Core Insights - Xiangcai Co., Ltd. (600095.SH) reported its Q3 2025 results, revealing that 13 institutional investors hold a total of 2.072 billion shares, accounting for 72.46% of the company's total equity [1] Institutional Holdings - The top ten institutional investors collectively hold 72.45% of Xiangcai's shares, with a slight increase of 0.03 percentage points compared to the previous quarter [1] - Major institutional investors include Xinhu Holdings Co., Ltd., Zhejiang Caishang Industrial Holdings Co., Ltd., and others [1] Public Fund Activity - Two public funds increased their holdings, namely Guotai CSI All-Share Securities Company ETF and Huabao CSI All-Share Securities Company ETF, with an increase ratio of 0.61% [2] - Two public funds reduced their holdings, including Southern CSI 500 ETF and Manulife Stable Mixed Fund, showing a slight decline [2] - Three new public funds were disclosed, including Haitai Baicheng Jinrui Bond A, Haitai Baicheng Jinhua Bond A, and Haitai Baicheng Ansheng One-Year Holding Period Bond A [2] - A total of 123 public funds were not disclosed in the current period, including Southern CSI All-Share Securities Company ETF and others [2] Social Security Fund and Foreign Investment - One new social security fund disclosed its holdings in Xiangcai, specifically the National Social Security Fund 117 Portfolio [3] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.17% compared to the previous quarter [3] - UBS AG was not disclosed in the current period [3]

Group 1 - The core viewpoint of the news is that Zhen'an Technology (300767.SZ) reported its Q3 2025 results, highlighting a decrease in institutional ownership compared to the previous quarter [1] - As of October 28, 2025, four institutional investors hold a total of 55.2488 million shares of Zhen'an Technology, representing 20.00% of the total share capital, which is a decrease of 2.00 percentage points from the last quarter [1] - The newly disclosed public fund this period is the Zhonghai Quality Growth Mixed Fund, while 36 public funds were not disclosed compared to the previous quarter, including several notable funds [1] Group 2 - One social security fund was not disclosed this period, specifically the National Social Security Fund 118 Portfolio [1] - In terms of foreign investment, one new foreign institution disclosed this period, which is CITIC Securities Asset Management (Hong Kong) Limited - Client Funds [1]

Group 1 - The core point of the news is that融发核电's stock price has dropped by 5.11% to 7.61 yuan per share, with a trading volume of 840 million yuan and a turnover rate of 8.66%, resulting in a total market capitalization of 15.836 billion yuan [1] -融发核电 is located in Yantai, Shandong Province, and was established on November 18, 1997. It was listed on March 12, 2010. The company specializes in high-end equipment manufacturing for industries such as nuclear power, energy, electricity, petrochemicals, metallurgy, and national defense [1] - The main business revenue composition of融发核电 includes: forging products (46.84%), reactor primary circuit main pipes (23.07%), petrochemical equipment products (16.95%), other nuclear power products (9.36%), and other businesses (3.78%) [1] Group 2 - According to data, 中海基金 has a fund that heavily invests in融发核电. 中海优质成长混合 (398001) reduced its holdings by 5.1236 million shares in the second quarter, now holding 3.5696 million shares, which accounts for 3.17% of the fund's net value, making it the sixth-largest holding [2] - The estimated floating loss for中海优质成长混合 (398001) today is approximately 1.4635 million yuan. The fund was established on September 28, 2004, with a current scale of 924 million yuan. Year-to-date returns are 12.97%, ranking 5479 out of 8171 in its category, while the one-year return is 39.81%, ranking 3895 out of 8004 [2]

Core Viewpoint - The announcement details the appointment of Li Tao as the new fund manager for the Jiashi Industry Leading Mixed Fund (014292), effective August 20, 2025, while Yan Weipeng will no longer serve in this role as of the same date [1] Summary by Relevant Sections Fund Management Changes - Li Tao has been appointed as the fund manager for Jiashi Industry Leading Mixed Fund (014292) starting August 20, 2025, replacing Yan Weipeng who will leave the position on the same date [1] Fund Performance - As of August 19, 2025, the net value of Jiashi Industry Leading Mixed Fund (014292) was 0.7878, reflecting a decrease of 0.39% from the previous day, but showing an increase of 18.73% over the past year [1] Manager Background - Li Tao holds a bachelor's degree and has extensive experience in the financial sector, having worked at various institutions including China Economic Development Trust Investment Company, Southwest Securities, Guotai Junan Securities, New Era Securities, and China Ocean Fund Management Company [1] - His previous roles include investment banking manager, industry researcher, and fund manager [1] Previous Fund Management Experience - Li Tao has managed several public funds with varying performance: - Jiashi Advantage Power Fund (150003): 43.37 billion, 6.04% return during his tenure from May 27, 2010, to September 8, 2010 [1] - China Ocean Quality Growth Mixed Fund (398001): 14.42 billion, -10.62% return from July 10, 2007, to July 22, 2008 [1] - China Ocean Dividend Growth Mixed Fund (398011): 2.65 billion, 189.45% return from June 16, 2005, to July 10, 2007 [1] - Jiashi Preferred Growth Mixed A Fund (530003): 15.75 billion, 25.46% return from November 27, 2008, to February 17, 2012 [1] - Jiashi Optimized Allocation Mixed A Fund (530005): 21.57 billion, -17.92% return from May 11, 2011, to May 18, 2012 [1] - Jiashi Steady Value Mixed Fund (530016): 0.54 billion, 6.40% return from November 22, 2011, to May 18, 2012 [1] Notable Investment Performance - Under Li Tao's management, the China Ocean Dividend Growth Mixed Fund made a significant investment in Xin'an Co. in Q4 2005, purchasing at an average price of 17.08 and selling at an average price of 77.75 in Q1 2007, resulting in an estimated return of 355.21% [1]

Core Viewpoint - The announcement reveals the appointment of Li Tao as the new fund manager for the Jiashi Industry Select Mixed Fund (018244), effective from August 20, 2025, while Yan Weipeng will no longer serve in this role as of the same date [1] Fund Performance - As of August 19, 2025, the net value of Jiashi Industry Select Mixed Fund is 1.2752, reflecting a daily increase of 0.2% and a yearly increase of 27.52% [1] Manager Background - Li Tao has a diverse background with experience in various financial institutions, including China Economic Development Trust Investment Company, Southwest Securities, Guotai Junan Securities, New Era Securities, and China Ocean Fund Management Company [1] - His previous roles include investment banking manager, industry researcher, and fund manager [1] Previous Fund Management - Li Tao has managed several public funds with varying performance, including: - Jiashi Advantage Power Fund (150003) with a scale of 4.337 billion and a return of 6.04% during his tenure from May 27, 2010, to September 8, 2010 - China Ocean Quality Growth Mixed Fund (398001) with a scale of 1.442 billion and a return of -10.62% from July 10, 2007, to July 22, 2008 - China Ocean Dividend Growth Mixed Fund (398011) with a scale of 0.265 billion and a return of 189.45% from June 16, 2005, to July 10, 2007 [1] Notable Investment Performance - The China Ocean Dividend Growth Mixed Fund achieved a significant estimated return of 355.21% on the investment in Xin'an Co., which was acquired at an average price of 17.08 in Q4 2005 and sold at an average price of 77.75 in Q1 2007 [1]