章建平持仓大调整，新进1股，减持8股

Core Insights - The article highlights significant changes in the holdings of prominent investor Zhang Jianping, known as "Zhang the Leader," during the third quarter of 2025, with a notable reduction in the number of stocks held from nine to two [1][2]. Group 1: Holdings Adjustment - Zhang Jianping's third-quarter report shows a drastic reduction in holdings, retaining only two stocks: Cambricon Technologies (688256.SH) and Huayou Cobalt (603799.SH) [1][2]. - The exit from at least eight companies in the top ten circulating shareholders indicates a strategic shift, particularly from stocks that were newly acquired in the second quarter [2][3]. Group 2: Performance of Exited Stocks - The exited stocks, primarily in AI and humanoid robotics sectors, experienced significant price increases, with Zhejiang Rongtai rising 153.73% and Ningbo Huaxiang over 120% in the third quarter [3]. - Zhang Jianping's timely exits allowed him to capitalize on substantial short-term gains from these stocks [3]. Group 3: Core Holdings - Zhang Jianping increased his stake in Cambricon Technologies, holding 6.4065 million shares by the end of the third quarter, which is an increase of 320,200 shares from the previous quarter [3][4]. - The market value of this holding reached approximately 8.8 billion yuan, reflecting a strong performance with a third-quarter price increase of 126.75% and an annual increase of 108.97% [4]. Group 4: New Investment - A new investment in Huayou Cobalt was made, with Zhang holding 18.5 million shares, representing 0.98% of the circulating stock, valued at approximately 1.219 billion yuan [4][5]. - Huayou Cobalt reported a revenue increase of 29.57% year-on-year for the first three quarters, benefiting from integrated operations and rising cobalt prices [5]. Group 5: Regulatory Context - Zhang Jianping and his family faced regulatory scrutiny earlier in 2024, which may have influenced his investment decisions and the visibility of his family members in the top shareholder lists [5].