中加基金持续完善产品体系被市场视为"二次创业"。事实上， 中加基金的第一次创业成功抓住了固收业务的周期红利，实现 了管理规模从零到千亿的突破；而第二次创业的核心任务，是 要在新的行业发展阶段中，构建起"全天候、多策略、矩阵 式"的产品能力体系。 作者：默川 封图：图片资料室 2025年5月7日，证监会正式发布《推动公募基金高质量发展行动方案》（以下简称《行动方 案》），标志着我国公募基金行业进入深化改革、提质增效的新发展阶段。《行动方案》明确提 出"大力提升公募基金权益投资规模与占比，促进行业功能发挥"。 面对政策引导与市场转型的新常态，以固收见长的银行系公募基金，其破局关键在于主动优化业务 布局，着力构建平台化、体系化的权益投研能力，从而完成从传统"资金管理"向新时代"资本赋 能"的功能升级。 11月中旬，原中航基金副总经理兼首席投资官邓海清已正式离职，其从业资格在中航基金显示已 注销。据了解，邓海清拟出任中加基金首席经济学家、首席投资官。这位在宏观、固收与权益领域 均有深厚积淀的金融老将的加盟，也是中加基金落实《行动方案》推动业务转型升级的新行动。 公开资料显示，邓海清拥有复旦大学金融学博士学位，曾在宏源 ...

2025年5月7日，证监会正式发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》），标 志着我国公募基金行业进入深化改革、提质增效的新发展阶段。《行动方案》明确提出"大力提升公募 基金权益投资规模与占比，促进行业功能发挥"。 面对政策引导与市场转型的新常态，以固收见长的银行系公募基金，其破局关键在于主动优化业务布 局，着力构建平台化、体系化的权益投研能力，从而完成从传统"资金管理"向新时代"资本赋能"的功能 升级。 11月中旬，原中航基金副总经理兼首席投资官邓海清已正式离职，其从业资格在中航基金显示已注销。 据了解，邓海清拟出任中加基金首席经济学家、首席投资官。这位在宏观、固收与权益领域均有深厚积 淀的金融老将的加盟，也是中加基金落实《行动方案》推动业务转型升级的新行动。 公开资料显示，邓海清拥有复旦大学金融学博士学位，曾在宏源证券（000562）、中信证券、九州证券 等机构担任首席分析师、首席经济学家，并具备多年资产配置与投资管理经验。 权益业务系统化建设 从中加基金的发展现状来看，此次人才引进背后蕴含着清晰的战略考量。在固收领域，中加基金已形成 显著的竞争优势，成为公司规模增长的核心支柱。然而， ...

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]