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].

Group 1 - The core point of the news is that China Merchants Fund Management Co., Ltd. announced that several of its public funds participated in the offline subscription for the initial public offering (IPO) of Honggong Technology Co., Ltd. [1] - Honggong Technology's IPO price is set at RMB 26.6 per share, determined through discussions between the issuer and underwriters based on various factors including market conditions and valuation levels of peer companies [1] - The main underwriters for the IPO are Guangfa Securities Co., Ltd. and CITIC Securities Co., Ltd., which are also custodians or related parties of the funds managed by China Merchants Fund [1] Group 2 - Several public funds managed by China Merchants Fund received allocations of Honggong Technology shares, with specific allocations detailed as follows: - China Merchants CSI Shanghai Environmental Exchange Carbon Neutrality ETF received 1,429 shares valued at RMB 38,011.40 - China Merchants ChiNext Large Cap ETF received 1,273 shares valued at RMB 33,861.80 - China Merchants CSI 1000 Enhanced Strategy ETF received 1,429 shares valued at RMB 38,011.40 - China Merchants Livestock Breeding ETF received 1,429 shares valued at RMB 38,011.40 - China Merchants CSI 300 ETF received 1,429 shares valued at RMB 38,011.40 - China Merchants CSI 500 Equal Weight Enhanced ETF received 1,429 shares valued at RMB 38,011.40 - China Merchants Cloud Computing and Big Data Thematic ETF received 1,429 shares valued at RMB 38,011.40 [1]