Core Insights - Oriental Tower (002545.SZ) reported its Q3 2025 results, revealing that 41 institutional investors hold a total of 113 million shares, representing 9.09% of the company's total equity [1] - The top ten institutional investors collectively own 8.33% of the shares, with a 1.25 percentage point increase from the previous quarter [1] Institutional Holdings - Among the institutional investors, notable names include the National Social Security Fund 503 Portfolio and China Merchants Bank's Guangfa Value Core Mixed Fund [1] - The number of public funds that increased their holdings in Oriental Tower is nine, with a total increase of 0.27% [2] - Conversely, nine public funds reduced their holdings, accounting for a decrease of 0.17% [2] New and Departing Funds - A total of 17 new public funds disclosed their holdings in Oriental Tower, including Guangfa Value Core Mixed Fund and Baoying Emerging Industry Mixed Fund [2] - 208 public funds did not disclose their holdings this quarter, including notable funds like China Europe Times Pioneer Stock A [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.31% compared to the previous quarter [2]

Core Insights - Taihua New Materials (603055.SH) reported its Q3 2025 results, revealing that as of October 29, 2025, institutional investors held a total of 609 million shares, accounting for 68.40% of the company's total equity [1] - The proportion of shares held by institutional investors increased by 0.47 percentage points compared to the previous quarter [1] - Two public funds reduced their holdings in Taihua New Materials, with a total decrease of 0.35% [1] Institutional Holdings - Nine institutional investors disclosed their holdings in Taihua New Materials, including notable firms such as Fuhua Global Limited and various investment management companies from Jiaxing [1] - The total institutional holding percentage stands at 68.40%, indicating strong institutional interest in the company [1] Public Fund Activity - Two public funds reported a decrease in their holdings, specifically China Europe Era Pioneer Stock A and China Europe New Trend Mixed (LOF) A [1] - A total of 74 public funds did not disclose their holdings this quarter, including several funds from the China Europe family [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Dun Xinyu, a fund manager at China - Europe Fund, uses fundamental quantitative methods for the "plus" part of the "fixed - income +" investment framework, with strategies such as dividend, value, quality, growth, and micro - cap, and has a macro - based asset allocation framework [6][7] - China - Europe Dingli is a medium - to - high - volatility secondary bond fund with a quantitative boom - growth strategy, showing high - return and high - risk characteristics, and investors' profit - making effect increases with the holding time [8][26] - China - Europe Enhanced Return is a low - volatility absolute - return product, emphasizing safety margins in equity assets, and also showing that investors' profit - making effect increases with the holding time [38][41] 3. Summary by Directory 3.1. China - Europe Fund Dun Xinyu: A Practitioner of Fundamental Quantitative Fixed - Income + - Dun Xinyu has rich experience in the fund industry and currently manages 8768 million yuan in assets at China - Europe Fund, covering first - tier bond funds, second - tier bond funds, and flexible allocation funds [4][5] - His investment framework for the "plus" part of "fixed - income +" uses fundamental quantitative methods, and there is also a macro - based asset allocation framework [6][7] 3.2. China - Europe Dingli: A Medium - to - High - Volatility Secondary Bond Fund with a Boom - Growth Strategy - It is positioned as a medium - to - high - volatility secondary bond fund, using a quantitative boom - growth strategy with three nested layers, aiming to earn returns from the boom [8] - The judgment of a company's boom is based on three dimensions of financial statements: financial health, profit sustainability, and growth momentum [10] - Compared with other quantitative styles, the growth style has higher volatility but also higher long - term returns, and in 2025, it has significantly outperformed other style factors [24] - In 2025, it has achieved a high return of 11.41% and an annualized volatility of 8.44%, with a superior Sharpe ratio. The profit - making effect for investors increases with the holding time [26][27] - Its stock position is 16.29% and convertible bond position is 13.14%, with an industry allocation inclined to growth sectors such as electronics, machinery, and power equipment [31] 3.3. China - Europe Enhanced Return: A Low - Volatility Absolute - Return Product - It is positioned as a low - volatility absolute - return product, aiming to create absolute returns with a 2% drawdown target [38] - It emphasizes safety margins in equity assets, using valuation as a means to measure safety margins [39] - In 2025, it has achieved a cumulative return of 3.53% with an annualized volatility of 2.26%, and multiple core indicators rank among the top in the industry [39][40] - The profit - making effect for investors also increases with the holding time [41]

1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints of the Report - Deng Xinyu, a fund manager at China - Europe Fund, uses fundamental quantitative methods for the "plus" part of the "fixed - income +" investment framework, with multiple strategies such as dividend, value, quality, growth, and micro - cap strategies, and a macro - based asset allocation framework [3][9]. - China - Europe Dingli is a medium - to - high - volatility secondary bond fund with a quantitative boom - growth strategy. It emphasizes the company's financial health, profit sustainability, and growth momentum, and shows high return - risk performance and increasing investor profitability over time [12][14][32]. - China - Europe Enhanced Return is a low - volatility absolute - return product aiming for an absolute return within a 2% drawdown target. It emphasizes the safety margin of equity assets through valuation and has excellent performance in multiple core indicators [44][45][46]. 3. Summary by Relevant Catalogs 3.1. China - Europe Fund Deng Xinyu: A Practitioner of Fundamental Quantitative Fixed - Income + - Personal resume: Deng Xinyu joined China - Europe Fund in October 2023. He currently serves as a member of the fixed - income investment decision - making committee, the head of the hybrid asset group, and a fund manager. He manages multiple funds including China - Europe Dingli and China - Europe Enhanced Return [7]. - Investment framework: The "plus" part of the "fixed - income +" uses fundamental quantitative methods, with multiple strategies based on fundamental analysis and a macro - based asset allocation framework [9][11]. - Managed products: He manages products worth 8.768 billion yuan, covering first - tier and second - tier bond funds and flexible - allocation funds, achieving over 7% and 2% returns for China - Europe Dingli and China - Europe Enhanced Return respectively [8]. 3.2. China - Europe Dingli: A Medium - to - High - Volatility Secondary Bond Fund with a Boom - Growth Strategy - Product positioning: It is a medium - to - high - volatility secondary bond fund using a quantitative boom - growth strategy with three nested layers [12]. - Boom judgment: It uses financial statements to assess a company's financial health, profit sustainability, and growth momentum [14]. - Comparison with other products: It is comparable to Smart Beta products. Growth - style products have high volatility and high long - term returns, and China - Europe Dingli's equity return in 2025 has exceeded the growth index [19][30]. - Product characteristics: It has high return - risk performance, with a 2025 - to - date return of 11.41% (in the 10.16% percentile) and an annualized volatility of 8.44% (in the 8.59% percentile). Investor profitability increases with holding time [32][33]. - Portfolio: It has a stock position of 16.29% and a convertible bond position of 13.14%, with a focus on growth - oriented industries such as electronics, machinery, and power equipment [37]. 3.3. China - Europe Enhanced Return: A Low - Volatility Absolute - Return Product - Product positioning: It aims to create an absolute return within a 2% drawdown target, emphasizing the safety margin of equity assets through valuation [44][45]. - Performance: In 2025, it achieved a cumulative return of 3.53% with an annualized volatility of 2.26%, ranking in the 14.21% and 16.50% percentiles among first - tier bond funds with equity. Multiple core indicators rank high in the industry [45][46]. - Investor profitability: Investor profitability increases with holding time, with average returns of 0.49%, 1.08%, and 1.54% for 1 - month, 2 - month, and 3 - month holding periods respectively, and a 100% winning rate for 2 - and 3 - month holding periods [47].

Group 1 - The core viewpoint of the news is that Wentai Technology has seen a significant increase in its stock price, rising 1.91% to 45.46 CNY per share, with a total market capitalization of 56.581 billion CNY and a cumulative increase of 12.64% over the past five days [1] - Wentai Technology's main business includes real estate development and operation, research and manufacturing of mobile internet devices primarily focused on smartphones, and upstream semiconductor products. The revenue composition is 69.00% from smart terminals, 30.88% from semiconductor products, and 0.12% from other sources [1] - The stock is a significant holding in the fund managed by China Europe Fund, specifically in the China Europe Jinling Flexible Allocation Mixed A fund, which holds 4,000 shares, accounting for 0.19% of the fund's net value [2] Group 2 - The fund manager of China Europe Jinling Flexible Allocation Mixed A is Deng Xinyu, who has a tenure of 12 years and 38 days, with a total asset scale of 8.768 billion CNY and a best fund return of 39.22% during his tenure [3] - The fund has generated a floating profit of approximately 34,000 CNY today, with a total floating profit of 20,400 CNY during the five-day increase [2] - The fund's performance this year is 1.62%, ranking 7,684 out of 8,155 in its category, while the one-year return is 3%, ranking 7,302 out of 8,031 [2]

Group 1 - The core point of the news is that Gaoxinxing (300098.SZ) reported an increase in institutional and public fund holdings in its third-quarter report for 2025, indicating growing investor confidence [1][2] Group 2 - As of October 28, 2025, eight institutional investors held a total of 56.54 million shares of Gaoxinxing, accounting for 3.25% of the total share capital, with an increase of 0.41 percentage points compared to the previous quarter [1] - The public funds that increased their holdings include three funds: GF Quantitative Multi-Factor Mixed A, E Fund CSI 2000 ETF, and Hai Fu Tong CSI 2000 Enhanced Strategy ETF, with an increase in holdings of 0.27% [2] - One foreign fund, Hong Kong Central Clearing Limited, also increased its holdings by 0.80% compared to the previous period [2]

Group 1 - The core viewpoint of the news is that Anjuke Food (603345.SH) has reported its third-quarter results for 2025, highlighting significant changes in institutional investor holdings [1] - As of October 28, 2025, a total of 41 institutional investors hold shares in Anjuke Food, with a combined holding of 113 million shares, representing 33.84% of the total share capital [1] - The top ten institutional investors collectively hold 31.10% of the shares, but this represents a decrease of 10.20 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 14 funds increased their holdings, while 15 funds decreased their holdings, with the increase representing 0.24% and the decrease 0.72% [2] - Six new public funds were disclosed during this period, while 369 funds were not disclosed compared to the previous quarter [2] - One social security fund, the National Social Security Fund 113 Combination, was not disclosed in this period compared to the previous quarter [2]

Group 1 - The core viewpoint of the news is that Haishi Ke (002653.SZ) has reported an increase in institutional holdings, indicating growing investor interest [1] - As of October 28, 2025, 42 institutional investors hold a total of 122 million shares of Haishi Ke, representing 10.92% of the total share capital [1] - The top ten institutional investors collectively hold 8.86% of the shares, with a 0.41 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, 21 funds increased their holdings, with a total increase ratio of 0.60% [2] - Conversely, 14 funds reduced their holdings, with a total decrease ratio of 0.75% [2] - Six new public funds were disclosed during this period, while 240 funds were not disclosed compared to the previous quarter [2]

Group 1 - The core viewpoint of the news is that Zhen'an Technology (300767.SZ) reported its Q3 2025 results, highlighting a decrease in institutional ownership compared to the previous quarter [1] - As of October 28, 2025, four institutional investors hold a total of 55.2488 million shares of Zhen'an Technology, representing 20.00% of the total share capital, which is a decrease of 2.00 percentage points from the last quarter [1] - The newly disclosed public fund this period is the Zhonghai Quality Growth Mixed Fund, while 36 public funds were not disclosed compared to the previous quarter, including several notable funds [1] Group 2 - One social security fund was not disclosed this period, specifically the National Social Security Fund 118 Portfolio [1] - In terms of foreign investment, one new foreign institution disclosed this period, which is CITIC Securities Asset Management (Hong Kong) Limited - Client Funds [1]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Value style outperforms growth style and the overall market in the long - run, with better risk - return ratios [2][6]. - Value - style funds are scarce in the market, and fund managers need strong conviction and support to adhere to this style [14][16]. - Lan Xiaokang of China Europe Fund is a value - investment adherent. His China Europe Dividend Optimal has achieved excellent performance [2][17]. Summary by Directory 1. Value Style Fund Product Investment Value Overview 1.1 Value Style Performance: Better Risk - Return Ratio in the Long Run - Since 2012 (as of 2025/10/24), the Guozheng Value R has significantly outperformed the Guozheng Growth R and the Wind All - A, indicating the long - term superiority of the value style [6]. - The investment return of the value style is more stable, with a higher win - rate. From 2017 to 2025/10/24, the one - year rolling return win - rate of Guozheng Value R is 70.77%, compared to 56.50% for Guozheng Growth R [8]. - In terms of risk indicators such as yield, volatility, and maximum drawdown, the Guozheng Value R outperforms the Guozheng Growth R in different time periods, showing a better risk - return ratio [11]. 1.2 Scarcity of Value - Style Fund Products in the Market - Only 11 out of over 1700 active equity fund managers manage value - style funds that meet the defined criteria, and 4 of them are financial real - estate funds [14]. - Reasons for the scarcity include fund managers' subjective wavering, scale pressure, and inappropriate fund company assessment systems [15][16]. 2. Lan Xiaokang of China Europe Fund - A Value - Investment Adherent Seeking Maximum Investment Efficiency in Certain Returns 2.1 Background: Years of Research and Management Experience, Historical Performance Outperforming the CSI 300 - Lan Xiaokang has about 8.5 years of investment management experience, currently manages 4 funds with a total scale of 24.809 billion yuan [17]. - His fund manager index has outperformed the CSI 300, especially since 2021 [17]. 2.2 Investment Framework: Seeking Maximum Investment Efficiency under the Premise of Safety - Lan Xiaokang builds a systematic investment framework through top - down and bottom - up research, focusing on macro trends and individual stock fundamentals [19]. - He uses multiple investment strategies, including long - term, dividend, stable - return, hedging, and trend - reversal strategies, to seek differentiated excess returns [19]. 2.3 Representative Product: China Europe Dividend Optimal - Lan Xiaokang's China Europe Dividend Optimal has achieved a return of 169.82% since he took over in 2018/4/20, significantly outperforming its benchmark [20][22]. 3. Analysis of the Characteristics of China Europe Dividend Optimal 3.1 Performance: Leading in Return and Risk - Return Ratio - Since Lan Xiaokang took over, as of 2025/10/24, the cumulative return of China Europe Dividend Optimal is 169.82%, significantly outperforming the benchmark [24]. - From 2019 to 2025/10/24, the quarterly win - rate of positive returns is 74.1%. The quarterly win - rate of relative returns compared to the benchmark and Guozheng Value R is 77.8% and 74.1% respectively, with average quarterly excess returns of 3.82% and 2.58% [25]. - Since 2019, the annualized return of China Europe Dividend Optimal is 19.88%, ranking in the top 12% among similar products. The annualized volatility is 19.98%, ranking in the bottom 25%. The annualized Sharpe ratio and Calmar ratio are in the top 5% and 1.5% respectively [30]. 3.2 Industry Distribution: Timely Rotation with Good Results - The fund mainly invests in value - style sectors such as household appliances, non - bank finance, and real estate, and rotates among these sectors in a timely manner [34]. - Industry rotation operations have brought significant excess returns. For example, in 2024, the increase in bank holdings and the reduction in coal holdings contributed positive excess returns [38][42]. 3.3 Holding Characteristics: Moderate Concentration of Individual Stocks and Timely Allocation of Hong Kong Stocks - The top ten holdings of the fund account for 40% - 60%, and the top thirty holdings account for over 90%, with a moderate concentration of individual stocks [43]. - The fund has a low turnover rate, with a short - term increase in 2020 - 2021, presumably due to adjustments in response to market changes [43]. - The fund mainly focuses on large - and medium - cap stocks, and has gradually increased its allocation to Hong Kong stocks since 2023, with nearly 50% of stock positions in Hong Kong stocks as of the 2025 semi - annual report [45]. 3.4 Return Breakdown: Significant Contribution from Stock Selection - Stock selection is the main source of excess returns for the fund, and trading also contributes a small amount of excess returns [48]. - The absolute return of the fund comes from multiple sectors, with significant contributions from the cyclical sector. In terms of relative returns, the cyclical and financial real - estate sectors have made significant contributions [53]. 3.5 Product Feature Summary - The fund focuses on value - style sectors and achieves good results through timely industry rotation [58]. - It has an outstanding risk - return ratio, with leading returns and low volatility [58]. - Stock selection is the main source of excess returns, mainly from cyclical and financial real - estate innovation sectors [58]. 4. Fund Manager's Ability Circle: Outstanding Hidden Trading and Industry Rotation Abilities - Lan Xiaokang has a moderately diversified industry allocation and a moderately concentrated individual - stock allocation [59]. - His stock - selection ability is strong, ranking in the top 20% among similar products since 2020 [59]. - His hidden trading ability is excellent, ranking in the top 10% among similar products [59]. - His industry rotation ability is stable, ranking in the top 15% among similar products [60]. - His ability to invest in both upward and downward markets is good, being able to seize opportunities in upward markets and defend well in downward markets [60].