China Post Technology Innovation Select Mixed Annual Report Analysis: Class A Shares Redemptions of 44% Management Fees Increased 27.95% Net Value Underperformed Benchmark by 15 Percentage Points

Core Financial Data Overview

The 2025 annual report of China Post Technology Innovation Select Hybrid (Class A: 008980; Class C: 008981) shows that the fund achieved a net profit of 153 million yuan for the year, roughly flat compared to 2024; the total net assets at the end of the period were 897 million yuan, a decrease of 252 million yuan from the beginning of the year, down 2.73%. Notably, Class A shares experienced a net redemption of 153 million shares over the year, with a redemption rate of 44.25%. Meanwhile, management fee income increased by 27.95% year-over-year to 9.9471 million yuan, contrasting sharply with the scale shrinkage.

Main Accounting Data Comparison (Unit: Yuan)

Net Asset Performance: Underperformed Benchmark by 15 Percentage Points for the Year; Over 14% Drawdown in Last Three Months

The fund’s net value performance in 2025 showed significant volatility. The net value growth rates for Class A and C shares were 22.29% and 21.92%, respectively, both significantly underperforming the benchmark return of 37.95%, with gaps of 15.66 and 16.03 percentage points. In phases, when the market broke through 4,000 points in Q4, the fund’s net value failed to keep pace and was temporarily dragged down by adjustments in storage sector holdings. Over the last three months (October-December 2025), net values for A and C classes declined by 14.58% and 14.64%, far exceeding the benchmark’s -0.65%.

Net Value Growth Rate vs. Benchmark (%)

Investment Strategy: Focus on AI Mainline Throughout the Year; Major Rebalancing in Storage Sector in Q4

The fund manager stated in the annual report that in 2025, the focus was on generative AI, with key layouts in semiconductors and edge AIoT. In Q4, based on in-depth research into storage price drivers, the fund underwent its largest rebalancing of the year: reducing positions in edge AI and increasing allocations in storage. Although this adjustment temporarily weighed on net value, the manager believes “such adjustments make holdings more comfortable.”

However, the report also reflects on three major shortcomings: first, insufficient research depth; although judgments on MCP and A2A sectors were correct, the best directions were not always chosen; second, immature trading strategies; insufficient allocation to undervalued growth stocks in Q2; third, the need to improve thematic investment capabilities.

Cost Analysis: Management Fees Grow Against the Trend by 27.95%; Sales Service Fees Double

In 2025, the fund’s total management fee was 9.9471 million yuan, up 27.95% from 7.774 million yuan in 2024; the custodian fee was 1.9894 million yuan, a 28.00% increase. The fee growth was mainly driven by the expansion of C share scale (end-of-period net value of 546 million yuan, +34.10%), with sales service fees rising from 759,000 yuan in 2024 to 1.6375 million yuan, an increase of 115.74%.

Fee Details (Unit: Yuan)

Stock Investment: Manufacturing Sector Accounts for 78%; Top 10 Holdings Concentration at 58%

As of the end of 2025, stock investments accounted for 92.10% of net assets, with manufacturing holdings totaling 7.015 billion yuan, representing 78.18%. The information transmission, software, and IT services sector held 1.249 billion yuan, accounting for 13.92%. The top ten holdings totaled 522 million yuan, making up 63.16% of stock investments, with high concentration. Luxshare Precision (9.48%), GigaDevice (9.31%), Anker Innovations (8.92%) were the top three, together comprising 27.71% of net assets.

Top 10 Holdings Details

Share Changes: Significant Redemption of Class A; Net Subscription of 277 million Class C Shares

In 2025, the fund’s shares showed a polarized trend: Class A shares decreased from 346.11 million shares at the start to 193.00 million shares at the end, with a net redemption of 153 million shares and a redemption rate of 44.25%. Class C shares increased from 277.49 million to 305.20 million shares, with a net subscription of 27.71 million shares and a subscription rate of 10.00%. The large redemption of Class A shares may be related to underperformance relative to the benchmark and short-term net value declines, while C shares, with no subscription fee, are more attractive for short-term funds.

Share Change Details (Unit: Shares)

Holder Structure: Institutional Holdings of C Shares Exceed 60%

At the end of the period, the total number of fund holders was 25,741, with an average holding of 19,400 shares per account. Regarding holder structure, individual investors held 77.53% of Class A shares (43.36 million shares), while institutional investors held 60.36% of Class C shares (184.23 million shares), reflecting a preference for C shares among institutions. Notably, fund managers’ staff held only 484,000 shares, accounting for 0.10%, with a relatively low shareholding ratio.

Holder Structure (Unit: Shares)

Risks and Opportunities

Risks

2. Underperformance Risk: The fund’s net value growth in 2025 significantly lagged the benchmark. If the AI investment theme is misjudged or rebalancing is poorly timed, performance could continue to suffer.
3. Liquidity Risk: Large redemptions in Class A shares may further shrink the fund scale, impacting investment flexibility.
4. Concentration Risk: Over 60% of holdings are in the top ten stocks, so fluctuations in individual stocks could significantly impact net value.

Opportunities

2. AI Inference Architecture Transformation: The manager believes that in 2026, the importance of AI inference will increase, potentially bringing new investment opportunities.
3. Storage Sector Layout: The increased allocation in storage in Q4 may benefit from rising prices and contribute to long-term gains.
4. Technology Cycle Upturn: The fund remains optimistic about the technology cycle centered on generative AI, with long-term layouts in semiconductors and AIoT.

Manager’s Outlook

The fund manager expects that in 2026, AI investment will enter its fourth year, with increased volatility, requiring independent thinking and industry research. Focus areas include: first, opportunities from changes in AI inference architecture; second, sectors with shortfalls in AI data center construction; third, AI edge sector that may see opportunities in the second half of the year. The manager emphasizes “deep research creates value” and will continue to optimize the investment research system to improve prediction success rates.

(Source: China Post Technology Innovation Select Hybrid Securities Investment Fund 2025 Annual Report)

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