Core Viewpoint - The report highlights the performance and investment strategy of the招商创业板大盘交易型开放式指数证券投资基金 for the second quarter of 2025, indicating a net asset value growth of 5.31% compared to the benchmark growth of 4.13% during the same period [14]. Fund Overview - The fund is a trading open-ended index fund, primarily tracking the创业板大盘指数, with a total fund share of 267,863,172.00 shares at the end of the reporting period [2][20]. - The fund aims to minimize tracking deviation and error, with an expected daily tracking deviation of no more than 0.2% and an annual tracking error of no more than 2% [2]. Investment Strategy - The fund employs a full replication method to construct an index investment portfolio based on the composition and weight of the underlying index [2]. - The management strategy includes macroeconomic analysis and risk management principles, focusing on interest rate expectations and asset allocation strategies to manage bond investments [3][4]. Financial Performance - The fund's net asset value growth rate for the past three months was 5.31%, while the benchmark's growth rate was 4.13% [14]. - Over the past year, the fund achieved a return of 35.21%, outperforming the benchmark return of 31.82% [10]. Asset Allocation - As of the end of the reporting period, the fund's assets were primarily allocated to stocks (99.26%), with a minimal allocation to bonds (0.02%) [15]. - The manufacturing sector represented the largest portion of the fund's investments, accounting for 70.45% of the total asset value [15]. Shareholder Activity - The total subscription during the reporting period was 70,000,000.00 shares, while total redemptions amounted to 112,000,000.00 shares, resulting in a decrease in total fund shares [20]. Compliance and Governance - The fund management adheres to relevant laws and regulations, ensuring compliance in all trading activities and maintaining a fair investment decision-making process [12][13].