Core Viewpoint - The announcement from China Merchants Fund regarding the appointment of Dou Fucheng as a new fund manager for several ETFs and LOFs indicates a strategic move to enhance management expertise in key investment areas, particularly in consumer, commodity, and technology sectors. Fund Performance Summary - **China Merchants CSI Hong Kong-Shanghai Consumer Leaders ETF**: Established on January 20, 2022, with a year-to-date return of 10.10% and a cumulative return of -19.20%, net asset value at 0.8080 yuan as of November 12, 2025 [1]. - **China Merchants Commodity LOF**: Established on June 28, 2012, with a year-to-date return of 39.53% and a cumulative return of 139.50%, net asset value at 2.1961 yuan as of November 12, 2025 [1]. - **China Merchants CSI Coal Equal-weight Index LOF**: Established on May 20, 2015, with year-to-date returns of 17.08%, 16.98%, and 16.78% for different share classes, cumulative returns of 69.18%, 12.67%, and 18.96%, net asset values at 1.5705 yuan, 2.2277 yuan, and 2.2156 yuan respectively as of November 12, 2025 [2]. - **China Merchants IoT Theme ETF**: Established on December 15, 2021, with a year-to-date return of 34.36% and a cumulative return of 8.24%, net asset value at 1.0824 yuan as of November 12, 2025 [2]. - **China Merchants A100 ETF**: Established on August 18, 2022, with a year-to-date return of 24.09% and a cumulative return of 24.56%, net asset value at 1.2456 yuan as of November 12, 2025 [2]. - **China Merchants All-Index Dividend Quality ETF**: Established on March 12, 2025, with a cumulative return of 18.59% and net asset value at 1.1850 yuan as of November 12, 2025 [2]. Management Changes Summary - Dou Fucheng has been appointed as a new fund manager for multiple funds, including the China Merchants CSI Hong Kong-Shanghai Consumer Leaders ETF, China Merchants Commodity LOF, China Merchants CSI Coal Equal-weight Index LOF, China Merchants IoT Theme ETF, China Merchants A100 ETF, and China Merchants All-Index Dividend Quality ETF [3][4]. - The previous fund manager for the China Merchants Commodity LOF and China Merchants CSI Coal Equal-weight Index LOF, Hou Hao, has been replaced by Dou Fucheng [4]. - Dou Fucheng's previous experience includes roles at Manulife Investment Management from July 2017 to April 2025, where he served as a quantitative researcher and investment manager [1].

Core Points - The report provides an overview of the performance and financial status of the招商中证全指红利质量交易型开放式指数证券投资基金 for the period from March 12, 2025, to June 30, 2025, highlighting its investment strategy and financial metrics [1][3][6] Fund Overview - The fund is named 招商中证全指红利质量 ETF and operates as an open-ended index fund, with a total fund share of 226,635,053.00 shares as of the report date [1][2] - The fund aims to closely track the 中证全指红利质量指数, with a target of keeping the average tracking deviation within 0.2% and annualized tracking error within 2% [1][2] Financial Performance - The fund achieved a realized income of 4,734,416.83 RMB and a profit of 3,342,949.80 RMB during the reporting period [3][6] - The weighted average profit per fund share was 0.0134 RMB, with a net asset value of 228,005,160.76 RMB at the end of the period [3][6] - The fund's net asset value per share was 1.0060 RMB, reflecting a cumulative net value growth rate of 0.60% [3][6] Investment Strategy - The fund employs a full replication strategy, investing directly in the components of the benchmark index and adjusting the portfolio as necessary to maintain alignment with the index [1][2] - The fund's investment strategy includes various asset classes such as stocks, bonds, and derivatives, with a minimum of 90% of its assets allocated to the benchmark index components [1][10] Management and Compliance - The fund is managed by 招商基金管理有限公司, which has a registered capital of 1.31 billion RMB and is owned by 招商银行股份有限公司 and 招商证券股份有限公司 [2][3] - The fund management adheres to strict compliance with relevant laws and regulations, ensuring that all investment operations are conducted in the best interest of fund holders [4][5][6] Financial Statements - As of June 30, 2025, the total assets of the fund amounted to 230,179,164.67 RMB, with total liabilities of 2,174,003.91 RMB [8][9] - The fund's total revenue for the reporting period was 3,545,580.70 RMB, with total expenses of 202,630.90 RMB, resulting in a net profit of 3,342,949.80 RMB [9][11]

Summary of Key Points Core Insights - The report highlights the listing and trading activities of various ETFs and bonds on July 10, 2025, indicating a busy market day with multiple announcements regarding suspensions and resumption of trading for various financial instruments [1][2][3][4][5][6][7][8][9]. Group 1: Listings and Trading Activities - The report mentions the listing of 127110 Guanghe Convertible Bond and 301603 Qiaofeng Intelligent on July 10, 2025, marking significant events for these financial instruments [1]. - Several ETFs, including 159209 China Merchants CSI All-Share Dividend Quality ETF and 159232 Southern CSI All-Share Free Cash Flow ETF, announced dividend distributions and were temporarily suspended from trading during specific hours on the same day [1]. - The report notes that multiple ETFs, such as 159351 Jiashi CSI A500 ETF and 159355 Huabao CSI 800 Dividend Low Volatility ETF, also experienced similar trading suspensions due to dividend announcements [1]. Group 2: Special Suspensions - The report details the special suspension of stock 000545 Jinpu Titanium Industry due to significant asset restructuring and related transactions, effective from July 1, 2025 [2]. - Other financial instruments, including various SCPs from Zhonglin Group, have been suspended since November 21, 2023, indicating ongoing issues or restructuring within those entities [2][3][4][5][6][7][8][9]. Group 3: General Market Activity - The report reflects a general trend of increased market activity with multiple announcements of trading suspensions and resumption, indicating a dynamic environment for investors [1][2][3][4][5][6][7][8][9]. - The focus on dividend announcements and asset restructuring suggests a strategic shift among companies to enhance shareholder value and manage financial health [1][2][3][4][5][6][7][8][9].

Group 1 - Global assets have entered a volatile phase, but many fund managers see investment opportunities emerging in the current equity market [1] - Several newly established funds since March have begun building positions in recent days, indicating a favorable timing for investment [1][2] - A-share market has undergone a prolonged risk release process, with expectations for both volume and price to rise in the medium to long term [1] Group 2 - The Kai Stone Yuanxin Mixed Fund, established on March 6, saw a significant drop of 1.95% on April 7, suggesting a large-scale position building on that day [1] - The Dongfang Low Carbon Economy Mixed Fund, established on March 4, maintained a unit net value of 1 until April 8, when it began to show a slight upward trend [2] - Notable fund managers have also initiated clear position building in their newly launched products in recent days [2] Group 3 - Passive funds, including ETFs, are actively entering the market, contributing to an influx of new capital [2][3] - Several ETFs, such as the Wanjiasheng Internet Technology ETF and the Huabao CSI 300 Free Cash Flow ETF, are set to launch soon, with fund managers likely to build positions at relatively low market levels [2][3] Group 4 - The Xinyang Fund noted that many new ETF managers have quickly increased their equity positions, with the Jianxin CSI Innovation Value ETF reaching approximately 50% equity investment by March 28 [3] - The long-term outlook for Chinese assets remains positive, with expectations for continued high volatility in risk assets in the second quarter due to external disturbances [3][4] - The current valuation levels are considered attractive, and there is optimism about the long-term development of the capital market as quality companies emerge [4]