Group 1 - Qian Wenhai has been elected as the chairman of both Zheshang Securities and Guodu Securities, marking a significant leadership change in the brokerage industry [1] - The dual role of Qian Wenhai is expected to enhance business synergy between the two firms, particularly in investment banking and asset management, which may positively impact stock prices [1] - This development may trigger increased expectations for mergers and acquisitions among small and medium-sized brokerages, potentially reshaping the industry landscape [1] Group 2 - Nearly 2,000 public funds reported a total profit of 101.3 billion yuan in the third quarter, indicating strong market resilience [2] - Technology innovation assets remain the primary focus for fund allocations, with policies supporting sectors like artificial intelligence and semiconductors driving investment interest [2] - The positive outlook for the technology sector may attract more capital, benefiting from both policy incentives and economic recovery [2] Group 3 - Public funds have significantly increased their self-purchase of equity funds to 3.5 billion yuan this year, surpassing last year's total [3] - This self-purchase trend reflects fund managers' confidence in their research capabilities and aims to align their interests with those of investors [3] - The influx of institutional self-purchases may enhance market attention on related funds, benefiting the equity sector, especially high-quality targets [3] Group 4 - Guosheng Financial Holdings has officially changed its name to Guosheng Securities, with a new leadership team in place [4] - The rebranding signifies a strategic shift towards a focus on securities business, which may improve market recognition and brand effect [4] - The new management is expected to facilitate business integration and resource optimization, potentially leading to positive stock performance [4]

Core Insights - Tianrong Tianyu (300988.SZ) released its Q3 2025 report on October 27, 2025, indicating a total of 3 institutional investors holding shares, amounting to 3.55 million shares, which represents 2.53% of the total share capital [1] - The institutional holding ratio increased by 0.70 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include China Bank Co., Ltd. - Zhaoshang Quantitative Selected Stock Fund, J.P. Morgan Securities PLC - Proprietary Fund, and China Everbright Bank Co., Ltd. - Zhaoshang Growth Quantitative Stock Selection Fund [1] - The total institutional holding ratio is now 2.53% [1] Public Funds - Two new public funds were disclosed this period compared to the previous quarter, namely Zhaoshang Quantitative Selected Stock Initiated A and Zhaoshang Growth Quantitative Stock Selection A [1] - A total of 34 public funds were not disclosed this period, including CITIC Prudential Multi-Strategy Mixed (LOF) A, GF Technology Innovation Mixed A, and others [1] Foreign Investment - One new foreign institution was disclosed this period, J.P. Morgan Securities PLC - Proprietary Fund [1] - One foreign institution, BARCLAYS BANK PLC, was not disclosed this period compared to the previous quarter [1]

Core Viewpoint - Tianyi Medical (301097.SZ) reported a decline in institutional ownership in its Q3 2025 financial results, with a total of 4 institutional investors holding 1.4158 million shares, representing 2.40% of the total share capital, down by 1.10 percentage points from the previous quarter [1] Institutional Investors - A total of 4 institutional investors disclosed their holdings in Tianyi Medical, with a combined shareholding of 1.4158 million shares [1] - The institutional investors include: - China Merchants Bank Co., Ltd. - Penghua Hongjia Flexible Allocation Mixed Securities Investment Fund - Shanghai Xishirun Investment Management Co., Ltd. - Xishirun Beiyue No. 3 Private Securities Investment Fund - Jiangsu Zhaoxin Private Fund Management Co., Ltd. - Zhaoxin Collective No. 1 Private Securities Investment Fund - Industrial and Commercial Bank of China Co., Ltd. - CITIC Prudential Multi-Strategy Flexible Allocation Mixed Securities Investment Fund (LOF) [1] - The total institutional ownership percentage decreased to 2.40% compared to the previous quarter [1] Public Funds - One new public fund disclosed its holdings this quarter, namely CITIC Prudential Multi-Strategy Mixed (LOF) A [1] - A total of 49 public funds were not disclosed in this quarter compared to the previous quarter, including: - Yuanxin Yongfeng Ju You A - Yuanxin Yongfeng Medical Health A - Nuoan Multi-Strategy Mixed A - Yuanxin Yongfeng Xingyuan A - Penghua Double Bonds Poly Bond B [1]

Core Insights - Xiangming Intelligent (301226.SZ) released its Q3 2025 report on October 27, 2025, indicating significant institutional investor interest in the company [1] Institutional Holdings - As of October 26, 2025, four institutional investors disclosed holdings in Xiangming Intelligent A-shares, totaling 62.2746 million shares, which represents 57.24% of the company's total equity [1] - The institutional holding percentage decreased by 0.77 percentage points compared to the previous quarter [1] Public Fund Activity - One public fund, Baodao Growth Intelligent Navigation Stock A, increased its holdings during this period, with an increase ratio of 0.73% [1] - A total of 30 public funds did not disclose their holdings this quarter, including notable funds such as CITIC Prudential Multi-Strategy Mixed (LOF) A and CITIC Prudential Economic Preferred Mixed A [1]

Group 1 - The core viewpoint of the news is that 威力传动 (300904.SZ) has reported an increase in institutional holdings, indicating growing investor interest [1] - As of October 26, 2025, a total of 10 institutional investors hold shares in 威力传动, with a combined holding of 5.8876 million shares, representing 8.13% of the total share capital [1] - The top ten institutional investors include notable entities such as 国投创合, 中国工商银行, and 中国太平洋人寿, with their combined holding ratio increasing by 0.29 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, 交银主题优选混合A, increased its holdings by 0.22%, while another fund, 诺安先锋混合A, saw a slight decrease in holdings [2] - Two new public funds were disclosed this quarter, including 交银瑞思混合(LOF) and 工银物流产业股票A, while 36 public funds were not disclosed this quarter [2] - In the insurance sector, 中国太平洋人寿保险股份有限公司 increased its holdings slightly, indicating a positive trend in insurance investment [2]

Core Viewpoint - The article emphasizes the potential of "fixed income +" products as a suitable investment tool for participating in the current A-share market while managing risks effectively [1][2]. Market Environment - The current market environment presents opportunities in both equity and bond markets, with limited downside potential for bonds and a gradual increase in risk appetite driven by macroeconomic factors [2]. - The expectation of incremental policies in the fourth quarter is fostering optimism regarding macroeconomic recovery and corporate earnings improvement [2]. Performance of "Fixed Income +" Products - "Fixed income +" products have shown strong performance, with the secondary bond fund index yielding nearly 8% over the past year, outperforming the China Bond Index while exhibiting lower volatility [1][2]. - The number and scale of secondary bond funds have increased significantly, with the count rising from 564 to 635 and total assets growing from 719.17 billion to 839.76 billion, representing increases of 13% and 17% respectively [1]. Fund Management and Strategy - The newly launched "Jianxin Fengze Bond Fund" aims to flexibly capture opportunities across equity and bond markets, with a minimum of 80% of assets allocated to bonds and 5% to 20% to equities [4]. - The fund will be managed by experienced fund managers, 彭紫云 and 薛玲, who bring a combined 24 years of experience in securities and fund management [4][6]. Historical Performance of Existing Funds - Jianxin's existing bond funds have demonstrated significant performance, with the Jianxin Dual Bond Enhanced Bond A achieving a 6-month return of 3.28%, significantly outperforming its benchmark [5]. - Jianxin has successfully launched nine secondary bond fund products, with three established for over ten years, achieving total returns exceeding 100% [7].

Core Viewpoint - The ideal product for investors is one that they occasionally remember but mostly forget, emphasizing a focus on risk-reward ratio and client experience over extreme rankings and market noise [1]. Group 1: Investment Philosophy - The investment philosophy is shaped by years of managing large funds, focusing on safety margins and long-termism, aiming for steady returns rather than just high net value [1][4]. - The approach includes a "macro long-term perspective" combined with "mid-level industry analysis" to identify promising sectors and validate them through thorough research [5][9]. - Emphasis is placed on the importance of valuation, considering static and dynamic return on equity (ROE) and being cautious of seemingly low price-to-earnings ratios during industry peaks [5][6]. Group 2: Market Insights - The manager has a positive long-term outlook on A-shares, believing they were significantly undervalued as of August last year, driven by China's manufacturing and technological advancements [9]. - The focus on non-ferrous metals is based on the long-term outlook of the declining dollar credit system, identifying resource commodities as beneficial [9][10]. - The demand for gold remains strong due to its status as a preferred reserve asset for central banks, which supports its long-term price strength [9]. Group 3: Risk Management - The investment strategy includes a cautious approach to technology stocks, drawing parallels between the current AI wave and the 2000 internet bubble, highlighting the risks associated with financing environments [10]. - The manager maintains a low exposure to certain tech assets while focusing on other sectors to provide steady returns and reduce unnecessary volatility [10].

Core Insights - The new fund issuance market is experiencing significant growth, with many funds ending their fundraising early and 20 funds being fully subscribed within a single day [1] Fund Issuance Trends - Since September, several funds have completed their fundraising ahead of schedule, indicating a strong demand in the market [1] - The Huatai-PineBridge Yingtai Stable 3-Month Holding Period Mixed FOF Fund, which started issuing on October 23, saw subscription funds exceed the upper limit of 5 billion yuan on its first day [1] - The China Europe Value Navigation Mixed Fund also announced the completion of its fundraising in one day, with a total issuance scale of 1.97 billion yuan [1] - Other funds, such as the Huashang Hong Kong Stock Connect Value Return Mixed Fund and the Bodao Huihong Value Growth Mixed Fund, also reported first-day subscription funds surpassing the upper limit of 1 billion yuan [1] Market Sentiment - Industry experts note a significant recovery in the issuance of equity funds, driven by a positive market outlook and the profitability of equity funds [1] - The increasing market enthusiasm is contributing to a cyclical pattern where "market recovery leads to capital inflow and product popularity" [1]

A-shares - The average return of private equity macro strategies has reached 24.54% year-to-date as of October 16, significantly higher than the expected average return of 8.21% for the entire year of 2024 [2] - As of October 23, 20 listed companies have seen brokerages among their top ten circulating shareholders, with a total holding value of nearly 5 billion yuan [3] - Over 600 listed companies in A-shares have distributed more than 300 billion yuan in cash dividends for the first half of the year, with an additional 300 billion yuan in dividends pending [4] - By October 22, 43 stocks have been identified as held by the social security fund, with a total market value exceeding 15.5 billion yuan [4] Financial Management - The global trading volume of the renminbi has surged to 817 billion USD daily, accounting for 8.5% of the global foreign exchange market, with the gap between the renminbi and the pound narrowing [5] - As of October 22, 17 listed brokerages have announced mid-year dividends totaling 7.949 billion yuan [6] - The number of private equity firms with over 10 billion yuan in assets has surpassed 100, with four new additions since the end of September [6] Economic Indicators - In September, the total electricity consumption in China reached 888.6 billion kWh, a year-on-year increase of 4.5% [8] - Shanghai's GDP for the first three quarters reached 4.072 trillion yuan, growing by 5.5% year-on-year, surpassing the national growth rate of 5.2% [8] - In September, China's automobile exports reached 652,000 units, a month-on-month increase of 6.7% and a year-on-year increase of 21% [8] - The engineering machinery import and export trade amounted to 5.505 billion USD in September, with exports growing by 29.6% year-on-year [9] - Domestic tourism saw 4.998 billion trips taken by residents in the first three quarters, an increase of 18% compared to the previous year [9]

三、实力团队护航：深耕量化研究，铸就稳健基石 中加基金始终坚持"忠您所托，信赖有加"服务理念和长期价值投资理念，以维护持有人利益为最大己 任，股债中长期投资能力均得到权威评价机构的认可，体现了市场对中加基金整体投研体系、风险管理 能力和长期投资成效的广泛认可：截至2025年6月末，中加基金近十年纯债类基金业绩排名市场第1名 （数据来源：海通证券），近四年主动股票投资管理能力排名市场第9名（数据来源：银河证券）。 一、布局正当时：北证50指数配置价值凸显 近年来，随着我国多层次资本市场体系不断完善，北京证券交易所（以下简称"北交所"）作为服务创新 型中小企业的主阵地，其战略地位与市场关注度持续提升。北证50成份指数（899050.BJ）作为北交所 市场的核心标杆，汇聚了市值规模大、流动性强、最具代表性的50家上市公司。截至2025年6月末，北 证50成分股40%为专精特新企业，88%为高新技术企业，在当前宏观经济迈向高质量发展、产业结构加 速优化升级的背景下，与国家政策导向高度契合，已成为投资者布局"专精特新"企业、分享科技创新与 产业升级红利的重要窗口。 从市场表现看，北证50指数展现出显著的成长弹性与进攻特 ...