Core Viewpoint - Hengji Daxin (002492.SZ) reported its Q3 2025 results, highlighting a significant institutional investment presence with 43.08% of total shares held by four institutional investors, indicating growing confidence in the company [1] Institutional Holdings - As of October 29, 2025, four institutional investors disclosed holdings in Hengji Daxin A-shares, totaling 174 million shares, which represents 43.08% of the company's total equity [1] - The institutional holding percentage increased by 0.24 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 21 public funds were disclosed, which were not reported in the previous quarter, including notable funds such as Everbright Prudent Quantitative Stock A and Huaxia Ruipan Taili Mixed A [1]

Core Insights - Yahua Group (002497.SZ) reported its Q3 2025 results, revealing that 16 institutional investors hold a total of 91.19 million A-shares, accounting for 7.91% of the company's total equity [1] - The top ten institutional investors collectively hold 7.76% of Yahua Group's shares, with a decrease of 1.12 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Yahua Group shares has remained stable, with a total of 16 investors disclosing their holdings [1] - The top ten institutional investors include notable entities such as Shanghai Pudong Development Bank and China Agricultural Bank, indicating a diverse investment base [1] Public Fund Activity - In the public fund sector, two funds increased their holdings, while eight funds reduced their stakes, with a total reduction rate of 0.68% [2] - Three new public funds disclosed their holdings for the period, while 245 funds did not disclose their holdings this quarter, indicating a significant turnover in public fund participation [2] Foreign Investment - One new foreign institution, Hong Kong Central Clearing Limited, disclosed its holdings in Yahua Group during this period, reflecting ongoing interest from foreign investors [2]

Core Insights - The trend of global central banks increasing gold reserves continues, with the People's Bank of China having added gold for 11 consecutive months, surpassing 2300 tons in total holdings [2] - The gold ETF market has seen record inflows, with a total of $26 billion in the third quarter of 2025, bringing total assets under management to $472 billion, nearing historical peaks [2] - The recent Federal Reserve interest rate cut and the end of balance sheet reduction are expected to support gold prices, alongside ongoing demand from central banks and ETFs [1][2] Market Performance - As of October 30, 2025, the gold ETF fund (159937) decreased by 1.07%, with a latest price of 8.58 yuan, while it had a 5.27% increase over the past month [1] - The trading volume for the gold ETF was 619 million yuan, with an average daily trading volume of 2.406 billion yuan over the past month, ranking it among the top three comparable funds [1] Future Outlook - The core logic driving gold prices upward remains unchanged, with ongoing uncertainties in U.S. trade policy and a weak dollar expected to persist [3] - The trend of de-dollarization and adjustments in global central bank foreign exchange reserves are anticipated to increase gold allocation demand [3] - The gold ETF has seen a net outflow of 381 million yuan recently, but over the past ten trading days, there were net inflows on six days, totaling 3.455 billion yuan [3]

Core Insights - Haoshi Electromechanical (300503.SZ) reported its Q3 2025 results on October 30, 2025, highlighting a significant increase in institutional ownership [1] Institutional Ownership - As of October 29, 2025, eight institutional investors disclosed holding a total of 28.75 million shares of Haoshi Electromechanical, representing 9.33% of the company's total share capital [1] - The institutional ownership increased by 4.22 percentage points compared to the previous quarter [1] Public Fund Activity - Two public funds increased their holdings during this period, including the E Fund National Robot Industry ETF and Guodu Innovation Drive, with an increase in holding proportion of 1.74% [1] - A total of 20 public funds did not disclose their holdings compared to the previous quarter, including notable funds such as Invesco Great Wall National Robot Industry ETF and Huashang National Robot Industry Index A [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings, contributing an increase of 0.17% [1]

Core Viewpoint - Wangbian Electric (603191.SH) reported its Q3 2025 results, indicating a decrease in institutional investor holdings compared to the previous quarter [1] Institutional Holdings - As of October 29, 2025, two institutional investors disclosed holdings in Wangbian Electric A-shares, totaling 4.7652 million shares, which represents 1.43% of the total share capital [1] - The institutional holding ratio decreased by 0.21 percentage points compared to the previous quarter [1] Public Fund Holdings - One new public fund was disclosed in this period, namely the Southern Quantitative Growth Stock [1] - A total of 39 public funds were not disclosed in this period compared to the previous quarter, including notable funds such as Bosera Specialized New Theme Mixed A, China Merchants CSI 2000 Index Enhanced A, and Guotai Junan Quantitative Multi-Factor A [1]

公募基金方面，本期较上一季未再披露的公募基金共计30个，主要包括建信灵活配置混合A、国金量化 多因子A、国金量化精选A、工银中证1000指数增强A、泓德瑞兴三年持有期混合等。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即確資有限公司，持股减少占比小幅下 跌。 2025年10月30日，合富中国(603122.SH)发布2025年第三季报。截至2025年10月29日，共有5个机构投资 者披露持有合富中国A股股份，合计持股量达2.24亿股，占合富中国总股本的56.25%。其中，机构投资 者包括合富(香港)控股有限公司、確資有限公司、聯方有限公司、上海员裕企业管理咨询中心(有限合 伙)、中国平安人寿保险股份有限公司-新分红8号-委托(交行)，机构投资者合计持股比例达56.25%。相 较于上一季度，机构持股比例合计下跌了0.58个百分点。 ...

Core Insights - Nanhua Fund's actively managed equity funds ranked 20th among 152 comparable fund managers in absolute return over the three years ending September 30, 2025, indicating strong performance in the industry [1] - The company emphasizes a clear investment style and strategy to cater to various risk preferences, aiming for wealth enhancement through well-researched products [1][3] Investment Strategies - Nanhua Fenghui focuses on investing in stocks of companies with sound governance, stable operations, excellent performance, and sustainable growth potential, employing a diversified and flexible investment strategy [1] - Nanhua Fengchun, managed by Xu Chao, targets high-end manufacturing sectors such as humanoid robots and solid-state batteries, aiming for steady asset appreciation through a forward-looking and research-driven approach [2] - Nanhua Ruiying demonstrates strong flexible allocation capabilities, with a stock asset ratio of 60%-95%, focusing on emerging consumption and AI applications to capture multi-layered investment opportunities [2] Research and Management - Under the leadership of experienced fund managers, Nanhua Fund aims to balance value and growth in its product line, translating research capabilities into tangible results [3] - The company maintains a long-term investment philosophy, prioritizing the interests of its investors while managing risks and capturing opportunities in a complex market environment [3]

Group 1 - The core point of the news is that Huaxia Fund has completed the application process for the first expansion and acquisition of infrastructure projects for the Huaxia Fund Huayun REIT (508077) in 2024, receiving approval from the China Securities Regulatory Commission and a no-objection letter from the Shanghai Stock Exchange [1][2] - The infrastructure project to be acquired is the Youchao Majiao project located in Minhang District, Shanghai, which officially opened in March 2023 and is recognized as a demonstration project for affordable rental housing in Shanghai [1] - The Youchao Majiao project offers a multi-tiered rental housing product and has received multiple recognitions, including the "Shanghai Talent Housing Project" and "Minhang District First Batch of Talent Station Pilot Project" [1] Group 2 - The expansion and acquisition of infrastructure projects by public REITs is a significant feature of public REIT products and an important measure to promote the healthy development of public REITs [2] - The expansion of Huaxia Fund Huayun REIT will facilitate a positive cycle between existing and new assets, providing investors with further opportunities to participate in the development of affordable rental housing [2] - The current acceleration of public REITs expansion is contributing to the advancement of public REITs in China to a new level [2]

Core Viewpoint - Nongshim Technology's stock price dropped by 5.17% to 22.40 CNY per share, with a trading volume of 110 million CNY and a turnover rate of 9.70%, resulting in a total market capitalization of 2.24 billion CNY [1] Company Overview - Nongshim Technology Co., Ltd. is located in Xi'an, Shaanxi Province, and was established on June 7, 2006, with its listing date on August 19, 2022 [1] - The company's main business involves the research, production, and sales of pesticide formulations, with revenue composition as follows: insecticides 46.76%, fungicides 30.49%, herbicides 13.16%, and others 9.59% [1] Fund Holdings - Huian Fund has a significant holding in Nongshim Technology, with its Huian Multi-Strategy Mixed A Fund (005109) holding 86,600 shares, accounting for 0.96% of the fund's net value, making it the third-largest holding [2] - The fund has experienced a floating loss of approximately 105,700 CNY today [2] Fund Performance - The Huian Multi-Strategy Mixed A Fund was established on November 22, 2017, with a latest scale of 84.49 million CNY [2] - Year-to-date return is 48.66%, ranking 1384 out of 8152 in its category; the one-year return is 43.91%, ranking 1566 out of 8038; and since inception, the return is 105.93% [2]

| 基金募集申请获中国证监会注册的文号 | | | | 证监许可【2025】1656 | | --- | --- | --- | --- | --- | | | | | | ਲੈਂ | | 基金募集期间 | | | | 自 2025年10月9日 | | | | | | 至 2025年10月24日 | | | | | | 止 | | 验资机构名称 | | | | 立信会计师事务所(特 | | | | | | 殊普通合伙) | | 募集资金划入基金托管专户的日期 | | | | 2025年10月28日 | | 募集有效认购总户数(单位:户) | | | | 3.540 | | 份额类别 | 因素稳健漆利债 | | 因素稳健漆利债 | 合计 | | 券A | | | 券C | | | 募集期间净认购金额(单 | | 1.381.735.026.34 | 243.634.851.59 | 1.625.369.877.93 | | 位:元) | | | | | | 认购资金在募集期间产生 | | 599.085.88 | 85.419.51 | 684.505.39 | | 的利息(单位:元) | | | | | | ...