Core Viewpoint - Qiao Feng Intelligent (301603.SZ) reported a decline in institutional ownership in its third-quarter report for 2025, with a total of 7 institutional investors holding 10.91 million shares, representing 9.04% of the total share capital, down 5.22 percentage points from the previous quarter [1] Institutional Ownership - As of October 27, 2025, institutional investors include Nanjing Qiaoze Venture Capital Partnership, Nanjing Qiaorong Venture Capital Partnership, Shenzhen Tongfang Huixin Venture Capital, Hong Kong Central Clearing Limited, China Construction Bank - CICC New Star Equity Fund, Shanghai Fushen Investment, and Ping An CSI Photovoltaic Industry Index A [1] - The total institutional ownership decreased by 5.22 percentage points compared to the previous quarter [1] Public Fund Activity - One new public fund disclosed this quarter, namely CICC New Star Equity A [1] - A total of 117 public funds were not disclosed this quarter, including major funds like Morgan Stanley Emerging Industries Equity, Southern Prosperity Forward Mixed A, and others [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.41% compared to the previous period [1]

Group 1 - TuoSiDa (300607.SZ) reported its Q3 2025 results, with 7 institutional investors holding a total of 35.2753 million A-shares, representing 7.40% of the total share capital [1] - The institutional holding ratio increased by 2.12 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 3 public funds increased their holdings, with a total increase ratio of 2.39% [2] - One new public fund was disclosed, namely the FuGuo National Robot Industry ETF [2] - 46 public funds were not disclosed in the current period, including several notable funds such as the China Europe National Robot Index Initiation A and the Jiashu National Robot ETF [2] Group 3 - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.25% compared to the previous period [2]

Core Viewpoint - Ningbo United (600051.SH) reported its Q3 2025 results, highlighting a decrease in institutional ownership compared to the previous quarter [1] Institutional Ownership - As of October 27, 2025, four institutional investors disclosed holdings in Ningbo United A-shares, totaling 99.5957 million shares, which represents 32.04% of the total share capital [1] - The institutional ownership decreased by 1.96 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, Nuoan Multi-Strategy Mixed A, increased its holdings during this period, with an increase ratio of 0.56% [1] - A total of 31 public funds did not disclose their holdings this quarter, including notable funds such as CITIC Prudential Multi-Strategy Mixed (LOF) A and CITIC Prudential Economic Preference Mixed A [1]

Group 1 - Huazi Technology (300490.SZ) released its Q3 2025 report on October 28, 2025, showing that as of October 27, 2025, seven institutional investors held a total of 110 million shares, accounting for 27.69% of the total share capital [1] - The institutional holding ratio increased by 2.06 percentage points compared to the previous quarter [1] - The newly disclosed public fund this period is the Xinao New Energy Industry Stock A, while 17 public funds were not disclosed compared to the previous quarter, including various index-enhanced and bond funds [1] Group 2 - Three new foreign institutions disclosed their holdings this period, including UBS AG, Morgan Stanley & Co. International PLC, and Goldman Sachs [2] - Barclays Bank PLC was not disclosed in this period compared to the previous quarter [2]

Group 1 - Newnow (300765.SZ) reported its Q3 2025 results, with 18 institutional investors holding a total of 1.144 billion shares, representing 81.42% of the total share capital [1] - The top ten institutional investors collectively hold 81.17% of the shares, with a decrease of 0.47 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 10 funds increased their holdings, including Huatai-PineBridge Innovation Medicine Mixed A and ICBC Frontier Medical Stock A, with an increase rate of 0.60% [2] - Three public funds reduced their holdings, including China Europe Medical Health Mixed A, with a decrease rate of 0.37% [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.23% [2]

Core Viewpoint - Guoneng Rixin (301162.SZ) reported its Q3 2025 results, highlighting a significant presence of institutional investors holding 13.59% of its total shares, with a notable decline in the proportion held by the top ten institutions compared to the previous quarter [1] Group 1: Institutional Holdings - As of October 27, 2025, 13 institutional investors disclosed holdings in Guoneng Rixin A-shares, totaling 18.01 million shares [1] - The top ten institutional investors include notable entities such as An Yi Hou Yuan Guang Hui Investment Partnership, China Construction Bank - Nord Value Advantage Mixed Securities Investment Fund, and China Ping An Life Insurance [1] - The combined holding ratio of the top ten institutional investors decreased by 3.94 percentage points compared to the previous quarter, now standing at 13.54% [1] Group 2: Public Fund Activity - Three public funds increased their holdings compared to the previous period, including Nord Value Advantage Mixed, Ping An Craftsmanship Preferred Mixed A, and E Fund CSI 500 Enhanced Strategy ETF, with an increase ratio of 1.04% [2] - Five new public funds disclosed their holdings this quarter, including Guoshou Anbao Strategy Selected Mixed (LOF) A and Changsheng Internet+ Mixed A [2] - A total of 115 public funds did not disclose their holdings this quarter, with notable exclusions such as Huaxia Emerging Economy One-Year Holding Mixed A and GF Electronic Information Media Stock A [2] Group 3: Insurance Capital - One insurance capital entity, Ruizhong Life Insurance Co., Ltd. - Proprietary Funds, reported a decrease in holdings compared to the previous quarter [2]

Group 1 - The core point of the article is that Benli Technology (301065.SZ) reported its Q3 2025 results, highlighting an increase in institutional ownership and specific changes in public fund holdings [1] Group 2 - As of October 27, 2025, there are 2 institutional investors holding a total of 8.575 million shares of Benli Technology, representing 8.09% of the total share capital, with a 0.14 percentage point increase from the previous quarter [1] - The institutional investors include Taizhou Shaosi Investment Partnership (Limited Partnership) and China Construction Bank Co., Ltd. - Nuoan Multi-Strategy Mixed Securities Investment Fund [1] - One public fund, Nuoan Multi-Strategy Mixed A, increased its holdings by 0.22% compared to the previous period, while 10 public funds did not disclose their holdings this quarter [1]

Group 1 - Xunlong Holdings (000955.SZ) released its Q3 2025 report on October 28, 2025, indicating that as of October 27, 2025, nine institutional investors disclosed holding a total of 162 million shares, accounting for 30.11% of the total share capital [1] - The institutional investors include notable firms such as Jiaxing Tiantang Silicon Valley Equity Investment Co., Hainan Zhuhua Science and Technology Trade Co., and China Construction Bank Co., among others [1] - Compared to the previous quarter, the total institutional holding percentage increased by 3.23 percentage points [1] Group 2 - In the public fund sector, one public fund, Nuon An Multi-Strategy Mixed A, increased its holdings by 0.24% compared to the previous period [2] - One new public fund, Hai Fu Tong Zhong Zheng 2000 Enhanced Strategy ETF, was disclosed this quarter [2] - Eighteen public funds were not disclosed this quarter, including notable funds such as Guojin Quantitative Multi-Factor A and Western Li De Quantitative Preferred One-Year Holding Period Mixed A [2]

Core Insights - Yan'ao Co., Ltd. (300923.SZ) reported its Q3 2025 results, indicating a significant institutional ownership of 48.76% of its total shares, with a slight increase of 0.57 percentage points from the previous quarter [1] Institutional Ownership - As of October 26, 2025, five institutional investors disclosed their holdings in Yan'ao Co., Ltd., totaling 38.3266 million shares [1] - The institutional investors include Changchun Yan'ao Group Co., Ltd., Changchun Yan'ao Tongren Investment Partnership (Limited Partnership), China Construction Bank Co., Ltd. - Nuoan Multi-Strategy Mixed Securities Investment Fund, J.P. Morgan Securities PLC - Proprietary Funds, and Industrial and Commercial Bank of China Co., Ltd. - CITIC Prudential Multi-Strategy Flexible Allocation Mixed Securities Investment Fund (LOF) [1] Public Fund Holdings - One public fund, Nuoan Multi-Strategy Mixed A, increased its holdings by 0.16% compared to the previous period [1] - A new public fund, CITIC Prudential Multi-Strategy Mixed (LOF) A, was disclosed this quarter [1] - Fourteen public funds did not disclose their holdings this quarter, including Huian Multi-Strategy Mixed A, Jianxin Flexible Allocation Mixed A, GF Multi-Factor Mixed, ICBC JuXiang Mixed A, and Western Gain Quantitative Preferred One-Year Holding Period Mixed A [1] Foreign Investment - One new foreign institutional investor, J.P. Morgan Securities PLC - Proprietary Funds, was disclosed this quarter [2]

Group 1 - The core viewpoint of the news is that Jincheng Pharmaceutical (300233.SZ) has seen an increase in institutional investor holdings, with a total of 1.13 billion shares held by 9 institutions, representing 29.44% of the total share capital, which is an increase of 4.77 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 2 new public funds disclosed their holdings in Jincheng Pharmaceutical this quarter, including the Fuguo Precision Medical Flexible Allocation Mixed Fund and the Xingquan Light Asset Mixed Fund (LOF) [1] - A total of 14 public funds were not disclosed this quarter, including major funds such as Dachen Jingheng Mixed A and Dachen Zhuoxiang One-Year Holding Mixed A [1] Group 3 - For social security funds, 2 new social security funds disclosed their holdings in Jincheng Pharmaceutical, namely the National Social Security Fund 502 Portfolio and the National Social Security Fund 601 Portfolio [2] - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.56% compared to the previous quarter [2]