Fund Overview - The fund is named Changsheng CSI 300 Index Securities Investment Fund (LOF) and is managed by Changsheng Fund Management Co., Ltd. [2] - The fund aims to track the CSI 300 Index through index-based investment strategies, with a target tracking error of less than 0.35% on a daily basis and an annualized tracking error of less than 4% [2][3]. - The fund operates as an open-ended contract type and has been in effect since August 4, 2010 [2]. Financial Performance - As of June 30, 2025, the total net asset value of the fund was approximately RMB 415.97 million, an increase from RMB 359.73 million at the end of the previous year [16]. - The fund's realized income for the reporting period was RMB 3.38 million for Class A and RMB 471,403 for Class C [3]. - The net asset value per share for Class A was RMB 1.5676, with a net value growth rate of 0.62%, while Class C had a net asset value of RMB 1.5647 and a growth rate of 0.53% [10][16]. Investment Strategy - The fund employs a sampling replication strategy to construct its investment portfolio, considering factors such as market capitalization, liquidity, industry representation, and volatility [2]. - The fund's investment strategy aims to maintain a close correlation with the performance of the CSI 300 Index, which includes stocks with high liquidity and strong representation in the A-share market [3]. Management and Governance - Changsheng Fund Management Co., Ltd. was established on March 26, 1999, and is one of the first ten fund management companies in China [4]. - The fund management company has a registered capital of RMB 206 million and manages a total of 73 open-ended funds as of June 30, 2025 [4]. - The fund management adheres to strict compliance with relevant laws and regulations, ensuring fair treatment of all investment portfolios [7][8]. Market Outlook - The outlook for the second half of 2025 suggests a gradual recovery in the A-share market, driven by low interest rates and high household savings, which may attract sustained inflows of new capital [11]. - The report indicates potential growth opportunities in sectors related to new technologies, such as artificial intelligence, which may emerge as key investment themes [11].