Core Viewpoint - The asset management industry must adapt to the low interest rate environment by enhancing management and research capabilities to support economic development and wealth preservation for residents [1] Group 1: Asset Allocation Strategies - Individuals should shift their mindset towards realistic return expectations and adopt a layered asset allocation approach, focusing on long-term investment in quality assets to smooth short-term volatility [2][3] - A key strategy is to match investment tools with the purpose of funds and risk tolerance, ensuring a portion of funds is allocated to safe, liquid assets for emergencies, while also investing in stable and elastic return assets [2][3] Group 2: Insurance Asset Management - Insurance asset management institutions should leverage their understanding of liability characteristics to enhance asset allocation strategies, focusing on long-term market trends and risk management [3][4] - Solid fixed-income assets remain crucial as they provide stable returns and align with the liabilities of insurance funds, while also allowing for the optimization of risk-adjusted returns [3][4] Group 3: Equity and Alternative Investments - Equity assets are essential for long-term returns, with a focus on high-quality stocks that offer stable cash flows and dividends, while also exploring new economic growth areas [4][5] - Alternative investments are viewed as important sources for enhancing returns, with a shift towards traditional non-standard high-yield assets and a focus on green investments and advanced manufacturing [5] Group 4: Technological Advancements in Research - The application of AI and large models significantly improves research efficiency in asset management, enabling better risk identification and decision-making support for investment managers [6] - As technology evolves, financial institutions are expected to increasingly rely on AI and quantitative tools, necessitating compliance with regulations and enhanced data security measures [6]

Core Viewpoint - Fulei New Materials (605488.SH) reported a decline in institutional ownership in its Q3 2025 report, with a total of 8 institutional investors holding 27.32 million shares, representing 9.75% of the total share capital, a decrease of 1.49 percentage points from the previous quarter [1] Institutional Investors - A total of 8 institutional investors disclosed their holdings in Fulei New Materials, with a combined shareholding of 27.32 million shares, accounting for 9.75% of the total share capital [1] - The institutional ownership decreased by 1.49 percentage points compared to the previous quarter [1] Public Funds - Three public funds increased their holdings compared to the previous period, with a total increase in shareholding of 0.52% [1] - One new public fund disclosed its holdings this quarter, namely Zhezhang Smart Selection Leading Three-Year Holding Period A [1] - A total of 36 public funds did not disclose their holdings this quarter, including notable funds such as Qianhai Kaiyuan Jiaxin Mixed A and Huafu Technology Momentum Mixed A [1]

Core Insights - Xiling Power (300733.SZ) reported its Q3 2025 results, revealing that as of October 26, 2025, seven institutional investors held a total of 24.3061 million A-shares, accounting for 7.95% of the total share capital, which represents a decrease of 0.50 percentage points compared to the previous quarter [1] Institutional Holdings - The total institutional holding in Xiling Power decreased by 0.50 percentage points from the previous quarter [1] - One public fund, Huaxia Industry Prosperity Mixed A, reduced its holdings by 1.20% compared to the last quarter [1] - A total of 75 public funds did not disclose their holdings this quarter, including notable funds such as Huaxia Vision Growth One-Year Holding Mixed A and E Fund Emerging Growth Mixed [1] Social Security Fund and Insurance Capital - One social security fund, Huaxia Fund Management Co., Ltd. - Social Security Fund 422 Combination, saw a slight decrease in holdings [2] - Two insurance capital entities increased their holdings, including Front Sea Life Insurance Co., Ltd. - Dividend Insurance Product Huatai Combination, with an increase of 1.3% [2] - One new insurance investor disclosed this quarter, Front Sea Life Insurance Co., Ltd. - Proprietary Funds [2]

Core Insights - Sanxin Medical (300453.SZ) released its semi-annual report for 2025, indicating that as of August 8, 2025, seven institutional investors held a total of 34.2278 million shares, representing 6.55% of the total share capital [1] - The institutional holding percentage increased by 1.00 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include multiple products from Qianhai Life Insurance Co., Ltd. and two newly disclosed public funds: Dacheng Two-Year Open Mixed A and Nu'an Thematic Selected Mixed [1] - The total institutional holding percentage is now 6.55%, reflecting a notable increase [1] Public Funds - One public fund, Huian Asset Rotation Mixed A, increased its holdings compared to the previous period, while three public funds were not disclosed in the current report [1] - The newly disclosed public funds indicate a slight increase in interest from institutional investors [1] Insurance Capital - Two insurance capital entities increased their holdings, including products from Qianhai Life Insurance Co., Ltd., with an increase percentage of 0.2% [2]

Group 1 - Huakang Clean (301235.SZ) released its semi-annual report for 2025 on July 30, 2025, with 10 institutional investors holding a total of 19.8267 million shares, accounting for 18.78% of the total share capital [1] - The top ten institutional investors include Sunshine Life Insurance Co., Ltd. - Dividend Insurance Product, Wuhan Kanghui Investment Management Center (Limited Partnership), and several others, with their combined holding ratio increasing by 0.56 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Nuon An Multi-Strategy Mixed A, increased its holdings by 0.20%, while two new public funds were disclosed, including Anxin Medical Health Stock A and China Merchants CSI 1000 Index Enhanced A [2] - In the insurance capital sector, Sunshine Life Insurance Co., Ltd. - Dividend Insurance Product reduced its holdings by 1.0% compared to the previous quarter [2] - Three new foreign institutional investors were disclosed, including BARCLAYS BANK PLC, J.P. Morgan Securities PLC - proprietary funds, and Goldman Sachs LLC [2]