Core Viewpoint - Hailanxin (300065.SZ) reported its Q3 2025 results, indicating a decline in institutional investor holdings compared to the previous quarter [1] Institutional Holdings - As of October 23, 2025, three institutional investors disclosed holding a total of 9.9511 million A-shares of Hailanxin, representing 1.38% of the total share capital [1] - The institutional holding ratio decreased by 0.54 percentage points compared to the previous quarter [1] Public Fund Holdings - One new public fund was disclosed this quarter, namely the China Europe High-end Equipment Stock Initiation A [1] - A total of 41 public funds were not disclosed this quarter, including notable funds such as Huaxia Growth ETF, China Post Future New Blue Chip Flexible Allocation Mixed, and E Fund's various ETFs [1]

Core Viewpoint - Jingpin Special Equipment experienced a decline of 5.06% in stock price, closing at 81.30 CNY per share, with a total market capitalization of 6.151 billion CNY [1] Company Overview - Beijing Jingpin Special Equipment Technology Co., Ltd. was established on July 9, 2009, and went public on December 8, 2022. The company specializes in the research, production, and sales of optoelectronic reconnaissance equipment and military robots [1] - The revenue composition of the company includes: special robots (39.03%), intelligent manufacturing (23.71%), simulation and emulation (18.99%), intelligent sensing equipment (16.16%), technical services (2.10%), and others (0.02%) [1] Shareholder Information - Among the top ten circulating shareholders, a fund under China Europe Fund, specifically the China Europe Industry Outlook Mixed A (012390), entered the top ten in the second quarter, holding 880,000 shares, which accounts for 2.49% of circulating shares. The estimated floating loss today is approximately 3.8104 million CNY [2] - The China Europe Industry Outlook Mixed A fund was established on June 16, 2021, with a current scale of 1.466 billion CNY. Year-to-date returns are 13.27%, ranking 5226 out of 8159 in its category, while the one-year return is 12.08%, ranking 5040 out of 8030. Since inception, the fund has a loss of 27.17% [2] Fund Performance - The fund manager of China Europe Industry Outlook Mixed A is Li Shuai, who has a cumulative tenure of 10 years and 92 days. The total asset scale of the fund is 4.618 billion CNY, with the best fund return during his tenure being 101.5% and the worst being -29.42% [3] Major Holdings - The China Europe High-end Equipment Stock Initiation A (016847) fund has increased its holdings in Jingpin Special Equipment by 370,100 shares in the second quarter, now holding 500,100 shares, which constitutes 5.22% of the fund's net value. The estimated floating loss today is around 2.1652 million CNY [4] - This fund was established on November 14, 2022, with a current scale of 170 million CNY. Year-to-date returns are 23.55%, ranking 2152 out of 4218, while the one-year return is 15.34%, ranking 2776 out of 3875. Since inception, the fund has a return of 3.97% [4] Fund Manager Information - The fund manager of China Europe High-end Equipment Stock Initiation A is also Li Shuai, with the same cumulative tenure and asset scale as mentioned previously [5]

Core Viewpoint - Jingpin Special Equipment Co., Ltd. has seen a stock price increase of 5.08% to 94.28 CNY per share, with a market capitalization of 7.133 billion CNY, indicating strong market interest in the company [1] Company Overview - Jingpin Special Equipment, established on July 9, 2009, and listed on December 8, 2022, is located in Changping District, Beijing. The company specializes in the research, production, and sales of optoelectronic reconnaissance equipment and military robots [1] - The revenue composition of the company includes: special robots (39.03%), intelligent manufacturing (23.71%), simulation and emulation (18.99%), intelligent sensing equipment (16.16%), technical services (2.10%), and others (0.02%) [1] Shareholder Information - Among the top ten circulating shareholders, a fund under China Europe Fund, specifically the China Europe Industry Outlook Mixed A (012390), has entered the list, holding 880,000 shares, which is 2.49% of the circulating shares. The estimated floating profit today is approximately 4.0128 million CNY [2] - The China Europe Industry Outlook Mixed A fund was established on June 16, 2021, with a current scale of 1.466 billion CNY. Year-to-date returns are 14.6%, ranking 4977 out of 8161 in its category, while the one-year return is 20.06%, ranking 3851 out of 8015 [2] Fund Performance - The fund manager of China Europe Industry Outlook Mixed A is Li Shuai, who has been in the position for 10 years and 84 days. The total asset scale of the fund is 4.479 billion CNY, with the best fund return during his tenure being 101.5% and the worst being -26.19% [3][5] Top Holdings - Another fund under China Europe Fund, the China Europe High-end Equipment Stock Initiation A (016847), has increased its holdings in Jingpin Special Equipment by 370,100 shares, totaling 500,100 shares, which constitutes 5.22% of the fund's net value. The estimated floating profit today is around 2.2803 million CNY [4] - The China Europe High-end Equipment Stock Initiation A fund was established on November 14, 2022, with a current scale of 170 million CNY. Year-to-date returns are 29.54%, ranking 1525 out of 4220, while the one-year return is 27.02%, ranking 1772 out of 3857 [4]

Core Viewpoint - The article highlights the significant growth and investment opportunities in China's military industry, driven by recent geopolitical tensions and upcoming military events, particularly the September 3 parade showcasing new domestic military equipment [4][5][11]. Summary by Sections Military Industry Performance - A-share military-related sectors, including military equipment and drone concepts, experienced a short-term surge, with companies like Zhongtian Rocket and Chengfei Integration hitting the daily limit [4]. - The China Securities Military Index has risen over 20% year-to-date as of August 18, 2025, outperforming many other sectors [4]. Fund Performance - Nearly all 120 defense and military-themed mutual funds have achieved positive returns this year, with 66 funds yielding over 20% and some exceeding 40% [4][5]. - Among funds with over 20 billion yuan in assets, the average return is 25.12%, with the top performers being Bosera Fund's Bosera Military Theme Stock A, Huaxia Fund's Huaxia Military Security Mixed A, and GF Fund's GF Small and Medium Cap Selected Mixed A [5][7]. Fund Manager Insights - Fund manager Zeng Peng of Bosera Military Theme Stock A reported a year-to-date return of 35.84%, significantly outperforming the benchmark [7]. - The fund maintained a high allocation in missile industry chains and sectors like military AI, drones, and information security, anticipating continued strong performance in the third quarter due to geopolitical catalysts [7][11]. Fund Rankings by Size - For funds with 5-20 billion yuan, the top performer is the China Europe High-end Equipment Stock Initiation C, managed by Li Shuai, with a return of 41.04% [9][10]. - In the 1-5 billion yuan category, the China Europe High-end Equipment Stock Initiation A leads with a return of 41.47% [13][14]. - The top fund in the 1 million to 10 million yuan category is the Huafu Guotai Min'an Flexible Allocation Mixed A, achieving a return of 42.72% [16][17]. Future Outlook - The military industry is expected to see a performance boost due to anticipated quarterly reports showing earnings turning points for many military companies and the upcoming military parade [11][18]. - The 14th Five-Year Plan emphasizes modernization in defense and military capabilities, indicating a strategic shift for China's military industry towards leading rather than following [18].

Group 1 - The core viewpoint of the news is that Zhimin Da (688636.SH) has reported significant institutional investment, with 32 institutional investors holding a total of 29.29 million shares, representing 17.46% of the total share capital as of July 24, 2025 [1] - The top ten institutional investors collectively hold 16.29% of the shares, which is an increase of 1.29 percentage points compared to the previous quarter [1] - The report highlights the presence of various public funds, with three funds increasing their holdings and one fund decreasing its holdings, indicating a mixed sentiment among public investors [2] Group 2 - Among public funds, three funds increased their holdings, accounting for 1.92% of the total, while one fund saw a slight decrease [2] - A total of 26 new public funds were disclosed this period, including notable funds such as Changxin National Defense Military Industry Quantitative Mixed A and others [2] - One social security fund was not disclosed in this period, indicating a potential shift in investment strategy or focus [3]

Core Viewpoint - The performance of stock and mixed funds on May 13 shows a mixed trend, with 43.21% achieving positive returns, while a significant number of funds experienced notable declines in net value [1][2]. Fund Performance Summary - Among stock and mixed funds, 39 funds reported returns exceeding 2%, with the top performer being Changcheng Consumption Growth Mixed C, which achieved a net value growth rate of 5.40% [1][2]. - The average net value growth rate for these funds on May 13 was -0.16%, indicating a challenging market environment [1]. - The sectors that performed well included banking, beauty care, and pharmaceutical biology, with respective increases of 1.52%, 1.18%, and 0.90% [1]. Fund Types and Returns - The top-performing fund, Changcheng Consumption Growth Mixed C, is categorized as an equity fund, with 23 of the funds with over 2% growth also classified as equity funds [2]. - In terms of net value drawdown, 73 funds experienced declines exceeding 3%, with the largest drop recorded by China Europe High-end Equipment Stock Initiation A at -4.05% [2][4]. Fund Company Performance - Among the funds with net value growth rates exceeding 2%, HSBC Jintrust Fund had 8 funds listed, while Penghua Fund and Caitong Asset Management each had 6 funds [1][2]. - The funds with the highest drawdown were primarily from China Europe Fund, indicating potential challenges within their investment strategies [4][5].