Anxin CSI 500 Index Enhanced Annual Report Analysis: Class C Shares Shrink by 83%, Net Profit Surges by 294%, Scale Below 50 Million for 60 Consecutive Days, Risk of Liquidation

Net Assets Decreased by 59% Year-on-Year; Net Profit Increased by 294%

The annual report of the Anxin CSI 500 Index Enhanced Securities Investment Fund (hereinafter referred to as “Anxin CSI 500 Index Enhanced”) for the year 2025 shows that as of the end of 2025, the total net assets of the fund amounted to 15,523,438.06 yuan, a decrease of 59% compared to 37,568,063.48 yuan at the end of 2024. Among them, the net assets of Class A shares were 9,843,033.27 yuan, and Class C shares were 5,680,404.79 yuan, decreasing by 15% and 78%, respectively, compared to the end of the previous year.

During the reporting period, the fund achieved a net profit of 7,651,752.78 yuan, a substantial increase of 294% compared to 1,940,421.01 yuan in 2024. This was mainly due to a significant increase in stock investment income, which reached 6,667,619.11 yuan in 2025, representing a year-on-year growth of 281%.

Net Redemption of Class C Shares at 83%; Total Size Shrunk by 68.5%

Data on changes in open-end fund shares indicates that in 2025, the fund encountered large-scale redemptions. Class A shares started with 6,541,749.58 shares, had subscriptions of 4,394,872.10 shares, redemptions of 6,672,604.40 shares, and ended with 4,264,017.28 shares, resulting in a net redemption of 2,277,732.30 shares, with a net redemption rate of 35%; Class C shares started with 15,047,916.65 shares, had subscriptions of 2,836,330.61 shares, redemptions of 15,352,146.22 shares, and ended with 2,532,101.04 shares, resulting in a net redemption of 12,515,815.61 shares, with a net redemption rate as high as 83%.

The total shares of the fund decreased from 21,589,666.23 shares at the end of 2024 to 6,796,118.32 shares at the end of 2025, a reduction of 14,793,547.91 shares, shrinking by 68.5%.

Net Value Growth Rate of A/C Classes Outperformed Benchmark; Excess Returns of 1.08%-1.63%

In 2025, the net value growth rate of Class A shares of Anxin CSI 500 Index Enhanced was 30.44%, and Class C was 29.89%, both outperforming the performance benchmark return rate of 28.81%, with excess returns of 1.63% and 1.08%, respectively. From a long-term performance perspective, Class A has a cumulative net value growth rate of 130.84% since inception, while Class C is at 124.34%, significantly higher than the benchmark’s 65.25%.

• | | Cumulative Net Value Growth Rate Since Inception | 130.84% | 124.34% | 65.25% |

Quantitative Enhancement Strategy Contributed to Excess Returns; Growth Small Cap Style Significant

The manager stated in the report that in 2025 the equity market showed a “growth, small-cap trend,” with small and micro-cap stocks performing excellently. The fund employed a “passive index investing + quantitative enhancement” strategy, utilizing a multi-indicator system to allocate quantitative sub-strategies, selecting quality securities to build a portfolio. During the reporting period, the fund achieved stable excess returns through investments in high-tech industries such as artificial intelligence and robotics while controlling tracking errors.

Stock Investment Income Grew by 281%; Trading Costs Decreased by 77%

In 2025, the fund’s stock investment income (income from trading stocks) reached 6,667,619.11 yuan, a growth of 281% compared to 1,750,028.43 yuan in 2024, mainly due to favorable market conditions and optimized trading strategies. At the same time, trading costs significantly decreased, with total commissions payable of 64,340.14 yuan for the year, down 77% from 280,009.01 yuan in 2024, and the payable trading costs at year-end were 6,694.48 yuan, a year-on-year decrease of 75%.

Commission from Related Transactions Accounts for 100%; Guotou Securities Undertakes All Stock Trading

The report shows that the fund conducted stock trading through the related party Guotou Securities (the fund manager’s shareholder), with a total transaction amount of 328,263,588.76 yuan for the year, accounting for 100% of the total stock trading amount. The commission payable was 64,340.14 yuan, accounting for 100% of the total commission. This highly concentrated related transaction may raise concerns about risk of benefit transfer and requires attention from investors.

Manufacturing Accounts for Over 50%; Concentration of Top Ten Holdings is Relatively Low

At the end of the reporting period, the detailed stock investment showed that the top three holdings in the index investment portion were Shengyi Electronics (1.73%), Tianshan Aluminum (1.69%), and Jinchengxin (1.62%), while the largest holding in the active investment portion was Huagong Technology (1.74%). In terms of industry distribution, manufacturing accounted for 51.99% of the fund’s net asset value (index investment 45.59% + active investment 6.40%), information transmission, software, and information technology services accounted for 5.50%, and the finance industry accounted for 9.88%. The total proportion of the top ten holdings was only 15.36%, indicating low concentration.

Continuous 60 Days of Asset Net Value Below 50 Million; High Risk of Liquidation

The report disclosed that from July 6, 2023, to the end of 2025, the fund’s net asset value has been below 50 million yuan for 60 consecutive working days, triggering the warning situation specified in the “Fund Contract.” The manager has formulated a solution and reported it to the regulators, but the fund still faces the risks of liquidation or transformation. Investors should be alert to issues related to limited liquidity and difficulties in implementing investment strategies due to the small size.

Manager Outlook on Continued Growth Style; Optimistic about “Double Innovation” and Small Cap Stocks

The manager believes that 2026, as the first year of the “14th Five-Year Plan,” will see significant policy support for the economy, with new quality productivity and domestic circulation-related fields worth paying attention to. The growth style is expected to continue, with the “Double Innovation” sector and small cap stocks likely to outperform the main market, and ample liquidity both domestically and internationally will also benefit equity assets. The fund will continue to pursue excess returns through quantitative strategies.

Risk Warning and Investment Recommendations

Risk Warning: Continuous shrinkage of the fund’s scale, concentration of related transactions, some of the major holdings facing regulatory penalties (such as Dongwu Securities, Changjiang Securities, etc.), and risks of liquidation need to be closely monitored.

Investment Recommendations: Investors confident in the growth style and quantitative enhancement strategies may pay moderate attention, but if the fund’s scale does not improve, they should be wary of liquidity risks. It is recommended to closely track the manager’s solutions and changes in scale.

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Editor: Xiaolang Quick Report