first half of 2025, companies in these three sectors achieved a combined operating revenue of 1.34 trillion yuan, with a year-on-year growth of 9.87% and net profit of 113.92 billion yuan, reflecting a growth of 15.90% [4]

Core Viewpoint - The "Chuang Series" indices have experienced significant growth, with various indices and ETFs showing substantial increases in value, reflecting strong performance in the ChiNext market [3][4]. Group 1: Index Performance - The ChiNext 50 index rose by 7.35%, while the ChiNext Composite index increased by 6.55%, indicating a robust market rally [3]. - The thematic indices, particularly in technology and new energy, saw impressive gains, with the innovation energy index rising by 9.96% and the battery index surging by 11.21% [3]. Group 2: Company Financial Performance - In the first half of 2025, 1,384 ChiNext companies reported a total revenue of 2.05 trillion yuan, with an average revenue of 1.48 billion yuan, marking a year-on-year growth of 9.03% [4]. - The net profit for these companies reached 150.54 billion yuan, with an average of 109 million yuan, reflecting a year-on-year increase of 11.18% [4]. - The operating cash flow showed a significant improvement, with an average net inflow of 113 million yuan, up by 54.44% year-on-year [5]. Group 3: Sector Performance - Companies in advanced manufacturing, digital economy, and green low-carbon sectors collectively generated 1.34 trillion yuan in revenue, growing by 9.87% year-on-year, with net profits increasing by 15.90% [5]. - The top 100 companies by market capitalization contributed significantly, with total revenues of 937.23 billion yuan and net profits of 102.45 billion yuan, representing 45.68% and 68.06% of the total for the ChiNext market, respectively [5].

Fund Overview - The fund is named "West Lead Growth Enterprise Market Large Cap Exchange-Traded Open-Ended Index Fund" and is abbreviated as "West Lead GEM Large Cap ETF" [2] - The fund was established on June 19, 2020, and is managed by West Lead Fund Management Co., Ltd. with China Agricultural Bank as the custodian [4][5] - The fund aims to closely track the performance of the Growth Enterprise Market Large Cap Index, minimizing tracking deviation and error [4][3] Investment Strategy - The fund constructs its stock investment portfolio based on the constituent stocks of the Growth Enterprise Market Index, adjusting the investment ratios according to liquidity management factors [3] - The fund employs a full replication method to track the performance of the benchmark index, which is characterized by higher expected risks and returns compared to mixed, bond, and money market funds [3] Financial Performance - As of June 30, 2025, the fund's total net asset value was approximately 639.15 million RMB, with a net asset value per share of 0.4232 RMB [17] - The fund reported a realized income of approximately 2.55 million RMB and a profit of approximately 22.47 million RMB for the reporting period [17] - The fund's share net value growth rate was 2.27%, while the cumulative net value growth rate since inception was -12.87% [17][6] Market Context - During the reporting period, the A-share market exhibited a fluctuating and differentiated pattern, with significant structural market characteristics [12] - The Growth Enterprise Market Index was primarily driven by sectors such as communication equipment, electronic components, and media, while sectors like non-bank financials and power equipment negatively impacted the index performance [12] - The fund's management remains committed to executing a full replication investment strategy to ensure a high correlation between the fund's net value growth rate and the benchmark index's return [12] Management and Custodian - West Lead Fund Management Co., Ltd. was established on July 20, 2010, and is recognized as the 60th nationwide standardized fund management company approved by the China Securities Regulatory Commission [8] - The custodian, China Agricultural Bank, has confirmed that the fund's investment operations comply with relevant laws and regulations, ensuring no actions detrimental to the interests of fund shareholders [16]

Group 1 - The "Chuang Series" index experienced a significant surge, with the ChiNext Index rising by 3.63%, reaching a new high since February 2023 [2] - Among the top ten weighted stocks in the ChiNext Index, all except Wens Foodstuff Group saw gains, with Tonghuashun up 15.74% and Zhongji Xuchuang up 10.65% [2] - Ningde Times, the largest weighted stock in the ChiNext Index, reported a revenue of 178.886 billion yuan, a year-on-year increase of 7.27%, and a net profit of 30.485 billion yuan, up 33.33% [2] Group 2 - Multiple broad-based indices also reached new highs for 2023, including the ChiNext 50, which rose by 4%, and the ChiNext Composite Index, which increased by 3% [2] - The strategy indices showed strong performance, with the Chuang Growth Index up 4.18% and the Chuang Value Index up 2.02% [3] - The leading ETF products in the "Chuang Series" also performed well, with the ChiNext Artificial Intelligence ETF rising by 6.36% [3]

Quantitative Models and Construction Methods 1. Model Name: Wantushi AI Model - **Model Construction Idea**: The Wantushi AI model evaluates indices based on their potential upward probability and selects ETFs with favorable characteristics for investment[6] - **Model Construction Process**: 1. The model assigns a score to indices based on their upward probability. Indices with scores above 0.8 are selected[6] 2. For each selected index, the corresponding ETFs are identified[6] 3. Among these ETFs, those with a 30-day average daily trading volume exceeding 30 million RMB are retained[6] 4. Finally, the ETF with the lowest IOPV premium rate for each index is chosen[6] - **Model Evaluation**: The model systematically filters ETFs based on liquidity and valuation metrics, ensuring a focus on high-quality investment options[6] --- Backtesting Results of Models 1. Wantushi AI Model - **Index Code: 932000 (CSI)** - Upward Probability: 93.52% - Selected ETF: 159552 (CSI 2000 Enhanced ETF)[7] - **Index Code: 399006 (SZ)** - Upward Probability: 93.37% - Selected ETF: 159977 (Tianhong ChiNext ETF)[7] - **Index Code: 399673 (SZ)** - Upward Probability: 92.49% - Selected ETF: 159682 (ChiNext 50 ETF)[7] - **Index Code: 399850 (SZ)** - Upward Probability: 90.15% - Selected ETF: 159350 (Shenzhen 50 ETF by Fuguo)[7] - **Index Code: 000852 (SH)** - Upward Probability: 85.86% - Selected ETF: 159680 (1000 Enhanced ETF)[7] - **Index Code: 399303 (SZ)** - Upward Probability: 85.82% - Selected ETF: 159628 (Guozheng 2000 ETF)[7] - **Index Code: 399293 (SZ)** - Upward Probability: 85.03% - Selected ETF: 159814 (ChiNext Large Cap ETF)[7] - **Index Code: 399330 (SZ)** - Upward Probability: 84.81% - Selected ETF: 159901 (Shenzhen 100 ETF)[7] - **Index Code: 399296 (SZ)** - Upward Probability: 84.46% - Selected ETF: 159967 (ChiNext Growth ETF)[7] - **Index Code: 000905 (SH)** - Upward Probability: 83.23% - Selected ETF: 510580 (CSI 500 ETF by E Fund)[7] - **Index Code: 000906 (SH)** - Upward Probability: 81.05% - Selected ETF: 515800 (800 ETF)[7]