Rongtong Shenzhen 100 Index Annual Report Analysis: Net profit up 114%, Class C shares down 39.5%, Technology holdings account for nearly 80%

Key Financial Indicators: Net Profit Doubles, Net Assets Slightly Increase

In 2025, the Rongtong Shenzhen 100 Index Fund (referred to as “the Fund”) achieved significant profits, with net asset scale steadily increasing, but the number of fund shares experienced a substantial reduction.

Profit and Net Asset Performance

The Fund realized a net profit of 1,069,582,533.52 yuan in 2025, an increase of 114.3% compared to 499,012,585.12 yuan in 2024, effectively doubling its profit scale. Among these, Class A/B shares contributed a net profit of 1,065,336,656.26 yuan, while Class C shares contributed 4,245,877.26 yuan.

At the end of the period, total net assets amounted to 4,712,607,332.39 yuan, up 3.8% from 4,539,024,278.32 yuan at the end of 2024. The net assets of Class A/B shares at the end of the period stood at 4,695,966,253.47 yuan, and Class C shares at 16,641,078.92 yuan.

Fund Share Changes: Significant Reduction in Class C Shares

During the reporting period, the total number of fund shares decreased from 3,401,974,044.11 shares at the end of 2024 to 2,826,553,213.86 shares, a drop of 17.0%. Among these, Class A/B shares decreased from 3,384,914,971.03 shares to 2,816,227,590.34 shares, a decline of 16.8%; Class C shares decreased from 17,059,073.08 shares to 10,325,623.52 shares, a decline of 39.5%, marking the most significant reduction among all share classes.

Net Value Performance: Underperforming Benchmark by 1-1.5 Percentage Points, Good Control of Tracking Error

Net Value Growth Rate Compared to Benchmark

In 2025, the net value growth rate of Class A/B shares was 25.25%, and for Class C shares, it was 24.77%, both lower than the performance benchmark (Shenzhen 100 Index return rate × 95% + bank interbank deposit rate × 5%) of 26.25%. Class A/B underperformed the benchmark by 1.00 percentage points, while Class C underperformed by 1.48 percentage points.

In terms of the long term, over the past three years, Class A/B annualized return was 18.29%, lower than the benchmark’s 21.30%, cumulatively underperforming by 3.01 percentage points; Class C had an annualized return of 16.96%, underperforming the benchmark by 4.34 percentage points.

Control of Tracking Error

During the reporting period, the fund’s average daily tracking deviation was 0.03%, and the annualized tracking error was 0.31%, in line with the fund contract’s requirement of “daily tracking error not exceeding 0.5%.” The manager effectively controlled tracking error through algorithmic trading, optimization of new stock investments, and regular rebalancing.

Investment Strategy and Operation: Closely Following the Shenzhen 100 Index, Prominent Proportion of Technology and Consumption

Execution of Investment Strategy

This fund employs an index investment strategy, using over 90% of non-bond assets to track the Shenzhen 100 Index, with stock investments accounting for 94.76% of the fund’s net asset value. In 2025, the targeted index, Shenzhen 100, had a total return of 27.65%, and the fund controlled tracking error through the following measures:

• Algorithmic trading to address position deviations caused by subscriptions and redemptions;
• Participation in new stock investments and removal of high-risk component stocks;
• Establishing a daily report system for timely rebalancing;
• Periodic adjustments of index constituent stocks in June and December.

Industry and Major Stock Allocation

Industry Distribution: The top three weighted industries are manufacturing (78.11%), finance (8.07%), and information transmission/software (2.20%), showing significant technological properties. The top five weighted industries also include transportation (1.29%) and leasing and business services (0.82%).

Top Ten Major Holdings: Contemporary Amperex Technology Co., Limited (10.43%), Zhongji Xuchuang (5.81%), Xinyi Technology (4.27%), Midea Group (4.18%), and Dongfang Caifu (3.29%) are leading technology and consumer stocks, accounting for a total of 34.12%. Among them, the market value of Contemporary Amperex Technology Co., Limited’s holdings is 491 million yuan, making it the largest holding.

Fees and Transactions: Management Fees Increased by 10.9%, Related Party Commissions Account for 22.77%

Management Fees and Custody Fees

In 2025, the fund incurred management fees of 45,607,945.15 yuan, a 10.9% increase from 41,133,222.49 yuan in 2024; custody fees amounted to 9,121,589.06 yuan, also up 10.9%, aligning with the growth in asset scale (management fee annual rate of 1.00%, custody fee of 0.20%). The sales service fee for Class C shares was 18,149.23 yuan, an increase of 60.9% from 11,277.82 yuan in 2024.

Transaction Costs and Related Party Transactions

• Transaction Costs: Transaction costs payable amounted to 137,814.57 yuan, a 202.7% increase from 46,515.75 yuan in 2024, primarily due to increased stock trading volume (with stock sales revenue of 1.168 billion yuan, a year-on-year increase of 295.3%).

• Related Party Transactions: Stock transactions totaling 336 million yuan were completed through the manager’s shareholder, Chengtong Securities Trading Unit, accounting for 22.77% of the total transaction amount, with commission payments of 62,445.43 yuan, also accounting for 22.77% of total commissions, in compliance with fair trading principles.

Holder Structure: Individual Investors Account for 98.91%, Industry Personnel Hold 1.23 Million Shares

Holder Type

At the end of the period, the total number of fund holders was 209,007, with an average holding of 13,523.73 shares per account. Among them, individual investors held 2,795,829,548.67 shares, accounting for 98.91%; institutional investors held 30,723,665.19 shares, accounting for 1.09%, indicating a relatively low proportion of institutional holdings.

Industry Personnel Holding Situation

The fund management personnel collectively held 1,237,248.57 shares, accounting for 0.04377% of the total shares. Among them, senior management and research heads held 500,000 to 1,000,000 shares of Class A/B, and fund managers held 100,000 to 500,000 shares, indicating a certain level of confidence among internal personnel regarding the fund.

Manager Outlook: Market Opportunities Abundant in 2026, Focus on Policy and Fundamental Improvements

The manager believes that China’s GDP will grow by 5.0% in 2025, with significant growth in equipment manufacturing and high-tech manufacturing (3D printing equipment growth of 52.5%, industrial robots 28.0%). In 2026, policies will focus on “seeking progress while maintaining stability and improving quality and efficiency,” with fiscal and monetary policies working in tandem. The profit growth forecast for the CSI 300 Index exceeds 9%, market valuations are reasonable, and investment opportunities will further enrich.

Risk Warning and Investment Suggestions

Risk Warning

2. Tracking Error Risk: Although the annualized tracking error of 0.31% meets contract requirements, the long-term underperformance against the benchmark (cumulative underperformance of 3-4 percentage points over three years) requires attention.
3. Share Reduction Risk: The nearly 40% decline in Class C shares may reflect investor concerns about fees or performance.
4. Industry Concentration Risk: The manufacturing holding accounts for 78.11%; if volatility in the technology sector increases, the fund’s net value may come under pressure.

Investment Suggestions

• Long-term Allocation: The Shenzhen 100 Index covers core assets in the Shenzhen market, suitable for investors looking to long-term position themselves in the technology and consumer sectors.
• Fee Selection: Attention should be paid to the erosion of returns by the sales service fee for Class C shares; those with shorter holding periods may prefer Class A.
• Risk Matching: High allocation operation (stocks account for 94.46%) is suitable for investors with strong risk tolerance.

Data Source: Rongtong Shenzhen 100 Index Securities Investment Fund 2025 Annual Report

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Editor: Xiaolang Quick Report