从管理人来看，第三季度多家公募机构管理的权益类资产规模有不同程度提升。数据显示，排名前十的 管理人合计管理权益类资产规模为6.15万亿元，相较二季度的4.9万亿元增长了1.25万亿元，其中易方达 基金和华夏基金的权益类资产规模突破1万亿元；华泰柏瑞基金、广发基金、嘉实基金和南方基金等4家 机构，权益类资产管理规模在5000亿元-1万亿元之间。 基金本期利润指在某一会计期间的全部损益总和，包含已实现收益和未实现的公允价值变动损益。按照 管理人旗下所有产品本期利润排名来看，第三季度易方达基金、华夏基金、广发基金和南方基金等公募 机构，本期利润排名居前。 数据显示，第三季度易方达基金旗下的756只产品本期利润合计实现2972.78亿元，排名居首。华夏基金 旗下的868只产品本期利润合计实现2274亿元，排名第二。南方基金旗下的764只产品本期利润合计实现 990.12亿元，排名第三。广发基金旗下的796只产品本期利润合计实现963.88亿元，排名第四。 10月29日，公募基金三季报披露结束，整体呈现出稳健发展态势，其中权益类基金规模增长最迅速。天 相投资顾问有限公司(以下简称"天相投顾")数据显示，第三季度公募基金 ...

Core Insights - The top ten holdings of public funds for Q3 2025 include Ningde Times, Tencent Holdings, New Yi Sheng, Zhong Ji Xu Chuang, Alibaba-W, Luxshare Precision, Industrial Fulian, Zijin Mining, SMIC, and Kweichow Moutai [1][3] - Compared to the end of Q2 2025, Zhong Ji Xu Chuang and Industrial Fulian have entered the top ten holdings, while Midea Group and Xiaomi Group-W have exited [1] Public Fund Holdings - As of the end of Q3 2025, the total market value of public funds reached 35.85 trillion yuan, an increase of 6.30% from the previous quarter, with the A-share market value held by public funds exceeding 7 trillion yuan [3] - The top ten stocks held by public funds and their respective market values (in billion yuan) are: - Ningde Times: 758.81, 4.28% of circulating shares - Tencent Holdings: 699.38, 1.26% - New Yi Sheng: 560.70, 17.31% - Zhong Ji Xu Chuang: 558.13, 12.51% - Alibaba-W: 500.97, 1.62% - Luxshare Precision: 370.44, 7.88% - Industrial Fulian: 363.43, 2.77% - Zijin Mining: 340.18, 4.35% - SMIC: 290.86, 6.67% - Kweichow Moutai: 283.72, 1.57% [3][4] Active Fund Holdings - The top 20 active fund holdings in A-shares for Q3 2025 include: - Ningde Times: 796.90 billion yuan, 4.66% - Zhong Ji Xu Chuang: 577.49 billion yuan, 12.94% - New Yi Sheng: 571.59 billion yuan, 17.65% [4] - The top stocks with increased holdings include Zhong Ji Xu Chuang (100.30 billion yuan increase) and Industrial Fulian (50.94 billion yuan increase) [5] Passive Fund Holdings - The top 20 passive fund holdings in A-shares for Q3 2025 include: - Ningde Times: 1,273.84 billion yuan, 7.45% - Kweichow Moutai: 936.92 billion yuan, 5.18% - Zhong Ji Xu Chuang: 533.19 billion yuan, 11.95% [10] - The top stocks with increased holdings include New Yi Sheng (189.52 billion yuan increase) and Zhong Ji Xu Chuang (137.75 billion yuan increase) [9] Changes in Holdings - The top stocks with the largest reductions in holdings include: - Shenghong Technology: -99.62 billion yuan - Haiguang Information: -89.49 billion yuan - Midea Group: -64.91 billion yuan [7] - Notable reductions also include Ningde Times (-38.26 billion yuan) and Industrial Fulian (-27.23 billion yuan) [7][11]

Core Insights - The public fund market showed strong profitability in Q3 2025, with total profits reaching 2.08 trillion yuan, a significant increase of 4.4 times compared to Q2 2025 [1] - Equity and mixed funds were the main contributors to this profitability, with equity funds generating profits of 1.08 trillion yuan and mixed funds contributing 757.49 billion yuan, together accounting for nearly 90% of total profits [1] Fund Performance - As of the end of Q3 2025, the top ten holdings of public funds included Ningde Times, Tencent Holdings, and Alibaba, among others [1] - Ningde Times regained its position as the largest holding after being replaced by Tencent in Q1 and Q2 2025 [1] Ningde Times Stock Performance - Ningde Times saw a remarkable stock price increase of nearly 60% in Q3 2025, leading to a significant rise in the number of funds holding its shares, reaching 1,408 funds with a total holding value of 75.88 billion yuan, an increase of 23.85 billion yuan from Q2 [2] - Northbound capital also increased its stake in Ningde Times, buying 53.92 million shares and raising its holding ratio to 14.48%, with a market value of nearly 265 billion yuan based on the closing price of 402 yuan per share on September 30 [2] Ningde Times Financial Performance - Ningde Times reported a net profit of 18.55 billion yuan for Q3 2025, a year-on-year increase of 41.21%, with revenue of 104.19 billion yuan, up 12.90% year-on-year [3] - The company's net profit margin improved to 19.1%, an increase of 4.1 percentage points compared to the previous year [3] - Compared to its H1 2025 performance, Ningde Times showed enhanced growth in both revenue and net profit in Q3 2025 [3]

Group 1 - The core holdings of active funds in the mid-2025 report are Tencent Holdings, Alibaba, and Xiaomi Group, with Tencent Holdings having the highest total market value of 64.031 billion, held by 1499 active funds [1] - The top three holdings of passive funds in the mid-2025 report are Kweichow Moutai, CATL, and Ping An of China [1] - The top three Hong Kong stock holdings for active funds are also Tencent Holdings, Alibaba, and Xiaomi Group [1] Group 2 - The top three Hong Kong stock holdings for passive funds are Xiaomi Group, Tencent Holdings, and Alibaba [2]