Company Overview - Xianying Technology Co., Ltd. is located in Bao'an District, Shenzhen, Guangdong Province, and was established on July 4, 2011. The company went public on September 22, 2021. Its main business involves the research, production, and sales of various signal converters, signal conversion cables, signal expansion docks, and power adapters [1]. Financial Performance - As of November 5, Xianying Technology's stock price increased by 5.28%, reaching 40.88 CNY per share, with a trading volume of 161 million CNY and a turnover rate of 6.35%. The total market capitalization is 3.975 billion CNY [1]. - The revenue composition of the main business includes: signal conversion and expansion products (54.66%), molds and precision structural components (28.75%), power adapters (15.50%), and others (1.09%) [1]. Shareholder Information - Among the top ten circulating shareholders of Xianying Technology, a fund under Dacheng Fund holds a significant position. The Dacheng CSI 360 Internet + Index A Fund (002236) increased its holdings by 38,600 shares in the third quarter, totaling 512,900 shares, which accounts for 0.8% of the circulating shares. The estimated floating profit today is approximately 1.0514 million CNY [2]. - The Dacheng CSI 360 Internet + Index A Fund was established on February 3, 2016, with a current scale of 788 million CNY. Year-to-date returns are 39.08%, ranking 1058 out of 4216 in its category; the one-year return is 49.27%, ranking 488 out of 3901; and since inception, the return is 228.01% [2]. Fund Management - The fund manager of the Dacheng CSI 360 Internet + Index A Fund is Xia Gao, who has been in the position for 10 years and 338 days. The total asset size of the fund is 2.494 billion CNY, with the best return during his tenure being 228.01% and the worst return being -71.74% [3].

Core Viewpoint - Huahai Chengke's stock price dropped by 5.01% to 95.00 CNY per share, with a trading volume of 153 million CNY and a turnover rate of 3.01%, resulting in a total market capitalization of 7.666 billion CNY [1] Company Overview - Jiangsu Huahai Chengke New Materials Co., Ltd. was established on December 17, 2010, and went public on April 4, 2023. The company is located in Lianyungang Economic and Technological Development Zone, Jiangsu Province [1] - The main business involves the research, production, and sales of electronic packaging materials for semiconductor devices, special devices, integrated circuits, rare earth permanent magnet motors without iron cores, and LED brackets. The revenue composition is as follows: epoxy encapsulation materials 92.80%, adhesives 6.23%, and others 0.98% [1] Shareholder Information - Among the top ten circulating shareholders of Huahai Chengke, one fund from Jiashi Fund ranks as a significant shareholder. Jiashi Competitiveness Preferred Mixed A (010437) entered the top ten circulating shareholders in the third quarter, holding 813,900 shares, which accounts for 1.55% of the circulating shares. The estimated floating loss today is approximately 4.078 million CNY [2] - Jiashi Competitiveness Preferred Mixed A (010437) was established on February 24, 2021, with a latest scale of 2.999 billion CNY. Year-to-date returns are 55.69%, ranking 581 out of 8,150 in its category; the one-year return is 53.99%, ranking 596 out of 8,043; and since inception, it has a loss of 24.99% [2]

Core Points - Zhongke Jincai experienced a decline of 5.05% on November 5, with a stock price of 29.15 CNY per share and a total market capitalization of 9.913 billion CNY [1] - The company, established on December 10, 2003, and listed on February 28, 2012, specializes in application software development, technical services, and related computer information system integration services [1] - The revenue composition of Zhongke Jincai includes: 50.81% from data center comprehensive services, 31.66% from financial technology comprehensive services, 14.01% from artificial intelligence comprehensive services, and 3.52% from other services [1] Shareholder Analysis - Huabao Fund's ETF, Huabao Zhongzheng Financial Technology Theme ETF (159851), is among the top ten circulating shareholders of Zhongke Jincai, having increased its holdings by 2.7005 million shares in Q3, totaling 5.5759 million shares, which represents 1.66% of the circulating shares [2] - The ETF has a current scale of 12.319 billion CNY and has achieved a year-to-date return of 23.18%, ranking 2310 out of 4216 in its category [2] - Over the past year, the ETF has returned 26.23%, ranking 1675 out of 3901, and since its inception, it has returned 76.32% [2] Fund Management - The fund managers of Huabao Zhongzheng Financial Technology Theme ETF are Chen Jianhua and Cao Xucheng [3] - Chen Jianhua has a tenure of 12 years and 322 days, managing assets totaling 27.86 billion CNY, with the best fund return of 174.33% and the worst return of -49.65% during his tenure [3] - Cao Xucheng has been in the position for 168 days, managing assets of 35.182 billion CNY, with the best return of 89.91% and the worst return of 6.02% during his tenure [3]

Core Insights - The company has shown significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 240.29 billion and net profit at 32.42 billion, reflecting year-on-year increases of 16.86% and 40.85% respectively [2][4] - The company is optimistic about the robotics sector, establishing a dedicated robotics division and building overseas production bases to enhance global competitiveness [3] - The liquid cooling industry is experiencing rapid growth, with the company positioned as a global leader in key components, benefiting from the demand expansion driven by AI data centers [4] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 240.29 billion, up 16.86% year-on-year, and a net profit of 32.42 billion, up 40.85% year-on-year [2] - In the third quarter alone, revenue was 77.67 billion, reflecting a 12.77% increase, while net profit reached 11.32 billion, up 43.81% year-on-year [2] Profitability Drivers - The increase in gross margin is attributed to a shift in product mix towards high-margin competitive products, economies of scale, and cost reduction strategies [2] - The net profit growth is a result of the "精兵强将" strategy implemented since the second half of the previous year, aimed at improving overall operational quality [2] Robotics Sector Development - The company views robotics as a core future industry, anticipating a transformation in the global economic landscape with traditional labor-intensive jobs being replaced by efficient, intelligent robots [3] - A robotics division has been established, and overseas production bases are under construction to optimize supply chain and support future capacity expansion [3] Liquid Cooling Industry Positioning - The company is a leader in the liquid cooling sector, benefiting from the rapid development of AI data centers [4] - Current product focus includes components for external and refrigerant sides, with plans to extend offerings to server-side products as a new growth driver [4] Capacity Utilization - The company has adjusted its investment strategy to match production capacity with order demand, avoiding overcapacity issues [6] - Current capacity utilization rates are aligned with market demand, and the company is committed to maintaining efficient production management [6] Capital Expenditure Plans - Future capital expenditures will focus on global capacity layout, ongoing R&D investment, and digital transformation to support long-term growth in core businesses [7] - Ongoing projects include capacity construction in Poland, Thailand, Mexico, and various locations in China [7]

Company Overview - Jinpan Technology Co., Ltd. is located in Haikou, Hainan Province, and was established on June 3, 1997. The company went public on March 9, 2021. Its main business involves the research, production, and sales of power distribution and control equipment products used in new energy, high-end equipment, and energy-saving environmental protection sectors [1]. Business Segmentation - The revenue composition of Jinpan Technology is as follows: Power distribution equipment accounts for 87.05%, energy storage series 9.59%, photovoltaic power station business 1.90%, installation engineering business 0.73%, other (supplementary) 0.54%, and digital overall solutions 0.19% [1]. Stock Performance - On November 5, Jinpan Technology's stock rose by 5.16%, reaching a price of 77.71 yuan per share, with a trading volume of 1.181 billion yuan and a turnover rate of 3.48%. The total market capitalization is 35.73 billion yuan [1]. Shareholder Information - Among the top ten circulating shareholders of Jinpan Technology, a fund under Southern Fund holds a significant position. The Southern CSI 500 ETF (510500) increased its holdings by 44,100 shares in the third quarter, bringing its total to 4.061 million shares, which represents 0.88% of the circulating shares. The estimated floating profit today is approximately 15.4725 million yuan [2]. Fund Manager Profile - The fund manager of Southern CSI 500 ETF (510500) is Luo Wenjie, who has a cumulative tenure of 12 years and 201 days. The fund's total asset size is 170.445 billion yuan, with the best fund return during his tenure being 151.59% and the worst being -47.6% [3].

Core Viewpoint - The announcement of the appointment of Zhou Mi as the new fund manager for Dongfang Alpha Advantage Industry Mixed Fund (009644) is significant, indicating a shift in management that may impact fund performance and investor sentiment [1]. Fund Management Changes - Zhou Mi has been appointed as the fund manager effective November 5, 2025, alongside Tang Lei, who will continue in the role [1]. - The net asset value of Dongfang Alpha Advantage Industry Mixed Fund was reported at 1.8439 as of November 4, 2025, reflecting a 1.4% decline from the previous day, but a substantial increase of 40.26% over the past year [1]. Zhou Mi's Background - Zhou Mi holds a Master's degree in Applied Mathematics from Renmin University of China and has extensive experience in the investment sector, having held various roles in asset management and investment firms since 2008 [2]. - His previous positions include senior roles at China Re Asset Management, Ping An Securities, and Jin Xin Fund Management, where he managed multiple funds with notable performance [2]. Fund Performance History - Zhou Mi has managed several public funds with varying scales and returns, including: - Jin Xin Transformation Innovation Growth Mixed Fund A, achieving a return of 74.48% during his tenure [3]. - Jin Xin Quantitative Selected Mixed Fund A, with a return of 112.21% [3]. - Dongfang Alpha Preferred Mixed Fund A, which has delivered a return of 15.90% since March 3, 2023 [3]. - The Dongfang Alpha Industry Pioneer Mixed Fund, which Zhou Mi will manage starting July 1, 2025, has already shown a return of 43.65% [3]. Notable Investment Decisions - Zhou Mi's management of Jin Xin Transformation Innovation Growth Mixed Fund A included a significant investment in Longi Green Energy, which yielded an estimated return of 390.0% over a holding period of more than two years [3].

从 2016 年成立的第一只 " 瑞系列 "—— 招商瑞庆混合，发展成为数十只 " 瑞系列 " 的含权产品 矩阵；从 "+" 的多元化开始探索，到招商安和、招商安康、招商安宁等数只量化红利低波策略的 " 安系列 " 初具规模；从朴素笼统的居民理财升级理念，到今天涵盖零售、互联网、机构等多类客 群，对每只产品风险收益比精益求精刻画的背后，招商基金如何打造 " 固收 +" 进化样本？ 更早的 " 固收 +" ：从 " 瑞系列 " 到全面的风险谱系产品线 早期的 " 固收 +" 约等于 " 债券 + 股票 " 模式，固收打底、股票增强策略，以少量的权益仓位争取 收益的弹性，这大概是市场对于 " 固收 +" 概念的初印象。 2025 年是 " 固收 +" 迎来长足发展的一年，业绩迭创新高，规模持续攀升，更重要的是持有人实实 在在地拥有了获得感：在产品回撤有限的前提下，获得了一定的绝对收益，产品净值多次创下新高， 股债市场波动间依然有不错的持有体验。 其中，招商基金作为业内领先的 " 固收 +" 管理人，旗下多只 " 固收 +" 产品在近一年持续突破新 高：截至 9 月 30 日，高波产品（权益仓位约 20-30% ） ...

Group 1 - The core point of the news is that E Fund Management Co., Ltd. has increased its stake in Cathay Securities (02611.HK) by purchasing 6.8064 million shares at an average price of HKD 15.1381 per share, totaling approximately HKD 103 million [1] - Following this transaction, E Fund's total shareholding in Cathay Securities has risen to 251,501,749 shares, increasing its ownership percentage from 6.98% to 7.17% [1][2]

Group 1 - The core point of the news is that E Fund Management Co., Ltd. has increased its stake in CITIC Securities (06030.HK) by purchasing 4.231 million shares at an average price of HKD 30.791 per share, totaling approximately HKD 130 million [1][2] - Following this transaction, E Fund's total shareholding in CITIC Securities has risen to 186,648,050 shares, increasing its ownership percentage from 6.96% to 7.12% [1][2]

Core Insights - E Fund Management Co., Ltd. increased its stake in China International Capital Corporation (CICC) by purchasing 4.6892 million shares at an average price of HKD 22.5864 per share, totaling approximately HKD 106 million [1][2] - Following this transaction, E Fund's total shareholding in CICC rose to 172,428,000 shares, increasing its ownership percentage from 8.81% to 9.06% [1][2] Summary by Category - **Transaction Details** - E Fund Management acquired 4.6892 million shares of CICC at an average price of HKD 22.5864 per share [1][2] - The total investment amounted to about HKD 106 million [1] - **Shareholding Changes** - E Fund's total shares held in CICC increased to 172,428,000 [1] - The ownership percentage increased from 8.81% to 9.06% [1]