2025-04-30-港交所-嘉实明晟Ａ股_嘉实明晟Ａ股－Ｒ_经审核年度报告2024（只备英文版本）_115页_1mb

The annual report for the Harvest MSCI China A Index ETF for the year ended 31 December 2024 highlights the following key points:

1. Market Overview: China's economy showed resilience with a 5% GDP growth and a lifted stock market suspensions due to business restructuring. The MSCI China A Index increased by 15.16%, with the S&P 500 outperforming with over 25% annual growth.

2. Investment Strategy & Outlook: The fund aims to replicate the MSCI China A Index performance by tracking its components. Key opportunities include AI advancements and leader policies under the so-called "Trump 2.0"

3. Financial Performance:

   • Revenue growth of 3.59%
   • Net assets increased 13.44% to HK32 million
   • Unit value rose to HK13.73 from HK12.25
   • Net gain/(loss) of HK394 million

4. Risk Management: The fund manages market price risk through its index tracking approach. Portfolio diversification helps mitigating
   sector and counterparty risks as discussed in the risk management statements

The fund demonstrates strong performance alignment with its benchmark index, with the increase likely attributable to successful fleet investment strategy and favorable market conditions.