Core Viewpoint - In Q3 2025, active equity funds significantly adjusted their holdings, increasing allocation to technology stocks while reducing exposure to consumer and banking sectors [1][2]. Group 1: Changes in Major Holdings - The top ten holdings of active equity funds saw a major reshuffle, with Ningde Times reclaiming the top position due to a 60% stock price increase, while Guizhou Moutai dropped from third to tenth place due to minimal price growth of 2.45% [3][5][6]. - The top ten stocks included Ningde Times (75.88 billion), Tencent Holdings (69.94 billion), and new entrants like Xinyi Technology and Zhongji Xuchuang, indicating a shift towards technology [3][4][5]. Group 2: Increased Allocation to Technology - Active equity funds heavily increased their positions in technology stocks, particularly in AI-related sectors, with Industrial Fulian seeing a 214.80% price surge and a significant increase in fund holdings from 0.14% to 1.74% [8][9]. - The top ten stocks with the highest increase in holdings were all from the technology sector, reflecting a collective bet on the AI industry [9][10]. Group 3: Decreased Allocation to Consumer and Banking - Consumer and banking stocks faced substantial reductions in holdings, with Xiaomi Group experiencing the largest decline in market value, dropping by approximately 51% [11][12]. - Other notable declines included Midea Group and Bubble Mart, with significant reductions in both stock price and the number of funds holding these stocks [11][13].

Core Viewpoint - The A-share market is currently experiencing a coexistence of new index highs and structural differentiation, indicating a complex market environment [1] Market Outlook - The low interest rate environment is expected to continue enhancing the attractiveness of equity assets for investors [1] - Economic fundamentals are showing positive signals of steady recovery, which will provide strong support for the market [1] - The overall A-share market is likely to maintain a strong trend in the fourth quarter, although sector styles may further differentiate and experience phase transitions [1] Sector Opportunities - The technology sector's growth momentum is highlighted as a key area of focus [1] - There is an optimistic outlook for overseas AI capital expenditure growth in the next two months, alongside ongoing advancements in the domestic AI industry [1] - The explosive growth in global AI large model training demand is driving sustained orders for hardware suppliers such as high-speed optical modules and storage chips, making the profit realization pace of related companies a core focus [1] - Under the "Consumption Boost Special Action" policy, sectors like home appliances, social services, and automobiles are expected to release recovery elasticity driven by policy implementation and terminal demand recovery [1]

Core Viewpoint - The report highlights the strong financial performance of several optical module companies in their third-quarter results, indicating significant growth in net profits for key players in the industry [1]. Group 1: Company Performance - Zhongji Xuchuang reported a third-quarter net profit of 3.137 billion yuan, representing a quarter-on-quarter increase of 30.06% [1]. - Xinyi Technology achieved a net profit of 6.327 billion yuan in the first three quarters, marking a year-on-year growth of 284.37% [1]. - Shijia Photon recorded a net profit of 300 million yuan for the first three quarters, with a remarkable year-on-year increase of 727.74% [1]. Group 2: Industry Overview - Multiple optical module companies, including Zhongji Xuchuang, Xinyi Technology, and Shijia Photon, have disclosed their third-quarter reports, showcasing robust financial results [1]. - The overall performance of the optical module sector appears to be strong, with significant profit growth across various companies [1].

光模块板块三个主要厂商中际旭创、新易盛、天孚通信的最新季度业绩能否与股价表现相匹配，颇受外 界关注。 10月28日，新易盛上涨1.65%，收410.62元/股，创历史新高。29日盘后发布第三季度财报后，30日新易 盛跌了7.9%。10月15日至29日，天孚通信股价累计涨幅达到30.58%，发布第三季度财报后，30日下跌 了11.56%。30日，中际旭创也跌了1.15%。 三家公司第三季度业绩参差。新易盛和天孚通信最新季度的营收和净利润还在同比增长，但营收环比下 降了，最新财报似乎并未匹配资本市场的期待。30日晚间，中际旭创也发布了最新季度财报，显示第三 季度营收和净利润同比、环比都在增长。 最新季度业绩参差 光模块是光纤通信系统中实现光信号与电信号相互转换的核心器件，是数据中心重要的部件之一，其性 能直接影响网络带宽、延迟和可靠性。据市场研究机构Lightcounting发布的2024年度光模块厂商排名， 中际旭创排名第一，新易盛排名第三。天孚通信则从事多类中高速光器件产品研发和生产。 不论是第三季度还是前三季度，这三家公司的营收和净利润都录得同比增长，且增长幅度不小。 第三季度，天孚通信营收14.63亿元， ...

Core Viewpoint - The report highlights significant shifts in the holdings of actively managed equity funds in the third quarter of 2025, with a notable rise in technology stocks and a decline in traditional consumer stocks like Kweichow Moutai [3][4][6]. Group 1: Fund Holdings Overview - As of September 2025, the total assets under management in the public fund industry reached 35.85 trillion yuan, a quarter-on-quarter increase of 6.30% [3]. - The top three holdings of actively managed equity funds are dominated by technology companies, with CATL reclaiming the top position, surpassing Tencent Holdings [3][4]. - Kweichow Moutai's total market value held by active equity funds decreased to 29.958 billion yuan, down from 30.616 billion yuan in the previous quarter, dropping from third to seventh place among top holdings [3][6]. Group 2: Technology Sector Performance - The technology sector emerged as the primary focus for public fund investments, with seven out of the top ten holdings being technology-related companies [4]. - Notable performers include Xinyi Technology and Zhongji Xuchuang, both of which ranked among the top three heavyweights [4]. - The current market trend indicates a strong and sustained interest in technology stocks, driven by China's economic transformation towards a hard-tech model [4][5]. Group 3: Challenges in Traditional Consumer Sector - The traditional consumer sector, particularly the liquor industry, is facing significant challenges, with 59.7% of liquor companies reporting a decrease in operating profits [6][7]. - The white liquor market is undergoing a deep adjustment phase due to policy changes, consumption structure transformation, and intense competition [6][7]. - The overall sales volume in the liquor industry is expected to decline by over 20% year-on-year, reflecting macroeconomic fluctuations and slow recovery in consumer spending [7][8]. Group 4: Fund Manager Strategies - The top five stocks with increased holdings include Zhongji Xuchuang, Industrial Fulian, ST Huatuo, Dongshan Precision, and Hanwha Technology, all of which are technology companies [9][10]. - Conversely, the top stocks with reduced holdings include Shenghong Technology and Haiguang Information, with significant sell-offs attributed to internal management's actions [11]. - Despite CATL being the top holding, it also appears on the list of reduced holdings, indicating a complex strategy among institutional investors [11].

Group 1: US-China Negotiations and Chip Industry - The recent US-China negotiations focused on chip-related discussions, particularly regarding Nvidia's products, but the outcomes remain unclear, with references to both Blackwell and B30A models [2][2]. Group 2: OpenAI IPO Plans - OpenAI is preparing for an IPO with a target valuation of $1 trillion and plans to raise at least $60 billion, aiming for a 2027 listing [3][4]. - Projected revenue for OpenAI in 2025 is approximately $13 billion, highlighting a significant funding gap that necessitates public market financing [5]. - Recent restructuring has reduced dependency on Microsoft, which still holds about 27% of OpenAI's shares, allowing for a more independent path to the capital market [5][6]. Group 3: North American CSP Performance - Major tech companies like Meta, Microsoft, and Google have increased capital expenditures, with Meta facing pressure due to its spending levels [7][10]. - Meta's AI user base has surpassed 1 billion, and the company is focusing on integrating its AI systems to enhance recommendation accuracy [10]. Group 4: AI Data Center Developments - Microsoft and OpenAI have signed a new agreement, committing to a $250 billion Azure service procurement, which will support AI application development [12]. - Google is expanding its AI infrastructure, including partnerships with Nvidia and self-developed chips, to meet growing customer demands [13]. - The shift in capital expenditure focus towards energy supply and sustainability is anticipated to create significant opportunities in the next 3-5 years [14]. Group 5: Optical Module Demand Forecast - The demand for 1.6T optical modules is expected to reach 30 million units by 2026, driven by Nvidia's and Google's requirements [16]. - Nvidia's GPU architecture is evolving, with increased bandwidth and efficiency, impacting the optical module market [17]. Group 6: Shipment Forecasts - Forecasts for GPU and ASIC shipments indicate significant growth, with Nvidia projected to ship 7.7 million GPGPUs by 2026, reflecting a year-on-year growth of 32% [19]. - The overall market for GPGPU and ASIC is expected to reach $360 billion by 2027, with substantial increases in both unit shipments and market value [19][20].

Core Insights - The article highlights a significant shift in the holdings of actively managed equity funds in Q3 2025, with a notable increase in technology sector allocations and a reduction in consumer and banking stocks [1][2][4] Summary by Sections Changes in Top Holdings - The top ten holdings of actively managed equity funds saw new entries, including two optical module stocks (Xinyi Technology and Zhongji Xuchuang) and one AI server stock (Industrial Fulian) [2] - The list retained seven stocks, with Ningde Times rising from second to first place, while Guizhou Moutai fell from third to tenth [2] Performance of Key Stocks - Ningde Times experienced a substantial stock price increase of 60% in Q3, leading to a significant rise in its market value held by funds, despite a reduction in the number of shares held [3] - Guizhou Moutai's stock price only increased by 2.45%, resulting in a decrease in its market value held by funds and a drop in ranking [4] Fund Allocation Trends - Actively managed equity funds significantly increased their positions in technology stocks, particularly in the AI sector, with Industrial Fulian seeing the largest increase in holdings [5][6] - The top ten stocks with the highest increase in holdings were all from the technology sector, indicating a clear trend towards AI hardware and computing power [6] Decline in Consumer and Banking Stocks - The article notes a substantial decline in the market value of consumer and banking stocks held by actively managed equity funds, with Xiaomi Group and Midea Group experiencing the largest decreases [7][8] - Xiaomi Group's market value dropped by approximately 51%, while Midea Group's fell by about 31%, both due to stock price declines and reduced fund holdings [8] - Banking stocks like China Merchants Bank and Jiangsu Bank also faced significant reductions in holdings, with market values decreasing by 50% and 71%, respectively [9]

光模块板块三个主要厂商中际旭创、新易盛、天孚通信的最新季度业绩能否与股价表现相匹配，颇受外界关注。 10月28日，新易盛上涨1.65%，收410.62元/股，创历史新高。29日盘后发布第三季度财报后，30日新易盛跌了7.9%。10月15日至29日，天孚通信股价累计涨 幅达到30.58%，发布第三季度财报后，30日下跌了11.56%。30日，中际旭创也跌了1.15%。 三家公司第三季度业绩参差。新易盛和天孚通信最新季度的营收和净利润还在同比增长，但营收环比下降了，最新财报似乎并未匹配资本市场的期待。30日 晚间，中际旭创也发布了最新季度财报，显示第三季度营收和净利润同比、环比都在增长。 最新季度业绩参差 光模块是光纤通信系统中实现光信号与电信号相互转换的核心器件，是数据中心重要的部件之一，其性能直接影响网络带宽、延迟和可靠性。据市场研究机 构Lightcounting发布的2024年度光模块厂商排名，中际旭创排名第一，新易盛排名第三。天孚通信则从事多类中高速光器件产品研发和生产。 新易盛和天孚通信最新季度的营收和净利润还在同比增长，但营收环比下降了。 不论是第三季度还是前三季度，这三家公司的营收和净利润都录得同 ...

Core Insights - Public funds in China have achieved a historic milestone, with total A-share holdings surpassing 7 trillion yuan, reaching 7.38 trillion yuan, marking a 22.23% increase from the previous quarter [1] - Contemporary Amperex Technology Co., Limited (CATL) remains the largest holding among public funds, with a total holding value of 207.07 billion yuan, despite a reduction of 50.50 million shares in the third quarter [1] - The optical module sector has emerged as a significant highlight, with leading companies such as Zhongji Xuchuang and Xinyi Sheng gaining substantial investor interest [1][2] Group 1 - Public funds' total A-share market value reached 7.38 trillion yuan, accounting for 20.84% of total fund assets [1] - CATL continues to be the top stock held by public funds, with 2,124 funds holding a total of 5.15 billion shares, representing 12.10% of its circulating shares [1] - Despite a reduction in shares, CATL's stock price increased over 60% in the third quarter, leading to a rise in its holding value [1] Group 2 - Zhongji Xuchuang's holding value increased by 287.89% to 111.07 billion yuan, making it the third-largest holding among public funds [2] - Xinyi Sheng also saw a significant rise, with a holding value of 110.13 billion yuan, reflecting a 253.02% increase [2] - Both Zhongji Xuchuang and Xinyi Sheng have experienced over 300% growth in stock price year-to-date, establishing them as "star stocks" for the third quarter [2]

Market Overview - A-shares experienced fluctuations with all three major indices showing declines, particularly the ChiNext Index which fell nearly 2% and the Shanghai Composite Index dropped below 4000 points [1] - The trading volume in the Shanghai and Shenzhen markets reached 2.42 trillion yuan, an increase of 165.6 billion yuan compared to the previous trading day [1] - The Hong Kong stock market also saw significant volatility, with indices initially declining before recovering towards the end of the trading session [1] Sector Performance - The optical module and innovative drug sectors, previously popular, saw significant declines, with leading companies like Xinyi and Tianfu Communications experiencing sharp drops [1][8] - Conversely, the lithium mining sector surged, with stocks like Yongxing Materials hitting the daily limit and Tianqi Lithium reaching its upper limit [3] - The Green Energy ETF (562010) rose by 1.76%, while the Nonferrous Metal ETF (159876) also increased by over 1% [2][3] ETF Insights - The Nonferrous Metal ETF (159876) saw a trading volume of 68.73 million yuan, with a net inflow of 113.17 billion yuan into the nonferrous metal sector, indicating strong institutional interest [4][5] - The Hong Kong Innovation Drug ETF (520880) fell by 2.54%, reaching a three-month low, but there are indications of potential buying opportunities as funds continue to flow into the sector [8][10] - The ChiNext Artificial Intelligence ETF (159363) experienced a decline of over 3%, but there was significant buying interest with a net purchase of 1.08 million units [1][16] Future Outlook - Analysts from Huatai Securities suggest that after the end of October US-China negotiations, negative market factors may dissipate, potentially leading to a market recovery [2] - The upcoming policy announcements and event-driven opportunities are expected to be significant in the near term [2] - The nonferrous metal sector is anticipated to benefit from the Federal Reserve's recent interest rate cuts, which could lead to increased demand for industrial metals [4][5]