China Post Core Advantage Flexible Allocation Hybrid Annual Report Interpretation: Profits Surge 10-Fold While Share Size Shrinks 53%, Colored Metals Position Concentration Attracts Attention

Key Financial Indicators: Profits Surge 10 Times, Net Assets Down 19% Year-over-Year

In 2025, China Post Core Advantage Flexible Allocation Hybrid (hereafter “China Post Core Advantage”) performed well, but its size shrank significantly. According to annual report data, Fund Class A shares earned a profit of 472,062,050.65 yuan this period, a year-over-year increase of 1029% from 41,804,094.74 yuan in 2024; Class C shares earned 44,283,363.37 yuan, turning from a loss of -6,142,504.91 yuan in the same period last year to profit.

However, the fund’s net assets declined. As of the end of 2025, Class A net assets were 1,085,759,222.81 yuan, Class C 125,443,545.86 yuan, totaling 1,211,202,768.67 yuan, down 284,911,533.47 yuan from the end of 2024, a decrease of 19%.

Net Value Performance: Both Class A and C Shares Outperform Benchmark by Over 50 Percentage Points

In 2025, the net value growth rate of China Post Core Advantage Class A shares was 61.70%, and Class C shares 61.06%, both significantly outperform the performance benchmark (CSI 300 Index × 60% + Shanghai Government Bond Index × 40%) at 10.98%, with notable excess returns. Over the past year, Class A outperformed the benchmark by 50.72 percentage points, and Class C by 49.98 percentage points.

Investment Strategy: Heavy Positioning in Non-Ferrous Metals Throughout the Year, Sector Rotation Focused on Prosperity

The manager stated in the annual report that 2025 saw a “tech + resources” structural bull market in A-shares. The fund maintained a main position in non-ferrous metals, rotating among sub-sectors and stocks based on their prosperity and valuation changes. As of year-end, mining accounted for 21.97% of stock holdings, manufacturing 56.91%. The top ten holdings were all non-ferrous metals and related industry chain companies, such as Zijin Mining (3.98%), Jiangxi Copper (3.64%), Zangge Mining (3.48%), among others.

Cost Analysis: Management and Custodian Fees Both Decreased, Trading Costs Down 76%

In 2025, the fund’s management fee was 14,052,105.81 yuan, down 32% from 20,736,919.78 yuan in 2024; custodian fee was 2,342,017.69 yuan, also down 32% from 3,456,153.30 yuan, mainly due to the decline in net assets. Payable trading fees totaled 1,135,272.94 yuan, a 76% reduction from 4,644,399.90 yuan in 2024, likely related to decreased stock trading activity.

Notably, the profit from stock trading, including buy-sell spreads, reached 280,030,990.14 yuan, a 478% increase from 48,461,937.35 yuan in 2024, becoming the core driver of profit growth.

Holder Structure and Share Changes: Class A Shares Redeemed 53%, Institutional Holders of Class C Over 92%

In 2025, the fund’s share changes showed significant divergence. Class A shares started with 763,312,115.84 shares and ended with 358,652,123.65 shares, a net redemption of 404,659,992.19 shares, a redemption rate of 53%. Class C shares started with 35,983,948.55 shares and ended with 41,714,170.81 shares, a net subscription of 5,730,222.26 shares, up 15.9%.

Regarding holder structure, institutional holdings of Class A shares accounted for 34.88%, individual holdings 65.12%; for Class C, institutions held 92.33%, individuals only 7.67%, with institutions dominating.

Portfolio: Top 10 Holdings Concentrate at 34.5%, Non-Ferrous Metals Over 78%

As of the end of 2025, the top ten holdings accounted for 34.5% of the fund’s net assets, all in non-ferrous metals and related industries. Zijin Mining (3.98%), Jiangxi Copper (3.64%), Zangge Mining (3.48%) ranked top three, with the top five holdings each exceeding 3%. Industry allocation was heavily concentrated in mining and manufacturing, totaling 78.88%.

Manager Outlook: Focus on “Tech + Resources” Main Line in 2026, Watch for Cyclical Recovery

The manager believes that in 2026, liquidity remains ample, and the equity market still offers opportunities. The focus will be on two main directions: first, the continuation of the global AI capital expenditure wave combined with the Fed rate cut cycle, emphasizing “tech + resources”; second, liquidity easing driving cyclical recovery in the real economy, with valuation repair opportunities in pro-cyclical sectors.

Risk Alerts and Investment Advice

Risk Alerts:

2. Industry Concentration Risk: The top ten holdings are all in non-ferrous metals; if policies tighten or demand declines, net asset value could fluctuate sharply.
3. Large Redemption Risk: Class A shares saw over 50% net redemption this year; continued large-scale redemptions could cause liquidity pressure and affect fund operations.
4. Trading Commission Concentration Risk: Guosheng Securities contributed 31.61% of stock trading commissions, raising concerns about trading fairness and potential利益输送风险。

Investment Advice:

• Short-term Investors: The fund’s net value is volatile (standard deviation 1.29%-1.66% over the past year); caution is advised regarding market style shifts.
• Long-term Investors: If aligned with the “tech + resources” and cyclical recovery logic, consider buying on dips, but closely monitor non-ferrous metals sector prosperity and fund size changes.

Key Data Highlights

Disclaimer: The market involves risks; investment should be cautious. This article is automatically generated 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. If you have questions, contact biz@staff.sina.com.cn.