Core Viewpoint - Oriental Communication has experienced a continuous increase in stock price, with a total rise of 11.2% over the past six days, indicating strong market interest and potential investor confidence [1][2]. Group 1: Company Overview - Oriental Communication Co., Ltd. is located at 66 Dongxin Avenue, Binjiang District, Hangzhou, Zhejiang Province, and was established on August 1, 1996, with its listing date on November 26, 1996 [1]. - The company's main business activities include communication, financial electronics, and network services, with revenue composition as follows: smart manufacturing 67.51%, information communication 47.39%, financial technology 5.45%, and others 4.67% [1]. Group 2: Stock Performance - As of the report, Oriental Communication's stock price is 13.80 CNY per share, with a trading volume of 4.17 billion CNY and a turnover rate of 3.17%, leading to a total market capitalization of 173.33 billion CNY [1]. - The stock has seen a consistent upward trend, with a 0.51% increase on December 1, contributing to a total of six consecutive days of price increases [1]. Group 3: Shareholder Information - Among the top ten circulating shareholders, a fund under Guotai Fund, the Guotai CSI All-Index Communication Equipment ETF (515880), has entered the top ten in the third quarter, holding 2.8876 million shares, which is 0.23% of the circulating shares [2]. - The Guotai CSI All-Index Communication Equipment ETF has achieved a year-to-date return of 95.97%, ranking 1 out of 4207 in its category, and a one-year return of 104.35%, also ranking 1 out of 4009 [2].

以下文章来源于苔藓花园播客 ，作者胡猛 苔藓花园播客 . 深度研究商业思维。 长期积累卓越公司的商业模式， 长期积累查理芒格的思维模型。 有两位投资圈的好友不约而同来分享了风和基金创始人胡猛在北大价值投资课堂上的交流。 他们说，很有意思，胡猛虽然在讲投机，其实底层认知跟价值投资殊途同归。 比如他说， "投资中 最重要的是诚实"。 " 投资是关于未来，人对未来的判断多数不靠谱。" " 要相信事实，以及变化的事实，要尊重事实，不要尊重你自己过去所谓的研究。" " 我们投资要脚踏实地，对每个企业做滚动研究，每个季报不要错过，每个季报是证明或者证伪你判断的机会，要珍惜这个机会。" "当市场都认为是存量经济，你就不要去这么想。不要轻易去下这自上而下的结论，要具体一个产业一个产业的去看。" "我们公司每一个基金经理，都必须对公司的商业模式、管理层、产品、市场、利润表有很深的分析。" 都是价值投资者非常熟悉的投资语境。 胡猛于2009年创办风和基金，总部位于新加坡，其管理的旗舰产品风和亚洲基金最新规模约65亿美元。 没有见过胡猛，看了交流实录，真真是几十年投资老法师的大实话，而且认知上非 常有共鸣点。 只是从自身管理的资金 ...

Group 1 - The core point of the article highlights the recent decline in the stock price of Fengyuan Co., which fell by 5.01% to 19.32 CNY per share, with a trading volume of 399 million CNY and a turnover rate of 7.26%, resulting in a total market capitalization of 5.411 billion CNY [1] - Fengyuan Co. is primarily engaged in the production and sales of oxalic acid and nitric acid, with its main business revenue composition being 92.78% from lithium battery cathode materials, 7.14% from oxalic acid, and 0.09% from other sources [1] - The company was established on August 23, 2000, and went public on July 7, 2016, located in the Yushan Road Economic Development Zone of Taierzhuang District, Zaozhuang City, Shandong Province [1] Group 2 - Among the top ten circulating shareholders of Fengyuan Co., a fund under Jiashi Fund has entered the list, specifically the Jiashi CSI Rare Earth Industry ETF (516150), which holds 2.118 million shares, accounting for 0.76% of the circulating shares [2] - The Jiashi CSI Rare Earth Industry ETF (516150) was established on March 9, 2021, with a latest scale of 7.648 billion CNY, achieving a year-to-date return of 65.91% and ranking 161 out of 4206 in its category [2] - The fund has a one-year return of 59.09%, ranking 211 out of 4008, and a cumulative return since inception of 70.66% [2] Group 3 - The fund manager of Jiashi CSI Rare Earth Industry ETF (516150) is Tian Guangyuan, who has been in the position for 4 years and 269 days, managing a total fund asset scale of 75.812 billion CNY [3] - During his tenure, the best fund return achieved was 125.66%, while the worst return was -46.65% [3]

资料显示，中国冶金科工股份有限公司位于北京市朝阳区曙光西里28号中冶大厦，成立日期2008年12月 1日，上市日期2009年9月21日，公司主营业务涉及工程承包、资源开发、装备制造、房地产开发及其他 业务。主营业务收入构成为：工程承包90.83%，特色业务7.10%，综合地产2.02%，其他0.05%。 华夏沪深300ETF（510330）基金经理为赵宗庭。 12月1日，中国中冶涨5.03%，截至发稿，报3.34元/股，成交6.79亿元，换手率1.15%，总市值692.17亿 元。 从中国中冶十大流通股东角度 数据显示，华夏基金旗下1只基金位居中国中冶十大流通股东。华夏沪深300ETF（510330）三季度减持 92.72万股，持有股数6558.16万股，占流通股的比例为0.32%。根据测算，今日浮盈赚取约1049.31万 元。 华夏沪深300ETF（510330）成立日期2012年12月25日，最新规模2280.61亿。今年以来收益17.91%，同 类排名2666/4206；近一年收益19.89%，同类排名2394/4008；成立以来收益141.79%。 华夏中证基建ETF（159635）基金经理为严筱娴。 ...

Core Viewpoint - The article discusses the upcoming shareholder meeting for the Shenwan Hongyuan Tian Tian Zeng and Tian Tian Li money market funds, focusing on the proposed change of management to Shenwan Lixin Fund Management Co., Ltd. and the transformation of the funds into money market funds [1]. Meeting Agenda - The main agenda of the meeting includes the proposal to change the management of the Shenwan Hongyuan Tian Tian Li and Tian Tian Zeng money market funds to Shenwan Lixin Fund Management Co., Ltd. [1]. - If the proposal is approved, the asset management contracts will be modified accordingly, with detailed changes provided in the meeting announcement [1]. Voting Methods - Various voting methods are available for shareholders, including paper voting, SMS voting, online voting, and telephone voting, with specific details to be confirmed by the management [2]. Voting Participation Guide - For individual investors, SMS and online voting are the most convenient methods. SMS voting will involve receiving a message with voting instructions, while online voting can be done through the Shenwan Hongyuan Securities app or WeChat [3][4]. - Successful participation in voting will result in a cash reward, with details provided after the voting process [4][8]. Voting Timeline - The voting period for the funds will start on November 17, 2025, and end on December 12, 2025, with specific dates for the rights registration and voting commencement outlined [7].

根据上银基金管理有限公司（以下简称"本公司"）与华泰证券股份有限公司(以下简称"华泰证券")签署 的销售协议和相关业务准备情况，自2025年12月1日起，华泰证券将开始销售本公司旗下部分基金。 一、适用基金范围 ■ 注：在遵守基金合同、招募说明书及相关业务公告的前提下，销售机构办理各项基金销售业务的具体日 期、时间、流程、业务类型及费率优惠活动（如有）以销售机构的安排和规定为准。 客户服务电话：95597 2、上银基金管理有限公司 网站：www.boscam.com.cn 客户服务电话：021-60231999 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金投资有风险，投资者在做出投资决策之前，请认真阅读基金合同、招募说 明书（更新）和基金产品资料概要（更新）等法律文件，充分认识基金的风险收益特征和产品特性，认 真考虑基金存在的各项风险因素，并根据自身的投资目的、投资期限、投资经验、资产状况等因素充分 考虑自身的风险承受能力，在了解产品情况及销售适当性意见的基础上，理性判断并谨慎做出投资决 策。本基金管理人提醒投资者基金投资的"买者自负" ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 根据建信基金管理有限责任公司与兴业证券股份有限公司签署的销售协议，自2025年12月1日起，兴业 证券股份有限公司将销售本公司旗下基金如下： ■ 自2025年12月1日起，投资者可在以上销售机构的营业网点办理上述基金的业务，具体业务的办理请参 照本公司及以上销售机构的相关业务规则和流程。投资者欲了解基金产品的详细情况，请仔细阅读基金 产品的基金合同、招募说明书、基金产品资料概要等法律文件。 投资者通过以上券商办理业务时，请按照各代销网点的具体规定执行。 一、新增销售机构如下： 1.兴业证券股份有限公司 地址：福州市湖东路268号 客服电话：95562 网址：https://www.xyzq.com.cn/ 二、建信基金管理有限责任公司联系方式 客户服务热线：400-81-95533(免长途通话费)、010-66228000 网址：http://www.ccbfund.cn 风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产,但不保证基金一定盈利，也 不保证最低收益。投资者投 ...

Core Insights - Ping An Fund has taken over the management of Wanlian Securities' public collective fund, marking a significant shift in the asset management landscape [1] - This transition is part of a broader trend among securities firms to convert their collective asset management products into public offerings ahead of the 2025 deadline set by regulatory requirements [6] Group 1 - Wanlian Securities announced that its Wanlian Tiantianli money market fund will now be managed by Ping An Fund, which is a rare instance of a management change between non-affiliated institutions [1] - The redemption period for existing holders of the collective fund shares is set from November 28 to December 5, during which they can choose to redeem their shares or automatically convert them into shares of the new Ping An fund [3] - Other securities firms, such as Northeast Securities and Caida Securities, are also pursuing similar transitions to public fund management, indicating a growing trend in the industry [3][4] Group 2 - As of the end of Q3 this year, the combined management scale of Northeast Securities' asset management plans was 9.244 billion, and after the transition to Dongcai Fund, the management scale is expected to exceed 40 billion [3] - The asset management plans of Caida Securities are also being transferred to China Europe Fund Management, with a voting deadline for holders set for December 7 [4] - The 2018 asset management regulations require securities firms to complete the public offering transformation of their collective funds by the end of 2025, with nearly a hundred products still pending transformation as of November 30 [6]

Group 1 - Ping An Fund has taken over the management of Wanlian Securities' public collective fund, which has been renamed "Ping An Tian Tian Li Money Market Fund" [2] - Wanlian Securities announced a redemption period from November 28 to December 5, allowing holders of the collective fund shares to redeem their shares [4] - Other securities firms, such as Northeast Securities and Caida Securities, have also announced similar transitions to public fund management [4][5] Group 2 - According to the 2018 asset management regulations, securities firms must complete the public offering transformation of their collective funds by the end of 2025, indicating an urgent need for compliance as the deadline approaches [6] - As of November 30, nearly one hundred large collective products have yet to complete their transformation [7]

Core Viewpoint - Xiaomi Group's stock price has experienced a significant decline, prompting the company's founder, Lei Jun, to take measures to support the stock price through share buybacks and personal stock purchases [2][4]. Group 1: Stock Performance and Actions - Xiaomi's stock price has dropped by 40.4% from its historical high of 61.45 HKD on June 27 to a low of 36.62 HKD [2]. - On November 24, Lei Jun purchased 2.6 million shares at approximately 38.58 HKD each, increasing his ownership to 23.26% [2]. - Prior to Lei Jun's purchase, Xiaomi had repurchased 21.5 million shares for a total of 8.11 billion HKD (approximately 7.4 billion RMB) at prices around 37.61 HKD and 37.92 HKD [2]. Group 2: Fund Activity and Market Sentiment - The number of public funds heavily invested in Xiaomi surged from 90 to 130 in Q2 2024, reaching a peak of 487 by Q2 2025 [5][6]. - However, by Q3 2025, the number of funds holding Xiaomi shares plummeted to 266, indicating a nearly 50% reduction in just one quarter [6]. - Notable fund managers, including Xie Zhiyu and Li Xiaoxing, significantly reduced their holdings in Xiaomi during Q3 2025, with several funds dropping Xiaomi from their top ten holdings [7][9]. Group 3: Future Outlook and Challenges - Xiaomi faces critical challenges, including safety controversies surrounding its automotive division and rising memory costs impacting its smartphone business [4]. - Fund managers expressed concerns about declining profitability in the electric vehicle sector, which may affect investor sentiment towards Xiaomi [9][10].