Group 1 - The core point of the article is that Maxinlin (688685.SH) reported its Q3 2025 results, revealing a decrease in institutional investor holdings compared to the previous quarter [1] - As of October 30, 2025, three institutional investors disclosed holding a total of 9.0597 million shares of Maxinlin, representing 6.23% of the total share capital [1] - The institutional holding ratio decreased by 0.90 percentage points compared to the previous quarter [1] Group 2 - The public funds that did not disclose holdings in the current period totaled 192, including notable funds such as Changxin National Defense Military Industry Quantitative Mixed A and Dongfang Alpha Zhaoyang Mixed A [1]

Group 1 - Wanze Co., Ltd. (000534.SZ) released its semi-annual report for 2025, indicating that as of August 22, 2025, 14 institutional investors held a total of 204 million shares, accounting for 40.40% of the total share capital [1] - The top ten institutional investors collectively held 40.35% of the shares, with a notable decrease of 5.28 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Southern Military Industry Reform Flexible Allocation Mixed A, increased its holdings by 0.22% compared to the previous period [2] - Five new public funds were disclosed this period, including Chuangjin Hexin Advanced Equipment Stock A and others, while eight public funds were not disclosed compared to the previous quarter [2] - In the social security fund sector, the National Social Security Fund 103 Combination increased its holdings by 0.25% compared to the previous period [2]

Core Viewpoint - Several well-known fund managers have resigned from their positions in 2023, with significant losses reported during their tenure, raising concerns about their investment performance [1][2]. Group 1: Fund Manager Resignation - Liu Ming was dismissed as the fund manager of the Dongfang Alpha Zhaoyang Mixed Securities Investment Fund on June 7, 2023, due to internal adjustments within the company [1]. - Liu Ming had managed the fund since March 17, 2021, for a total of 4 years and 82 days, during which the A-class share return was -53.07% and the C-class share return was -55.33% [2][3]. Group 2: Fund Performance - The cumulative net value of the Dongfang Alpha Zhaoyang Mixed A/C shares as of June 12, 2025, was only 0.4668 yuan and 0.4443 yuan, respectively [2]. - The Dongfang Alpha Zhaoyang Mixed E share, despite being established later, also reported a loss of nearly 30% after over two years of management [2]. - Liu Ming also resigned from the Dongfang Alpha Selected Mixed A/C in April 2023, which he managed for 7 years, resulting in a loss of 20.02% [3].