西部利得恒生科技指数（QDII）A/C成立于2025年7月24日，截至2025年12月23日，成立来收益率 为-5.43%、-5.53%。 | 基金名称 | 西部利得深证红利交易型开放式指数证券投资基金 | | --- | --- | | 基金简称 | 红利 ETF | | 基金主代码 | 159708 | | 基金管理人名称 | 西部利得基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《基金管理公司投资 | | | 管理人员管理指导意见》等有关法律法规的规定 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他经 | 周平、祁威 | | 理姓名 | | | 离任基金经理姓名 | 童国林 | | 基金名称 | 西部利得创业板大盘交易型开放式指数证券投资基金 | | --- | --- | | 基金简称 | 西部利得创业板大盘 ETF | | 基金主代码 | 159814 | | 基金管理人名称 | 西部利得基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《基金管理公司投资 | | | 管理人员管理指导意见》等有关法律法规的 ...

Market Performance - On December 16, the A-share market saw declines across major indices, with the Shanghai Composite Index falling by 1.11% to 3824.81 points, the Shenzhen Component Index dropping by 1.51% to 12914.67 points, and the ChiNext Index decreasing by 2.1% to 3071.76 points [1] Fund Manager Changes - On December 16, there were 20 fund manager changes, with 631 fund products experiencing manager departures in the past 30 days (from November 16 to December 16) [3] - Among the changes on December 16, 25 fund products announced manager departures, involving 10 fund managers. The reasons for these changes included 5 due to job changes, 1 for personal reasons, and 4 due to product expiration [3] New Fund Managers - On December 16, 26 fund products announced new fund manager appointments, involving 11 fund managers. Notably, Qi Wei from Western Li De Fund has a total asset scale of 1.753 billion yuan, managing index funds with a highest return of 78.57% for the Western Li De Growth ETF [5] Fund Research Activity - In the past month (from November 16 to December 16), Bosera Fund conducted the most company research, engaging with 44 listed companies. Other active funds included Guotai Fund, Huaxia Fund, and Southern Fund, each researching 37 companies [6] - The most researched industry was specialized equipment, with 211 instances, followed by consumer electronics with 189 instances [6] Recent Fund Research Focus - In the last week (from December 9 to December 16), Zhongke Shuguang was the most researched company, with 116 fund institutions participating in the research. Other companies with significant attention included Haiguang Information and Guanglian Aviation [8]

Core Viewpoint - The total trading volume of the ChiNext Index ETF reached 108 million yuan today, reflecting a significant increase of 53.53% compared to the previous trading day [1] Trading Volume Summary - The Western Li De ChiNext Index ETF (159814) recorded a trading volume of 99.32 million yuan today, which is an increase of 40.65 million yuan from the previous trading day, representing a growth of 69.27% [1] - The total trading volume of the ChiNext Index ETFs today was 108 million yuan, with a notable increase of 37.69 million yuan from the previous trading day [1] Market Performance Summary - As of market close, the ChiNext Index (399293) declined by 2.87%, while the average decline for related ETFs tracking the ChiNext Index was 2.55% [1] - The Western Li De ChiNext Index ETF (159814) and the China Merchants ChiNext Index ETF (159991) experienced declines of 2.65% and 2.46%, respectively [1]

Core Viewpoint - Western Asset Management has re-launched its ETF product line after more than four years, introducing the Western Asset Growth Enterprise Comprehensive ETF, driven by market opportunities, strategic positioning, and capability alignment [1][7]. Group 1: ETF Product Launch - The company launched its first ETF product in 2020 and its second in 2021, now introducing the third ETF focused on the growth enterprise sector [1]. - The new ETF aims to capture high-growth companies' value dividends, providing greater return elasticity and long-term investment value [6]. Group 2: Strategic Focus - The company plans to focus on high-growth sectors, innovative product forms, and enhanced technological empowerment to build an asset allocation ecosystem [8]. - The ETF business is seen as a key driver for connecting with investors and expanding the asset allocation landscape [8]. Group 3: Market Environment and Opportunities - Despite short-term market volatility, the core logic driving the growth of the growth enterprise sector remains unchanged, supported by improved liquidity, industry breakthroughs, and enhanced funding aggregation effects [7]. - The comprehensive index of the growth enterprise sector covers 28 primary industries, allowing for risk diversification and potential growth during sector pullbacks [6]. Group 4: Team and Operational Structure - The ETF team consists of experienced professionals, including the ETF investment department manager and two fund managers, ensuring continuous business operation through a "day-and-night relay" collaboration mechanism [9]. - This operational model enhances the efficiency of ETF management while systematically controlling operational risks [9]. Group 5: Future Development Plans - The ETF team aims to accelerate product line expansion, focusing on thematic ETFs, cross-border ETFs, and strategy-based ETFs to create a diversified product matrix [10]. - The team will prioritize recruiting professionals with strong index research backgrounds to complement individual strengths and enhance capabilities [10].

Core Viewpoint - Western Asset Management has re-launched its ETF product line with the introduction of the Western Asset Management Comprehensive ETF, focusing on high-growth sectors and innovative product forms to become a trusted passive investment expert for investors [1][3]. Group 1: ETF Product Launch - The company has launched its third ETF product, the Western Asset Management Comprehensive ETF, after a four-year hiatus, alongside an off-market linked fund [1]. - The new ETF is based on the comprehensive index of the ChiNext market, which has shown stable long-term returns and is well-suited for capturing high-growth companies [2]. Group 2: Strategic Focus and Market Conditions - The strategic focus for the ETF business includes high-growth sectors, innovative product forms, and enhanced technological empowerment, aiming for a leap from scale chasing to value leadership [3][7]. - Current market conditions, including structural improvement in earnings and a recovering credit cycle, present investment opportunities in A-shares [2][3]. Group 3: Operational and Team Structure - The company has established a comprehensive ecosystem covering the entire business chain for ETF operations, including strategic support and diverse sales channels [4]. - The ETF team operates under a "day and night relay" mechanism to ensure continuous business operations, with responsibilities divided between real-time market monitoring and in-depth strategy research [6]. Group 4: Future Development Directions - The ETF team plans to expand its product line to include thematic ETFs, cross-border ETFs, and strategy-based ETFs, aiming to create a diversified product matrix [7]. - Talent acquisition will prioritize professionals with strong index research backgrounds to enhance capabilities and foster mutual empowerment [7].

Core Viewpoint - Western Asset Management has re-launched its ETF product line with the introduction of the Western Asset Comprehensive ETF, focusing on high-growth sectors and innovative product forms to become a trusted passive investment expert for investors [1][3]. Group 1: ETF Product Launch - The company has launched its third ETF product, the Western Asset Comprehensive ETF, after a four-year hiatus, building on the foundation of its previous ETF offerings [1]. - The new ETF aims to capture the long-term value of the ChiNext market, which has shown robust performance over a 15-year market cycle [2]. Group 2: Market Strategy and Positioning - The decision to re-enter the ETF market is based on a confluence of market opportunities, strategic positioning, and capability alignment [1][3]. - The company plans to focus on high-growth sectors, innovative product forms, and enhanced technological capabilities to build an asset allocation ecosystem [3]. Group 3: Investment Environment - The current market environment presents opportunities due to structural improvements in profitability and a recovering credit cycle, despite short-term volatility in the domestic equity market [2]. - The core logic driving the growth of the ChiNext remains unchanged, supported by improved liquidity, industry breakthroughs, regulatory reforms, and enhanced capital aggregation effects [2]. Group 4: Team and Operational Structure - The ETF team has been restructured to ensure continuous business operations, utilizing a "day-night relay" collaboration mechanism for effective management [4]. - The team is focused on expanding the product line to include thematic ETFs, cross-border ETFs, and strategy-based ETFs, while prioritizing the recruitment of professionals with strong index research backgrounds [5].

Core Viewpoint - The trading volume of the ChiNext Index ETFs increased significantly today, with a total transaction amount of 105 million yuan, marking a 36.54% increase compared to the previous trading day [1] Trading Volume Summary - The Western Li De ChiNext Index ETF (159814) had a trading volume of 91.47 million yuan, up by 25.79 million yuan, representing a 39.26% increase from the previous day [1] - The China Merchants ChiNext Index ETF (159991) recorded a trading volume of 13.14 million yuan, an increase of 2.21 million yuan, which is a 20.21% rise compared to the last trading day [1] Market Performance Summary - As of market close, the ChiNext Index (399293) fell by 4.06%, while the average decline of related ETFs tracking the ChiNext Index was 3.98% [1] - The Western Li De ChiNext Index ETF (159814) and China Merchants ChiNext Index ETF (159991) experienced declines of 4.46% and 3.50%, respectively [1]

Group 1 - The core viewpoint of the news is the recent performance and market position of Yangguang Electric Power, which has seen a stock price increase and significant trading volume [1] - Yangguang Electric Power's stock price rose by 1.11% to 142.55 CNY per share, with a total market capitalization of 295.54 billion CNY and a trading volume of 19.13 billion CNY [1] - The company has experienced a cumulative increase of 6.44% over the past four days, indicating positive market sentiment [1] Group 2 - Yangguang Electric Power's main business segments include energy storage systems (40.89%), photovoltaic inverters and power electronic conversion devices (35.21%), new energy investment and development (19.29%), and other services (2.86%) [1] - The company was established on July 11, 2007, and went public on November 2, 2011, focusing on renewable energy equipment development, production, sales, and services [1] Group 3 - The West Fund has a significant position in Yangguang Electric Power, with its West Fund Growth ETF (159814) holding 400,700 shares, accounting for 4.25% of the fund's net value [2] - The fund has seen a floating profit of approximately 625,100 CNY today and a total of 3.46 million CNY during the four-day stock price increase [2] - The West Fund Growth ETF was established on June 19, 2020, and has achieved a year-to-date return of 57.42% [2]

Core Points - The report from Western Lide Fund indicates the termination and liquidation of the Western Lide Selected Stock Fund, effective from August 15, 2025, following a resolution passed by the fund's shareholders [1] - The fund's total share amount at inception was 200,125,973.37 shares, with a subscription fund interest equivalent to 36,009.25 shares [1] - The A share of the fund reported a cumulative net value of 1.3525 yuan and a cumulative return of 33.95% as of the last disclosure on August 15, 2025, while the C share, established later, showed a cumulative return of -35.78% [1] Fund Management - The fund was co-managed by Zhou Ping and Chen Yuanhua, both of whom have extensive backgrounds in finance and fund management [4] - Zhou Ping has held positions at PwC and CITIC Capital, and joined Western Lide Fund in December 2020, becoming the fund manager in March 2022 [4] - Chen Yuanhua previously worked at CITIC Securities and joined Western Lide Fund in May 2020, becoming the fund manager in September 2021 [4] Fund Performance Comparison - The report includes performance data for various funds managed by Zhou Ping and Chen Yuanhua, showing their respective returns compared to industry averages [6][7] - For instance, the Western Lide Growth Selected Mixed Fund had a return of 15.01% over a year, while the industry average was 43.54% [6]

Fund Overview - The fund is named "West Lead Growth Enterprise Market Large Cap Exchange-Traded Open-Ended Index Fund" and is abbreviated as "West Lead GEM Large Cap ETF" [2] - The fund was established on June 19, 2020, and is managed by West Lead Fund Management Co., Ltd. with China Agricultural Bank as the custodian [4][5] - The fund aims to closely track the performance of the Growth Enterprise Market Large Cap Index, minimizing tracking deviation and error [4][3] Investment Strategy - The fund constructs its stock investment portfolio based on the constituent stocks of the Growth Enterprise Market Index, adjusting the investment ratios according to liquidity management factors [3] - The fund employs a full replication method to track the performance of the benchmark index, which is characterized by higher expected risks and returns compared to mixed, bond, and money market funds [3] Financial Performance - As of June 30, 2025, the fund's total net asset value was approximately 639.15 million RMB, with a net asset value per share of 0.4232 RMB [17] - The fund reported a realized income of approximately 2.55 million RMB and a profit of approximately 22.47 million RMB for the reporting period [17] - The fund's share net value growth rate was 2.27%, while the cumulative net value growth rate since inception was -12.87% [17][6] Market Context - During the reporting period, the A-share market exhibited a fluctuating and differentiated pattern, with significant structural market characteristics [12] - The Growth Enterprise Market Index was primarily driven by sectors such as communication equipment, electronic components, and media, while sectors like non-bank financials and power equipment negatively impacted the index performance [12] - The fund's management remains committed to executing a full replication investment strategy to ensure a high correlation between the fund's net value growth rate and the benchmark index's return [12] Management and Custodian - West Lead Fund Management Co., Ltd. was established on July 20, 2010, and is recognized as the 60th nationwide standardized fund management company approved by the China Securities Regulatory Commission [8] - The custodian, China Agricultural Bank, has confirmed that the fund's investment operations comply with relevant laws and regulations, ensuring no actions detrimental to the interests of fund shareholders [16]