Core Viewpoint - The performance of large-scale funds has shown significant divergence this year, with the top fund outperforming the bottom fund by nearly 70% [6]. Fund Performance Summary - The top-performing fund, Ruiyuan Growth Value A, has achieved a return of 68.09% year-to-date as of October 30 [2][4]. - Other notable funds include: - Dongfang New Energy Theme Fund with a return of 60.5% [3]. - Galaxy Innovation Growth A with a return of 57.91% [3]. - Zhongou Times Pioneer A with a return of 53.05% [3]. - Several funds have underperformed, with eight funds yielding less than 30%, including: - E Fund Consumer Industry with a return of -1.2% [5]. - Invesco Great Wall Emerging Growth A with a return of only 0.46% [5]. Ruiyuan Growth Value A Fund Analysis - Ruiyuan Growth Value A was established on March 26, 2019, and is managed by well-known fund managers Fu Pengbo and Zhu Lin [8]. - The fund experienced a significant decline of 53% over four years after an initial surge of 114% [11][12]. - The fund's strategy shifted towards technology stocks, leading to a substantial recovery with a 90.61% increase from April 8 to October 29, 2025 [13]. Investment Strategy and Holdings - The fund's recent performance is attributed to a focus on technology stocks, including PCB manufacturers and AI chip leaders [13][16]. - Key holdings include: - Xinyisheng, with a market value of approximately 2.2 billion yuan [14]. - Ningde Times, valued at around 2.15 billion yuan [14]. - Tencent Holdings, valued at about 2.08 billion yuan [14]. - The fund manager has expressed confidence in the growth potential of high-tech sectors, citing the rapid development of AI and automotive electronics [16]. Future Outlook - The fund manager anticipates a shift from broad market rallies to a focus on individual stock fundamentals due to high valuations across most sectors [16][17]. - There is a strategy in place to reduce holdings in overvalued stocks, indicating a cautious approach moving forward [17].

Core Viewpoint - The company is focusing on high-end PCB products for advanced sectors such as aerospace and medical devices, aiming to enhance its core competitiveness in emerging technologies like AI and new energy vehicles [1] Group 1: Industry Focus - PCB products serve as critical components in aerospace and medical equipment, providing essential support for related devices and control systems [1] - The company plans to actively expand its customer base in cutting-edge fields including AI servers, AI computing cards, AI phones, AIPC, smart driving, new energy vehicles, and next-generation communication technologies [1] Group 2: Future Plans - Despite the current low revenue contribution from high-end sectors, the company intends to prioritize the development and expansion of its high-end PCB product offerings in the future [1]

Core Insights - The company reported that its top five customers accounted for 51% of revenue in the first quarter, with the largest customer contributing 33.6% [1] Group 1: Customer Relationships - The company has established deep collaborations with numerous domestic and international technology giants, including leading providers of artificial intelligence solutions, cloud services, internet companies, data center equipment OEMs, server brands, major electric vehicle companies, automotive electronics suppliers, and well-known smart terminal brands [1] Group 2: Financial Information - The company advised investors to refer to its disclosed periodic reports for detailed information regarding financial and sales expenses [1]

Core Viewpoint - The company is focused on expanding its production capacity in response to the explosive demand in the AI and electric vehicle sectors, ensuring sustainable growth while balancing capital expenditures [1] Group 1: Production Capacity Expansion - The company aims to solidify its leading position in the global PCB industry by enhancing its capabilities in high-end HDI, multi-layer PCBs, and FPC products [1] - Expansion projects are underway in multiple locations including Huizhou, Thailand, Vietnam, and Malaysia, with a leading pace in the industry [1] - The production capacity planning is primarily based on forecasts of downstream customer demand and order situations [1] Group 2: Capital Expenditure Management - The company emphasizes that orderly capacity expansion and capital expenditures will contribute to its healthy and sustainable development [1]

Core Viewpoint - The company is advancing its "high-end, globalization" strategy through planned capacity expansion and technological development, aiming to strengthen its leadership position in the PCB industry [1] Group 1: Capacity Expansion - The company's capacity expansion projects are progressing as planned, aligning with its strategic goals and business needs [1] - Future capacity layout will be determined based on strategic planning and business requirements [1] Group 2: Technological Advantages - The company has established strong technical barriers and customer loyalty by participating deeply in core customer project collaborations and accumulating proprietary technology [1] - The company leads the market in mass production technology by 2-3 years, enhancing its competitive edge [1] Group 3: Market Position - The company has become a core partner for numerous leading technology firms both domestically and internationally, particularly in the AI computing card and AI Data Center UBB & switch markets, where it holds a global leading market share [1] - The company emphasizes the importance of new technologies and product applications, focusing on R&D innovation and product upgrades to continuously enhance its core competitiveness [1]

Group 1 - The company has significant technological reserves in the field of edge computing PCB, focusing on miniaturization and low power consumption [1] - The company's PCB products are applicable in various sectors including AI computers, tablets, home appliances, audio-visual and gaming devices, smart home devices, wearable devices, and AR/VR [1] - In the automotive electronics sector, the company's products are primarily used in main control units, inverters, battery management systems, and power converters, with applications in smart driving, "three electric systems," smart cockpits, domain controllers, and vehicle networking [1] Group 2 - The company collaborates deeply with numerous domestic and international technology giants, leveraging its leading R&D, manufacturing, and quality technology advantages [1] - The company places a strong emphasis on new technologies and product applications within the industry, prioritizing R&D innovation and product upgrades to continuously enhance its core competitiveness [1]

Group 1 - The core viewpoint of the article highlights the increasing demand for miniaturization and low power consumption in edge computing devices, and the company's technological reserves in the PCB field for edge computing [1] - The company’s PCB products are applicable in various sectors including AI computers, tablets, home appliances, audiovisual and gaming devices, smart home devices, wearables, and AR/VR [1] - In the automotive electronics sector, the company's products are primarily used in main control units, inverters, battery management systems, and power converters, with applications in smart driving, "three electric systems," smart cockpits, domain controllers, and vehicle networking [1] Group 2 - The company emphasizes its leading advantages in R&D, manufacturing, and quality technology, which enable deep cooperation with numerous domestic and international tech giants [1] - The company places a strong focus on new technologies and product applications in the industry, prioritizing R&D innovation and product upgrades to continuously enhance its core competitiveness [1]

Strategy Overview - The report indicates that the market is currently in a "slow bull" phase, with short-term corrections not altering the overall trend. Key policies and events impacting the market have been implemented, and November marks a performance gap period. Signals of domestic demand recovery show divergence, with significant recovery in corporate revenue and profits in September, but a weakening PMI in October. The focus will shift to the implementation of incremental macro policies as the year-end approaches [5][6][10]. November Stock Picks - The November stock picks from Zhongyin Securities include: China Eastern Airlines (transportation), COSCO Shipping Specialized (transportation), Hualu Hengsheng (chemicals), Yake Technology (chemicals), CATL (electricity), Bairen Medical (pharmaceuticals), Anjuke Food (food and beverage), Lingnan Holdings (social services), Shenghong Technology (electronics), Industrial Fulian (electronics), and iFlytek (computers) [10][12]. Transportation Industry: China Eastern Airlines - China Eastern Airlines is one of the three major state-owned airlines in China, with a focus on passenger transport, which constitutes over 90% of its revenue. The company is expected to achieve a revenue of 132.12 billion yuan in 2024, a year-on-year increase of 16.11%, with a gross profit margin of 4.26% [12][13]. Transportation Industry: COSCO Shipping Specialized - COSCO Shipping Specialized reported a revenue of 16.611 billion yuan in the first three quarters of 2025, a year-on-year increase of 37.92%. The net profit attributable to shareholders reached 1.329 billion yuan, up 10.54%. The company is expanding its fleet and has raised funds through a private placement to support its growth [15][16]. Chemical Industry: Hualu Hengsheng - Hualu Hengsheng's gross profit margin decreased to 18.01% in the first half of 2025, down 3.19 percentage points year-on-year, due to weak market demand. The company is focusing on cost reduction and efficiency improvement, with a significant increase in R&D expenses [17][18]. Chemical Industry: Yake Technology - Yake Technology's revenue grew due to increased sales in LNG and electronic materials. However, net profit growth lagged behind revenue growth due to foreign exchange losses and increased R&D expenses. The company is actively developing new technologies and products in the electronic materials sector [20][21]. Electric Industry: CATL - CATL reported a revenue of 283.072 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.28%, with a profit growth of 36.20%. The company maintains a strong market position, with a global market share of 36.8% in battery installations [24][25]. Pharmaceutical Industry: Bairen Medical - Bairen Medical has seen rapid growth in its revenue and profits, particularly in its heart valve replacement and repair segment, which grew by 64.28% year-on-year. The company is expected to continue its growth trajectory with new product approvals [27][28]. Food and Beverage Industry: Anjuke Food - Anjuke Food's revenue for Q3 2024 was 3.53 billion yuan, a year-on-year increase of 4.6%. The company is focusing on promoting new products, particularly in the frozen food segment, which has shown significant growth [30][31]. Social Services Industry: Lingnan Holdings - Lingnan Holdings achieved a revenue of 2.09 billion yuan in the first half of 2025, a year-on-year increase of 8.52%. The company is expanding its travel agency and hotel operations, with a focus on enhancing its market presence [32][33]. Electronics Industry: Shenghong Technology - Shenghong Technology reported a revenue of 10.731 billion yuan in 2024, a year-on-year increase of 35.31%. The company is leveraging its technological advantages to expand its high-end product offerings [35][36]. Electronics Industry: Industrial Fulian - Industrial Fulian's revenue for the first half of 2025 was 360.76 billion yuan, a year-on-year increase of 35.58%. The company is expected to benefit from the growing demand for AI infrastructure and cloud services [39][40]. Computer Industry: iFlytek - iFlytek's revenue for Q1 2025 was 4.658 billion yuan, a year-on-year increase of 27.74%. The company is focusing on enhancing its cash flow and controlling expenses while investing in R&D for new technologies [42][43].

Market Performance - The three major A-share indices collectively rose during the week of October 27 to October 31, with the Shanghai Composite Index increasing by 0.11% to close at 3954.79 points, the Shenzhen Component Index rising by 0.67% to 13378.21 points, and the ChiNext Index gaining 0.50% to 3187.53 points [2][3] - Approximately 52% of stocks experienced gains during the week, with 142 stocks rising over 15% and 15 stocks declining over 15% [2] Sector Performance - The leading sectors in terms of growth included electric power equipment, non-ferrous metals, steel, and basic chemicals, while sectors such as telecommunications, beauty care, banking, and electronics saw declines [2] International Market Overview - In the U.S. market, the three major indices also saw increases on October 31, with the Dow Jones Industrial Average rising by 0.09% to 47562.87 points, the S&P 500 increasing by 0.26% to 6840.20 points, and the Nasdaq Composite gaining 0.61% to 23724.96 points [4][5] - Conversely, European indices experienced declines, with the FTSE 100 down by 0.44%, the CAC 40 down by 0.44%, and the DAX down by 0.67% [4] Commodity Prices - International oil prices saw a slight increase, with light crude oil futures for December delivery rising by $0.41 to $60.98 per barrel, and Brent crude oil futures increasing by $0.07 to $65.07 per barrel [4] Economic Policies and Developments - The Chinese Ministry of Foreign Affairs emphasized the mutually beneficial nature of China-U.S. economic relations, highlighting discussions between the two countries' leaders aimed at enhancing cooperation [6] - The State Council of China, led by Premier Li Qiang, held a meeting to discuss deepening reforms in key areas and expanding institutional openness, focusing on aligning with international high-standard economic and trade rules [7] - The Ministry of Finance and the State Taxation Administration announced tax policies regarding gold transactions, aiming to support the gold market amid global economic shifts [8] Investment Opportunities - The low-altitude economy is projected to see commercial operations for manned travel by 2030, presenting potential investment opportunities in this emerging sector [10][11] - The solid-state battery market is expected to grow significantly, with production validation phases anticipated to complete by 2025, driven by new applications in low-altitude travel, robotics, and AI [12]

Core Viewpoint - Fund managers remain confident in AI computing power despite some divergence in their investment strategies during Q3 2025, with a focus on the PCB sector and light communication leaders [1][2][3] Group 1: Fund Manager Strategies - Notable fund manager Jin Zicai increased holdings in PCB-related companies such as Shenzhen South Circuit, Shengyi Technology, and Huidian Co., while reducing positions in leading optical module firms like NewEase and Taicheng Light [1][2] - Fund manager Zheng Xi also mirrored this strategy by increasing investments in PCB companies and reducing exposure to optical communication stocks [2] - Fund manager Lei Tao diversified by increasing allocations in both optical communication and PCB sectors, with significant gains reported [2] Group 2: Market Outlook - Jin Zicai expressed optimism about the overseas computing power sector, suggesting that the market has underestimated the growth potential and sustainability of earnings in this area [3] - Zheng Xi highlighted the increasing allocation to AI computing and semiconductor storage sectors, anticipating strong growth in AI applications and a favorable market for global computing resources [3] - The overall sentiment among top-performing fund managers indicates a belief in the ongoing demand for computing power, with expectations of significant growth opportunities ahead [3]