Group 1 - Zhejiang Mining Co., Ltd. experienced a stock price increase of 5.05% on January 19, reaching 45.54 CNY per share, with a trading volume of 18.93 million CNY and a turnover rate of 0.61%, resulting in a total market capitalization of 4.55 billion CNY [1] - The company, established on September 4, 2003, and listed on June 5, 2020, specializes in the research, design, production, and sales of crushing and screening equipment. Its main business revenue breakdown is as follows: 40.17% from complete crushing and screening production lines, 21.84% from single crushing and screening equipment, 21.13% from operation management, and 16.86% from parts and others [1] Group 2 - Among the top ten circulating shareholders of Zhejiang Mining, a fund under Zhongjia Fund ranks as a new entrant. The Zhongjia Specialized and New Quantitative Stock Selection Mixed Fund A (021990) acquired 343,900 shares, representing 0.5% of the circulating shares, with an estimated floating profit of approximately 753,100 CNY [2] - The Zhongjia Specialized and New Quantitative Stock Selection Mixed Fund A (021990) was established on November 12, 2024, with a current scale of 197 million CNY. Year-to-date returns are 5.96%, ranking 3,262 out of 9,009 in its category, while the one-year return is 67.28%, ranking 995 out of 8,164 [2] Group 3 - The fund manager of Zhongjia Specialized and New Quantitative Stock Selection Mixed Fund A (021990) is Lin Muchen, who has been in the position for 2 years and 269 days. The fund's total asset size is 911 million CNY, with the best return during the tenure being 68.92% and the worst return being -2.12% [3]

Group 1 - Zhejiang Mining Co., Ltd. experienced a stock price increase of 5.41% on December 18, reaching 31.77 CNY per share, with a trading volume of 69.09 million CNY and a turnover rate of 3.23%, resulting in a total market capitalization of 3.177 billion CNY [1] - The company, established on September 4, 2003, and listed on June 5, 2020, specializes in the research, design, production, and sales of complete equipment for crushing and screening [1] - The main business revenue breakdown includes: 40.17% from complete crushing and screening production lines, 21.84% from single crushing and screening equipment, 21.13% from operation management, and 16.86% from parts and others [1] Group 2 - Among the top ten circulating shareholders of Zhejiang Mining, a fund under Zhongjia Fund ranks as a new entrant, holding 343,900 shares, which accounts for 0.5% of the circulating shares, with an estimated floating profit of approximately 560,600 CNY [2] - The Zhongjia Specialized and New Quantitative Stock Selection Mixed Fund A (021990) was established on November 12, 2024, with a latest scale of 197 million CNY, achieving a year-to-date return of 53.86%, ranking 788 out of 8100 in its category [2] - The fund has a one-year return of 47.11%, ranking 1055 out of 8065, and a cumulative return since inception of 53.26% [2] Group 3 - The fund manager of Zhongjia Specialized and New Quantitative Stock Selection Mixed Fund A is Lin Muchen, who has been in the position for 2 years and 237 days, managing total assets of 911 million CNY [3] - During Lin Muchen's tenure, the best fund return achieved was 52.64%, while the worst return was -0.79% [3]

Core Viewpoint - Zhongjia Fund is seen as undergoing a "second entrepreneurship" by continuously improving its product system, with the first success being the significant growth in fixed income business, achieving a management scale from zero to 100 billion [1][7]. Group 1: Industry Development - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds," marking a new phase of reform and efficiency enhancement in the public fund industry [2]. - The plan emphasizes increasing the scale and proportion of equity investments in public funds to enhance industry functionality [2]. - The public fund industry is transitioning towards a more diversified and tool-oriented product ecosystem, driven by declining interest rates and increasing competition [6]. Group 2: Company Strategy - Zhongjia Fund's strategic adjustment focuses on consolidating its competitive advantage in fixed income while systematically building a product matrix that includes equity, diversified assets, and pension-type financial products [7]. - The company aims to enhance its equity investment capabilities by aligning with national strategic layouts and focusing on key industries such as artificial intelligence and strategic national infrastructure [8]. - The introduction of Deng Haiqing as Chief Economist and Chief Investment Officer is a significant step in advancing Zhongjia Fund's business transformation and upgrading its equity investment capabilities [4][2]. Group 3: Performance and Market Position - As of the end of Q3 2025, Zhongjia Fund's management scale reached 136 billion, with non-cash products at 117.9 billion, indicating a heavy reliance on fixed income products compared to equity [6]. - Recent performance of equity products has garnered market attention, with notable net value growth rates for specific funds, such as 52.17% for the Zhongjia Specialized and New Quantitative Stock Selection Fund and 108.04% for the Zhongjia Technology Innovation Mixed Fund over the past year [10][13]. - The shift from relying on "star fund managers" to a "fishing net model" emphasizes the need for a systematic and tool-oriented product matrix to cover market opportunities comprehensively [10][12].

Core Insights - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," marking a new phase of reform and efficiency enhancement in the public fund industry [1] - The plan emphasizes the need to significantly increase the scale and proportion of equity investments in public funds, promoting the industry's functional capabilities [1] Group 1: Company Strategy and Development - The recent departure of Deng Haiqing, former Deputy General Manager and Chief Investment Officer of AVIC Fund, to become Chief Economist and Chief Investment Officer at Zhongjia Fund, reflects a strategic move to enhance equity investment capabilities in line with the new action plan [1][2] - Zhongjia Fund aims to address its shortcomings in equity investment by building a systematic and platform-based research and investment capability, transitioning from traditional "capital management" to "capital empowerment" [1][3] Group 2: Market Context and Challenges - The public fund industry is entering a new development stage, with equity funds gaining unprecedented strategic significance as they serve as engines for industrial transformation and long-term vehicles for wealth appreciation [4] - As of the end of Q3 2025, Zhongjia Fund's total management scale reached 136 billion yuan, with non-monetary assets at 117.9 billion yuan, indicating a significant reliance on fixed-income products over equity products [4] Group 3: Product Development and Innovation - Zhongjia Fund is actively participating in building a favorable ecosystem for equity funds, focusing on long-term strategies and creating a diverse, complementary, and collaborative equity research and investment platform [5][6] - The company plans to enhance its equity investment capabilities by focusing on strategic industries such as major national infrastructure and artificial intelligence, while also developing a multi-asset product matrix to meet diverse client needs [6] Group 4: Performance and Market Trends - Several equity products from Zhongjia Fund have shown impressive performance, with the Zhongjia Specialized and Innovative Quantitative Stock Mixed Fund achieving a net value growth rate of 52.17% since its inception, and the Zhongjia Technology Innovation Mixed Fund reaching a growth rate of 108.04% over the past year [7][9] - The shift from reliance on "star fund managers" to a "fishing net model" emphasizes the need for a systematic and tool-based product matrix that allows investors to choose products based on their needs rather than depending solely on individual managers [7][8]

Group 1 - The core point of the news is the performance and financial details of Jiangsu Jinxue Energy-Saving Technology Co., Ltd., which saw a stock price increase of 5.87% to 25.98 CNY per share, with a trading volume of 127 million CNY and a turnover rate of 4.70%, resulting in a total market capitalization of 2.806 billion CNY [1] - Jiangsu Jinxue Energy-Saving Technology Co., Ltd. was established on February 27, 1993, and went public on June 18, 2021. The company specializes in the research, design, production, and sales of energy-saving insulation materials for cold storage and industrial building enclosure systems [1] - The main revenue composition of the company includes 89.88% from metal-faced energy-saving insulation sandwich panels, 8.24% from cold storage doors and industrial building doors, 1.57% from platforms and others, and 0.31% from other supplementary products [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Zhongjia Fund has entered the top ten shareholders of Jinxue Energy-Saving, holding 457,000 shares, which accounts for 0.42% of the circulating shares, with an estimated floating profit of approximately 658,100 CNY [2] - The Zhongjia Specialized and New Quantitative Stock Selection Mixed Fund A (021990) was established on November 12, 2024, with a latest scale of 197 million CNY and a year-to-date return of 61.04%, ranking 481 out of 8,150 in its category [2] - The fund manager, Lin Muchen, has a cumulative tenure of 2 years and 193 days, with the fund's total asset scale at 911 million CNY, achieving a best return of 59.65% and a worst return of 1.45% during his tenure [2]

Core Insights - Yuanchen Technology (688659.SH) reported its Q3 2025 results, revealing that as of October 30, 2025, seven institutional investors held a total of 21.4045 million shares, representing 13.38% of the company's total equity. This marks a decrease of 2.53 percentage points in institutional ownership compared to the previous quarter [1] Institutional Investors - The institutional investors include Anhui Yuanchen Equity Investment Partnership, Anhui High-tech Jintong Anyi Equity Investment Fund, China Construction Bank - Nuoan Multi-strategy Mixed Securities Investment Fund, UBS AG, Industrial and Commercial Bank of China - Huaxia Pantai Mixed Fund (LOF), and Zhongjia Specialized and New Quantitative Stock Selection Mixed Fund [1] - The total institutional ownership decreased by 2.53 percentage points from the last quarter [1] Public Funds - In the current period, two public funds increased their holdings, namely Nuoan Multi-strategy Mixed A and Zhongjia Specialized and New Quantitative Stock Selection Mixed Fund, with an increase ratio of 1.16% [2] - Conversely, two public funds reduced their holdings, including Huashang Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Index Enhanced A and Huaxia Pantai Mixed (LOF) A, with a decrease ratio of 0.67% [2] - A total of 63 public funds did not disclose their holdings in this period, including several Huaxia funds [2] Foreign Investment - One new foreign institutional investor disclosed its holdings in this period, which is UBS AG [2]

Core Viewpoint - Fumiao Technology (688350.SH) reported a decline in institutional ownership in its Q3 2025 financial results, with a total of 5 institutional investors holding 64.1542 million shares, representing 52.52% of the total share capital, a decrease of 3.14 percentage points from the previous quarter [1] Institutional Ownership - As of October 30, 2025, institutional investors include Yongzhuo Holdings Limited, Jiangsu Feixiang Chemical Co., Ltd., Jiangsu Fumiao Technology Co., Ltd. - 2022 Employee Stock Ownership Plan, Beijing Ruishibang Fine Chemical Technology Co., Ltd., and Yinhua Huiyi One-Year Holding Period Mixed A [1] - The total institutional ownership percentage decreased by 3.14 percentage points compared to the previous quarter [1] Public Fund Activity - One new public fund disclosed its holdings this quarter, namely Yinhua Huiyi One-Year Holding Period Mixed A [1] - A total of 37 public funds were not disclosed in this quarter compared to the previous quarter, including major funds such as Dacheng Jingheng Mixed A, Zhongjia Specialized and New Quantitative Stock Selection Mixed Initiation A, and others [1]

Core Viewpoint - Aiko Technology (688092.SH) reported its Q3 2025 results, revealing a total institutional ownership of 38.91 million shares, accounting for 47.06% of the company's total equity, with a slight decrease in institutional ownership compared to the previous quarter [1] Institutional Ownership - As of October 30, 2025, six institutional investors disclosed their holdings in Aiko Technology, with a combined shareholding of 38.91 million shares, representing 47.06% of the total equity [1] - The institutional ownership percentage decreased by 0.14 percentage points compared to the previous quarter [1] Public Fund Activity - One new public fund disclosed its holdings this quarter, namely Xinghua Jinghe Mixed Initiation A [1] - A total of 54 public funds were not disclosed this quarter, including notable funds such as Jianxin Flexible Allocation Mixed A, Guangda Baodexin Quantitative Stock A, and others [1]

Core Viewpoint - Meiside (603041.SH) reported its Q3 2025 results, highlighting a significant presence of institutional investors holding 46.24% of its total shares, with a slight decrease in institutional ownership compared to the previous quarter [1] Institutional Investors - As of October 29, 2025, six institutional investors disclosed holdings in Meiside A-shares, totaling 84.6945 million shares [1] - The institutional investors include notable entities such as Foshan Shunde Demai Chemical Group Co., Ltd., Zhoushan Shichuang Changrong Equity Investment Co., Ltd., and several mutual funds [1] - The total institutional holding percentage decreased by 0.36 percentage points compared to the previous quarter [1] Public Funds - One public fund, Nuoan Multi-Strategy Mixed Fund, increased its holdings in the current period, with an increase percentage of 0.34% [1] - Three new public funds disclosed their holdings this quarter, including CITIC Prudential Multi-Strategy Mixed (LOF) A, Zhongjia Specialized and New Quantitative Stock Selection Mixed Initiation A, and Morgan Dynamic Multi-Factor Mixed A [1] - Nineteen public funds that were previously disclosed did not report their holdings this quarter, including notable funds like Everbright Prudential Quantitative Stock A and Xingquan CSI 300 Index Enhanced (LOF) A [1]

Core Insights - The quantitative fund industry has seen a resurgence in 2023, with significant growth in both public and private quantitative funds, but managers are adopting a cautious approach due to recent market volatility [4][5][10] - The integration of AI into quantitative strategies is becoming increasingly prevalent, enhancing risk management and diversifying sources of excess returns [16][18] Group 1: Performance and Growth - Public quantitative funds have shown impressive performance, with an average return exceeding 10% year-to-date, and several funds achieving net value increases of over 20% [7] - As of June 30, 2023, the total scale of public quantitative funds reached approximately 7774 billion, reflecting a quarterly growth trend [7] - The number of newly established public quantitative funds has surged to 233 in 2023, nearly doubling from the previous year, with issuance scale approaching 550 billion [7] Group 2: Market Dynamics and Caution - The strong performance of small-cap stocks has attracted significant capital into quantitative products, but many funds are implementing purchase limits to signal a more cautious market outlook [6][10] - The market has experienced a style shift, leading to substantial performance pullbacks for some quantitative products, prompting managers to adopt a "cold thinking" approach [9][10] Group 3: Risk Management and Strategy Adjustments - Many quantitative fund managers are enhancing their risk management strategies, focusing on style exposure and investor guidance to mitigate potential downturns [13][14] - The trend of style crowding in small-cap stocks has raised concerns about future performance, leading to a more balanced approach in portfolio construction [12][13] Group 4: Embracing AI - The quantitative fund sector is increasingly leveraging AI to improve risk management and enhance the diversity of excess return sources, with many firms actively recruiting AI talent [16][17] - AI is being integrated into various aspects of quantitative investment, from data collection to model optimization, significantly improving investment efficiency [18]