Core Insights - Yan'ao Co., Ltd. (300923.SZ) released its semi-annual report for 2025 on August 28, 2025, indicating significant institutional investment in the company [1] Institutional Holdings - As of August 27, 2025, five institutional investors disclosed holdings in Yan'ao Co., Ltd., totaling 37.6867 million shares, which represents 47.95% of the company's total share capital [1] - The institutional investors include Changchun Yan'ao Group Co., Ltd., Changchun Yan'ao Tongren Investment Partnership (Limited Partnership), China Construction Bank Corporation - Nuoan Multi-Strategy Equity Securities Investment Fund, UBS AG, and Penghua CSI High-Speed Rail Industry Index (LOF) A [1] - Compared to the previous quarter, the total institutional holding percentage increased by 0.55 percentage points [1] Public Fund Disclosures - During this period, two new public funds were disclosed compared to the previous quarter, including Nuoan Multi-Strategy Mixed A and Penghua CSI High-Speed Rail Industry Index (LOF) A [1]

Group 1 - The core viewpoint of the news is that the China Railway Industry Index has experienced a decline, reflecting the overall performance of listed companies in the high-speed rail sector [1][2]. - The China Railway Industry Index fell by 1.12% to 1257.9 points, with a trading volume of 6.628 billion yuan on June 19 [1]. - Over the past month, the index has decreased by 2.06%, by 3.75% over the last three months, and by 7.44% year-to-date [2]. Group 2 - The index includes companies involved in high-speed rail infrastructure, rolling stock, electrical engineering, communication equipment, information systems, and operations [2]. - The top ten weighted companies in the index are: Beijing-Shanghai High-Speed Railway (15.18%), Daqin Railway (15.13%), CRRC Corporation (14.95%), China Railway Group (10.81%), China Railway Construction (6.95%), Teradyne (3.19%), Tunnel Corporation (2.61%), China Railway Signal & Communication (2.53%), Inner Mongolia First Machinery Group (2.31%), and Times Electric (2.1%) [2]. - The index's holdings are primarily listed on the Shanghai Stock Exchange (84.89%) and the Shenzhen Stock Exchange (15.11%) [2].