Core Viewpoint - The company, as a non-ferrous metal smelting enterprise, indicates that its raw material pricing follows the industry standard of "product market price minus processing fees," which means that fluctuations in metal prices directly impact profitability [1] Group 1 - The company's profit levels are positively influenced by rising prices of metals such as gold, silver, and copper [1] - Conversely, declines in the prices of these metals can adversely affect the company's profits [1]

Core Viewpoint - The casting aluminum market is experiencing a weak trend, influenced by macroeconomic factors and geopolitical tensions, leading to increased market volatility and cautious trading behavior [1][2]. Group 1: Market Performance - The main contract for casting aluminum alloy (2602) closed at 21,265 yuan, down 35 yuan, with a decline of 0.16% [1]. - The trading volume for the day was 5,739 lots, an increase of 1,145 lots, while the open interest decreased by 1,166 lots to 16,018 lots [1]. - The average price for casting aluminum alloy ingots (A356.2) was reported at 23,300 yuan/ton, down 100 yuan [1]. Group 2: Supply and Demand Dynamics - The supply of scrap aluminum is tight, with rising demand from recycling aluminum enterprises, which supports the price of scrap aluminum [2]. - Despite some price declines in certain aluminum alloy varieties, the purchasing enthusiasm from downstream enterprises has increased, indicating a relatively active market atmosphere [2]. - The overall industry profit remains low due to high inventory levels and a surplus supply environment, despite the strong cost support from scrap aluminum prices [2]. Group 3: Macroeconomic Influences - Geopolitical tensions, particularly in the Middle East and the ongoing Russia-Ukraine situation, have heightened market risk aversion [1]. - The U.S. government's actions regarding Venezuela have further escalated market tensions, contributing to a cautious outlook among traders [1]. - The Federal Reserve's cautious stance on further interest rate cuts adds to the uncertainty in the market, particularly during the low trading activity typical of the Christmas week [1].

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Views of the Report - **Copper**: Overnight, domestic and international copper prices fluctuated narrowly, with domestic refined copper spot imports remaining in a loss. The Fed officials have significant differences in the expected interest rate cuts next year, and the market focuses on whether the new Fed chairman can maintain the independence of monetary policy. China's LPR has remained unchanged for seven consecutive months. The 2026 copper concentrate long - term processing fee benchmark has been set at $0/ton and $0/cents per pound. LME copper inventory decreased by 2,650 tons, Comex inventory increased by 4,247 tons, and SHFE copper warehouse receipts increased by 2,803 tons. With the rise in copper prices, downstream procurement became cautious. Under the loose macro - environment, copper maintains a strong trend. Fundamentally, low inventory and demand resilience support the price, but high prices may suppress some physical purchases. It is recommended to buy on dips but not to chase high prices [1]. - **Aluminum**: Overnight, alumina fluctuated strongly, while Shanghai aluminum and aluminum alloy fluctuated weakly. Several mines increased shipments and large - scale mines resumed production, supporting near - and long - term ore arrivals. Due to the lack of profit in Xinjiang delivery warehouses, warehouse receipts began to flow out, and the increase in imported alumina continued to put pressure on spot alumina. Alumina continued to decline and converged with futures, and the high spot premium continued to narrow. Aluminum ingots with shipping difficulties in Xinjiang may be concentrated in warehouses, facing the pressure of inventory accumulation. After the macro - sentiment is priced in, the upward momentum of aluminum prices is relatively weak, and it will continue to oscillate at a high level [1][2]. - **Nickel**: Overnight, LME nickel rose 2.42% and Shanghai nickel rose 2.82%. LME nickel inventory decreased by 162 tons, and SHFE warehouse receipts increased by 1,320 tons. The Indonesian nickel miners' association plans to significantly reduce nickel ore production in 2026, and the government plans to revise the calculation formula of the nickel commodity's mineral benchmark price. Fundamentally, the domestic social inventory of primary nickel increased slightly, and LME inventory decreased. News boosted nickel prices, but attention should be paid to the actual implementation, and caution should be exercised when chasing high prices [3]. Group 3: Summary According to the Directory 1. Research Views - **Copper**: Overnight price fluctuations, macro - uncertainties, new processing fee benchmark, inventory changes, and downstream procurement caution. Under the loose macro - environment, copper shows a strong trend, but high prices may affect demand. It is recommended to buy on dips [1]. - **Aluminum**: Alumina, Shanghai aluminum, and aluminum alloy price trends, supply - side changes such as mine shipments and warehouse receipt flows, and the pressure on inventory accumulation. Aluminum prices will continue to oscillate at a high level [1][2]. - **Nickel**: Price increases, inventory changes, news - related production reduction plans and benchmark price formula revisions. News boosts prices, but caution is needed [3]. 2. Daily Data Monitoring - **Copper**: On December 22, 2025, the price of flat - water copper was 93,665 yuan/ton, up 1,345 yuan from December 19. LME inventory remained unchanged, SHFE warehouse receipts increased by 2,803 tons, and the total inventory increased by 6,416 tons. The active contract import loss decreased by 1,185.9 yuan [5]. - **Aluminum**: On December 22, 2025, the Wuxi quotation was 21,930 yuan/ton, up 120 yuan from December 19. LME inventory remained unchanged, SHFE warehouse receipts decreased by 100 tons, and the total inventory increased by 515 tons. The social inventory of electrolytic aluminum increased by 1.2 tons, and that of alumina increased by 2.9 tons [6]. - **Nickel**: On December 22, 2025, the price of Jinchuan nickel plate was 125,125 yuan/ton, up 1,725 yuan from December 19. LME inventory remained unchanged, SHFE warehouse receipts increased by 1,320 tons, and the total inventory increased by 603 tons. The social inventory of nickel increased by 2,122 tons [6]. - **Zinc**: On December 22, 2025, the main settlement price was 23,075 yuan/ton, up 0.3% from December 19. LME inventory remained unchanged, SHFE inventory increased by 793 tons, and the social inventory increased by 0.07 tons [8]. - **Tin**: On December 22, 2025, the main settlement price was 342,040 yuan/ton, up 0.9% from December 19. LME inventory remained unchanged, SHFE inventory increased by 704 tons [8]. 3. Chart Analysis - **Spot Premium**: Charts show the spot premium trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][10][12] - **SHFE Near - Far Month Spread**: Charts show the spread trends of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [18][23][24] - **LME Inventory**: Charts show the inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [26][28][30] - **SHFE Inventory**: Charts show the inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [33][35][37] - **Social Inventory**: Charts show the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [39][41][43] - **Smelting Profit**: Charts show the trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2025 [46][48][50] 4. Introduction of the Non - Ferrous Metals Team - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, and a gold intermediate investment analyst. He has over a decade of commodity research experience and his team has won awards [53]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon [53]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel [54].

Report Summary 1. Report's Industry Investment Rating | Variety | Rating (Possibility) | | --- | --- | | Stock Index (IH) | Bullish | | Stock Index (IF) | Bullish | | Stock Index (IC) | Bullish | | Stock Index (IM) | Bullish | | Treasury Bond (TS) | Bullish | | Crude Oil | Bearish | | Methanol | Bearish | | Rubber | Bullish | | Rebar | Bullish | | Hot Rolled Coil | Bullish | | Iron Ore | Bullish | | Gold | Bullish | | Silver | Bullish | | Copper | Bullish | | Aluminum | Bullish | | Lithium Carbonate | Bullish | | Cotton | Bullish | | Apple | Bearish | | Corn | Bullish | | Container Shipping to Europe | Bearish | [5] 2. Core Views of the Report - The long - term upward trend of precious metals remains unchanged due to factors such as the weakening of the US dollar's credit and central bank gold purchases. The overall downward trend of crude oil is hard to change. The short - term outlook for oils and fats is expected to be range - bound. The A - share market is expected to form a long - term and slow - rising bull market pattern. The market anticipates the introduction of loose policies at the beginning of 2026, which has a certain supporting effect on the prices of short - term Treasury bond futures. [2][3][11][12] 3. Summary by Relevant Catalogs 3.1当日主要新闻关注 (Main News Concerns of the Day) - **International News**: Japan will impose a new tax on electric vehicles in May 2028 to make up for the fuel tax gap caused by the popularization of electric vehicles. [6] - **Domestic News**: The Ministry of Commerce has announced temporary counter - subsidy measures on imported dairy products from the EU starting from December 23, 2025. [7] - **Industry News**: The Central Economic Work Conference proposed to adhere to the "dual - carbon" guidance, and the new energy industry in China is expected to have significant development opportunities. [8] 3.2外盘每日收益情况 (Daily Returns of Overseas Markets) - The S&P 500 rose 0.64% from December 19th to December 22nd. The FTSE China A50 futures increased by 0.85%. ICE Brent crude oil continuous rose 2.48%. London gold spot increased by 2.82%, and London silver rose by 3.12%. [10] 3.3主要品种早盘评论 (Morning Comments on Major Varieties) - **Financial**: The long - term and slow - rising bull market pattern of the A - share market is expected to be consolidated. The market's expectation of the introduction of loose policies at the beginning of 2026 has a certain supporting effect on the prices of short - term Treasury bond futures. [11][12] - **Energy and Chemical**: The overall downward trend of crude oil is hard to change. Methanol is expected to be weakly volatile in the short term. Rubber prices are expected to maintain a wide - range oscillation. The short - term outlook for polyolefins is not overly pessimistic. Glass and soda ash are in the process of inventory digestion. [14][15][16][17][18] - **Non - ferrous Metals**: The long - term upward trend of precious metals remains unchanged. Copper prices are affected by factors such as concentrate supply and downstream demand. Zinc prices are affected by factors such as concentrate processing fees and downstream demand. The short - term outlook for aluminum is to pay attention to the guidance of silver and copper, and the long - term outlook is optimistic. The price of lithium carbonate is expected to rise overall. [19][20][21][22][23] - **Black Metals**: The double - coking market is expected to stabilize gradually. The short - term steel prices still have the impetus to rebound, but with limited upside. Iron ore prices are expected to be slightly stronger in the short - term. [24][25][26] - **Agricultural Products**: Protein meal prices are expected to continue to oscillate within a range. Oils and fats are expected to be range - bound in the short term. Sugar prices are expected to be range - bound, and there are signs of stabilization. Cotton prices are supported by multiple positive factors. [27][28][29][30] - **Shipping Index**: The price of container shipping to Europe may reach an inflection point, and the 02 contract is not recommended to be overly optimistic. [31]

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report is a daily report on futures variety arbitrage data from Baocheng Futures on December 23, 2025, presenting the basis, inter - period, and inter - variety data of multiple futures varieties [1]. 3. Summary by Relevant Catalogs 3.1 Power Coal - The report provides the basis data of power coal from December 16 to December 22, 2025. During this period, the basis values were - 74.4, - 83.4, - 90.4, - 98.4, and - 106.4 yuan/ton respectively, and the 5 - month - 1 - month, 9 - month - 1 - month, and 9 - month - 5 - month spreads were all 0 [2]. 3.2 Energy and Chemicals 3.2.1 Energy Commodities - It shows the basis, price ratio, and other data of fuel oil, INE crude oil, and crude oil/asphalt from December 16 to December 22, 2025. For example, the basis of INE crude oil on December 22 was 34.10 yuan/ton [6]. 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from December 16 to December 22, 2025 are provided. For instance, the basis of rubber on December 22 was - 405 yuan/ton [8]. - **Inter - period**: The 5 - month - 1 - month, 9 - month - 1 - month, and 9 - month - 5 - month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - month - 1 - month spread of rubber was - 40 yuan/ton [10]. - **Inter - variety**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 16 to December 22, 2025 are given. For example, the LLDPE - PVC spread on December 22 was 1693 yuan/ton [10]. 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 16 to December 22, 2025 are shown. For example, the basis of rebar on December 22 was 194.0 yuan/ton [20]. - **Inter - period**: The 5 - month - 1 - month, 9(10) - month - 1 - month, and 9(10) - month - 5 - month spreads of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month - 1 - month spread of rebar was - 2.0 yuan/ton [19]. - **Inter - variety**: The inter - variety data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 16 to December 22, 2025 are presented. For example, the rebar/iron ore ratio on December 22 was 4.00 [19]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 16 to December 22, 2025 are provided. For example, the basis of copper on December 22 was - 510 yuan/ton [27]. 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit - loss data of copper, aluminum, zinc, lead, nickel, and tin on December 22, 2025 are given. For example, the LME spread of copper was 6.58 [34]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from December 16 to December 22, 2025 are shown. For example, the basis of soybeans No.1 on December 22 was - 85 yuan/ton [41]. - **Inter - period**: The 5 - month - 1 - month, 9 - month - 1 - month, and 9 - month - 5 - month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are presented. For example, the 5 - month - 1 - month spread of soybeans No.1 was 49 yuan/ton [41]. - **Inter - variety**: The inter - variety data of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, etc. from December 16 to December 22, 2025 are given. For example, the soybeans No.1/corn ratio on December 22 was 1.87 [41]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 16 to December 22, 2025 are provided. For example, the basis of CSI 300 on December 22 was 46.82 [52]. - **Inter - period**: The next - month - current - month and next - quarter - current - quarter spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month - current - month spread of CSI 300 was - 15.2 [52].

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Group 1 - The core point of the article is the completion of the main equipment installation for the intelligent upgrade and transformation project of the grinding workshop at Henan Yuguang Group Co., Ltd. [1] - The upgraded mineral processing process will increase the daily processing capacity of smelting slag from 1,500 tons to 3,500 tons [1]

Investment Rating - The investment rating for the company is "Buy" [2][10]. Core Insights - The company, Shenhuo Co., Ltd., is a leading producer of electrolytic aluminum and coal in China, with a significant integrated supply chain advantage [7][19]. - The electrolytic aluminum sector is expected to experience strong profitability due to limited new capacity and increasing demand from traditional and new energy sectors [10][55]. - The coal business is recovering, with a focus on high-quality coking coal production, benefiting from regional advantages and regulatory constraints on supply [10][19]. - The company has a high return on equity (ROE) and dividend yield, indicating strong financial health and potential for increased shareholder returns [10][17]. - The company's valuation is lower than comparable firms, suggesting significant upside potential [10][17]. Summary by Sections Company Overview - Shenhuo Co., Ltd. was established in 1998 and is primarily engaged in the production and sale of aluminum products and coal, with a total electrolytic aluminum capacity of 1.7 million tons per year [7][19]. - The company has substantial coal reserves, with 1.309 billion tons of total reserves and 605 million tons of recoverable reserves [7][19]. Aluminum Sector - The supply of electrolytic aluminum is constrained by government policies, with a production ceiling of 45 million tons, leading to a favorable pricing environment [44][51]. - Demand for aluminum is expected to grow, driven by traditional sectors like construction and emerging sectors such as electric vehicles and solar energy [55]. Coal Sector - The company produces high-quality coking coal, with annual production capacities of 3.45 million tons of smokeless coal and 5.1 million tons of lean coal [7][19]. - The coal market is stabilizing, with prices expected to recover due to regulatory measures limiting supply [10][19]. Financial Performance - The company's total revenue is projected to grow from 37.625 billion yuan in 2023 to 40.653 billion yuan in 2025, with a net profit forecasted to increase from 5.905 billion yuan to 5.291 billion yuan in the same period [9]. - The company's ROE is expected to remain high, with a TTM ROE of 17.8% as of Q3 2025, indicating strong profitability [10][17]. Valuation Metrics - As of December 19, 2025, the company's PE ratio is 11.2, lower than the average of comparable companies at 13.3 [10][17]. - The company has a dividend payout ratio of 41.6%, with a dividend yield of approximately 3%, positioning it favorably among industry peers [10][17].

Report Industry Investment Rating No relevant content provided. Core Views of the Report The report provides trend judgments and investment suggestions for various futures products based on fundamental and quantitative indicators, and summarizes macro - financial news and market conditions of different industries. It analyzes the supply - demand relationship, price trends, and influencing factors of each product, and gives corresponding trading strategies [2][7][9][14]. Summary by Related Catalogs 1. Fundamental - based Trend Judgment - **Trend空头**: Carbonate lithium [2] - **Oscillating偏空**: Synthetic rubber, lead, etc. [2] - **Oscillating**: Ethylene glycol, zinc, etc. [2] - **Oscillating偏多**: Pulp, short - fiber, etc. [2] 2. Quantitative Indicator - based Trend Judgment - **偏空**: Zhengzhou cotton, PTA, etc. [7] - **Oscillating**: Rebar, plastic, etc. [7] - **偏多**: Rapeseed oil, rapeseed meal, etc. [7] 3. Macro - news - **Regulatory actions**: The National Internet Information Office and the China Securities Regulatory Commission have cracked down on false information in the capital market, and punished accounts spreading rumors and illegally recommending stocks [9]. - **Stock market**: Pingtan Development's stock price fluctuated greatly on December 19th [9]. - **International central bank policies**: The Bank of Japan raised interest rates by 25 basis points to 0.75%, and the yield of 10 - year Japanese government bonds reached a 26 - year high [9]. - **Domestic policies**: The State Council Executive Meeting arranged the implementation of the decisions of the Central Economic Work Conference, and the China Banking and Insurance Regulatory Commission issued a draft regulation on the asset - liability management of insurance companies [10]. - **Corporate news**: ByteDance is expected to achieve a record profit of $50 billion in 2025, with its annual revenue expected to increase by over 20%. It is also promoting cooperation with hardware manufacturers on AI mobile phones [10]. 4. Macro - finance - **Stock index futures**: Pay attention to the continuity and structure of liquidity repair. If realized, the index may strengthen. A - shares are oscillating higher, and it is necessary to pay attention to the economic data from January to February next year and the rhythm of macro - policy implementation [14]. - **Treasury bond futures**: Short - and medium - term bonds may oscillate strongly, but the odds are more important than the direction. The probability of the central bank cutting interest rates next week is relatively low [15]. 5. Black Industry - **Coking coal and coke**: The prices of coking coal and coke may oscillate and rise in the short term, but the potential negative feedback risk still restricts the price increase. The supply of coking coal is expected to shrink, and the downstream replenishment is slow [17]. - **Ferroalloys**: It is recommended to close out previous long positions and pay attention to short - selling opportunities in the short term. The fundamental logic of manganese silicon remains unchanged [18]. 6. Non - ferrous Metals and New Materials - **Zinc**: After the macro - positive factors fade, the price is expected to oscillate lower. It is recommended to hold short positions. The short - term market will focus on overseas macro and domestic supply changes [22]. - **Lead**: It is recommended to continue holding previous short positions. The production of electrolytic lead may decline slightly this week [23]. - **Carbonate lithium**: The short - term demand is weakening, and there may be a short - term correction, but it will rise in the long - term and operate in a wide - range oscillation [24]. - **Industrial silicon and polysilicon**: Industrial silicon may have some valuation repair opportunities, and polysilicon is expected to be strong under the anti - involution policy. Pay attention to low - buying opportunities on dips [25][26]. 7. Agricultural Products - **Cotton**: The short - term supply is loose, but the long - term supply is expected to shrink. The price of Zhengzhou cotton is expected to oscillate strongly in the short term [28]. - **Sugar**: The domestic sugar supply - demand situation is still bearish. It is recommended to wait and see, and be cautious when short - selling at low prices [30]. - **Eggs**: The spot price may rise before the Spring Festival, but the increase may be limited. The contracts after the Spring Festival are under pressure, and the far - month contracts are supported by the expectation of a decline in inventory [32]. - **Apples**: The futures price may oscillate. The sales in the production and sales areas are slow, and the price of high - quality goods is firm [34]. - **Corn**: Pay attention to the spot price changes in the production area. It is recommended to short - sell the far - month contracts at high prices or look for reverse - spread opportunities [35]. - **Red dates**: Pay close attention to the market performance during the peak consumption season, and currently maintain an oscillating view [36]. - **Pigs**: The supply is strong and the demand is weak. It is recommended to short - sell the near - month contracts at high prices [38]. 8. Energy and Chemical Industry - **Crude oil**: The short - term market focuses on geopolitical factors, but the supply surplus is still the main trading line [39]. - **Fuel oil**: The price will follow the oil price, and the short - term focus is on geopolitical impacts [40]. - **Plastic**: Polyolefins are expected to oscillate weakly due to large supply pressure and weak downstream demand [41]. - **Rubber**: It is recommended to stop profiting on the ru - nr spread strategy in the short term and try short - buying on dips [42]. - **Synthetic rubber**: Short - sell at high prices in the short term, and be cautious when chasing short positions on sharp drops [43]. - **Methanol**: The short - term may have some support, and the far - month contracts can be considered for a slightly long - biased allocation after the inventory is smoothly reduced [44]. - **Caustic soda**: Avoid going long on the near - month contracts, and hold long positions on the main contract dynamically [45]. - **Asphalt**: The price fluctuation is expected to increase, and the focus is on the price bottom after the winter storage game [46]. - **Polyester industry chain**: Consider going long on dips, and pay attention to the positive spread opportunities of PX and PTA 5 - 9 contracts [47]. - **Liquefied petroleum gas**: The price may oscillate, with support but limited upward momentum [48]. - **Pulp**: Do not chase long positions in the short term. Consider going long on dips if the spot price is stable [49]. - **Log**: The fundamentals are expected to maintain a weak supply - demand balance, and the price may oscillate [49]. - **Urea**: Maintain an oscillating view and wait to observe the start of the spot market after the end of environmental protection restrictions [51].

Group 1 - The core point of the news is that Yuguang Gold Lead's stock price increased by 5.3% to 11.53 yuan per share, with a trading volume of 379 million yuan and a turnover rate of 2.75%, resulting in a total market capitalization of 13.943 billion yuan [1] - Yuguang Gold Lead Co., Ltd. is located in Jiyuan City, Henan Province, and was established on January 6, 2000, with its listing date on July 30, 2002. The company's main business includes non-ferrous metal smelting and sales, chemical raw materials sales, precious metal smelting, and sales of gold and silver products [1] - The revenue composition of Yuguang Gold Lead includes silver products (25.90%), copper products (25.75%), lead products (21.74%), gold products (21.38%), antimony products (1.66%), zinc products (1.65%), other products (1.27%), and sulfuric acid (0.66%) [1] Group 2 - From the perspective of fund holdings, one fund under Huatai-PineBridge has a significant position in Yuguang Gold Lead. The Huatai-PineBridge Stable Income Mixed A Fund (009736) held 900,000 shares in the third quarter, accounting for 1.26% of the fund's net value, ranking as the tenth largest holding [2] - The Huatai-PineBridge Stable Income Mixed A Fund (009736) was established on July 23, 2020, with a current scale of 524 million yuan. The fund has achieved a return of 7.39% this year, ranking 6182 out of 8170 in its category, and a return of 7.44% over the past year, ranking 6088 out of 8139 [2] Group 3 - The fund manager of Huatai-PineBridge Stable Income Mixed A Fund includes Shao Jiamin, Xu Yiheng, and Li An. Shao Jiamin has a tenure of 20 years and 358 days, with a total fund asset scale of 3.096 billion yuan and a best fund return of 123.53% during his tenure [3] - Xu Yiheng has a tenure of 6 years and 112 days, managing a total fund asset scale of 21.137 billion yuan, with a best fund return of 31.05% during his tenure [3] - Li An has a tenure of 2 years and 52 days, managing a total fund asset scale of 1.433 billion yuan, with a best fund return of 16.6% during his tenure [3]