Core Viewpoint - The announcement from Ninghu Expressway reveals significant changes in its top ten circulating shareholders as of December 31, 2025, including new entries, exits, increases, and decreases in shareholdings [1][4]. Shareholder Changes - Three new shareholders entered the top ten list: - China Merchants Highway holds 590 million shares, accounting for 11.73% of circulating shares - Jiangsu Yunsong Capital holds 86.23 million shares, accounting for 1.72% - Harvest CSI 300 Dividend Low Volatility ETF holds 9.83 million shares, accounting for 0.2% [1][4][5]. - Two shareholders exited the top ten list: - Huatai-PB CSI Dividend Low Volatility ETF previously held 20.71 million shares, accounting for 0.41% - China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 005L - CT001 previously held 17.90 million shares, accounting for 0.36% [1][4][6]. - Two shareholders increased their holdings: - JPMorgan Chase increased its holdings by 4.39% to 74.83 million shares - Southern S&P Dividend Low Volatility 50 ETF Link A increased its holdings by 15.24% to 14.69 million shares [1][4][5]. - Two shareholders decreased their holdings: - BlackRock reduced its holdings by 3.22% to 121 million shares - Guotai Junan reduced its holdings by 16.41% to 13.07 million shares [1][4][6]. Overall Shareholding Summary - The top ten circulating shareholders collectively hold 3.73 billion shares, representing 74.24% of circulating shares, which is an increase of 56.43 million shares compared to the previous report [3][6].

Core Viewpoint - China CNR Corporation has been experiencing a fluctuating market performance over the past five days, remaining stable compared to the industry average [1] Group 1: Market Performance - Over the past five days, the main capital has shown a net outflow, with the net proportion close to the market average [1] - On March 27, the main capital also exhibited a net outflow, maintaining a balanced net proportion with the market average [1] - The financing and securities margin difference accounts for 1.86% [1] Group 2: Institutional Analysis - The stock has a general market attention level, with overall sentiment being neutral [1] - The frequency of institutional research is low, and there have been minimal changes in overall research report ratings [1] - The fund holding ratio is 0.04%, with 19 institutions providing earnings forecasts, resulting in a comprehensive target price of 7.48 yuan [1] Group 3: Financial Metrics - The recent quarterly report indicates a change of -0.05% in the holding ratio of actively managed equity funds, while the stock price changed by -8.70% during the same period [1] - The company is categorized as a leading enterprise in the industry, with average profitability, growth capability, and operational efficiency, but weak debt repayment ability [1] - The current valuation is at a historical low, positioned at a moderate level within the industry, with a TTM price-to-earnings ratio of 13.7, which is below the industry median and at the 0.74% position over the past five years [1]

Core Viewpoint - Tiger Med has seen a 5% increase in stock price, reaching 53.32 CNY per share, with a total market capitalization of 45.91 billion CNY, indicating a positive market sentiment and a cumulative increase of 6.82% over three consecutive days [1][4]. Company Overview - Tiger Med, officially known as Hangzhou Tiger Medical Technology Co., Ltd., was established on December 15, 2004, and went public on August 17, 2012. The company specializes in providing professional clinical research services for domestic and international pharmaceutical and health-related products [1][4]. - The main business activities include I to IV phase clinical trial technical services, data management and statistical analysis, registration application, on-site clinical trial services, SMO services, medical testing services, medical documentation translation, medical imaging diagnosis services, and training services [1][4]. - The revenue composition of the company is as follows: clinical trial-related services and laboratory services account for 52.60%, clinical trial technical services for 45.21%, and other services for 2.19% [1][4]. Fund Holdings - Longxin Fund has a significant holding in Tiger Med, with its Longxin Xianrui Mixed A Fund (519937) holding 50,000 shares, representing 0.71% of the fund's net value, making it the seventh-largest holding [2][5]. - The fund has realized a floating profit of approximately 127,000 CNY today, with a total floating profit of 162,000 CNY during the three-day increase [2][5]. - The Longxin Xianrui Mixed A Fund was established on June 2, 2016, with a current size of 16.30 million CNY. Year-to-date returns are 1.52%, with a one-year return of 5.08% and a cumulative return of 43.7% since inception [2][5]. Fund Manager Performance - The fund manager, Ye Song, has a tenure of 15 years and 3 days, managing assets totaling 1.397 billion CNY, with the best fund return during his tenure being 98.51% and the worst being -16.83% [3][6]. - Co-manager Cheng Fang has a tenure of 5 years and 88 days, managing assets of 538 million CNY, with the best return of 16.42% and the worst return of 1.3% during his tenure [3][6].

Core Viewpoint - Tiger Med has experienced a 5% increase in stock price, reaching 53.32 CNY per share, with a total market capitalization of 45.91 billion CNY, indicating a positive market sentiment towards the company [1][4]. Company Overview - Tiger Med, established on December 15, 2004, and listed on August 17, 2012, is located in Hangzhou, Zhejiang Province. The company specializes in providing professional clinical research services for domestic and international pharmaceutical and health-related products [1][4]. - The main business activities include I to IV phase clinical trial technical services, data management and statistical analysis, registration application, on-site clinical trial services, SMO services, medical testing services, medical documentation translation, medical imaging diagnosis services, and training services [1][4]. - The revenue composition of the company is as follows: clinical trial-related services and laboratory services account for 52.60%, clinical trial technical services for 45.21%, and other services for 2.19% [1][4]. Fund Holdings - The Xiangcai Fund has a significant holding in Tiger Med, with the Xiangcai Changxing Flexible Allocation Mixed A Fund (009169) holding 20,900 shares, representing 4.73% of the fund's net value, making it the third-largest holding [2][5]. - The fund has realized a floating profit of approximately 53,100 CNY today and a total of 67,700 CNY during the three-day price increase [2][5]. - The Xiangcai Changxing Flexible Allocation Mixed A Fund was established on April 23, 2020, with a current size of 9.6681 million CNY. Year-to-date, it has incurred a loss of 5.96%, ranking 7640 out of 8898 in its category, while it has achieved a 7.24% return over the past year, ranking 5586 out of 8181 [2][5]. Fund Manager Performance - The fund managers of Xiangcai Changxing Flexible Allocation Mixed A are Che Guanglu and Bao Jiamin. Che has a tenure of 14 years and 30 days, managing assets totaling 489 million CNY, with the best fund return of 54.67% and the worst return of -40.29% during his tenure [3][6]. - Bao has a tenure of 2 years and 24 days, managing assets of 662 million CNY, with the best fund return of 60.96% and the worst return of -12.82% during her tenure [3][6].

Core Viewpoint - Tiger Med has seen a significant stock price increase, rising 5% to 53.32 CNY per share, with a total market capitalization of 45.91 billion CNY, and a cumulative increase of 6.82% over the past three days [1][5]. Company Overview - Tiger Med, established on December 15, 2004, and listed on August 17, 2012, is located in Hangzhou, Zhejiang Province. The company specializes in providing professional clinical research services for domestic and international pharmaceutical and health-related products [1][5]. - The main business activities include I to IV phase clinical trial technical services, data management and statistical analysis, registration application, on-site clinical trial services, SMO services, medical testing services, medical documentation translation, medical imaging diagnosis services, and training services [1][5]. - The revenue composition of the main business is as follows: clinical trial-related services and laboratory services account for 52.60%, clinical trial technical services for 45.21%, and other services for 2.19% [1][5]. Fund Holdings - Two funds under Yinhua Fund have significant holdings in Tiger Med, totaling 6.2985 million shares. Based on the previous closing price of 50.78 CNY, the current stock price of 53.32 CNY results in a daily floating profit of approximately 15.9982 million CNY, with a total floating profit of 20.4072 million CNY over the past three days [2][7]. - The "Innovation Drug" fund holds 6.25881 million shares, representing 0.8481% of the circulating shares and 2.86% of the fund's net value, while the "Yinhua Healthcare Mixed A" fund holds 39,700 shares, accounting for 0.0053% of the circulating shares and 5.37% of the fund's net value [3][8].

Core Viewpoint - Tiger Med's stock price has increased by 5% on March 27, reaching 53.32 yuan per share, with a total market capitalization of 45.91 billion yuan, and a cumulative increase of 6.82% over three consecutive days [1][4]. Company Overview - Hangzhou Tiger Medical Technology Co., Ltd. was established on December 15, 2004, and went public on August 17, 2012. The company specializes in providing professional clinical research services for domestic and international pharmaceutical and health-related products [1][4]. - The main business activities include I to IV phase clinical trial technical services, data management and statistical analysis, registration application, on-site clinical trial services, SMO services, medical testing services, medical documentation translation, medical imaging diagnosis services, and training services [1][4]. - The revenue composition of the main business is as follows: clinical trial-related services and laboratory services account for 52.60%, clinical trial technical services for 45.21%, and other services for 2.19% [1][4]. Fund Holdings - According to data, one fund under China International Capital Corporation (CICC) holds a significant position in Tiger Med. The CICC New Medicine A Fund (006981) held 89,800 shares in the fourth quarter, representing 5.9% of the fund's net value, making it the third-largest holding [2][5]. - The fund has realized a floating profit of approximately 228,100 yuan today, with a total floating profit of 291,000 yuan during the three-day increase [2][5]. - The CICC New Medicine A Fund was established on May 14, 2019, with a current scale of 68.32 million yuan. Year-to-date, it has experienced a loss of 6.84%, ranking 4,764 out of 5,563 in its category; over the past year, it has gained 8.47%, ranking 3,376 out of 4,429; and since inception, it has achieved a return of 44.49% [2][5]. Fund Manager Information - The fund manager of CICC New Medicine A is Ding Tianyu, who has been in the position for 5 years and 89 days. The total asset size of the fund is 205 million yuan, with the best return during his tenure being 2.35% and the worst return being -30.51% [3][6][7].

Core Viewpoint - Tiger Med has seen a 5% increase in stock price, reaching 53.32 CNY per share, with a total market capitalization of 45.91 billion CNY, indicating a positive market sentiment towards the company [1][4]. Company Overview - Tiger Med, established on December 15, 2004, and listed on August 17, 2012, is located in Hangzhou, Zhejiang Province. The company specializes in providing professional clinical research services for domestic and international pharmaceutical and health-related products [1][4]. - The main business segments include I to IV phase clinical trial technical services, data management and statistical analysis, registration application, on-site clinical trial services, SMO services, medical testing services, medical documentation translation, medical imaging diagnosis services, and training services [1][4]. - Revenue composition is as follows: clinical trial-related services and laboratory services account for 52.60%, clinical trial technical services for 45.21%, and other services for 2.19% [1][4]. Fund Holdings - The Huashan National Bio-Medical ETF (159508) has increased its holdings in Tiger Med by 12,600 shares, bringing the total to 39,400 shares, which constitutes 5.58% of the fund's net value, making it the fourth-largest holding [2][5]. - The fund was established on June 29, 2023, with a current size of 40.08 million CNY. Year-to-date, it has experienced a loss of 6.74%, ranking 4,743 out of 5,563 in its category [2][5]. Fund Manager Performance - The fund manager, Su Qingyun, has a tenure of 9 years and 101 days, managing assets totaling 10.863 billion CNY. The best fund return during this period is 102.21%, while the worst return is -62.44% [3][7].

Core Viewpoint - Tiger Med has seen a 5% increase in stock price, reaching 53.32 yuan per share, with a total market capitalization of 45.91 billion yuan, and a cumulative increase of 6.82% over the past three days [1][5]. Company Overview - Tiger Med, established on December 15, 2004, and listed on August 17, 2012, is located in Hangzhou, Zhejiang Province. The company specializes in providing professional clinical research services for domestic and international pharmaceutical and health-related products [1][5]. - The main business activities include I to IV phase clinical trial technical services, data management and statistical analysis, registration application, on-site clinical trial services, SMO services, medical testing services, medical documentation translation, medical imaging diagnosis services, and training services [1][5]. - The revenue composition of the main business is as follows: clinical trial-related services and laboratory services account for 52.60%, clinical trial technical services for 45.21%, and other services for 2.19% [1][5]. Fund Holdings - Six funds under Galaxy Fund hold a total of 2.8611 million shares of Tiger Med, with a floating profit of approximately 7.27 million yuan based on the stock price increase [2][6]. - The largest holding fund, Galaxy Medical Mixed A, reduced its holdings by 7,600 shares in the fourth quarter, now holding 722,300 shares, which represents 9.44% of the fund's net value [3][7]. - Other funds, such as Galaxy Industry Mixed A and Galaxy Research Selected Mixed A, also reduced their holdings but still maintain significant positions, with floating profits of approximately 175.21 thousand yuan and 163.53 thousand yuan, respectively, over the past three days [4][8].

Company Overview - Tiger Med, established on December 15, 2004, and listed on August 17, 2012, is located in Hangzhou, Zhejiang Province. The company specializes in providing professional clinical research services for domestic and international pharmaceutical and health-related products. Its business scope includes I to IV phase clinical trial technical services, data management and statistical analysis, registration application, clinical trial site services, SMO services, medical testing services, medical documentation translation, medical imaging diagnosis services, and training services [1][6]. Financial Performance - As of March 27, Tiger Med's stock price increased by 5%, reaching 53.32 CNY per share, with a trading volume of 696 million CNY and a turnover rate of 2.35%. The total market capitalization is 45.91 billion CNY. The stock has seen a cumulative increase of 6.82% over the past three days [1][6]. Fund Holdings - Five funds under Tianhong Fund have significant holdings in Tiger Med, totaling 4.8279 million shares. Based on the previous day's closing price of 50.78 CNY and the current price of 53.32 CNY, the daily floating profit amounts to approximately 12.26 million CNY, with a total floating profit of 15.64 million CNY over the past three days [2][7]. Fund Details - The Tianhong Guozheng Biopharmaceutical ETF (159859) increased its holdings by 712,300 shares in the fourth quarter, now holding 3.35484 million shares, which constitutes 5.69% of the fund's net value, making it the fourth-largest holding. The estimated floating profit today is about 8.52 million CNY, with a total of 10.87 million CNY over the past three days [3][8]. - Tianhong Medical Innovation A (010654) reduced its holdings by 252,900 shares in the fourth quarter, currently holding 1.154923 million shares, representing 4.94% of the fund's net value, ranking as the ninth-largest holding. The estimated floating profit today is approximately 293.35 thousand CNY, with a total of 374.2 thousand CNY over the past three days [4][9]. - Tianhong Zhongzheng Medical 100 A (001550) holds 269,252 shares, accounting for 1.12% of the fund's net value, ranking as the second-largest holding. The estimated floating profit today is about 68.39 thousand CNY, with a total of 87.24 thousand CNY over the past three days [4][9].

Core Viewpoint - Tiger Med has seen a 5% increase in stock price, reaching 53.32 CNY per share, with a total market capitalization of 45.91 billion CNY, indicating a positive market sentiment towards the company [1][4]. Company Overview - Tiger Med, established on December 15, 2004, and listed on August 17, 2012, is located in Hangzhou, Zhejiang Province. The company specializes in providing professional clinical research services for domestic and international pharmaceutical and health-related products [1][4]. - The main business segments include I to IV phase clinical trial technical services, data management and statistical analysis, registration application, on-site clinical trial services, SMO services, medical testing services, medical documentation translation, medical imaging diagnosis services, and training services [1][4]. - Revenue composition is as follows: clinical trial-related services and laboratory services account for 52.60%, clinical trial technical services for 45.21%, and other services for 2.19% [1][4]. Fund Holdings - Southern Fund has a significant holding in Tiger Med through the Southern CSI Innovative Drug Industry ETF (159858), which held 163,000 shares in the fourth quarter, representing 2.86% of the fund's net value, making it the ninth largest holding [2][5]. - The ETF has generated a floating profit of approximately 413,900 CNY today and 528,000 CNY during the three-day increase [2][5]. - The Southern CSI Innovative Drug Industry ETF was established on March 12, 2021, with a current size of 324 million CNY. Year-to-date, it has experienced a loss of 7.1%, ranking 4816 out of 5563 in its category, while it has gained 8.26% over the past year, ranking 3387 out of 4429 [2][5].