2 1 Shi Ji Jing Ji Bao Dao·2025-10-31 11:09Group 1 - The core point of the article highlights the significant changes in the holdings of prominent investor Zhang Jianping, known as "Zhang the Leader," during the third quarter, where he reduced his positions from 9 companies to just 2, maintaining only Cambricon (688256.SH) and newly investing in Huayou Cobalt (603799.SH) [1] - Zhang Jianping exited from at least 8 companies that were previously in his top ten shareholders list, many of which were in popular sectors like AI and humanoid robots, indicating a strategic shift in his investment approach [1] - The stocks he exited saw substantial price increases, with Zhejiang Rongtai rising by 153.73% and Ningbo Huaxiang by over 120%, showcasing his ability to capture wave profits [1] Group 2 - Zhang Jianping increased his stake in Cambricon, holding 6.4065 million shares by the end of Q3, which is a 32,020-share increase from Q2, making him the fifth-largest shareholder with a market value of 8.8 billion yuan at the end of October [2] - Cambricon's performance was exceptional, with a reported revenue of 4.607 billion yuan for the first three quarters, a staggering year-on-year growth of 2386.38%, and a net profit of 1.605 billion yuan, marking a turnaround from losses [2] - Huayou Cobalt also showed strong performance, with a revenue of 58.941 billion yuan for the first three quarters, a 29.57% increase year-on-year, and a net profit of 4.216 billion yuan, up 39.59%, benefiting from integrated operations and rising cobalt prices [3] Group 3 - Despite the market viewing Zhang Jianping's holdings as a potential indicator, the delayed nature of periodic report disclosures and past regulatory penalties faced by him and his family members should be considered [4] - In August 2024, Zhang Jianping was fined for violating securities laws by using his father-in-law's account for trading, which may have influenced his investment decisions and the visibility of his family members in shareholder lists [4]