Core Insights - The best-performing fund managed by fund manager Luo Shifeng is the Nord Cycle Strategy Mixed Fund (570008), which achieved a quarterly net value increase of 52.47% by the end of Q3 2025 [1] Fund Performance Summary - The Nord Value Advantage Mixed Fund (570001) has a total fund size of 24.81 billion, with an annualized return of 7.58% and a Q3 2025 increase of 44.93%, with its top holding being Sungrow Power [2] - The Nord Cycle Strategy Mixed Fund (570008) has a fund size of 9.26 billion, an annualized return of 15.18%, and a Q3 2025 increase of 52.47%, with its top holding being NewEase [2] - The Nord Value Discovery - Annual Holding Mixed Fund (012150) has a fund size of 5.39 billion, with a negative annualized return of -0.97% and a Q3 2025 increase of 26.73%, with its top holding also being Sungrow Power [2] Stock Trading Cases - Notable stock trading cases managed by Luo Shifeng include: - Sungrow Power: Bought in Q3 2020 and sold in Q1 2021, with an estimated return of 300.71% and a company performance growth of 25.15% during the holding period [3] - Longi Green Energy: Held from Q1 2018 to Q2 2023, with an estimated return of 231.97% and a company performance growth of 488.96% [3] - Midea Group: Held from Q2 2016 to Q4 2017, with an estimated return of 136.18% and a company performance growth of 51.35% [3] Underperforming Stock Cases - Underperforming stock cases include: - Opcon Vision: Bought in Q3 2021 and sold in Q1 2024, with an estimated return of -76.32% despite a company performance growth of 40.04% [4] - Tongce Medical: Held from Q3 2021 to Q2 2023, with an estimated return of -63.37% and a company performance growth of 2.37% [4] - Sanan Optoelectronics: Held from Q4 2017 to Q2 2019, with an estimated return of -51.40% [4]

Macro Economy - In the first nine months of 2025, the total profit of large-scale industrial enterprises in China reached 53,732 billion yuan, a year-on-year increase of 3.2%. In September alone, profits grew by 21.6% year-on-year [4] - The People's Bank of China plans to introduce nine new policy measures to expand the high-level opening of cross-border trade and optimize foreign exchange fund settlement for new trade formats [4] - The Financial Regulatory Bureau emphasizes the need to strengthen funding supply for major projects to boost consumption and ensure the stability of the financial system [4] - As of October 27, domestic gasoline and diesel prices were reduced by 265 yuan and 255 yuan per ton, respectively [4] - The average interest rate for three-year fixed deposits in September 2025 was 1.688%, while the five-year average was 1.519%, indicating a continued inversion [4] Investment News - The China Securities Regulatory Commission (CSRC) issued new guidelines to enhance the protection of small investors, addressing concerns over high pricing in new stock issuances [6] - The CSRC officially released a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, allowing foreign public funds to have the same short-term trading rules as domestic funds [6] - On October 27, the Shanghai Stock Exchange announced the appointment of new members to its third Technology Innovation Advisory Committee [6] - The A-share market experienced a significant rise, with the Shanghai Composite Index increasing by over 1%, reaching a ten-year high [6] Company Movements - Guizhou Moutai announced the resignation of its chairman Zhang Deqin due to work adjustments, with Chen Hua being recommended as the new chairman [7] - Tongfu Microelectronics reported third-quarter revenue of 7.078 billion yuan, a year-on-year increase of 17.94%, and a net profit of 448 million yuan, up 95.08% [7] - Northern Rare Earth's revenue for the first three quarters was 30.292 billion yuan, a 40.50% increase year-on-year, with net profit rising by 280.27% [7] - He Yuan Bio, Xi'an Yicai, and Bibete will be listed on the Sci-Tech Innovation Board on October 28, marking the first batch of new stocks in the Sci-Tech growth sector [8]

Group 1 - Wang Yi, the Foreign Minister, communicated with U.S. Secretary of State Rubio, expressing hope for mutual efforts to prepare for high-level interactions and create conditions for the development of China-U.S. relations [2] - The People's Bank of China will maintain a supportive monetary policy stance, resume open market operations for government bonds, and explore measures to support personal credit repair [2][3] - The National Bureau of Statistics reported that profits of industrial enterprises above designated size increased by 21.6% year-on-year in September, with high-tech manufacturing and equipment manufacturing showing rapid growth [3] Group 2 - The State Administration of Foreign Exchange will introduce nine new policy measures focusing on trade facilitation, including expanding cross-border trade pilot programs and optimizing foreign exchange fund settlement for new trade entities [3] - The Ministry of Finance reported that in September, central government revenue was 691.3 billion yuan, while expenditure was 1.5844 trillion yuan [4] - The 138th Canton Fair saw participation from nearly 240,000 overseas buyers from 223 countries and regions, marking a 6.8% increase compared to the previous session [4] Group 3 - The China Securities Regulatory Commission (CSRC) released a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, enhancing its attractiveness to long-term foreign capital [5] - The CSRC also issued opinions on strengthening the protection of small and medium investors in the capital market, proposing 23 specific measures across various aspects [5] - A-share market saw significant gains, with the Shanghai Composite Index approaching the 4000-point mark, driven by strong performance in technology stocks [5][6] Group 4 - The Hong Kong Hang Seng Index closed up 1.05%, with notable gains in pharmaceutical and materials sectors, while Southbound funds recorded a net purchase of 2.873 billion HKD [6] - The Shanghai Stock Exchange announced the third advisory committee member list, including founders from various tech companies [6] - New listings on the STAR Market include He Yuan Bio, Xi'an Yicai, and Bibet, with a total of 758,000 investor accounts opening trading permissions for the STAR Growth Layer [6] Group 5 - QFII holdings in A-shares reached 1.018 billion shares, valued at approximately 21.283 billion yuan, with a focus on cyclical sectors like non-ferrous metals and electricity [7] - Five listed securities firms have disclosed their Q3 reports, showing growth in both revenue and net profit, indicating a recovery in brokerage and asset management businesses [7] Group 6 - The central bank's market operations led to a significant drop in bond yields, with the 30-year special government bond yield falling by 5.75 basis points [18] - The trading association emphasized the need for stricter supervision of funds raised through debt financing tools [18] - Hebei Province disclosed special bond issuance information, with 4.738 billion yuan allocated for land storage, marking a pilot area for non-self-examination [18] Group 7 - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.71% and the Nasdaq up 1.86%, driven by easing international trade tensions [16] - European stock indices also experienced slight increases, reflecting improved market sentiment following U.S.-China trade discussions [16] - The Nikkei 225 index in Japan closed above 50,000 points for the first time, indicating strong market performance [16] Group 8 - The international gold futures market saw a decline, with COMEX gold futures dropping by 3.40% [20] - Brent crude oil futures experienced a slight decrease, while U.S. oil futures rose marginally [20] - The OPEC+ group is expected to discuss a slight increase in oil production at their upcoming meeting [21]

茅台再次突发换帅。 10月27日，贵州茅台（600519）在上交所发布公告：贵州茅台酒股份有限公司董事会于2025年10月27日 收到公司董事长张德芹提交的书面辞职报告，张德芹因工作调整，申请辞去公司董事长、董事职务及董 事会下设专门委员会相应职务。根据相关规定，张德芹的辞职自辞职报告送达董事会时生效。 同日公告，根据贵州省人民政府相关文件，推荐陈华为贵州茅台酒股份有限公司董事、董事长人选。 和之前几次换帅一样，这次依然来得很突然。距离张德芹2024年4月末回归掌舵茅台，此次再次换帅仅 过了一年半时间。新帅出身能源系统 当时刘永升表示，对茅台集团在服务全省发展大局中展现的国企担当与取得的成绩予以肯定，但同时提 到"要在生产经营上再调度，用好国家和全省各项支持政策，加强运营分析，强化预算执行，为全省经 济发展多作贡献"。 2024年4月底，作为"老茅台人"、负责习酒多年的张德芹回归茅台，担任茅台集团党委书记、董事长并 任贵州茅台党委书记、董事长。 当时业内普遍认为，张德芹的回归，是对前一任时期部分举措的平衡。前一任时期，茅台大力发展直 销，通过i茅台等渠道变相实现了提价，同时茅台自营体系也积极开发企业客户，拓展 ...

经过短暂的等待后，10月27日，贵州省官方正式发布贵州茅台的人事职务调整通知，陈华接替张德芹任茅台"掌门"之位。 当日晚间，贵州省人民政府官网发布通知：省人民政府同意，推荐陈华为中国贵州茅台酒厂（集团）有限责任公司（以下简称"茅台集团"）董事、董事 长，贵州茅台酒股份有限公司董事、董事长人选。建议张德芹不再担任中国贵州茅台酒厂（集团）有限责任公司董事长、董事，贵州茅台酒股份有限公司 董事长、董事职务。以上人员职务调整按照《中华人民共和国公司法》和有关规定程序办理。 10月27日晚间，贵州茅台（600519）亦发布公告称，根据贵州省人民政府相关文件，推荐陈华为贵州茅台董事、董事长人选，建议张德芹不再担任公司董 事长、董事职务。 10月27日，茅台集团召开党委（扩大）会议，茅台集团党委书记陈华主持会议并讲话，党委副书记王莉、高山，党委委员单衍忠、段建桦、刘刚、涂华 彬、王晓维、刘世仲、张贵超出席会议，茅台集团各分子公司、相关单位（部门）负责人参加会议。 会议指出，要找准自身定位，立足实际加强战略研究，以高质量的规划编制为茅台基业长青立柱架梁。要坚持和加强党的全面领导，持之以恒推进全面从 严治党，推进作风建设常态化 ...

近5年来，贵州茅台集团频频"换帅"，历经高卫东、丁雄军、张德芹3任董事长。在张德芹主政的一年半时间 里，贵州茅台交出了一份亮丽的"成绩单"，2024年核心指标全部达到并超过年初设定的"增长15%左右"目 标。 国内白酒销售遇阻，开拓海外市场已成为酒企的新目标。图为外国嘉宾在法国巴黎烈酒博览会上品尝贵州茅 台酒。(新华) 深圳商报记者 苑伟斌 10月27日，贵州省人民政府发布通知。根据通知，推荐陈华为中国贵州茅台酒厂（集团）有限责任公司董 事、董事长，贵州茅台酒股份有限公司董事、董事长人选。建议张德芹不再担任中国贵州茅台酒厂（集团） 有限责任公司董事长、董事和贵州茅台酒股份有限公司董事长、董事职务。 记者注意到，同在10月，珍酒李渡集团宣布管理层调整：原CEO颜涛退守二线转任董事会副主席，公司老将 汤向阳接棒成为新任首席执行官，全面负责集团战略执行与国际化布局。早前7月，洋河股份董事、董事长 相继辞职，金种子酒总经理挂印而去，年内白酒企业高管大变动背后折射出的是白酒行业在多重压力下的深 层困境与转型阵痛。 茅台业绩增速已现疲态 白酒行业的人事动荡，是传统增长模式遭遇时代挑战的必然反应。业内相关人士表示，事实上， ...

证券简称：贵州茅台 证券代码：600519 编号：临2025－037 贵州茅台酒股份有限公司 关于收到推荐董事长人选文件的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 根据贵州省人民政府相关文件，推荐陈华为贵州茅台酒股份有限公司（以下简称"公司"）董事、董事长 人选，建议张德芹不再担任公司董事长、董事职务。 公司将按照法律、法规和《公司章程》的规定，尽快召开董事会会议、股东大会对上述职务调整进行审 议，待公司董事会会议、股东大会审议通过后生效。 特此公告。 贵州茅台酒股份有限公司董事会 2025年10月28日 附件 陈华简历 2009.09--2012.08 先后任盘江精煤股份有限公司土城矿副矿长、矿长 陈华，男，彝族，1972年3月生，贵州盘州人，1994年7月参加工作，2001年6月加入中国共产党，大学 学历、工程硕士、工商管理硕士，高级工程师，现任中国贵州茅台酒厂（集团）有限责任公司党委书 记，贵州茅台酒股份有限公司党委书记。 简历如下： 1990.09--1994.07 焦作矿业学院采矿工程专业学习 1994. ...

Core Insights - The report from the fund managed by Zhu Shaoxing under the Fuqua Fund indicates a net value growth rate of 15.18% over the past year [1] Fund Holdings Summary - New additions to the top ten holdings include Zhongchuang Zhiling, Luxshare Precision, and Guoci Materials, while Ningbo Bank remains the largest holding at 5.47% [1] - The fund has reduced its positions in major stocks such as Midea Group, Guangdong Hongda, and Blue Sky Technology, which have exited the top ten holdings [1] Detailed Holdings Changes - Zhongchuang Zhiling (601717): New entry with 26 million shares valued at 646 million [1] - Luxshare Precision (002475): New entry with 10 million shares valued at 647 million [1] - Guoci Materials: New entry with 22 million shares valued at 491 million [1] - Ningbo Bank (002142): Reduced by 1.96% with 50 million shares valued at 1.321 billion [1] - Kweichow Moutai: Reduced by 15.0% with 850,000 shares valued at 1.227 billion [1] - CATL (300750): Increased by 8.0% with 2.7 million shares valued at 1.085 billion [1] - Jerry Holdings (002353): Increased by 23.33% with 18.5 million shares valued at 1.03 billion [1] - Spring Power: Reduced by 35.59% with 3.2203 million shares valued at 864 million [1] - Binjiang Group: Reduced by 5.66% with 50 million shares valued at 628 million [1] - Ruifeng New Materials: Reduced by 27.54% with 10 million shares valued at 530 million [1]

Core Viewpoint - The recent resignation of Zhang Deqin as chairman of Kweichow Moutai marks the fourth leadership change in five years, reflecting the company's ongoing challenges and the need for strategic adjustments during a period of industry downturn [1][5][7]. Group 1: Leadership Changes - Zhang Deqin served as chairman for less than 18 months before resigning due to work adjustments, with Chen Hua recommended as his successor [2][4]. - The past five years have seen four different chairmen, indicating a pattern of frequent leadership changes at Kweichow Moutai [5][6]. - Each chairman has brought different strategies, from high-profile marketing initiatives to a focus on core business and traditional culture [7][8]. Group 2: Strategic Adjustments - During Zhang Deqin's tenure, several measures were implemented to stabilize the market, including increasing direct sales channels to 45% and abolishing the controversial "拆箱令" policy [4][5]. - The company has faced declining revenue growth, with Q2 results showing a revenue increase of only 7.28% and a net profit increase of 5.25% year-over-year [4][9]. - The leadership changes reflect a broader need to balance market supply and demand amid industry adjustments, with each chairman proposing unique initiatives [6][7]. Group 3: Industry Context - The frequent changes in leadership may lead to strategic inconsistencies, impacting long-term projects and market positioning [7][8]. - Kweichow Moutai's actions have significant implications for the broader liquor industry, influencing smaller enterprises and regional competition [8][9]. - The new chairman will face challenges in achieving growth targets while navigating the current industry downturn and balancing various stakeholder interests [9].

Core Viewpoint - The recent resignation of Guizhou Moutai's chairman, Zhang Deqin, marks the fourth leadership change in five years, reflecting the company's ongoing challenges and the need for strategic adjustments during a period of industry downturn [1][3][8]. Group 1: Leadership Changes - Zhang Deqin served as chairman for less than 18 months before resigning due to work adjustments, with Chen Hua recommended as his successor [2][3]. - The frequent changes in leadership, with four different chairpersons in five years, indicate a struggle to stabilize the company amid market pressures and strategic shifts [6][9]. Group 2: Strategic Initiatives - During Zhang Deqin's tenure, several measures were implemented to stabilize the market, including increasing direct sales channels to 45% and abolishing the controversial "拆箱令" policy [3][4]. - The company has shifted its focus from a "channel-first" approach to a "consumer-first" strategy, aiming to adapt to the industry's challenges [3][8]. Group 3: Market Performance - Guizhou Moutai's financial performance has shown signs of slowing, with revenue and net profit growth rates dropping to 7.28% and 5.25% year-on-year, respectively [3][4]. - The price of Moutai's flagship product, Feitian Moutai, has also seen fluctuations, with recent prices indicating a slight decline [4][5]. Group 4: Industry Implications - The leadership changes at Guizhou Moutai may influence the broader industry, potentially leading to a lack of long-term planning among smaller competitors and altering competitive dynamics within the sector [9]. - The new chairman will face significant challenges, including achieving growth targets during an industry downturn and balancing various stakeholder interests [9][10].