Fund Overview - The fund is named Penghua CSI Wine Index Securities Investment Fund (LOF) and is managed by Penghua Fund Management Co., Ltd. with China Construction Bank as the custodian [1][2] - The fund aims to closely track the benchmark index with a target of keeping the average tracking deviation within 0.35% daily and annual tracking error within 4% [2][3] Financial Performance - As of June 30, 2025, the fund's A class shares reported a net value growth rate of -9.63%, while the benchmark growth rate was -11.02% [8] - The fund's C class shares had a net value growth rate of -9.67%, also against a benchmark growth rate of -11.02% [8] - The total net asset value of the fund at the end of the reporting period was approximately 6.46 billion RMB [1] Investment Strategy - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of the constituent stocks [7] - Adjustments to the investment portfolio are made in response to changes in the index constituents and their weights, as well as market conditions affecting liquidity [2][7] Market Conditions - The report indicates that overall consumption performance has been below expectations, with traditional consumption scenarios like business banquets under pressure, impacting the profitability of high-margin liquor products [7] - The fund's management is focused on tracking the index while addressing investor subscription and redemption activities [7] Risk and Compliance - The fund management adheres to legal regulations and the fund contract, ensuring compliance and risk control in managing fund assets [6][14] - No significant violations or abnormal trading behaviors were reported during the period [7][14]