Core Insights - The commodity ETF market has experienced explosive growth in 2023, with total net inflows reaching 102.02 billion yuan and total assets growing by 203.92% to 229.99 billion yuan as of November 14 [1] - The primary driver of this growth is the performance of gold ETFs, with leading products like Huaan Gold ETF reaching a scale of 87.38 billion yuan, a 70-fold increase since its inception in 2013 [1] - Factors contributing to the growth include rising commodity prices, the attractiveness of commodity ETFs as low-threshold investment tools, and the expansion of product lines [1][3] Commodity Price Performance - Gold prices have surged this year, with COMEX gold up 48%, SEG gold 54.17%, and Shanghai gold 54.33% as of November 14 [2] - The strong performance of gold directly impacts the net asset value of related commodity ETFs, with the highest net value growth rate reaching 53.94% for 14 products [2] Market Dynamics - The demand for gold ETFs has been bolstered by increased risk aversion, asset allocation optimization, and favorable index investment policies [3] - While gold ETFs have thrived, other commodity ETFs have shown mixed performance, with some experiencing losses, indicating structural differentiation within the market [4][5] Future Outlook - Industry experts anticipate a continued positive trend for commodity ETFs, although structural differentiation is expected to persist [6] - Factors such as potential interest rate cuts by the Federal Reserve may support commodity prices and the overall performance of commodity ETFs, while agricultural and energy chemical ETFs may remain under pressure [6]

Core Viewpoint - The report provides an overview of the performance and management of the Jianxin Energy Chemical Futures ETF for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market outlook. Fund Product Overview - Fund Name: Jianxin Energy Chemical Futures ETF - Fund Code: 159981 - Fund Type: Exchange-Traded Fund (ETF) - Effective Date of Fund Contract: December 13, 2019 - Total Fund Shares at Period End: 432,536,957 shares - Investment Objective: Closely track the underlying index, minimizing tracking deviation and error [2][3]. Financial Indicators and Fund Performance - Net Value Growth Rate for the past three months: -2.70% - Net Value Growth Rate for the past six months: -6.87% - Net Value Growth Rate for the past year: -18.24% - Net Value Growth Rate for the past three years: -18.31% - Net Value Growth Rate for the past five years: 59.89% - Since the fund contract's inception, the performance has been tracked against a benchmark with a return of -2.80% [4][5][12]. Management Report - The fund manager has been diligent in managing the fund's assets, ensuring compliance with relevant laws and regulations, and maintaining fair trading practices to protect investors' interests [7][8]. - The fund's investment strategy primarily involves index replication, aiming to align with the weights of the underlying index's component futures contracts [13][14]. Market Outlook - The market sentiment has improved due to signals from the Central Financial Committee regarding the promotion of a unified national market, although the domestic economy has not fully recovered [9][12]. - The report anticipates that the underlying index will experience a primarily fluctuating trend in the third quarter, with potential short-term trading opportunities [9][12].