2025年10月30日，康泰医学(300869.SZ)发布2025年第三季报。截至2025年10月29日，共有6个机构投资 者披露持有康泰医学A股股份，合计持股量达815.38万股，占康泰医学总股本的2.03%。其中，机构投 资者包括香港中央结算有限公司、金鹰基金-广发证券股份有限公司-金鹰优选152号单一资产管理计 划、金鹰基金-广发证券股份有限公司-金鹰优选152号单一资产管理计划、法国巴黎银行-自有资金、中 国银行股份有限公司-大成景恒混合型证券投资基金、招商银行股份有限公司-永赢中证全指医疗器械交 易型开放式指数证券投资基金，机构投资者合计持股比例达2.03%。相较于上一季度，机构持股比例合 计下跌了0.31个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括医疗器械ETF、大成景恒混合A，持股 增加占比达0.25%。本期较上一季未再披露的公募基金共计89个，主要包括国泰海通量化选股混合发起 A、国金量化多因子A、鹏华中证1000指数增强A、万家国证2000ETF、国金量化精选A等。 对于社保基金，本期较上一季未再披露的社保基金共计1个，即鹏华基金管理有限公司-社保基金1804组 合 ...

公募基金方面，本期较上一期持股增加的公募基金共计1个，即医疗器械ETF，持股增加占比达0.21%。 本期较上一季未再披露的公募基金共计46个，主要包括国金量化多因子A、易方达中证万得生物科技指 数(LOF)A、国金量化精选A、景顺长城创业板综指增强A、中证2000等。 2025年10月29日，凯普生物(300639.SZ)发布2025年第三季报。截至2025年10月28日，共有6个机构投资 者披露持有凯普生物A股股份，合计持股量达2.82亿股，占凯普生物总股本的43.69%。其中，机构投资 者包括香港科技创业股份有限公司、云南众合之企业管理有限公司、深圳国调招商并购股权投资基金合 伙企业(有限合伙)、云南炎辰企业管理有限公司、招商银行股份有限公司-永赢中证全指医疗器械交易型 开放式指数证券投资基金、港大科桥有限公司，机构投资者合计持股比例达43.69%。相较于上一季 度，机构持股比例合计上涨了0.13个百分点。 ...

公募基金方面，本期较上一期持股增加的公募基金共计12个，主要包括医疗器械ETF、招商中证全指医 疗器械ETF、汇添富中证全指医疗器械ETF、上银医疗健康混合A、华夏中证全指医疗器械ETF等，持 股增加占比达0.49%。本期较上一季度持股减少的公募基金共计14个，主要包括华宝中证医疗ETF、睿 远成长价值混合A、长城消费增值混合A、易方达创业板中盘200ETF、南方中证1000ETF等，持股减少 占比达0.88%。本期较上一季度新披露的公募基金共计19个，主要包括平安医疗健康混合A、平安医药 精选股票A、大摩健康产业混合A、前海开源中药股票A、信澳健康中国混合A等。本期较上一季未再披 露的公募基金共计133个，主要包括南方医药保健灵活配置混合A、中信证券卓越成长A、广发医疗保健 股票A、华夏中证1000ETF、广发中证1000ETF等。 外资态度来看，本期较上一季度新披露的外资机构有 1 家 ，即香港中央结算有限公司。 2025年10月29日，福瑞股份(300049.SZ)发布2025年第三季报。截至2025年10月28日，共有48个机构投 资者披露持有福瑞股份A股股份，合计持股量达4808.61万股，占福瑞股 ...

公募基金方面，本期较上一期持股增加的公募基金共计1个，即医疗器械ETF，持股增加占比达0.28%。 本期较上一季未再披露的公募基金共计33个，主要包括中信建投轮换混合A、中信建投甄选混合A、易 方达中证万得生物科技指数(LOF)A、中信建投精选混合A、国泰海通量化选股混合发起A等。 2025年10月29日，冠昊生物(300238.SZ)发布2025年第三季报。截至2025年10月28日，共有6个机构投资 者披露持有冠昊生物A股股份，合计持股量达7583.39万股，占冠昊生物总股本的28.60%。其中，机构 投资者包括北京世纪天富创业投资中心(有限合伙)、北京天佑瑞元医药科技有限公司、西藏金淦企业管 理咨询有限公司、广东知光生物科技有限公司、兴宝国际信托有限责任公司-华融·汇盈32号证券投资单 一资金信托、招商银行股份有限公司-永赢中证全指医疗器械交易型开放式指数证券投资基金，机构投 资者合计持股比例达28.60%。相较于上一季度，机构持股比例合计下跌了0.74个百分点。 外资态度来看，本期较上一季未再披露的外资机构即BARCLAYS BANK PLC。 ...

Core Viewpoint - Meikang Bio (300439.SZ) reported its Q3 2025 results, highlighting a slight increase in institutional ownership and changes in public fund holdings [1] Institutional Investors - As of October 28, 2025, two institutional investors disclosed holdings in Meikang Bio A-shares, totaling 41.41 million shares, which represents 10.78% of the total share capital [1] - The institutional ownership increased by 0.03 percentage points compared to the previous quarter [1] Public Funds - One public fund, the Medical Device ETF, increased its holdings, contributing to a rise of 0.21% in ownership [1] - A total of 33 public funds did not disclose their holdings in this period, including notable funds such as E Fund CSI Wind Bio-Tech Index (LOF) A and others [1]

外资态度来看，本期较上一季未再披露的外资机构即BARCLAYS BANK PLC。 2025年10月28日，乐心医疗(300562.SZ)发布2025年第三季报。截至2025年10月27日，共有5个机构投资 者披露持有乐心医疗A股股份，合计持股量达458.12万股，占乐心医疗总股本的2.10%。其中，机构投 资者包括中国工商银行股份有限公司-圆信永丰医药健康混合型证券投资基金、招商银行股份有限公司- 永赢中证全指医疗器械交易型开放式指数证券投资基金、中国建设银行股份有限公司-圆信永丰聚优股 票型证券投资基金、广东乐心医疗电子股份有限公司-2024年员工持股计划、广东乐心医疗电子股份有 限公司-2024年员工持股计划，机构投资者合计持股比例达2.10%。相较于上一季度，机构持股比例合计 下跌了2.06个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括医疗器械ETF、圆信永丰医药健康A， 持股增加占比达0.41%。本期较上一季度持股减少的公募基金共计1个，即圆信永丰聚优A，持股减少占 比小幅下跌。本期较上一季未再披露的公募基金共计85个，主要包括招商量化精选股票发起式A、融通 鑫新成长混合A、 ...

外资态度来看，本期较上一季未再披露的外资机构包括高盛公司有限责任公司、BARCLAYS BANK PLC。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年10月28日，尚荣医疗(002551.SZ)发布2025年第三季报。截至2025年10月27日，共有2个机构投资 者披露持有尚荣医疗A股股份，合计持股量达603.27万股，占尚荣医疗总股本的0.71%。其中，机构投 资者包括招商银行股份有限公司-永赢中证全指医疗器械交易型开放式指数证券投资基金、广信科教集 团有限公司，机构投资者合计持股比例达0.71%。相较于上一季度，机构持股比例合计下跌了1.43个百 分点。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即医疗器械ETF，持股增加占比达0.24%。 本期较上一季未再披露的公募基金共计46个，主要包括国金量化精选A、国金量化多因子A、中证 2000、华泰柏瑞中证2000指数增强A、新华积极价值灵活配置混合A等。 ...

Core Insights - Mike Biotech (300463.SZ) released its Q3 2025 report on October 25, 2025, indicating a total of 29.2165 million A-shares held by four institutional investors, accounting for 4.83% of the total share capital [1] - The institutional holding ratio decreased by 0.39 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include: - China Merchants Securities Asset Management - Sun Li - China Merchants Asset Management Zhenxiang Value 2025001 Single Asset Management Plan - CITIC Securities Asset Management (Hong Kong) Limited - Client Funds - Hong Kong Central Clearing Limited [1] - The total institutional holding ratio is now 4.83% [1] Public Funds - A total of 97 public funds were not disclosed in this period compared to the previous quarter, including: - Southern CSI 1000 ETF - Huaxia CSI 1000 ETF - GF CSI 1000 ETF - Huitianfu Precision Medical Index (LOF) A - Medical Device ETF [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.12% compared to the previous quarter [1] - A new foreign institution disclosed this quarter is CITIC Securities Asset Management (Hong Kong) Limited - Client Funds [1]

Core Viewpoint - The rapid development of index investment in the context of deepening capital market reforms and optimizing investor structure, with the total market ETF scale exceeding 5 trillion yuan by early September this year [1] Group 1: Index Investment Growth - The ETF management scale of Yongying Fund has surpassed 19 billion yuan, launching several industry-first products such as gold stock ETF, general aviation ETF, satellite ETF, and Hong Kong medical ETF [1] - The company emphasizes that index investment requires a deep understanding of industry development trends and forward-looking layouts rather than mere product replication [1] Group 2: Differentiated Development Strategy - Yongying Fund has adopted a unique "cake-cutting" strategy since 2020, focusing on niche opportunities within large industries, such as concentrating on the medical device sector instead of the entire medical industry [2] - This differentiated approach stems from in-depth research on industry trends, aligning with government strategic directions like low-altitude economy and commercial aerospace [2] Group 3: Performance and Growth - The strategy of early positioning in promising but under-explored areas has shown initial success, with products like gold stock ETF and medical device ETF performing well, contributing to the ETF total scale growing nearly threefold from 4.7 billion yuan at the beginning of the year [3] - Specific product performance includes gold stock ETF exceeding 10 billion yuan in scale within two years, medical device ETF nearing 5 billion yuan, and both general aviation ETF and satellite ETF surpassing 1 billion yuan [3] Group 4: Product Matrix Expansion - Following the validation of its differentiated layout, Yongying Fund has accelerated the development of its product matrix, establishing 11 ETF products covering various sectors [4] - The company aims to create a comprehensive "product shelf" to provide suitable investment tools regardless of market conditions, with plans to expand into core sectors like consumption, manufacturing, technology, and finance [4] Group 5: Quantitative Investment Development - Yongying Fund is actively developing its quantitative investment sector, primarily focusing on index enhancement strategies across multiple indices [5] - The company plans to increase investment in active quantitative strategies, including fundamental quantitative, multi-factor quantitative, and machine learning approaches [5] Group 6: Risk Management and Future Outlook - Yongying Fund emphasizes that quantitative investment is a technology-driven model that requires continuous effort and cannot guarantee easy success [6] - The company has established a strict risk management system to proactively manage risks, ensuring a better investment experience for investors [6] - Future plans include further enhancing product layout and research capabilities to provide more high-quality tool-type products, aiming for a differentiated development path through continuous innovation and refined management [6]

Core Viewpoint - The rapid development of index investment in the capital market is highlighted, with the total market ETF scale exceeding 5 trillion yuan by early September 2023, driven by public fund institutions accelerating their layout and product innovation [1] Group 1: Company Strategy - Yongying Fund has surpassed 19 billion yuan in ETF management scale over six years, launching several industry-first products such as gold stock ETF, general aviation ETF, satellite ETF, and Hong Kong medical ETF [1][3] - The company adopted a "cake-cutting" strategy since 2020, focusing on niche opportunities within large industries, such as the medical device sector instead of the entire medical industry, which proved to be a successful choice [2][3] - The company emphasizes the importance of understanding industry trends and aligning with national strategies, as seen in their ETFs related to low-altitude economy and satellite communication [2] Group 2: Product Development - Yongying Fund has accelerated the establishment of its product matrix, launching 11 ETF products covering various sectors, including A500, Sci-Tech Innovation Index, and Hong Kong medical [4] - The company aims to create a comprehensive "product shelf" to provide suitable investment tools regardless of market conditions, with plans to expand into core sectors like consumption, manufacturing, technology, and finance [4] Group 3: Quantitative Investment - The company is actively developing its quantitative investment sector, focusing on index enhancement strategies across multiple indices, with plans to increase investment in active quantitative strategies [5] - Yongying Fund recognizes that quantitative investment is a technology-driven model that requires continuous effort and cannot guarantee easy success [6] - The company has established a robust risk management system to actively manage risks and enhance the investment experience for clients [6]