Core Viewpoint - The announcement from GF Fund Management indicates a significant change in the investment strategy for the GF Shenzhen 100 ETF Linked Fund, aimed at protecting the interests of fund shareholders by limiting large subscriptions from institutional investors starting November 7, 2025 [1] Summary by Category Fund Management Changes - Effective November 7, 2025, the GF Shenzhen 100 ETF Linked Fund will suspend large subscriptions from institutional investors, including conversions, regular fixed investments, and irregular investments [1] - The maximum subscription and conversion amount is set at 100,000 yuan [1] Fund Details - The fund is referred to as "Shenzhen 100 Fund" in the market [1] - Specific details regarding the sub-funds include: - GF Shenzhen 100 ETF Linked A (Code: 162714) and GF Shenzhen 100 ETF Linked C (Code: 009472) are both subject to the suspension of large subscriptions [1]

Core Viewpoint - The report provides an overview of the performance and management of the GF Shenzhen 100 ETF Linked Fund for the first half of 2025, highlighting its investment strategies, financial results, and compliance with regulatory standards [1][2]. Fund Overview - Fund Name: GF Shenzhen 100 ETF Linked Fund - Fund Manager: GF Fund Management Co., Ltd. - Fund Custodian: China Construction Bank Co., Ltd. - Total Fund Shares at Period End: 42,409,681.98 shares [2][3]. Investment Objectives and Strategies - The fund aims to closely track the performance of the Shenzhen 100 Index, with a target of keeping the average tracking deviation within 0.35% and annualized tracking error within 4% [3]. - Investment strategies include asset allocation, target ETF investment, stock investment, bond investment, and participation in securities lending [3]. Financial Performance - For the period from January 1, 2025, to June 30, 2025, the realized income for Class A shares was CNY 1,008,227.42, while Class C shares reported CNY 350,881.59 [6]. - The profit for Class A shares was CNY -605,407.16, and for Class C shares, it was CNY -13,735.20 [6]. - The net asset value for Class A shares at the end of the period was CNY 34,013,227.06, and for Class C shares, it was CNY 16,892,759.48 [6]. Performance Metrics - The cumulative net value growth rate for Class A shares was -0.88%, and for Class C shares, it was -1.87% [7]. - The net value growth rate for Class A shares over the past six months was -1.01%, while Class C shares reported -1.11% [9]. Compliance and Governance - The report confirms that the information provided is accurate and has been reviewed by independent directors and the fund custodian [1][2]. - The fund management commits to managing assets with integrity and diligence, although it does not guarantee profits [1].