Zhong Guo Zheng Quan Bao·2025-10-12 00:55Group 1 - The cyclical sectors have shown strong performance recently, attracting widespread attention from investors [2][6] - In Q3, notable fund manager Zhu Shaoxing's fund increased its holdings in cement leader Huaxin Cement, while glass leader Qibin Group also saw increased holdings from well-known fund managers Yang Ruiwen and Zheng Chengran [2][3] - The rebound in the commodity market is primarily driven by expectations surrounding the "anti-involution" policy, particularly after clear capacity control policies were established in the building materials industry, restoring market confidence [2][6] Group 2 - As of September 30, Zhu Shaoxing's fund, Fu Guo Tian Hui LOF, entered the top ten shareholders of Huaxin Cement with a holding of 9.78 million shares, up from only 500,000 shares at the end of June [3] - Other fund managers have also shown significant positions in Huaxin Cement, with multiple funds holding over one million shares as of June 30 [3][4] - Qibin Group has also seen increased holdings, with Zheng Chengran's fund entering the top ten shareholders with 31.82 million shares as of September 25, having no holdings at the end of June [4] Group 3 - The current commodity market is in a phase of "strong expectations, weak realities," with ongoing discussions about potential policy implementations that could impact various sectors [6] - The real estate market shows signs of stabilization, which may gradually improve the fundamentals of the industry, particularly in traditional building materials like cement and coatings [6] - The technology sector has experienced a pullback, while cyclical sectors such as building materials and public utilities have remained active, leading to discussions about a potential style shift in the market [6]