专题：中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布式 12月6日金融一线消息，中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会今日召 开，人社部社会保险基金监管局原局长、中国社会保险学会副会长唐霁松出席并发表演讲。 唐霁松强调，老龄化要解决财富问题非常重要，但是这之前首先还是要解决观念和认识上的问题。按 照"十五五"来说，一是坚持人民至上，二是坚持高质量发展。要在高质量发展中办好各项民生事业，补 齐民生短板。这里面有四点建议： 唐霁松强调，老龄化要解决财富问题非常重要，但是这之前首先还是要解决观念和认识上的问题。按 照"十五五"来说，一是坚持人民至上，二是坚持高质量发展。要在高质量发展中办好各项民生事业，补 齐民生短板。这里面有四点建议： 第一个建议，推进制度政策更加完善，要妥善实施渐进式的延迟退休年龄为重点这样一项改革，要讲明 白道理，还是要提倡长缴多得，多缴多得，晚退多得。还有一些具体的细节问题，在制度方面还是需要 加快研究解决。特别注意灵活就业人员的参保缴费，要通过适度降低门槛，发放补助、补贴，完善缴费 方式方法等措施，提高灵活就业人员，农民工新就业形态人员的参保率。另 ...

Group 1 - The core viewpoint of the news is that Shengshi Technology (002990.SZ) reported a decrease in institutional and public fund holdings in its third-quarter report for 2025, indicating a potential shift in investor sentiment [1] Group 2 - As of October 30, 2025, a total of 7 institutional investors disclosed holdings in Shengshi Technology A-shares, with a combined holding of 23.4762 million shares, accounting for 8.99% of the total share capital [1] - The total institutional holding percentage decreased by 0.92 percentage points compared to the previous quarter [1] - One public fund, Hengyue Jiaxin Bond A, increased its holdings slightly, while another, Penghua Carbon Neutral Theme Mixed A, reduced its holdings by 0.36% [1] - A total of 35 public funds did not disclose their holdings this quarter, including notable funds such as E Fund Emerging Growth Mixed and Changxin Domestic Demand Balanced Mixed A [1] - One social security fund, the National Social Security Fund 104 Portfolio, did not disclose its holdings this quarter [1] Group 3 - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, reduced its holdings slightly compared to the previous quarter [2]

Core Viewpoint - Antarctic E-commerce (002127.SZ) reported a decline in institutional ownership in its third-quarter report for 2025, with a total of 7 institutional investors holding 284 million shares, representing 11.55% of the total share capital, a decrease of 2.47 percentage points from the previous quarter [1] Institutional Investors - A total of 7 institutional investors disclosed their holdings in Antarctic E-commerce, with a combined shareholding of 284 million shares, accounting for 11.55% of the total share capital [1] - The institutional investors include various entities such as the company's employee stock ownership plan, Wujiang Xinmin Industrial Investment Co., Shanghai Fengnan Investment Center, Hong Kong Central Clearing Limited, Guangzhou Haomeng Computer Technology Co., National Social Security Fund 117 Portfolio, and China Merchants Bank's Southern CSI 1000 ETF [1] - The institutional ownership percentage decreased by 2.47 percentage points compared to the previous quarter [1] Public Funds - In this period, 150 public funds were disclosed, including notable funds such as Shenwan Hongyuan New Economy Mixed A, Southern CSI 1000 ETF, BlackRock China New Horizons Mixed A, Shenwan Hongyuan Letong Mixed A, and Shenwan Hongyuan Lexiang Mixed A [1] Social Security Fund - One new social security fund disclosed its holdings in Antarctic E-commerce, specifically the National Social Security Fund 117 Portfolio, while one previously undisclosed fund, the National Social Security Fund 107 Portfolio, was also noted [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings in Antarctic E-commerce by 0.15% compared to the previous period [1]

Core Insights - Haopeng Technology (001283.SZ) reported its Q3 2025 results, revealing that 27 institutional investors hold a total of 17.84% of the company's A-shares, amounting to 17.8315 million shares [1] - The top ten institutional investors collectively hold 16.14% of the shares, with a slight decrease of 0.45 percentage points compared to the previous quarter [1] Institutional Holdings - The number of public funds that increased their holdings this period is three, with a total increase of 0.17% [2] - One public fund, the招商量化精选股票发起式A, reported a slight decrease in holdings [2] - Fourteen new public funds disclosed their holdings in Haopeng Technology, including 华夏双债债券A and 融通转型三动力灵活配置混合A/B [2] - A total of 149 public funds were not disclosed this period, including 信澳新能源产业股票A and 招商成长量化选股股票A [2] Social Security Fund Holdings - Two social security funds reported a decrease in holdings, with a total decrease of 0.57% [2] - Two new social security funds disclosed their holdings in Haopeng Technology, including 全国社保基金四零四组合 and 全国社保基金四一三组合 [2]

Employment Situation - The employment situation remains generally stable, with 10.57 million new urban jobs created in the first nine months, achieving 88% of the annual target [1] - The urban surveyed unemployment rate in September was 5.2%, a decrease of 0.1 percentage points from the previous month [1] Social Security - As of the end of September, the number of participants in basic pension, unemployment, and work injury insurance reached 1.074 billion, 248 million, and 304 million respectively [1] - The total income of the three social insurance funds in the first nine months was 6.69 trillion yuan, with total expenditures of 6.04 trillion yuan, resulting in a cumulative surplus of 9.85 trillion yuan by the end of September [1] - The scale of entrusted investment in the basic pension insurance fund exceeded 2.72 trillion yuan, while the investment operation scale of enterprise (occupational) annuities surpassed 7.7 trillion yuan [1] Pension System Adjustments - The Ministry of Human Resources and Social Security issued a notice regarding personal pension withdrawals, clarifying operational methods to meet diverse needs [2] - The basic pension standard for urban and rural residents was increased by 20 yuan starting July 1, with 13 provinces further raising local basic pension standards [2] Talent Development - The Ministry has developed 95 national occupational standards to meet the rapid development of new occupations and urgent talent needs in key areas [2][3] - New occupational standards include roles such as drone swarm flight planners and intelligent manufacturing system operators, reflecting the growing demand in emerging fields [3] - A total of 37 of the new standards belong to key areas, including 19 in advanced manufacturing and 6 in the digital economy [3] Future Plans - The Ministry aims to enhance the employment support system, implement targeted measures for key groups, and conduct large-scale vocational skills training [4] - There will be a continued deepening of social security system reforms, including nationwide coordination of basic pension insurance and expansion of occupational injury protection trials [4] - The Ministry plans to improve talent evaluation mechanisms and strengthen the construction of professional and skilled talent teams [4]

Group 1 - The core viewpoint of the news is that the institutional ownership of Shangneng Electric has decreased, with a notable drop in the proportion held by the top ten institutional investors [1] - As of October 28, 2025, a total of 10 institutional investors hold shares in Shangneng Electric, amounting to 54.6164 million shares, which represents 10.87% of the total share capital [1] - The proportion of shares held by the top ten institutional investors has decreased by 2.12 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds increased their holdings, including the Photovoltaic ETF and the Jiashi Low Carbon Selected Mixed A fund, with an increase rate of 0.19% [2] - Six new public funds disclosed their holdings compared to the previous quarter, including Allianz China Selected Mixed A and others [2] - A total of 165 public funds did not disclose their holdings this quarter, including several ETFs and mixed funds related to clean energy [2] Group 3 - One social security fund, the National Social Security Fund 418 Combination, did not disclose its holdings this quarter [3] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.08% compared to the previous quarter [3]

Group 1 - Jinpan Technology (688676.SH) reported its Q3 2025 results, with 14 institutional investors holding a total of 263 million shares, representing 57.12% of the company's total equity as of October 27, 2025 [1] - The top ten institutional investors collectively hold 57.04% of the shares, with a slight decrease of 0.22 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for a 0.95% increase, while one fund saw a slight decrease in holdings [2] - Three new public funds were disclosed this quarter, while 227 funds were not disclosed compared to the previous quarter [2] - One social security fund was not disclosed this quarter, indicating a reduction in transparency in that sector [2]

Group 1 - The core viewpoint of the news is that 欧圣电气 has significant institutional investor support, with 11 institutions holding a total of 185 million shares, representing 72.75% of the company's total equity [1] - The top ten institutional investors collectively hold 72.59% of the shares, with a 0.74 percentage point increase compared to the previous quarter [1] - The report highlights the presence of notable institutional investors such as Santa Barbara Investment LLC and various investment funds from 平安资管 and 招商银行 [1] Group 2 - In the public fund sector, one fund, 长信内需均衡混合A, reported a slight decrease in holdings compared to the previous quarter [2] - A new public fund, 平安先进制造主题股票发起A, was disclosed during this period [2] - A total of 110 public funds were not disclosed in this quarter, including several notable funds like 南方新优享灵活配置混合A and 嘉实主题新动力混合 [2] Group 3 - One new social security fund, 汇添富基金管理股份有限公司-社保基金1103组合, has been disclosed as holding shares in 欧圣电气 [2]

Group 1 - Guomai Culture (301052.SZ) released its Q3 2025 report on October 28, 2025, indicating that as of October 27, 2025, six institutional investors disclosed holdings in Guomai Culture A-shares, totaling 11.6588 million shares, which represents 11.78% of the total share capital [1] - The institutional investors include Shanghai Jialien Management Consulting Partnership, Shandong International Trust Co., Ltd., Bank of China, Shenzhen Zhenwei Biotechnology Co., Ltd., CITIC Bank, and the National Social Security Fund [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 1.74 percentage points [1] Group 2 - Two new public funds disclosed holdings in Guomai Culture this period, namely Huaxia Industry Prosperity Mixed A and Huaxia Excellent Growth Mixed A [1] - A total of 130 public funds were not disclosed in this period compared to the previous quarter, including several funds from ICBC and Southern Asset Management [1] - One new social security fund disclosed holdings in Guomai Culture, specifically the National Social Security Fund 111 Portfolio, while one fund from the previous quarter, the National Social Security Fund 101 Portfolio, was not disclosed this period [1]

Core Insights - ZTE Information (688258.SH) reported its Q3 2025 results, revealing that as of October 23, 2025, eight institutional investors held a total of 9.866 million shares, representing 8.14% of the company's total equity, a decrease of 1.78 percentage points from the previous quarter [1] Institutional Holdings - The total institutional holding in ZTE Information decreased by 1.78 percentage points compared to the previous quarter [1] - The institutional investors include major entities such as Industrial and Commercial Bank of China and various mutual funds [1] Public Fund Activity - One public fund, Debon Stable Growth Flexible Allocation Mixed A, increased its holdings by 0.50% compared to the previous quarter [2] - Two public funds, Nuon Active Return Mixed A and Huashan Small and Medium Cap Growth Mixed, reduced their holdings by a total of 0.31% [2] - A total of 284 public funds did not disclose their holdings this quarter, including several notable funds [2] Social Security Fund Involvement - Two new social security funds disclosed their holdings in ZTE Information, namely the National Social Security Fund 114 Portfolio and the National Social Security Fund 418 Portfolio [2] Foreign Investment - J.P. Morgan Securities PLC did not disclose its holdings in the current quarter, indicating a lack of foreign investment reporting [3]