Guotou Ruiyin CSI 300 Quantitative Enhancement Annual Report Analysis: Y Share Class Surges 42 Times, C Share Class Halves in Size by 66.6%, Management Fee Income Drops 8.6%

Key Financial Metrics: Net Assets Shrink by 27.9% Net Profit Increases by 28.2%

In 2025, the overall scale of the China International Capital Corporation (CICC) Ruiyin CSI 300 Index Quantitative Enhanced Fund (hereinafter referred to as “the Fund”) saw a significant contraction, and net profit achieved growth. Based on main accounting data, as of the end of 2025, total net assets of the Fund were RMB 830 million, down RMB 321 million from RMB 1.15B at the end of 2024, representing a decline of 27.89%. Current period profit was RMB 245 million, up RMB 54 million from RMB 191 million in 2024, an increase of 28.2%.

Specifically by share class, net assets attributable to Class A shares were RMB 656 million at period end, down 11.7% from RMB 743 million in 2024; net assets attributable to Class C shares were RMB 166 million, down sharply by 59.3% from RMB 408 million in 2024; net assets attributable to Class Y shares were RMB 7.5 million, newly added in December 2024, and delivered positive returns over the full year.

Net Value Performance: Class Y Shares’ Excess Return of 6.38% Leads the Peer Group

In 2025, all share classes of the Fund outperformed the performance benchmark (CSI 300 Index return × 95% + current deposit interest rate × 5%). Among them, Class Y shares delivered the best performance, with a full-year net value growth rate of 23.17% and an excess return of 6.38 percentage points; Class A shares’ net value grew 22.44%, with excess return of 5.65 percentage points; Class C shares rose 21.95%, with excess return of 5.16 percentage points.

From a long-term perspective, since its establishment in 2019, Class A shares have accumulated net value growth of 63.49%, substantially outperforming the benchmark by 27.45%, with an annualized excess return of approximately 5.8%.

Investment Strategy and Operations: Technology + Resources Sectors Lead; Quantitative Model Contributes Excess Returns

In its annual report, the manager stated that in 2025 global stock markets diverged: the technology sector and the upstream resources sector performed strongly. The ChiNext Index and the STAR 50 Index saw notable gains, while consumption and dividend-oriented assets lagged. The Fund uses a multi-factor stock selection model; on the basis of strictly controlling tracking error (daily absolute tracking deviation not exceeding 0.5%), it uses quantitative techniques to capture opportunities arising from market mispricing. In terms of full-year stock investment returns, income from the spread between buying and selling stocks was RMB 198 million, up sharply 266% from RMB 54 million in 2024.

Fee Analysis: Management Fee Income Down 8.6%; Trading Expenses Down 22.2% YoY

In 2025, the Fund’s management fee income was RMB 11.4005 million, down 8.6% from RMB 12.4781 million in 2024, mainly due to the Fund’s shrinking scale. Custody fees were RMB 1.7101 million, down 8.6% year over year, consistent with the decline in management fees. Payable trading expenses were RMB 3.262 million, down 22.2% from RMB 4.195 million in 2024, reflecting a decrease in trading activity.

Stock Investments: Manufacturing Accounts for Over Half; CATL and Kweichow Moutai Are the Top Two Heavy Holdings

As of the end of 2025, the proportion of the Fund’s stock investments to net asset value was 92.87%, and the top ten heavy holdings in aggregate accounted for 28.6%. In terms of sector allocation, manufacturing accounted for 51.57%, financials for 19.52%, and mining for 6.92%. The top three heavy holdings were Contemporary Amperex Technology (CATL) (4.47%), Kweichow Moutai (3.90%), and Ping An (3.33%), and there were no investments via the Stock Connect (Hong Kong).

Details of the Top Ten Heavy Holdings

Changes in Share Holdings: Class C Shares Suffer Massive Redemptions; Class Y Shares Grow Explosively

In 2025, share changes for the Fund showed “polarization.” Class C shares faced net redemptions of 2.197 billion units; shares outstanding at period end were 110 million units, down 66.6% from 330 million units in 2024. Class Y shares (added in December 2024) saw net subscriptions of 47.3238 million units; shares outstanding at period end were 4.8448 million units, up 4210% from the initial 0.1124 million units. Net redemptions for Class A shares were 164 million units; shares outstanding at period end were 425 million units, down 31.9%.

Holder Composition: Institutional Holdings in Class C Account for 78.9%; Concentration Risk Stands Out

The holder composition shows that among Class C shares, institutional investors held 86.9157 million units, representing 78.87%, indicating a high risk of having a single institution with an overly large holding proportion (during the reporting period, there was an instance where the institutional holding proportion exceeded 20%). Class A shares are mainly held by individual investors, accounting for 52.77%. All Class Y shares are held by individuals.

Manager’s Outlook: China’s Economy May Rebound Steadily in 2026; Technology and Consumption Could Become the Main Line

The manager expects that in 2026, China’s economic growth rate may improve. Indicators such as industrial production, consumption, and exports will be favorable, and inflation is expected to rise moderately. From the policy perspective, it will continue to pursue accommodative monetary policy and proactive fiscal policy, with credit tilted toward consumption and technology innovation. With the Federal Reserve potentially starting its easing cycle, and China-US monetary policies easing in sync, it will benefit improving market risk appetite. In terms of investing, it is recommended to focus on opportunities in technology (semiconductors, artificial intelligence), high-end manufacturing, consumption recovery, and related areas.

Risk Warning

2. Scale Volatility Risk: Class C shares shrank by 66.6% within the year, which may affect liquidity and subscription/redemption efficiency. Investors should be alert to net value volatility caused by large redemptions.
3. Risk of Concentrated Institutional Holdings: Institutional holdings in Class C are close to 80%. Large redemptions by a single institution may create pressure on the Fund’s asset liquidation and affect the interests of small and medium investors.
4. Risk of Quantitative Model Failure: If market styles switch (for example, from growth to value), excess returns from the multi-factor model may narrow; changes in tracking error should be monitored.

(Data source: the 2025 annual report of the CSI 300 Index Quantitative Enhanced Securities Investment Fund by CICC Ruiyin)

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