Group 1 - The core viewpoint of the news is that Changchun Gas has seen a significant increase in its stock price, rising by 5.2% to 5.46 yuan per share, with a total market capitalization of 3.325 billion yuan [1] - Changchun Gas, established on June 8, 1993, and listed on December 11, 2000, primarily engages in urban pipeline gas business, municipal engineering construction, vehicle gas business, and clean energy development [1] - The main revenue composition of Changchun Gas includes gas sales at 73.83%, gas installation at 14.96%, and other services at 11.21% [1] Group 2 - CITIC Prudential Fund's multi-strategy mixed fund (LOF) A has entered the top ten circulating shareholders of Changchun Gas, holding 2.7239 million shares, which is 0.45% of the circulating shares [2] - The fund has achieved a year-to-date return of 34.49%, ranking 1664 out of 8180 in its category, and a one-year return of 68.39%, ranking 1195 out of 7978 [2] Group 3 - The fund manager of CITIC Prudential multi-strategy mixed fund (LOF) A, Jiang Feng, has a tenure of 5 years and 145 days, with the best fund return during this period being 107.9% [3] - Wang Ying, another fund manager, has a tenure of 8 years and 203 days, with the best fund return being 49.16% during her tenure [3]

Core Viewpoint - Victory Co., Ltd. has shown a significant increase in stock price, with a rise of 5.14% to 3.89 CNY per share, reflecting strong trading activity and a market capitalization of 3.424 billion CNY [1] Company Overview - Victory Co., Ltd. is located in Jinan, Shandong Province, and was established on May 11, 1994, with its listing date on July 3, 1996. The company operates in sectors including plastic pipelines, biotechnology, domestic and foreign trade, chemical pesticides, and natural gas terminal application services [1] - The revenue composition of the company is primarily from natural gas and value-added services at 76.33%, while equipment manufacturing contributes 23.67% [1] Shareholder Information - CITIC Prudential Fund has a presence among the top ten circulating shareholders of Victory Co., Ltd. The CITIC Prudential Multi-Strategy Mixed Fund (LOF) A (165531) entered the top ten in the second quarter, holding 7.648 million shares, which is 0.87% of the circulating shares. The estimated floating profit for today is approximately 1.4531 million CNY [2] - The CITIC Prudential Multi-Strategy Mixed Fund (LOF) A (165531) was established on June 16, 2017, with a latest scale of 1.245 billion CNY. Year-to-date returns are 37.87%, ranking 1682 out of 8184 in its category, while the one-year return is 72.06%, ranking 1156 out of 7971 [2] Fund Manager Performance - The fund manager for CITIC Prudential Multi-Strategy Mixed Fund (LOF) A is Jiang Feng, who has been in the position for 5 years and 143 days, managing a total fund size of 5.782 billion CNY. The best fund return during his tenure is 112.87%, while the worst is 2.62% [3] - Another fund manager, Wang Ying, has been in the role for 8 years and 201 days, overseeing a fund size of 3.835 billion CNY, with a best return of 54.13% and a worst return of -8.42% during her tenure [3] Fund Holdings - CITIC Prudential Fund also holds a significant position in Victory Co., Ltd. through the CITIC Prudential Economic Selection Mixed Fund A (020151), which held 1.4768 million shares in the second quarter, accounting for 0.9% of the fund's net value. The estimated floating profit for today is around 280,600 CNY [4] - The CITIC Prudential Economic Selection Mixed Fund A (020151) was established on February 26, 2024, with a latest scale of 126 million CNY. Year-to-date returns are 39.65%, ranking 1502 out of 8184, while the one-year return is 74.45%, ranking 1043 out of 7971 [4]

Group 1 - Zhongyuan Home's stock increased by 9.97% on September 2, reaching a price of 15.44 CNY per share, with a trading volume of 48.5862 million CNY and a turnover rate of 2.73%, resulting in a total market capitalization of 1.948 billion CNY [1] - Zhongyuan Home, established on November 16, 2001, and listed on February 8, 2018, is located in Anji County, Zhejiang Province, and specializes in the research, production, and sales of sofa and other furniture products. The revenue composition is as follows: functional sofas 68.28%, fixed sofas 23.82%, others 6.36%, and additional 1.54% [1] Group 2 - Among the top ten circulating shareholders of Zhongyuan Home, CITIC Prudential Fund has a fund that entered the list in the second quarter, holding 1.8243 million shares, which accounts for 1.46% of the circulating shares. The estimated floating profit today is approximately 2.554 million CNY [2] - CITIC Prudential Multi-Strategy Mixed Fund (LOF) A (165531) was established on June 16, 2017, with a latest scale of 1.245 billion CNY. Year-to-date return is 37.87%, ranking 1682 out of 8184 in its category; the one-year return is 72.06%, ranking 1156 out of 7971; and since inception, the return is 133.46% [2] Group 3 - The fund managers of CITIC Prudential Multi-Strategy Mixed Fund (LOF) A (165531) are Jiang Feng and Wang Ying. As of the report, Jiang Feng has a tenure of 5 years and 143 days, with a total fund asset size of 5.782 billion CNY, achieving a best fund return of 112.87% and a worst return of 2.62% during his tenure [3] - Wang Ying has a tenure of 8 years and 201 days, with a total fund asset size of 3.835 billion CNY, achieving a best fund return of 54.13% and a worst return of -8.42% during her tenure [3]

Group 1 - The stock price of Weiman Sealing has dropped by 5.05% on September 2, reaching 33.85 CNY per share, with a trading volume of 127 million CNY and a turnover rate of 6.91%, resulting in a total market capitalization of 4.062 billion CNY [1] - Weiman Sealing has experienced a continuous decline for 9 days, with a cumulative drop of 22.3% during this period [1] - The company, Shanghai Weiman Sealing Technology Co., Ltd., was established on November 19, 2008, and went public on September 14, 2022, focusing on the research, production, and sales of hydraulic and pneumatic sealing products [1] Group 2 - Citic Prudential Fund's multi-strategy mixed fund (LOF) A (165531) has entered the top ten circulating shareholders of Weiman Sealing, holding 350,000 shares, which accounts for 0.66% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 630,000 CNY, with a total floating loss of 3.5805 million CNY during the 9-day decline [2] - The fund has achieved a return of 37.87% this year, ranking 1682 out of 8184 in its category, and a return of 72.06% over the past year, ranking 1156 out of 7971 [2] Group 3 - The fund manager of Citic Prudential multi-strategy mixed fund (LOF) A (165531) is Jiang Feng, who has a tenure of 5 years and 143 days, with a total fund asset size of 5.782 billion CNY and a best fund return of 112.87% during his tenure [3] - Wang Ying, another fund manager, has a tenure of 8 years and 201 days, managing a fund asset size of 3.835 billion CNY, with a best fund return of 54.13% during her tenure [3]

Quantitative Models and Construction Methods 1. Model Name: Diffusion Index Timing - Initial Threshold Method (Left-Side Trading) - **Model Construction Idea**: The model uses the proportion of stocks in the "Wind Micro-Cap Index" that have been in an upward trend over the past 20 trading days as a diffusion index. It applies a threshold-based strategy to determine market timing[65][66] - **Model Construction Process**: - When the diffusion index exceeds 0.9, the strategy signals to exit positions (empty portfolio) - When the diffusion index falls below 0.1, the strategy signals to fully enter positions (full portfolio) - In other periods, the signal from the previous period is maintained - The model requires a full position before signaling an empty position, and vice versa[66] - **Model Evaluation**: - The model failed to outperform the "Wind Micro-Cap Index" in-sample - It struggled to identify major bear markets in 2024, leading to a "buy-the-dip" behavior - However, it captured the bottom well in 2025 and aligned with the upward trend[66] - **Key Signal**: Triggered an empty portfolio signal on May 8, 2025[66] 2. Model Name: Diffusion Index Timing - Delayed Threshold Method (Right-Side Trading) - **Model Construction Idea**: This model modifies the left-side trading approach by introducing momentum-based logic, aiming to avoid premature reversals[69] - **Model Construction Process**: - If the diffusion index was above 0.9 the previous day and falls below 0.9 today, the strategy signals to exit positions - If the diffusion index was below 0.1 the previous day and rises above 0.1 today, the strategy signals to fully enter positions - In other periods, the signal from the previous period is maintained[69] - **Model Evaluation**: - The model failed to outperform the "Wind Micro-Cap Index" in-sample - It avoided premature exits during the 2024 bull market, preserving gains - The strategy's net value reached a new high recently, but overall performance in 2025 was mediocre[69] - **Key Signal**: Triggered an empty portfolio signal on May 15, 2025[69] 3. Model Name: Diffusion Index Timing - Dual Moving Average Method (Adaptive Trading) - **Model Construction Idea**: This model introduces a dual moving average approach to adapt to market trends, reducing reliance on fixed thresholds[72] - **Model Construction Process**: - The short-term moving average is the 10-day moving average (MA) of the diffusion index - The long-term moving average is the 20-day MA of the short-term moving average - When the short-term MA crosses above the long-term MA, the strategy signals to fully enter positions - When the short-term MA crosses below the long-term MA, the strategy signals to exit positions[72] - **Model Evaluation**: - The model controlled drawdowns effectively in-sample - It avoided significant losses during the 2024 bear market and preserved gains during the bull market - However, the model showed some instability in trend recognition due to parameter smoothing issues[72] - **Key Signal**: Triggered an empty portfolio signal on August 4, 2025[72] --- Model Backtesting Results 1. Initial Threshold Method - **Key Signal**: Empty portfolio signal on May 8, 2025[66] 2. Delayed Threshold Method - **Key Signal**: Empty portfolio signal on May 15, 2025[69] 3. Dual Moving Average Method - **Key Signal**: Empty portfolio signal on August 4, 2025[72]

Group 1 - The core viewpoint of the news is that Jinpu Garden experienced a decline in stock price, dropping by 5.02% to 9.47 CNY per share, with a trading volume of 120 million CNY and a turnover rate of 8.30%, resulting in a total market capitalization of 1.742 billion CNY [1] - Jinpu Garden is primarily engaged in landscape greening construction projects, with its main business revenue composition being 97.29% from engineering construction, 2.25% from landscape design, 0.39% from seedling and building material sales, and 0.07% from other sources [1] Group 2 - Among the top circulating shareholders of Jinpu Garden, CITIC Prudential Fund has a fund that entered the top ten shareholders, holding 2.7916 million shares, which accounts for 1.86% of the circulating shares, with an estimated floating loss of approximately 1.3958 million CNY [2] - The CITIC Prudential Multi-Strategy Mixed Fund (LOF) A has achieved a return of 41.61% this year, ranking 893 out of 8194 in its category, and a return of 80.96% over the past year, ranking 656 out of 7963 [2] Group 3 - The fund managers of CITIC Prudential Multi-Strategy Mixed Fund (LOF) A are Jiang Feng and Wang Ying, with Jiang Feng having a tenure of 5 years and 137 days and a best fund return of 118.36% during his tenure [3] - Wang Ying has a tenure of 8 years and 195 days, with a best fund return of 52.12% during her tenure [3]

Group 1 - The core viewpoint of the news is that Tai Xiang Co., Ltd. experienced a decline in stock price, with a drop of 5.39% to 32.64 CNY per share, and a total market capitalization of 3.261 billion CNY [1] - Tai Xiang Co., Ltd. specializes in the research, development, manufacturing, and sales of automotive parts, aiming to become a global supplier of core components for power and transmission systems that meet international standards [1] - The company's main revenue sources are aluminum castings (55.59%), spindle covers (34.66%), differential housings (7.48%), materials (2.11%), molds (0.11%), and other minor sources [1] Group 2 - Among the top ten circulating shareholders of Tai Xiang Co., Ltd., CITIC Prudential Fund's multi-strategy mixed fund (LOF) A entered the list in the second quarter, holding 850,000 shares, which accounts for 1.78% of the circulating shares [2] - The fund has reported a year-to-date return of 41.61% and a one-year return of 80.96%, ranking 893 out of 8194 and 656 out of 7963 respectively [2] - The fund manager, Jiang Feng, has a tenure of 5 years and 137 days, with a total fund size of 5.782 billion CNY, achieving a best return of 118.36% during his tenure [3]

Core Viewpoint - Shenke Co., Ltd. (002633.SZ) reported a decline in institutional ownership in its semi-annual report for 2025, with a total of 36.7461 million shares held by three institutional investors, representing 24.50% of the total share capital, a decrease of 2.78 percentage points from the previous quarter [1] Institutional Investors - As of August 26, 2025, three institutional investors disclosed their holdings in Shenke Co., Ltd., with a combined ownership of 36.7461 million shares, accounting for 24.50% of the total share capital [1] - The institutional investors include Beijing Huachuang Yisheng Asset Management Center (Limited Partnership), Shandong Yicheng Yigou Technology Co., Ltd., and China Industrial Bank Co., Ltd. - CITIC Prudential Multi-Strategy Flexible Allocation Mixed Securities Investment Fund (LOF) [1] - The total institutional ownership percentage decreased by 2.78 percentage points compared to the previous quarter [1] Public Funds - One new public fund disclosed its holdings during this period, namely CITIC Prudential Multi-Strategy Mixed (LOF) A [1] Foreign Investment - There were no new disclosures from foreign institutions in this period, with Morgan Stanley & Co. International PLC not reporting any holdings compared to the previous quarter [1]

Group 1 - The core viewpoint of the article is that Heshun Petroleum (603353.SH) has reported an increase in institutional investor holdings, reaching a total of 75.70 million shares, which accounts for 43.66% of the company's total share capital as of August 26, 2025 [1] - A total of five institutional investors have disclosed their holdings in Heshun Petroleum, with the institutional holding ratio increasing by 0.87 percentage points compared to the previous quarter [1] - The newly disclosed public funds during this period include two funds: CITIC Prudential Multi-Strategy Mixed (LOF) A and CITIC Prudential Economic Preferred Mixed A [1]

Core Insights - Yitong New Materials (300930.SZ) released its semi-annual report for 2025 on August 26, 2025, indicating a total of 2 institutional investors holding shares, amounting to 4.37% of the total share capital [1] - The institutional investors include Hangzhou Cizheng Equity Investment Partnership (Limited Partnership) and Industrial and Commercial Bank of China - CITIC Prudential Multi-Strategy Flexible Allocation Mixed Securities Investment Fund (LOF), with a total holding of 4.37% [1] - Compared to the previous quarter, the institutional holding ratio increased by 0.32 percentage points [1] - In the public fund sector, one new public fund was disclosed this period, namely CITIC Prudential Multi-Strategy Mixed (LOF) A [1]