China Tungsten And Hightech Materials (000657) Q2 2025 earnings summary

Executive summary

• The fund maintained a focus on liquidity and safety, adjusting leverage and duration flexibly in response to market conditions and fund size changes, with a preference for high-grade assets and refined management operations.

• The first half of 2025 saw stable economic growth despite ongoing US-China trade tensions, with supportive fiscal and monetary policies leading to a generally stable macro environment.

• The fund continued to adhere to compliance, fairness, and risk control, with no violations or irregularities reported.

Financial highlights

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

• Total assets at period end were RMB 80,882,323,152.09, with net assets of RMB 69,647,880,794.27.

• The fund distributed profits of RMB 14,228,020.53 to A share holders and RMB 509,681,026.03 to F share holders during the period.

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

Outlook and guidance

• The outlook remains cautiously optimistic, with expectations for continued monetary policy support and potential for lower bond yields.

• The fund will maintain a prudent investment approach, focusing on medium-to-high grade assets and flexible duration and leverage strategies.