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 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]

Core Points - Western Leading Fund announced the appointment of Zhou Ping as a new fund manager for both the Western Leading ChiNext ETF and the Western Leading Shenzhen Dividend ETF [1][2] - Zhou Ping has a background in auditing at PwC and has held various analytical and managerial roles in asset management and fund management [1] - The performance of the Western Leading ChiNext ETF since its inception shows a year-to-date return of 17.56% and a cumulative return of -22.33% [1] - The Western Leading Shenzhen Dividend ETF has a year-to-date return of 4.93% and a cumulative return of -17.76% since its inception [1] Fund Details - The Western Leading ChiNext ETF was established on December 1, 2021, with a cumulative net value of 0.7767 yuan as of August 14, 2025 [1] - The Western Leading Shenzhen Dividend ETF was established on June 18, 2021, with a cumulative net value of 0.8222 yuan as of August 14, 2025 [1][2] - Both funds are managed by Western Leading Fund Management Co., Ltd., and the changes in fund management comply with relevant legal regulations [2]

Core Viewpoint - Western Leading Fund has announced the appointment of Zhou Ping to its ETF management team, indicating a strategic move to enhance its investment capabilities and performance [1] Company Summary - Zhou Ping has a diverse background in finance, having worked at PwC, CITIC Capital, and Guolian An Fund Management, which adds significant expertise to Western Leading Fund [1] - Zhou Ping joined Western Leading Fund in December 2020 and has since contributed to the firm's growth and investment strategies [1] Fund Performance Summary - The Western Leading ChiNext Large Cap ETF Connect A/C, established on December 1, 2021, has a year-to-date return of 17.56% and a cumulative return since inception of -22.33%, with a net asset value of 0.7767 yuan as of August 14, 2025 [1] - The Western Leading Shenzhen Dividend ETF, launched on June 18, 2021, has a year-to-date return of 4.93% and a cumulative return since inception of -17.76%, with a net asset value of 0.8222 yuan as of August 14, 2025 [1]