Rongtong Shenzhen 100 Index Annual Report Analysis: Net profit soars by 114%, Class C share redemptions at 39.5%, and technology holdings account for nearly 80%

Key Financial Indicators: Net Profit Doubles, Net Assets Rise Steadily

Profit and Net Asset Performance

In 2025, the Rongtong Shenzhen 100 Index Fund (Class A/B) achieved current-period profit of 1,065,336,656.26 yuan, a significant increase of 114.2% compared with 497,422,274.03 yuan in 2024; the profit for Class C in the current period was 4,245,877.26 yuan, up 166.9% from 1,590,311.09 yuan in 2024. As for net assets at period-end, Class A/B reached 4,695,966,253.47 yuan, up 4.0% from 2024; Class C was 16,641,078.92 yuan, down 24.7% from 2024, mainly due to redemptions of fund shares.

Net Value Growth Rate: Underperforming the Benchmark, Tracing Error Under Control

In 2025, the net asset value (NAV) growth rate for Class A/B fund shares was 25.25%. For the same period, the return on the performance comparison benchmark (Shenzhen 100 Index × 95% + interbank time deposit interest rate × 5%) was 26.25%, underperforming the benchmark by 1.0 percentage point; for Class C, the NAV growth rate was 24.77%, underperforming the benchmark by 1.48 percentage points. The fund’s average daily tracking deviation was 0.03%, and the annualized tracking error was 0.31%, meeting the requirements set in the fund contract (daily tracking error not exceeding 0.5%).

Investment Strategy and Operations: Mainly Index-Based Investment; Participate in New Shares to Enhance Returns

Market Environment and Strategy Execution

In 2025, the Shenzhen 100 Index total return rate was 27.65%. The market showed an upward trend, with sectors such as non-ferrous metals, communications, and electronics leading the way. The fund tracks the index using a replication approach. Through algorithmic trading and periodic rebalancing, it controls tracking error, and it actively participates in new share investments (such as China Uranium Industry and Union Development Power), while removing higher-risk constituent stocks to enhance returns.

Stock Investment Returns: From Losses to Profit; Price-Spread Income Contributes Significantly

In 2025, stock investment returns (income from the spread between buying and selling stocks) reached 180,476,175.44 yuan, achieving a fundamental turnaround compared with -169,667,100.59 yuan in 2024, with a year-on-year increase of 206.6%. This was mainly attributable to the market’s upward movement expanding the trading price spread. The total proceeds from selling stocks during the year were 1,168,145,545.31 yuan, the purchase costs were 986,716,441.30 yuan, and transaction expenses were 952,928.57 yuan.

Fees and Trading: Management Fees Grow with Scale; Related-Party Transactions Account for 22.77%

Management Fee and Custody Fee

In 2025, the fund manager’s remuneration was 45,607,945.15 yuan, up 10.9% from 2024; the custody fee was 9,121,589.06 yuan, also up 10.9%, which basically matched the growth of the fund’s net assets (Class A/B net assets up 4.0%). For Class C, the sales service fee was 18,149.23 yuan, up 60.9% from 2024, mainly due to changes in the accrual base for outstanding fund shares.

Transaction Fees and Related-Party Transactions

The period-end balance of payable transaction fees was 137,814.57 yuan, up sharply from 46,515.75 yuan in 2024 by 200.6%, reflecting increased trading activity. Stocks were executed and settled through the trading unit of the related party Chengdong Securities (a shareholder of the fund manager), with total stock transaction proceeds of 335,901,438.08 yuan, accounting for 22.77% of the total transaction amount. Commissions paid were 62,445.43 yuan, accounting for 22.77% of total commissions. The fairness of related-party transaction pricing needs to be monitored.

Holdings and Unitholders: Technology Sector Accounts for Nearly 80%; Retail Investors Dominate

Stock Holdings: Power Equipment and Electronics as the Core

At period-end, the fair value of stock investments was 4,466,200,576.66 yuan, accounting for 94.76% of the fund’s net asset value. The top five industries were power equipment (21.3%), electronics (18.7%), communications (15.2%), household appliances (12.5%), and computers (11.8%). Technology-related sectors combined accounted for 79.5%. Among the top ten heavily weighted stocks, CATL (10.43%), Enjie Xuchuang (5.81%), and Xin Yisheng (4.27%) ranked in the top three.

Unitholder Structure: Individual Investors Account for 98.91%

For Class A/B shares, there were 206,726 accounts of unitholders, with an average holding of 13,623 shares per account. Institutional investors held 30,723,665.19 shares, only 1.09%; for Class C shares, there were 2,281 accounts, all individual investors. Employees of the fund manager held 1,235,647.13 shares of Class A/B (accounting for 0.04%). Fund managers held 100,000–500,000 shares, and their internal holding proportion is low.

Changes in Shares: Net Redemptions of 569 Million Shares; Redemption Pressure for Class C Is Significant

In 2025, Class A/B shares had subscriptions of 258,401,016.79 shares and redemptions of 827,088,397.48 shares, resulting in net redemptions of 568,687,380.69 shares (-16.8%). For Class C, subscriptions were 12,674,938.57 shares, redemptions were 19,408,388.13 shares, and net redemptions were 6,733,449.56 shares (-39.5%). Overall shares decreased from 3,401,974,044.11 shares at the end of 2024 to 2,826,553,213.86 shares, a decline of 17.0%, reflecting investors’ cautious attitude toward short-term volatility in index funds.

Risk and Opportunity Statement

Risk Warning

• Tracking Error Risk: Although the annualized tracking error of 0.31% complies with the contractual requirements, Class A/B underperformed the benchmark by 1.0 percentage point. Attention should be paid to how constituent stock adjustments and the impact of subscriptions and redemptions affect tracking performance.
• Liquidity Risk: The redemption rate for Class C shares is 39.5%. If market volatility increases, it may trigger further redemption pressure.
• Industry Concentration Risk: Technology sectors account for nearly 80%. If policies or sentiment/conditions in related industries change, fluctuations in the fund’s net asset value may be amplified.

Investment Opportunities

• Policy Support: The manager expects 2026 macro policies to “advance steadily while seeking progress.” With overlapping measures for both existing and incremental support, and with projected profit growth of over 9% for the CSI 300 Index, market activity is expected to improve.
• Value of Index Allocation: The Shenzhen 100 Index includes core assets in Shenzhen. It has a high allocation to technology and consumption. It is expected to benefit long-term from economic transformation and industrial upgrades.

Manager’s Outlook: Abundant Market Opportunities in 2026; Policy and Fundamentals Converge

The manager believes that in 2026, economic work will “strengthen counter-cyclical adjustments.” Fiscal and monetary policies will coordinate and work together, market valuations are at reasonable levels, and expectations for an improvement in fundamentals will be consolidated. Investment opportunities in the securities market will further expand. The manager recommends that investors focus on policy-supported areas such as technology and high-end manufacturing, and share the dividends of economic growth through long-term allocation to index funds.

Data Source: Rongtong Shenzhen 100 Index Securities Investment Fund 2025 Annual Report
Risk Warning: Past performance of the fund does not represent future performance; invest with caution.

Statement: The market involves risk, and investment requires caution. This article is automatically published by an AI large model based on third-party databases and does not represent Sina Finance’s viewpoint. Any information appearing in this article is for reference only and does not constitute personal investment advice. If there are discrepancies, please refer to the actual announcements. If you have any questions, please contact biz@staff.sina.com.cn.

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