Group 1 - E Fund Management Co., Ltd. increased its stake in Zhongzhou Securities (01375.HK) by purchasing 247,000 shares at an average price of HKD 2.85 per share, totaling approximately HKD 704,000 [1] - Following the purchase, E Fund's total shareholding in Zhongzhou Securities rose to 155,633,000 shares, increasing its ownership percentage from 13.00% to 13.02% [1]

Group 1 - E Fund Management Co., Ltd. increased its stake in Guolian Minsheng (01456) by 91,500 shares at a price of HKD 6.45 per share, totaling approximately HKD 590,200 [1] - After the increase, E Fund's total shareholding in Guolian Minsheng reached 57.631 million shares, representing a 13.02% ownership stake [1]

智通财经APP获悉，香港联交所最新数据显示，9月12日，易方达基金管理有限公司增持国联民生 (01456)9.15万股，每股作价6.45港元，总金额约为59.02万港元。增持后最新持股数目为5763.1万股，持 股比例为13.02%。 ...

Group 1 - E Fund Management Co., Ltd. increased its stake in Zhongzhou Securities (01375) by 247,000 shares at a price of HKD 2.85 per share, totaling approximately HKD 704,000 [1] - After the increase, E Fund's total shareholding in Zhongzhou Securities reached approximately 156 million shares, representing a holding percentage of 13.02% [1]

Group 1 - E Fund Management Co., Ltd. increased its stake in Zhongzhou Securities (01375) by 247,000 shares at a price of HKD 2.85 per share, totaling approximately HKD 704,000 [1] - After the increase, E Fund's total shareholding in Zhongzhou Securities is approximately 156 million shares, representing a holding percentage of 13.02% [1]

平安元福短债发起式A/C成立于2022年11月8日，截至2025年9月17日，其今年来收益率为1.18%、 0.96%，成立来收益率为8.42%、7.44%，累计净值为1.0842元、1.0744元。 | 基金名称 | 平安元福短债债券型发起式证券投资基金 | | --- | --- | | 基金简称 | 平安元福短债发起式 | | 基金主代码 | 016662 | | 基金管理人名称 | 平安基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办 | | | 法》 | | 基金经理变更类型 | 解聘基金经理 | | 新任基金经理姓名 | - | | 共同管理本基金的其他基金经理姓名 | 杨严、曹紫寒 | | 离任基金经理姓名 | 苏宁 | 中国经济网北京9月18日讯今日，平安基金公告，苏宁离任平安元福短债发起式。 苏宁曾先后担任易方达基金管理有限公司固定收益交易员、固定收益研究员兼基金经理助理。2019年6 月加入平安基金管理有限公司，任固定收益投资中心投资经理。 ...

Core Viewpoint - The stock price of Kaiying Network has increased by 5.13% on September 18, reaching 29.50 CNY per share, with a total market capitalization of 63.025 billion CNY, reflecting a cumulative increase of 16.48% over three consecutive days [1] Company Overview - Kaiying Network Co., Ltd. was established on January 3, 2000, and listed on December 7, 2010. The company is located at 15th Floor, Expo Yaohua Business Center, 899 Yaohua Road, Pudong New District, Shanghai [1] - The main business segments include: 1. Game Business: Development, operation, and distribution of mobile and web games 2. Platform Business: Operation of web game platforms and mobile application distribution platforms - Revenue composition is as follows: - Mobile Games: 73.03% - Information Services: 25.47% - Web Games: 1.50% - Other Businesses: 0.00% [1] Fund Holdings - According to data, one fund under E Fund has a significant holding in Kaiying Network. The E Fund CSI 500 Quality Growth ETF (159606) reduced its holdings by 86,800 shares in the second quarter, maintaining 511,300 shares, which accounts for 2.39% of the fund's net value, making it the second-largest holding [2] - The fund has achieved a year-to-date return of 31.43%, ranking 1592 out of 4222 in its category, and a one-year return of 57.92%, ranking 1784 out of 3804 [2] - The fund manager, Wu Chendong, has been in position for 3 years and 335 days, with a total asset scale of 17.216 billion CNY [2]

Core Viewpoint - Yuyuan Pharmaceutical experienced a 5.08% increase in stock price, reaching 25.88 CNY per share, with a total market capitalization of 11.646 billion CNY as of September 18 [1] Group 1: Company Overview - Yuyuan Pharmaceutical Group Co., Ltd. was established on August 14, 2001, and went public on December 24, 2020 [1] - The company focuses on the research and production of high-end chemical drugs, with significant revenue contributions from cardiovascular, digestive, diabetes, and anti-infection medications [1] - Major products include Ginkgo biloba extract injection, Tianma injection, Lansoprazole injection, Omeprazole enteric-coated capsules, Metformin sustained-release tablets, Cefuroxime sodium injection, and Ceftriaxone sodium injection, which are expected to drive future growth [1] Group 2: Revenue Composition - The revenue composition of Yuyuan Pharmaceutical is as follows: - Cardiovascular drugs: 55.67% - Anti-infection drugs: 20.88% - Raw materials: 8.73% - Digestive system drugs: 6.87% - Diabetes drugs: 4.85% - Others: 2.62% - Supplementary: 0.36% - Technical services: 0.02% [1] Group 3: Shareholder Information - Yuyuan Pharmaceutical's top circulating shareholder includes a fund from E Fund Management, specifically the E Fund Healthcare Industry Mixed A (110023), which entered the top shareholders list in Q2 with 6.8551 million shares, representing 1.52% of circulating shares [2] - The fund has achieved a year-to-date return of 48.1% and a one-year return of 57.01% [2]

Report Industry Investment Rating - No industry investment rating was provided in the report. Core Viewpoints - As of August 31, 2025, the total market capitalization of REITs was 218.8 billion yuan, and the floating market capitalization was 107.3 billion yuan, with the floating market - cap ratio increasing by 4 pct to 49% compared to the end of 2024. From January to August 2025, the new fundraising scale of public REITs was 33.9 billion yuan, and the market capitalization and floating market capitalization increased by 62.4 billion yuan and 37.6 billion yuan respectively compared to the end of 2024 [1][3]. - In the first half of 2025, institutional investors increased their holdings by 17.2 billion yuan. Securities companies increased their holdings by 12.8 billion yuan, and insurance companies by 3.5 billion yuan, indicating that mainstream institutional investors continued to be optimistic about REITs. Securities companies significantly increased their allocation to the industrial park sector, reflecting a certain increase in risk - preference, while insurance companies stably focused on warehousing logistics and consumption [1][6][7]. - From January to August 2025, institutional investors were active in reducing their holdings after the unlocking of restricted shares, bringing potential supply pressure to the market. However, the correlation between unlocking and REITs prices was not obvious this year. Looking forward, the pressure on prices from unlocking may increase compared to the first half of the year, and November 2025 will be a month with relatively high unlocking pressure. Investors are advised to pay attention to relevant allocation opportunities [1][16][17]. Summary by Directory 2025 REITs Fundraising and Floating Market - cap Ratio - From January to August 2025, the new fundraising scale of REITs was 33.9 billion yuan, and the cumulative fundraising scale as of August was 202.1 billion yuan. The total market capitalization increased by 62.4 billion yuan to 218.8 billion yuan compared to the end of 2024. The floating market capitalization increased by 37.6 billion yuan to 107.3 billion yuan, and the floating market - cap ratio increased by 4 pct to 49%. Sectors with high unlocking pressure such as consumption, energy, and transportation saw increases in their floating market - cap ratios, while warehousing logistics and industrial parks had decreases [3]. Changes in Investor Behavior - **Institutional Investor Holdings**: In the first half of 2025, institutional investors increased their holdings by 17.2 billion yuan. Securities companies were the main force for increasing holdings, increasing by 12.8 billion yuan, accounting for 75% of institutional investors' increased holdings and 10.9 billion yuan more than the same period last year. Insurance companies increased their holdings by 3.5 billion yuan, accounting for 20% of institutional investors' increased holdings and 400 million yuan more than the same period last year [6]. - **Institutional Investor Preferences**: Securities companies significantly increased their allocation to the industrial park sector in the first half of 2025, which may reflect an increase in risk - preference. They used to prefer the energy sector but now over - allocated the industrial park sector by 4 pct in the first half of 2025. Insurance companies stably focused on warehousing logistics and consumption [7]. Unlocking and Investment Opportunities - **Unlocking and Market Supply**: In 2025, institutional investors were active in reducing their holdings after unlocking. From January to August 2025, the unlocking market capitalization was 19.1 billion yuan, 11 billion yuan more than the same period last year. Unlocking objectively increased the potential supply of REITs [16]. - **Relationship between Unlocking and Prices**: The relationship between unlocking and REITs prices was not obvious this year. Months with high unlocking pressure may still see high overall REITs price increases. The average increase of unlocked and non - unlocked individual bonds from January to August was not significantly different, and the price drop around the unlocking date was not precisely correlated with the unlocking time [16]. - **Future Outlook**: The pressure on prices from unlocking may increase in the future. As of the end of August 2025, the CSI REITs total return index had risen by 12% in the past 12 months, and REITs had shifted from a single - upward trend to a volatile one since June 2025. November 2025 will be a month with high unlocking pressure. If factors such as a significant decline in the risk - free rate, better - than - expected REITs operations, or relaxation of REITs investment policies by annuities and social security occur, the impact of unlocking may be offset [17].

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | --- | | | 플 | 原因 | 股份數目 | | (請參閱上述*註 | 有投票權股 (日 / 月 / 年) 福 | | | | | | | | 份自分比 | | | | | | | | ( % ) | | CS20250916E00196 | 4,174,400(L) 易方达基金管理有限公司 | 1201(L) | | HKD 44.3362 | 12,370,300(L) | 10.05(L) 11/09/2025 | 泰格医药(3347.HK)现跌5.13%报46.2港元，暂成交2.3亿港元，最新市值397.8亿港元。联交所最新权益披露资料显示，泰格医药于9月11日遭易方达基金管理 有限公司在场内以每股均价44.3362港元减持417.44万股，涉资约1.85亿港元。减持后，其持股比例由13.44%下降至10.05%。(格隆汇) ...