Fund Overview - The fund is named "招商沪深 300 地产等权重指数证券投资基金" and operates as a contract-based open-end fund [2] - The fund aims to passively track the performance of the "沪深 300 地产等权重指数" using a full replication method [2][3] - The fund's total shares at the end of the reporting period were 3,655,079,118.76 [2] Financial Performance - The fund reported a realized loss of approximately 15.49 million RMB and a total profit loss of about 41.92 million RMB for the reporting period [3] - The weighted average net value profit rate was -10.89%, and the net asset value at the end of the period was 411.60 million RMB [3] - The cumulative net value growth rate of the fund was -48.20% [3] Investment Strategy - The fund utilizes stock index futures to enhance investment efficiency and achieve its investment objectives [2] - The fund's performance benchmark is a combination of 95% of the "沪深 300 地产等权重指数" return and 5% of the benchmark interest rate for RMB demand deposits [2] - The fund employs a passive investment strategy with strict investment discipline and quantitative risk management [2][3] Market Conditions - The real estate market showed a mixed performance, with demand initially rising but lacking long-term support in the second quarter [8] - The fund's A and C share net value growth rates were -10.39% and -10.42%, respectively, compared to a benchmark growth rate of -9.67% [8] - The overall economic environment indicated a GDP growth of 5.3% in China, with various sectors experiencing different levels of demand [9] Management and Compliance - The fund management strictly adheres to relevant laws and regulations, ensuring compliance in all investment operations [6][8] - The fund management has established a comprehensive research and investment decision-making process to ensure fair investment opportunities across portfolios [7] - The fund's valuation process is conducted in accordance with legal requirements, with a dedicated valuation committee overseeing the procedures [10][11]

Group 1 - The report covers the performance of the China Merchants HuShen 300 Real Estate Equal Weight Index Fund for the second quarter of 2025, highlighting a challenging environment for the real estate sector with a decline in both sales volume and price [12][13]. - The fund's A share net value growth rate was -4.59%, while the benchmark growth rate was -4.12% during the same period [13]. - The fund's total share amount at the end of the reporting period was 3,655,079,118.76 shares [2]. Group 2 - The fund employs a passive index investment strategy, aiming to track the HuShen 300 Real Estate Equal Weight Index with a tracking error not exceeding 0.35% [2][3]. - The fund's investment portfolio is primarily composed of stocks, with 92.85% of total assets allocated to equities, specifically in the real estate sector [14][15]. - The fund management has established a robust research methodology and investment decision-making process to ensure fair investment opportunities across all portfolios [11][12]. Group 3 - The fund's investment strategy includes the use of stock index futures to enhance investment efficiency and manage liquidity risks [4][20]. - The fund's performance over the past three years shows a significant decline of -57.85%, indicating a challenging market environment [8]. - The fund's investment in the top ten securities does not exceed the stipulated limits in the fund contract, ensuring compliance with regulatory requirements [20].