Group 1 - Sichuan Jiuzhou Electric Co., Ltd. experienced a stock price increase of 5.93%, reaching 18.21 CNY per share, with a trading volume of 542 million CNY and a turnover rate of 3.06%, resulting in a total market capitalization of 18.507 billion CNY [1] - The company, established on November 28, 1991, and listed on May 6, 1998, operates in the fields of smart terminals, air traffic control products, and microwave radio frequency technology research, manufacturing, and sales [1] - The revenue composition of the company includes smart terminal products at 63.76%, air traffic control products at 24.84%, microwave radio frequency at 9.25%, other at 1.09%, and property management at 1.06% [1] Group 2 - Zhonghang Fund has a significant holding in Sichuan Jiuzhou, with the Zhonghang Military-Civilian Integration Selected A Fund (004926) increasing its stake by 124,500 shares to a total of 1.3997 million shares, representing 9.42% of the fund's net value, making it the fourth-largest holding [2] - The fund has achieved a year-to-date return of 9.54%, ranking 807 out of 8,838 in its category, and a one-year return of 38.33%, ranking 3,610 out of 8,089 [2] - The fund manager, Han Hao, has been in position for 8 years and 34 days, overseeing a total asset size of 15.589 billion CNY, with the best fund return during his tenure being 258.12% and the worst being -12.9% [3]

Core Viewpoint - The announcement of Han Hao's appointment as Vice General Manager of AVIC Fund marks a significant leadership change within the company, reflecting its commitment to enhancing investment management capabilities and adapting to market dynamics [1][11]. Group 1: Management Changes - Han Hao has been appointed as Vice General Manager of AVIC Fund, effective November 19, 2025, after nine years with the company [1][3]. - The recent management changes include the resignation of Deng Haiqing, who left for personal reasons, and the promotion of Pei Rongrong to General Manager [11][12]. - The company has experienced rapid growth, with total assets reaching 60.27 billion yuan, a 39.73% increase from the previous quarter [12][14]. Group 2: Han Hao's Background and Achievements - Han Hao has over 9 years of experience in the securities industry, having previously worked at China Minmetals Securities, Jinyuan Securities, and AVIC Securities [3][4]. - He has managed a total of 9 funds, with 4 currently under management, totaling 15.589 billion yuan [4][5]. - His performance in managing equity products has significantly outperformed the CSI 300 index, with a return of 113.77% [4][5]. Group 3: Investment Strategy and Market Outlook - Han Hao has expressed optimism about the AI computing sector, anticipating strong demand driven by increased capital expenditure from cloud service providers [10][14]. - The company aims to balance thematic investment strategies with regulatory compliance, which will be a key challenge for Han Hao and his team [14].