Group 1 - The core point of the news is that Runhe Software's stock price has decreased by 5.02%, currently trading at 58.14 CNY per share, with a total market capitalization of 463.03 billion CNY [1] - Runhe Software, established on June 29, 2006, and listed on July 18, 2012, primarily provides software and information technology services, with its main revenue sources being financial technology (52.01%), smart IoT (35.43%), and smart energy information (11.67%) [1] - The trading volume for Runhe Software reached 26.37 billion CNY, with a turnover rate of 5.77% [1] Group 2 - According to data, Wanjia Fund has a significant holding in Runhe Software, with its Wanjia CSI Software Service ETF (560360) reducing its stake by 2.99 million shares in the second quarter, now holding 147,800 shares, which constitutes 5.06% of the fund's net value [2] - The Wanjia CSI Software Service ETF (560360) has a current scale of 1.49 billion CNY and has achieved a year-to-date return of 28.19%, ranking 2259 out of 4220 in its category [2] - The fund manager, He Fangzhou, has been in charge for 1 year and 179 days, with the fund's total asset size at 2.746 billion CNY, achieving a best return of 84.58% during his tenure [3]

Group 1 - The core viewpoint of the news is that Shouhang New Energy (301658.SZ) has reported significant institutional investment, with 19 institutional investors holding a total of 94.71 million shares, representing 22.97% of the company's total equity as of August 25, 2025 [1] - The top ten institutional investors collectively hold 22.93% of the shares, with a notable increase of 22.92 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, eight funds have reduced their holdings compared to the previous quarter, including notable funds such as the Fortune CSI All-Share Securities Company ETF and the Invesco CSI Robot Industry ETF [2] - A total of 330 public funds have not disclosed their holdings this quarter, including funds like the Guolian An CSI Pharmaceutical 100A and the Guotai CSI 800 Automotive and Parts ETF [2]

Core Viewpoint - Wanji Fund announced the appointment of He Fangzhou as a new fund manager for the Wanji CSI Software Service ETF, while Yang Kun has left the position [1][2]. Group 1: Fund Manager Changes - He Fangzhou has previously held positions at Huatai-PineBridge Fund Management Co., Ltd. and Da Cheng Fund Management Co., Ltd. [1] - He Fangzhou joined Wanji Fund in June 2022 and is currently a fund manager in the quantitative investment department [1]. Group 2: Fund Performance - The Wanji CSI Software Service ETF was established on June 13, 2024, and as of June 25, 2025, it has achieved a year-to-date return of 5.16% and a cumulative return of 40.40% since inception [1]. - The cumulative net value of the fund is reported to be 1.4040 yuan [1].

Core Viewpoint - CITIC Securities has made significant adjustments to its ETF holdings, increasing positions in certain ETFs while reducing others, indicating a strategic shift in investment focus towards specific sectors and market segments [1][9]. Group 1: ETF Holdings Overview - CITIC Securities holds the largest position in the Huaxia SSE 50 ETF with a market value of 2 billion yuan, despite a reduction of 50.91 million shares [2][3]. - The second largest holding is the Huaxia CSI A500 ETF, valued at 1.846 billion yuan, reflecting a stable investment strategy as no changes in holdings were reported [2][3]. - The Southern CSI 1000 ETF has seen an increase of 25.51 million shares, indicating a focus on small-cap stocks, which are expected to perform well in the current market environment [2][4]. Group 2: Increases in Holdings - The Southern CSI 1000 ETF was increased by 255 million shares, highlighting CITIC Securities' positive outlook on small-cap stocks and emerging industries [4][5]. - The Tianhong CSI Bank ETF was increased by 6.534 million shares, reflecting confidence in the banking sector amid a favorable macroeconomic environment [5][6]. - The E-Fund SSE 50 ETF saw an increase of 4.492 million shares, emphasizing the importance of large-cap blue-chip stocks in the investment strategy [5][6]. Group 3: Reductions in Holdings - CITIC Securities reduced its holdings in the Southern CSI 500 ETF by 860 million shares, indicating caution towards mid-cap stocks due to potential market uncertainties [7][8]. - The Huaxia SSE 50 ETF also experienced a reduction of 509 million shares, suggesting a strategic shift in focus away from large-cap stocks [7][8]. - The Southern MSCI China A50 ETF was reduced by 261 million shares, further reflecting a cautious approach to blue-chip stocks in the current market context [7][8]. Group 4: New Entrants and Exits - CITIC Securities entered the top ten holders of 46 new non-cash ETFs, indicating a diversification strategy to capture various market opportunities [9][10]. - The firm exited the top ten holders of the Hai Fu Tong SSE Urban Investment Bond ETF, Southern CSI 300 ETF, and the China Merchants CSI Dividend ETF, marking a significant portfolio adjustment [14][15].