2025-08-29-港交所-嘉实明晟Ａ股_嘉实明晟Ａ股－Ｒ_嘉实MSCI中国A股指数ETF未经审核中期报告2025页_72页_964kb

报告摘要

Harvest MSCI China A Index ETF Summary (1st January 2025 to 30th June 2025)

Core Content

This document provides the semi-annual report for the Harvest MSCI China A Index ETF, a sub-fund of the Harvest Funds (Hong Kong) ETF, covering the period from 1 January 2025 to 30 June 2025. It outlines the financial position, comprehensive income, changes in net assets, cash flows, and investment portfolio details of the fund.

Main Financial Highlights

Total Assets (30 June 2025): RMB 33,169,983
Total Liabilities (30 June 2025): RMB 345,240
Net Assets Attributable to Unitholders (30 June 2025): RMB 32,824,743
Net Assets Per Unit (30 June 2025): RMB 13.68
Number of Units in Issue: 2,400,000
Net Assets Attributable to Unitholders (31 December 2024): RMB 32,941,890
Net Assets Per Unit (31 December 2024): RMB 13.73

Statement of Comprehensive Income

Total Net Income (30 June 2025): RMB 329,546
Total Comprehensive Loss for the Period: RMB 117,147
Operating Loss (30 June 2025): RMB 76,597
Total Operating Expenses (30 June 2025): RMB 406,143

Statement of Cash Flows

Net Cash Used in Operating Activities: RMB (158,209)
Cash and Cash Equivalents at the Beginning of the Period: RMB 594,122
Cash and Cash Equivalents at the End of the Period: RMB 435,913
Decrease in Cash and Cash Equivalents: RMB (158,209)

Market Overview

China's GDP for the first half of 2025 was RMB 66,053.6 billion, showing a year-on-year increase of 5.3%.
Quarterly GDP growth was 5.4% in Q1 and 5.2% in Q2.
The MSCI China A Net Return Index rose by 0.81% in the first half of 2025.
Global stock markets experienced volatility, with U.S. stocks declining sharply in April due to Trump's tariff policies and a market correction in June due to Middle East tensions.
The S&P 500 Index rose by 5.5%, while the STOXX 50 and FTSE 100 Indices increased by 8.3% and 7.2%, respectively.
The Nikkei 225 Index rose by 1.5%.

Investment Strategy & Outlook

The domestic economic cycle is showing signs of bottoming out, with national subsidies and timely policies supporting consumption and investment.
The focus is on medium- and long-term development plans, with the transition from old to new growth drivers being a key factor.
Supply-side reforms are ongoing, with attention to demand and employment in the initial stage, and future intensity depending on policy objectives.
The "anti-involution" policy continues, aiming to govern enterprise competition, improve product quality, and promote orderly exit of outdated capacity.
Globally, expectations for a U.S. Federal Reserve interest rate cut are rising, and the global economic cycle is relatively strong.

Investment Portfolio (Unaudited)

The fund's investment portfolio is 99.72% in Chinese equities, with the following notable holdings:

BYD CO LTD A SHRS ORD CNY1: 1,300 units, Fair Value: RMB 431,483, % of Net Assets: 1.31%
CHINA MERCHANTS BANK CO LTD A SHRS ORD CNY1: 15,988 units, Fair Value: RMB 734,649, % of Net Assets: 2.24%
CHINA SHENHUA ENERGY CO LTD A SHS ORD CNY1: 5,057 units, Fair Value: RMB 205,011, % of Net Assets: 0.62%
CHINA YANGTZE POWER CO LTD CL A ORD CNY1: 18,463 units, Fair Value: RMB 556,475, % of Net Assets: 1.70%
CHINA MERCHANTS SECURITIES CO LTD A SHR ORD CNY1: 5,704 units, Fair Value: RMB 100,333, % of Net Assets: 0.31%
CHINA PETROLEUM & CHEMICAL CORP CL A ORD CNY1: 21,784 units, Fair Value: RMB 122,862, % of Net Assets: 0.37%
CHINA EVERBRIGHT BANK CO LTD A ORD CNY1: 33,774 units, Fair Value: RMB 140,162, % of Net Assets: 0.43%
CHINA STATE CONSTRUCTION ENGINEERING CORP LTD A SHR ORD CNY1: 31,820 units, Fair Value: RMB 183,601, % of Net Assets: 0.56%
CHINA LIFE INSURANCE CO A SHS ORD NPV: 1,931 units, Fair Value: RMB 79,538, % of Net Assets: 0.24%
CHINA PACIFIC INSURANCE GROUP A SHR ORD CNY1: 4,921 units, Fair Value: RMB 184,587, % of Net Assets: 0.56%

Other holdings include a variety of Chinese equities across different sectors such as banking, energy, and technology, with detailed fair values and percentages of net assets.

Key Information

The fund follows an index-based investment strategy, tracking the MSCI China A Net Return Index.
The portfolio is highly concentrated in Chinese equities, reflecting the fund's focus on the domestic market.
The fund's performance is influenced by domestic economic recovery, policy support, and global market conditions.
The manager's report emphasizes the importance of policy regulation and market expectations in shaping the investment outlook.
The statement of financial position shows a slight decrease in net assets compared to the end of the previous year, but remains stable.
The statement of cash flows indicates a net cash outflow from operating activities during the period.

Conclusion

The Harvest MSCI China A Index ETF has maintained a strong focus on the Chinese market, with a diversified portfolio of equities. Despite some operational losses, the fund has shown resilience in a volatile global market. The economic recovery in China and global policy shifts are key drivers for future performance.

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