Changchun High-Tech Industry (Group) Co (000661) investor relations material

Executive summary

• The fund maintained a focus on liquidity and safety, adjusting leverage and duration based on market trends and fund size, with a preference for high-grade assets and refined management operations.

• The first half of 2025 saw stable economic performance despite trade tensions, with supportive fiscal and monetary policies leading to a generally stable market environment.

• The fund's strategy shifted from convergence at the start of the year to a more neutral-to-positive stance by the end of Q2.

Financial highlights

• Net profit for the period was RMB 523,909,046.56, down from RMB 680,704,880.14 in the same period last year.

• Operating income was RMB 604,014,955.03, with interest income of RMB 268,658,738.30 and investment income of RMB 335,291,434.05.

• Fund assets under management at period end were RMB 69,647,880,794.27, up from RMB 52,351,647,188.02 at the end of last year.

• The A and F share classes delivered net value returns of 0.7181% and 0.8429% respectively, outperforming the benchmark return of 0.1737%.

Outlook and guidance

• The economic outlook remains stable, but export contributions are expected to weaken; monetary policy is likely to stay accommodative.

• The fund will continue a prudent investment approach, focusing on flexible duration and leverage, and maintaining a high allocation to mid-to-high grade assets.