Core Viewpoint - The report outlines the performance and financial status of the Rongtong ChiNext ETF for the first half of 2025, highlighting a net asset value of 0.8221 RMB per share and a net value growth rate of 2.04% during the reporting period [2][5][8]. Fund Overview - Fund Name: Rongtong ChiNext ETF - Fund Manager: Rongtong Fund Management Co., Ltd. - Fund Custodian: China Construction Bank Co., Ltd. - Total Fund Shares at Reporting Period End: 131,484,790 shares [1][2]. - Investment Objective: To closely track the underlying index with minimal tracking deviation [1]. Financial Performance - Realized Income for the Period: 1,268,617.46 RMB - Total Profit for the Period: 4,406,569.71 RMB - Average Fund Share Profit for the Period: 0.0307 RMB - Average Net Value Profit Rate for the Period: 3.92% [2]. - Net Asset Value at Period End: 108,087,787.68 RMB, with a cumulative net value growth rate of -17.78% [2][8]. Market Context - The A-share market showed resilience amid external pressures, with the Shanghai Composite Index rising by 2.76% in the first half of 2025 [5]. - The ChiNext Index, as a core broad-based index for technology growth assets, is positioned for strategic allocation due to its valuation level of 32.4 times PE (TTM), indicating significant room for valuation recovery [6]. Investment Strategy - The fund employs a passive index investment strategy, primarily using a full replication method to construct an index investment portfolio [1][4]. - The investment strategy includes stock investment, bond investment, asset-backed securities investment, and stock index futures investment [1]. Risk Management - The fund management adheres to strict risk control measures and fair trading principles, ensuring that all investment decisions are made in the best interest of fund holders [4][5]. - No abnormal trading activities were reported during the period [4]. Future Outlook - The A-share market is expected to show a trend of oscillating upward in the second half of 2025, with a focus on "technology innovation" and "dividend" assets [6]. - The fund's valuation practices are conducted in accordance with established guidelines to minimize valuation discrepancies [6][7].

Core Viewpoint - The report outlines the performance and management of the Rongtong ChiNext ETF for the second quarter of 2025, emphasizing its investment strategy, financial indicators, and market outlook for the second half of the year [1][11]. Fund Product Overview - The fund is named Rongtong ChiNext ETF, with a total share of 131,484,790.00 at the end of the reporting period [2][4]. - The investment objective is to closely track the underlying index with a daily tracking deviation not exceeding 0.2% and an annual tracking error not exceeding 2% [2]. Investment Strategy - The fund employs a fully passive index investment strategy, primarily using a replication method based on the benchmark weights of constituent stocks [2]. - The fund's investment strategies include stock investment, bond investment, asset-backed securities, and stock index futures [2]. Financial Indicators and Fund Performance - As of the end of the reporting period, the fund's net asset value was 0.8221 yuan, with a net value growth rate of 3.57% compared to a benchmark return of 2.34% [12]. - The fund's performance over the past three months showed a net value growth rate of 3.57% and a standard deviation of 1.98% [3][8]. Management Report - The fund is managed by experienced professionals, including Cai Zhiwei and Lü Han, with extensive backgrounds in finance and investment management [5][6]. - The management adheres to strict compliance with regulations and aims to maximize benefits for fund holders while maintaining risk control [10]. Market Outlook - The A-share market is expected to show a trend of moderate upward movement in the second half of the year, driven by liquidity easing and policy support [11]. - The focus for investments is anticipated to be on "technology innovation" and "dividend" assets, with a strategic allocation expected to yield good returns [11].