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Group 1 - The core point of the article is the announcement by China Asset Management Co., Ltd. regarding the revision of the cash substitution provisions in the prospectus of certain ETFs, effective from November 24, 2025 [1][10][30] - The revised cash substitution types will now include "prohibited cash substitution," "allowed cash substitution," and "must cash substitution," replacing the previous "refund cash substitution" type [1][5][8] - The calculation formulas for cash substitution amounts during subscription and redemption have been adjusted, particularly for non-Shanghai market component securities [2][3][4] Group 2 - The announcement includes specific ETFs affected by the changes, such as cross-market stock ETFs, bond ETFs, and cross-border ETFs [1][5][8] - The updated prospectus will be published on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website [11][30] - The company has also announced the addition of liquidity service providers for several funds to enhance market liquidity and stability [14][15][16]

Fund Overview - The fund is named "Huaxia CSI Dividend Quality ETF" and was established on December 20, 2021, with a total share of 546,290,777.00 at the end of the reporting period [1][2] - The fund aims to closely track the CSI Dividend Quality Index, targeting an absolute 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 employs various investment strategies, including full replication, alternative strategies, and investment in derivatives and bonds [1][2] Financial Performance - The fund achieved a realized income of 8,028,150.80 RMB and a profit of 19,549,449.27 RMB during the reporting period from January 1, 2025, to June 30, 2025 [2][3] - The weighted average net value profit rate for the period was 3.60%, with a net asset value of 514,654,634.43 RMB and a net asset value per share of 0.9421 RMB at the end of the period [2][3] - The cumulative net value growth rate since the fund's inception is -5.79% [2][3] Market Environment - The macroeconomic environment in China showed resilience, with a GDP growth rate of 5.3% in the first half of 2025, supported by counter-cyclical policies and adjustments in export structures [12][13] - The A-share market experienced high volatility but recorded positive returns across major indices, with sectors like non-ferrous metals, banking, and military industries performing well [12][13] - The fund's tracking deviation was +2.04%, primarily due to dividend distributions, operational expenses, and index adjustments [13] Management and Operations - The fund management company, Huaxia Fund Management Co., Ltd., has a strong reputation and extensive experience in managing ETF products, being one of the largest in the domestic market [4][5] - The fund management adheres to strict compliance with regulations and has implemented robust risk monitoring and control mechanisms [11][15] - The fund did not distribute profits during the reporting period, aligning with regulatory requirements [14][15] Client Services - In the first half of 2025, the fund management company focused on enhancing customer experience through improved online services and educational initiatives [7] - The company has established liquidity service partnerships with several securities firms to ensure smooth market operations for the fund [13]