Core Insights - Hai Tian Rui Sheng (688787.SH) reported its Q3 2025 results, revealing that 14 institutional investors hold a total of 17.0976 million A-shares, representing 28.34% of the company's total equity [1] - The top ten institutional investors collectively hold 27.98% of the shares, a decrease of 4.82 percentage points compared to the previous quarter [1] Institutional Holdings - In the public fund sector, two funds increased their holdings, including Jin Xin Quantitative Selected Mixed A and Dongfang Automotive Industry Trend Mixed A, with a slight rise in the proportion of increased holdings [2] - Three new public funds disclosed their holdings this quarter, including Bosera Sci-Tech Board AI ETF, Fuyuan Information Technology Mixed A, and Yinhua Sports Culture Flexible Allocation Mixed A [2] - A total of 147 public funds did not disclose their holdings this quarter, including notable funds like Caitong Asset Management Digital Economy Mixed Initiation A and Manulife Growth Mixed [2] Social Security Fund Holdings - One social security fund, the National Social Security Fund 414 Combination, increased its holdings by 0.17% compared to the previous period [2] - The same social security fund was the only one that did not disclose its holdings in the previous quarter [2]

Group 1 - Aikodi's stock price increased by 5.15% to 22.68 CNY per share, with a trading volume of 321 million CNY and a turnover rate of 1.47%, resulting in a total market capitalization of 23.366 billion CNY [1] - Aikodi Co., Ltd. is located in Ningbo, Zhejiang Province, established on December 8, 2003, and listed on November 17, 2017. The company specializes in the research, production, and sales of automotive aluminum alloy precision die-casting parts [1] - The main revenue composition of Aikodi is 94.40% from automotive-related products, 3.53% from other supplementary products, and 2.07% from industrial products [1] Group 2 - According to data, one fund under Dongfang Fund has a significant holding in Aikodi. The Dongfang Automotive Industry Trend Mixed A Fund (014560) increased its holdings by 78,900 shares in the second quarter, bringing the total to 243,400 shares, which accounts for 4.61% of the fund's net value, making it the second-largest holding [2] - The Dongfang Automotive Industry Trend Mixed A Fund (014560) was established on February 9, 2022, with a latest scale of 51.9937 million CNY. Year-to-date returns are 22.84%, ranking 3753 out of 8154 in its category; the one-year return is 20.94%, ranking 3586 out of 8025; since inception, it has a loss of 9.22% [2] - The fund manager of Dongfang Automotive Industry Trend Mixed A is Li Rui, who has been in the position for 7 years and 316 days, managing total assets of 8.065 billion CNY, with the best fund return during his tenure being 108.84% and the worst being -16.79% [2]

Group 1 - Xiling Power (300733.SZ) released its semi-annual report for 2025, showing that as of August 25, 2025, 12 institutional investors disclosed holding a total of 24.8601 million A-shares, accounting for 8.13% of the total share capital [1] - The top ten institutional investors include China Bank Co., Ltd. - Huaxia Industry Prosperity Mixed Securities Investment Fund, Qianhai Life Insurance Co., Ltd. - Dividend Insurance Products, and others, with a combined holding ratio of 8.06%, which increased by 2.94 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one public fund, Huaxia Industry Prosperity Mixed, increased its holdings slightly, while another fund, Changcheng Core Advantage Mixed A, saw a small decrease in holdings [2] - Six new public funds disclosed their holdings this period, including E-Fund Emerging Growth Mixed and Huatai Bosheng Jinianfeng A, while five public funds were no longer disclosed compared to the previous quarter [2] - In the social security fund sector, one fund, Huaxia Fund Management Co., Ltd. - Social Security Fund 422 Combination, increased its holdings by 0.15% [2]

Core Viewpoint - The performance of key fund managers at Dongfang Fund, particularly Wang Ran and Li Rui, has raised concerns in the market due to their poor investment returns, leading to a potential trust crisis for the company [2][3]. Group 1: Fund Performance - Dongfang Fund currently manages a total of 123.4 billion yuan across 123 funds, but the active equity investment capabilities are under scrutiny due to negative returns [3]. - Wang Ran's three managed funds have all reported negative returns, with the best performance being -8.94% over her tenure [3]. - The Dongfang Quality Consumption One-Year Holding A/C classes have seen returns of -57.93% and -58.31%, with net values dropping to 0.424 yuan and 0.417 yuan respectively [3]. - The Dongfang Urban Consumption Theme Mixed Fund has also underperformed, with returns of 16.53%, -15.83%, and -28.70% over the past one, two, and three years, respectively [4]. Group 2: High Turnover Rates - Wang Ran's Dongfang Emerging Growth Fund has a turnover rate exceeding 600%, reaching 750% in Q2 2024, but this high turnover has not translated into improved returns, with a three-year loss of 38.71% [4][5]. - High turnover rates are indicative of unstable investment strategies, which contradict the advocated principles of value and long-term investing [5]. - Frequent trading increases transaction costs, which can further erode fund performance and negatively impact investor experience [5][7]. Group 3: Li Rui's Fund Performance - Li Rui's flagship fund, the Dongfang New Energy Vehicle Theme Mixed Fund, has seen a drastic decline in performance since 2022, with returns of -31.69%, -32.02%, and -2.11% in the following years, ranking at the bottom among peers [6]. - The fund's management scale has decreased significantly from 224.41 billion yuan at the end of 2021 to 78.58 billion yuan by mid-2024 [6]. - Another fund managed by Li Rui, the Dongfang Automotive Industry Trend Mixed A, has also seen its scale shrink from 1.4 billion yuan to 0.52 billion yuan over three years [6].