Group 1 - Kexin Technology (688788.SH) released its semi-annual report for 2025 on August 27, 2025, showing that as of August 26, 2025, seven institutional investors disclosed holding a total of 6.4158 million A-shares, accounting for 4.08% of the total share capital [1] - The proportion of institutional holdings decreased by 1.42 percentage points compared to the previous quarter [1] - Two new public funds were disclosed this period, including Changxin National Defense Military Industry Quantitative Mixed A and Zhonggeng Small Cap Value Stock, while twelve public funds were not disclosed compared to the previous quarter [1] Group 2 - One insurance fund increased its holdings this period, specifically Qianhai Life Insurance Co., Ltd. - Dividend Insurance Product Huatai Combination, with an increase of 0.7% [2] - One pension fund was not disclosed this period, which is also Qianhai Life Insurance Co., Ltd. - Dividend Insurance Product [2]

Group 1 - The National Military-Civilian Integration Industry Investment Fund Phase II has been established with a registered capital of 59.6 billion yuan, focusing on private equity investment, investment management, and asset management [1] - The fund's shareholders include various government entities and major military enterprises, indicating strong state support and involvement from the military-industrial complex [1] - The first phase of the fund, established in 2018 with a registered capital of 51 billion yuan, has invested in over 110 projects, demonstrating a track record of active investment in the military-civilian integration sector [1] Group 2 - Military-civilian integration aims to deeply embed national defense and military modernization into the economic and social development system, enhancing resource availability for sustainable development [2] - Recent policies have been introduced to accelerate military-civilian integration, including the establishment of industry funds and reforms in defense research and procurement systems [2] - The projected market size for military-civilian integration in China is expected to reach 7.3 trillion yuan by 2024, with civilian sectors contributing 6.27 trillion yuan and military sectors 1.03 trillion yuan [2] Group 3 - The military-civilian integration industry plays a crucial role in the midstream of the industrial chain, impacting both upstream manufacturers and downstream application sectors [3] - Key areas with significant military-civilian integration potential include infrastructure, defense technology, and emerging fields such as artificial intelligence and renewable energy, which can enhance national defense capabilities while promoting economic growth [3]