China Post Technology Innovation Select Hybrid Annual Report Analysis: Class A Share Redemptions at 44%, Management Fees Increased by 28%, Net Asset Value Underperformed the Benchmark by 16 Percentage Points

Key Financial Indicators: Slight Profit Decline of 2.7%, Net Assets Shrink by 2.73%

In 2025, China Post Technology Innovation Select Hybrid A (008980) and C (008981) achieved a combined net profit of ¥153,214,929.16, a slight decrease of 0.25% from ¥153,606,088.57 in 2024. The total net assets at year-end were ¥897,367,102.98, down ¥25,201,307.21 from ¥922,568,410.19 at the end of 2024, a decrease of 2.73%.

Per share performance shows that Class A net asset value (NAV) increased by 22.29%, from ¥1.4890 in 2024 to ¥1.8209 in 2025. Class C NAV rose by 21.92%, from ¥1.4674 to ¥1.7891. However, both classes underperformed the benchmark (China Strategic Emerging Industries Index 70% + SSE Government Bond Index 30%), with Class A lagging by 15.66 percentage points and Class C by 16.03 percentage points.

Share Changes: A Class Net Redemptions of 44%, C Class Growth of 10%

During the reporting period, total fund shares decreased from 623,600,221.71 at the end of 2024 to 498,143,077.73, a net reduction of 125,457,143.98 shares, down 20.12%. A class experienced significant redemptions, while C class saw net subscriptions.

The 44.25% net redemption of A shares may relate to underperformance of NAV and changes in investor risk preferences. C shares, which have no purchase fee and are charged a daily sales service fee, attracted short-term holdings, with net subscriptions totaling 10% for the year.

Investment Strategy: AI Focus Throughout the Year, Storage Sector Drag in Q4

The fund manager stated that in 2025, the fund adhered to a generative AI theme, focusing on semiconductors and edge AIoT, with allocations around AI edge devices in the first three quarters, and phased participation in innovative drugs and robotics. In Q4, significant rebalancing occurred, reducing AI edge positions and increasing storage sector holdings, which temporarily pressured NAV.

The manager reflected that the rebalancing was mainly based on in-depth research into storage price surges and their drivers, but market recognition of storage was insufficient, leading to a mismatch between adjustment pace and market sentiment. Additionally, limited research depth and immature trading strategies (such as insufficient allocation during price rises) also impacted performance.

Performance: Underperformed Benchmark by 16 Percentage Points in 2025, 3-Month NAV Down 14.6%

In 2025, Class A NAV increased by 22.29%, Class C by 21.92%, while the benchmark returned 37.95%. Both classes lagged the benchmark by 15.66 and 16.03 percentage points, respectively. The second half of the year was particularly weak:

The Q4 NAV decline relates to storage sector rebalancing and market style shifts. The manager noted that despite short-term pressure, the long-term industry logic of storage remains positive, and current holdings have valuation advantages.

Cost Analysis: Management Fee Up 28%, Sales Service Fee Surge of 116%

In 2025, the fund paid management fees of ¥9,947,067.32, up 27.95% from ¥7,774,008.60 in 2024; custodian fees increased by 28.08% to ¥1,989,413.41; sales service fees surged by 115.75% to ¥1,637,507.69. The growth mainly reflects the expansion of C shares (management and custodian fees based on NAV, sales service fees only for C shares) and changes in daily average NAV throughout the year.

In terms of trading costs, stock trading expenses totaled ¥2,903,389.12, a 6.27% increase from ¥2,732,100.30 in 2024, consistent with stock turnover (buy ¥1.826 billion, sell ¥1.953 billion).

Stock Investment: Semiconductor Allocation Over 78%, Top 10 Holdings Concentrated at 58%

At year-end, stock holdings valued at ¥826,446,581.60, accounting for 92.10% of NAV. The manufacturing sector (mainly semiconductors) represented 78.18%, with information transmission, software, and IT services at 13.92%, indicating high industry concentration.

The top ten holdings include Luxshare Precision (9.48%), GigaDevice (9.31%), Anker Innovations (8.92%), with a combined proportion of 27.71%. The total market value of these top ten stocks is ¥515,058,400, representing 62.32% of stock holdings, showing high concentration.

Holder Structure: Institutional Holders of C Shares at 60%, Individual Holders of A Shares at 78%

At year-end, the fund had 25,741 individual accounts, with an average holding of 19,352 shares. For A shares, individual investors held 149,588,740.74 shares (77.53%), while institutions held 43,357,719.59 shares (22.47%). For C shares, institutions held 184,225,607.84 shares (60.36%), indicating a strong institutional preference.

Related Party Transactions: ¥87,227.21 Paid to Founder Securities for Trading Commissions

During the period, the fund executed stock trades through related party Founder Securities, paying ¥87,227.21 in commissions, accounting for 4.96% of total commissions. The commission rate was consistent with market averages (~0.0446%), with no signs of利益输送.

Risk Warnings and Investment Opportunities

Risks:

1. Underperformance Relative to Benchmark: Underperformed by 16 percentage points in 2025; strategy and market timing need improvement, especially with Q4 rebalancing causing short-term NAV pressure.
2. Redemption Risk: 44% redemption of A shares may cause liquidity issues; ongoing redemption trends should be monitored.
3. Industry Concentration Risk: Over 78% in semiconductors; if industry policies or technological advances fall short, NAV volatility could increase.

Opportunities:

1. AI Industry Chain Deployment: Long-term bullish on generative AI cycle; current holdings focus on semiconductors and storage, aligning with industry trends and valuation.
2. Storage Sector Potential: Increased storage positions in Q4 based on in-depth research; industry inflection point could generate gains.
3. Institutional Holding Advantage in C Shares: 60% institutional ownership indicates professional investor confidence in short-term liquidity and fee structure.

Manager’s Outlook: 2026 AI Investment to Enter Volatile Phase, Focus on Inference Architecture and Data Center Shortcomings

The manager believes that 2026 will be the fourth year of AI investment, with increased volatility. Independent research and industry analysis are necessary. Key focuses include: changes in AI inference architecture; bottleneck industries in GPU data center construction; and recovery opportunities in AI edge sectors affected in H2.

Overall, China Post Technology Innovation Select Hybrid experienced strategic adjustments and share structure changes in 2025. Despite short-term pressure, it remains committed to core AI industry chain segments. Investors should consider their risk appetite and monitor rebalancing effects and industry cycles.

Disclaimer: Market risks exist; invest cautiously. This article is generated automatically by an AI model based on third-party data and does not represent Sina Finance’s views. All information herein is for reference only and does not constitute personal investment advice. For discrepancies, please refer to official announcements. For questions, contact biz@staff.sina.com.cn.