Core Viewpoint - The report provides an overview of the performance and management of the Penghua CSI Mainland Low Carbon Economy Theme ETF for the first half of 2025, highlighting its investment strategy, financial performance, and market conditions affecting its operations [1][2][3]. Fund Overview - Fund Name: Penghua CSI Mainland Low Carbon Economy Theme ETF - Fund Manager: Penghua Fund Management Co., Ltd. - Fund Custodian: Huatai Securities Co., Ltd. - Total Fund Shares at Period End: 433,467,316.00 shares - Fund Contract Effective Date: April 6, 2021 - Investment Objective: To closely track the benchmark index with minimal tracking deviation [1][2]. Financial Performance - Average Fund Share Profit for the Period: -0.0299 - Average Net Value Profit Rate for the Period: -5.20% - Fund Share Net Value Growth Rate for the Period: -5.00% - Net Asset Value at Period End: 251,122,940.60 RMB - Fund Share Net Value at Period End: 0.5793 RMB - Cumulative Net Value Growth Rate: -13.11% [3][4]. Performance Comparison - Performance over the past month: 3.58% - Performance over the past three months: 0.59% - Performance over the past six months: -5.00% - Performance over the past year: 7.72% - Performance over the past three years: -44.19% - Cumulative performance since fund inception: -13.11% [4][5]. Management Report - The fund manager, Penghua Fund Management Co., Ltd., has been in operation since December 22, 1998, managing a total asset scale of 1,251.3 billion RMB across 359 public funds [5][6]. - The fund manager emphasizes compliance with regulations and aims to maximize benefits for fund shareholders while managing risks effectively [8][9]. Market Conditions - The report notes that the fund's performance was affected by various market factors, including global uncertainties and domestic economic resilience [10][11]. - The fund's benchmark index, the CSI Mainland Low Carbon Economy Theme Index, underperformed compared to major indices during the reporting period [9][10]. Investment Strategy - The fund employs a passive index investment strategy, primarily investing in the top 50 companies in the low-carbon economy sector listed on the Shanghai and Shenzhen stock exchanges [9][10]. - Adjustments to the investment portfolio are made based on changes in the benchmark index and market conditions to minimize tracking error [2][3].