2025-08-29-港交所-嘉实ＥＳＧ领_嘉实ＥＳＧ领－Ｒ_嘉实中证沪深_300_ESG_领先指数_ETF未经审核中期报告2025（只备英文版本）页_16页_371kb

报告摘要

Harvest CSI 300 ESG Leaders Index ETF Summary (30 June 2025)

Core Content Overview

The Harvest CSI 300 ESG Leaders Index ETF is a sub-fund of the Harvest Funds Services (Hong Kong) ETF, an umbrella unit trust established in Hong Kong. The report and financial statements cover the period ended 30 June 2025 (unaudited), providing an overview of the fund's performance, financial position, and investment portfolio.

Key Entities Involved

Manager: Harvest Global Investments Limited, based at Level 32, Lee Garden One, 33 Hysan Ave, Causeway Bay, Hong Kong.
Trustee: BNP Paribas through its Hong Kong Branch.
Registrar: BNP Paribas through its Hong Kong Branch.
Fund Administrator & Global Custodian: BNP Paribas SA through its Singapore Branch, located at 20 Collyer Quay, #01-01, Singapore 049319.
PRC Custodian: Bank of China Limited, located at 1 Fuxingmen Nei Dajie, 11F Bank of China Building, Beijing, China 100818.
Listing Agent: Altus Capital Limited, 21 Wing Wo Street, Central, Hong Kong.
Service Agent: HK Conversion Agency Services Limited, 10/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong.

Directors of the Manager

JING Lei (resigned on 30 April 2025)
LU Lingfei
GUO Song
HAN Tongli
TANG Jun (appointed on 30 April 2025)
CHEN Zhixin (appointed on 30 April 2025)

Market Overview

China's economy faced challenges but showed steady improvement in 2025. The GDP for the first half of the year was RMB 66,053.6 billion, a 5.3% year-on-year increase.
Domestic demand supported the economy, while external factors caused a decline.
The CSI 300 Harvest ESG Leaders Index increased by 1.07% in Chinese yuan during the period.
Global markets experienced volatility, with the S&P 500 rising by 5.5%, the STOXX 50 by 8.3%, and the FTSE 100 by 7.2%.
The Nikkei 225 rose by 1.5%, reflecting a global economic cycle that remained relatively strong.

Investment Strategy & Outlook

The domestic economic cycle showed signs of bottoming out, with national subsidies supporting commodity consumption and policy efforts stabilizing investment.
The transition from old to new growth drivers is ongoing, with policies aimed at improving product quality and managing low-price competition.
The Central Financial and Economic Affairs Commission emphasized long-term development and the need to focus on key areas.
Global expectations for a U.S. Federal Reserve interest rate cut are increasing, which is expected to have a positive impact on the markets.

Financial Position (Unaudited)

As of 30 June 2025:

Item	RMB	RMB (31 Dec 2024)
Total Assets	42,829,447	48,308,695
Total Liabilities	1,146,840	2,629,773
Net Assets Attributable to Unitholders	41,682,607	45,678,922

The financial statements are prepared under International Financial Reporting Standards (IFRS), using the historical cost convention with adjustments for fair valuation of financial assets and liabilities.

Statement of Comprehensive Income (Unaudited)

For the period 01 January 2025 to 30 June 2025:

Item	RMB	RMB (01 Jan 2024 to 30 June 2024)
Total Income	1,236,962	1,642,233
Total Operating Expenses	761,099	618,474
Net Income Before Tax	475,863	1,023,759
Withholding Tax on Dividends	(51,138)	(46,145)
Total Comprehensive Income	424,725	977,614

Notes:

Transaction costs for the period were RMB 352 (compared to RMB 18,971 for the prior period).
Registrar and transfer agent fees were RMB 36,894, and banking fees were RMB 1,264, both recognized in other expenses.

Changes in Net Assets Attributable to Unitholders (Unaudited)

Item	RMB	RMB (01 Jan 2024 to 30 June 2024)
Net Assets at the Beginning	45,678,922	39,026,061
Subscriptions	8,969,160	-
Redemptions	(13,390,200)	(4,105,440)
Net Decrease from Units	(4,421,040)	(4,105,440)
Total Comprehensive Income	424,725	977,614
Net Assets at the End	41,682,607	35,898,235

Units Outstanding at the end of the period: 5,400,000
Net Asset Value per Unit: RMB 7.72

Investment Portfolio (Unaudited)

As of 30 June 2025, the fund's investment portfolio includes a range of listed equity securities with significant holdings in Chinese companies, reflecting the fund's focus on the CSI 300 ESG Leaders Index.

Key Holdings and Their Fair Value (RMB)

Company	Units Held	Fair Value	Percentage of Net Assets
Contemporary Amperex Technology Company Limited	11,740	2,961,063	7.10%
China Merchants Bank Company Limited	48,100	2,210,195	5.30%
Midea Group Company Limited	23,436	1,692,079	4.06%
Kweichow Moutai Company Limited	1,700	2,396,184	5.75%
Zijin Mining Group Company Limited	69,400	1,353,300	3.25%
Shanghai Pudong Development Bank Company Limited	49,500	687,060	1.65%
Zhejiang Dahua Technology Company Limited	14,900	236,612	0.57%
China Life Insurance Company Limited	6,600	271,854	0.65%
China Everbright Bank Company Limited	83,000	344,450	0.83%
China Merchants Expressway Network & Technology Holdings Company Limited	10,300	123,600	0.30%
China Merchants Shekou Industrial Zone Holdings Company Limited	15,400	135,058	0.32%
China Minsheng Banking Corporation Limited	106,100	503,975	1.21%
China National Chemical Engineering Company Limited	20,200	154,934	0.37%
China Railway Group Limited	51,900	291,159	0.70%
China Shenhua Energy Company Limited	18,600	754,044	1.81%
China Yangtze Power Company Limited	42,000	1,265,880	3.04%
China Merchants Bank Company Limited	48,100	2,210,195	5.30%
Shanghai United Imaging Healthcare Company Limited	2,108	269,276	0.65%
Zhejiang Sanhua Intelligent Controls Company Limited	9,300	245,334	0.59%
Zhejiang Jingsheng Mechanical & Electrical Company Limited	3,300	89,595	0.21%
Zhejiang Juhua Company Limited	5,800	166,344	0.40%
Zhejiang Dahua Technology Company Limited	14,900	236,612	0.57%
ZTE Corporation	11,300	367,137	0.88%

Investment Portfolio Movements (Unaudited)

For the period 01 January 2025 to 30 June 2025, the fund's portfolio experienced changes in holdings:

Company	Units at 01/01/2025	Additions	Disposals	Units at 30/06/2025
Contemporary Amperex Technology Company Limited	12,740	3,700	4,700	11,740
China Merchants Bank Company Limited	54,300	14,300	20,500	48,100
Midea Group Company Limited	23,436	-	-	23,436
Kweichow Moutai Company Limited	1,700	-	-	1,700
Zijin Mining Group Company Limited	69,400	-	-	69,400
Shanghai Pudong Development Bank Company Limited	49,500	-	-	49,500
Zhejiang Dahua Technology Company Limited	14,900	-	-	14,900
China Life Insurance Company Limited	6,600	-	-	6,600
China Everbright Bank Company Limited	83,000	-	-	83,000
China Merchants Expressway Network & Technology Holdings Company Limited	10,300	-	-	10,300
China Merchants Shekou Industrial Zone Holdings Company Limited	15,400	-	-	15,400
China Minsheng Banking Corporation Limited	106,100	-	-	106,100
China National Chemical Engineering Company Limited	20,200	-	-	20,200
China Railway Group Limited	51,900	-	-	51,900
China Shenhua Energy Company Limited	18,600	-	-	18,600
China Yangtze Power Company Limited	42,000	-	-	42,000
ZTE Corporation	11,300	-	-	11,300

Key Information Summary

The fund's net assets decreased slightly due to redemptions and market movements.
The fund's performance was influenced by the broader market trends and ESG-related investment strategies.
The fund's portfolio is heavily concentrated in Chinese equities, aligning with the CSI 300 ESG Leaders Index.
The fund's financial position reflects a mix of assets and liabilities, with a focus on managing expenses and optimizing returns.

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