Group 1 - The core viewpoint of the news is that Woge Optoelectronics (603773.SH) reported a decrease in institutional ownership in its third-quarter report for 2025, with a total of 8 institutional investors holding 36.92 million shares, representing 16.44% of the total share capital, down by 2.60 percentage points from the previous quarter [1] - Among public funds, there was a decrease in holdings from one fund, namely the Xingquan Convertible Bond Mixed Fund, which saw a reduction of 0.13% in its holdings compared to the previous quarter [1] - A total of 27 public funds did not disclose their holdings this quarter, including funds such as Xingquan He Feng Three-Year Holding Mixed Fund and Xingquan Multi-Dimensional Value Mixed A [1] Group 2 - In the insurance sector, there was a slight increase in holdings from one insurer, namely Ruizhong Life Insurance Co., Ltd. - Proprietary Funds, indicating a small uptick in their investment [2]

Core Viewpoint - Bowei Alloy (601137.SH) reported its Q3 2025 results, indicating a significant presence of institutional investors holding 48.10% of the total shares, although this represents a decline from the previous quarter [1] Institutional Holdings - As of October 26, 2025, a total of 9 institutional investors disclosed their holdings in Bowei Alloy, amounting to 395 million shares [1] - The institutional investors include Bowei Group Limited, Bowei Asia Limited, Ningbo Bowei Jinshi Investment Co., Ltd., and others [1] - The overall institutional holding percentage decreased by 2.92 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, Nuoan Pioneer Mixed A, increased its holdings during this period, with an increase percentage of 0.47% [1] - A total of 154 public funds did not disclose their holdings in this quarter, including notable funds such as the Photovoltaic ETF and Southern CSI 1000 ETF [1]

Group 1 - TianShun Wind Power's stock increased by 5.07% on September 3, reaching 7.05 CNY per share, with a trading volume of 265 million CNY and a turnover rate of 2.17%, resulting in a total market capitalization of 12.668 billion CNY [1] - The company, established on January 18, 2005, and listed on December 31, 2010, specializes in the production and sales of wind towers and components, wind turbine blades and molds, offshore wind power equipment, and the development, investment, construction, and operation of wind farm projects [1] - The main revenue composition of TianShun Wind Power includes: 53.62% from onshore wind equipment, 31.66% from electricity generation, 9.46% from offshore wind equipment, and 5.26% from other sources [1] Group 2 - Xingsheng Global Fund's fund, Xingquan He Feng Three-Year Holding Mixed Fund (009556), is among the top ten circulating shareholders of TianShun Wind Power, holding 8.4922 million shares, unchanged from the previous period, representing 0.48% of circulating shares [2] - The fund has a latest scale of 3.844 billion CNY, with a year-to-date return of 35.03%, ranking 1646 out of 8180 in its category, and a one-year return of 62.36%, ranking 1600 out of 7967 [2] - Since its inception, the fund has experienced a loss of 11.69% [2]

Group 1 - The core point of the news is that Honghe Technology's stock price dropped by 5.28% to 39.49 CNY per share, with a trading volume of 462 million CNY and a turnover rate of 1.30%, resulting in a total market capitalization of 34.74 billion CNY [1] - Honghe Technology, established on August 13, 1998, and listed on July 19, 2019, specializes in the research, production, and sales of mid-to-high-end electronic-grade fiberglass cloth [1] - The revenue composition of Honghe Technology's main business includes: thin cloth 40.96%, ultra-thin cloth 18.56%, extremely thin cloth 17.77%, thick cloth 8.27%, special cloth 7.91%, yarn 6.44%, and others 0.10% [1] Group 2 - Among the top ten circulating shareholders of Honghe Technology, a fund under Xingzheng Global Fund, Xingquan He Feng Three-Year Holding Mixed Fund (009556), entered the top ten in the first quarter with 1.1363 million shares, accounting for 0.13% of circulating shares [2] - The Xingquan He Feng Three-Year Holding Mixed Fund was established on August 28, 2020, with a latest scale of 3.844 billion CNY, achieving a year-to-date return of 34.65% and a one-year return of 61.49% [2] - The fund manager Zhu Kefeng has been in position for 56 days, with the fund's total asset scale at 3.844 billion CNY, while Yang Shijin has been in position for 4 years and 262 days, managing assets of 20.155 billion CNY [3]

Core Points - Xingsheng Global Fund announced the appointment of Zhu Kefei as a new fund manager for the Xingsheng He Feng Three-Year Holding Mixed Fund [1][2] - Zhu Kefei has a background in industry research, having worked at Huatai Securities and GF Securities before joining Xingsheng Global Fund in August 2020 [1] - The Xingsheng He Feng Three-Year Holding Mixed Fund was established on August 28, 2020, and has a year-to-date return of 11.61% and a cumulative return of -27.01% since inception, with a net asset value of 0.7299 yuan as of July 1, 2025 [1] Fund Information - Fund Name: Xingsheng He Feng Three-Year Holding Mixed Securities Investment Fund [2] - Fund Code: 009556 [2] - Fund Management Company: Xingsheng Global Fund Management Co., Ltd. [2] - Announcement Basis: In accordance with relevant regulations such as the "Publicly Raised Securities Investment Fund Information Disclosure Management Measures" [2] - Fund Manager Change Type: Appointment of a new fund manager [2] - New Fund Manager: Zhu Kefei [2] - Co-Manager: Yang Shijin [2]

Group 1 - The public fund industry is undergoing a significant management model transformation, shifting from reliance on a single fund manager to a collaborative "multi-manager" approach [1][4] - As of July 8, over 700 funds have appointed additional fund managers this year, with the number of funds managed by three or four managers on the rise [1][3] - Notable fund managers, such as Ge Lan and Zheng Chengran, have recently announced the appointment of additional managers to their funds, indicating a trend towards shared management [3][4] Group 2 - The rise of the "co-management" model is driven by industry transformation and regulatory advocacy, bringing positive changes to the sector [4] - The multi-manager approach enhances asset coverage and expands the skill set of fund managers while improving strategy diversification [4] - This model effectively mitigates risks associated with single decision-maker errors and aggressive operations, and addresses challenges related to fund performance continuity in the event of a manager's departure [4]

Group 1 - Zhongheng Electric (002364.SZ) released its 2024 annual report on April 22, 2025, indicating that as of April 21, 2025, 30 institutional investors disclosed holding A-shares, totaling 214 million shares, which accounts for 38.01% of Zhongheng Electric's total share capital [1] - The top ten institutional investors include Hangzhou Zhongheng Technology Investment Co., Ltd., China Construction Bank - Invesco Great Wall Research Selected Stock Fund, and others, with a combined holding ratio of 37.73%, showing a decrease of 0.63 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one public fund, Penghua Guozheng 2000 Index Enhanced A, reported a slight decrease in holdings compared to the previous quarter [2] - A total of 26 new public funds were disclosed this period, including Invesco Great Wall Research Selected Stock A and others [2] - One social security fund, Penghua Fund Management Co., Ltd. - Social Security Fund 1804 Combination, was not disclosed in this period compared to the previous quarter [2]