Core Viewpoint - Huashang Fund Management Co., Ltd. announced the suspension of large-scale subscription (including regular investment and transfer-in) for institutional clients of the Huashang Advantage Industry Flexible Allocation Mixed Securities Investment Fund starting from November 20, 2025, to ensure stable operation and protect the interests of fund shareholders [1][2]. Summary by Sections Fund Suspension Details - The fund management decided to limit large-scale subscriptions for institutional clients, with a subscription, transfer-in, and regular investment cap set at 100,000 yuan [1]. - The specific fund categories affected include Huashang Advantage Industry Mixed A and C, both with a subscription limit of 100,000 yuan [1]. Application Process - Any application for a single transaction exceeding 100,000 yuan will be rejected, while multiple applications that cumulatively exceed this limit will be processed in descending order until the total is within the limit [2]. - The suspension for large-scale subscription applications will take effect from November 19, 2025, at 15:00, with applications submitted after this time considered as transactions on November 20, 2025 [2].

Core Viewpoint - Jinli Technology (002869.SZ) reported an increase in institutional ownership, with a total of 44.48 million shares held by six institutional investors, representing 24.77% of the total share capital, marking a 6.25 percentage point increase from the previous quarter [1] Institutional Investors - Six institutional investors disclosed their holdings in Jinli Technology, with a combined ownership of 44.48 million shares, accounting for 24.77% of the total share capital [1] - The institutional ownership increased by 6.25 percentage points compared to the previous quarter [1] Public Funds - Two new public funds disclosed their holdings in the current period, including Huaxia Industry Prosperity Mixed A and Huaxia Excellent Growth Mixed A [1] - A total of 26 public funds that were previously disclosed did not report their holdings this quarter, including Huashang Advantage Industry Mixed A and others [1] Social Security Funds - One new social security fund disclosed its holdings in Jinli Technology, specifically the Huaxia Fund Management Co., Ltd. - Social Security Fund 422 Combination [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings in Jinli Technology by 1.10% compared to the previous period [1]

Core Viewpoint - Newcap (300248.SZ) reported its Q3 2025 results, indicating a decline in institutional ownership and a stable number of public funds compared to the previous quarter [1] Institutional Ownership - As of October 28, 2025, there is one institutional investor holding shares in Newcap, with a total of 18.5778 million shares, representing 3.90% of the total share capital [1] - The institutional ownership percentage decreased by 0.91 percentage points compared to the previous quarter [1] Public Fund Holdings - In this reporting period, 28 public funds were disclosed, which were not reported in the previous quarter [1] - Notable public funds include Xingquan Green Investment Mixed (LOF), Huashang Advantage Industry Mixed A, Haifutong Advanced Manufacturing Stock C, Penghua Innovation Future Mixed (LOF), and Zhongzheng 2000 [1]

Core Insights - Shifeng Culture (002862.SZ) released its Q3 2025 report on October 28, 2025, indicating a total institutional holding of 4.9001 million shares, representing 2.92% of the total share capital [1] - The institutional holding percentage decreased by 0.79 percentage points compared to the previous quarter [1] - Six public funds were disclosed this period, including Huashang Advantage Industry Mixed A and others, with no new foreign institutional disclosures [1] Institutional Holdings - As of October 27, 2025, there is one institutional investor holding shares in Shifeng Culture, which is Shenzhen High-tech Investment Group Co., Ltd [1] - The total institutional holding has decreased from the previous quarter [1] Public Funds - The report mentions six public funds that were not disclosed in the previous quarter, including Huashang Advantage Industry Mixed A and others [1] Foreign Investment - There were no new foreign institutional disclosures this quarter, with BARCLAYS BANK PLC being the only foreign institution mentioned [1]

Group 1 - The core point of the news is that Honghe Technology's stock price increased by 5.12% to 33.44 CNY per share, with a trading volume of 267 million CNY and a turnover rate of 0.93%, resulting in a total market capitalization of 29.418 billion CNY [1] - Honghe Technology specializes in the research, production, and sales of mid-to-high-end electronic-grade fiberglass cloth, with its main business revenue composition being: thin cloth 37.30%, ultra-thin cloth 24.56%, extremely thin cloth 20.00%, special cloth 6.93%, thick cloth 6.54%, yarn 4.12%, and others 0.55% [1] Group 2 - Honghe Technology's major circulating shareholder is Huashang Fund, which has a fund named Huashang Advantage Industry Mixed A (000390) that entered the top ten circulating shareholders in the second quarter, holding 3.5816 million shares, accounting for 0.41% of circulating shares, with an estimated floating profit of approximately 5.838 million CNY [2] - Huashang Advantage Industry Mixed A (000390) has a total scale of 4.055 billion CNY, with a year-to-date return of 69.72% and a one-year return of 65.84% [2] Group 3 - The fund manager of Huashang Advantage Industry Mixed A (000390) is Zhang Mingxin, who has been in the position for 232 days, with the fund's total asset scale at 4.24 billion CNY and the best return during his tenure being 59.7% [3] Group 4 - Another fund under Huashang Fund, Huashang Balanced Growth Mixed A (011369), held 447,100 shares of Honghe Technology in the second quarter, accounting for 3.58% of the fund's net value, with an estimated floating profit of about 728,800 CNY [4] - Huashang Balanced Growth Mixed A (011369) has a total scale of 111 million CNY, with a year-to-date return of 82.54% and a one-year return of 81.58% [4] Group 5 - Zhang Mingxin is also the fund manager for Huashang Balanced Growth Mixed A (011369), with the same tenure of 232 days and a total asset scale of 4.24 billion CNY, achieving a best return of 59.7% during his tenure [5]

Group 1 - The core point of the article highlights the recent stock performance of Zhidingmai, which saw a decline of 5.02%, trading at 33.70 CNY per share with a total market capitalization of 6.701 billion CNY [1] - Zhidingmai Technology Co., Ltd. was established on November 10, 2011, and went public on July 15, 2019. The company operates a content-based shopping guide platform, providing promotional services for e-commerce and brand merchants [1] - The revenue composition of Zhidingmai includes: information promotion income at 41.83%, internet marketing platform income at 28.38%, operational service fees at 27.62%, brand marketing income at 2.00%, and product sales income at 0.17% [1] Group 2 - From the perspective of the top ten circulating shareholders, Huashang Fund has a fund that entered the top ten shareholders of Zhidingmai, holding 1.2781 million shares, which accounts for 1.04% of the circulating shares [2] - The Huashang Advantage Industry Mixed Fund (000390) has a current scale of 4.055 billion CNY and has achieved a return of 73.72% year-to-date, ranking 242 out of 8162 in its category [2] - The fund manager of Huashang Advantage Industry Mixed Fund is Zhang Mingxin, who has been in the position for 225 days, with the fund's total asset scale at 4.24 billion CNY [3]

Core Viewpoint - The article discusses the performance and dividend distribution of actively managed equity mutual funds in the A-share market, highlighting the significant gains in the market and the limited number of funds that have distributed dividends this year [4][5]. Summary by Sections Market Performance - The A-share market has seen a significant rise, with major indices reaching new highs. As of September 24, the Shanghai Composite Index has increased by approximately 15% year-to-date, while the Shenzhen Component Index and the ChiNext Index have risen by 28% and over 48%, respectively [4]. Dividend Distribution - As of September 21, only 127 out of 7463 actively managed equity mutual funds have distributed dividends this year, accounting for less than 2% of the total [4]. - The total dividend amount for actively managed equity funds with a scale of over 1 billion yuan that have distributed dividends this year is 2.106 billion yuan, with 32 distributions [5]. Top Dividend Funds - The top three actively managed equity funds in terms of dividend distribution this year are: 1. E Fund's E Fund Kexun Mixed Fund (110029) managed by Liu Jianwei, with a total dividend of 530.63 million yuan and a year-to-date return of 78.24% [6][7]. 2. E Fund's E Fund Value Selection Mixed Fund (110009) managed by Bao Zhengyu, with a total dividend of 437.51 million yuan and a year-to-date return of 28.11% [6][7]. 3. Huashang Fund's Huashang Advantage Industry Mixed A (000390) managed by Zhang Mingxin, with a total dividend of 170.30 million yuan and a year-to-date return of 81.98% [6][7]. Fund Strategies and Outlook - The E Fund Kexun Mixed Fund focuses on emerging growth sectors such as artificial intelligence and innovative pharmaceuticals, with the manager optimistic about continued investment opportunities in the equity market [7][8]. - The Huashang Advantage Industry Mixed A fund's manager adjusted the portfolio significantly after market fluctuations, leading to strong performance [7][8]. Fund Performance by Scale - For funds with a scale of 5-10 billion yuan, the top three in dividend distribution are: 1. Penghua Fund's Penghua Shengshi Innovation LOF (160613) [9]. 2. Caitong Asset Management's Caitong Digital Economy Mixed Fund (017483) with a total dividend of 53.71 million yuan and a year-to-date return of 61.98% [11]. 3. Xinhua Fund's Xinhua Preferred Dividend Mixed A (519087) [9]. - For funds with a scale of 1-5 billion yuan, the top three are: 1. Southern Fund's Southern North Exchange Selection Two-Year Open Mixed Fund (014294) [13]. 2. Yinhua Fund's Yinhua Huixiang Three-Year Regular Open Mixed Fund (019597) [13]. 3. West China Fund's West China Quantitative Preferred One-Year Holding Period Mixed A (010779) with a total dividend of 42.69 million yuan [13]. - For funds with a scale of 1 million to 1 billion yuan, the top three are: 1. Hongta Hongtu's Hongta Hongtu Shengfeng Mixed A (013733) with a total dividend of 16.52 million yuan [16][17]. 2. West China Fund's West China Quantitative Preferred One-Year Holding Period Mixed C (010780) [16]. 3. West China Fund's West China Central Enterprise Preferred Stock A (022164) [16].

Core Viewpoint - The article discusses the performance and dividend distribution of actively managed equity mutual funds in the A-share market, highlighting the significant gains in major indices and the limited number of funds that have distributed dividends this year [1][2]. Summary by Category Overall Market Performance - The A-share market has seen a broad increase, with the Shanghai Composite Index reaching a nearly 10-year high above 3800 points, reflecting a year-to-date increase of approximately 15% as of September 24 [1]. - The Shenzhen Component Index and the ChiNext Index have shown even stronger performance, with increases of about 28% and over 48%, respectively [1]. Dividend Distribution - As of September 21, 2025, only 127 out of 7463 actively managed equity mutual funds have distributed dividends this year, representing less than 2% of the total [1]. - The total dividend amount for actively managed equity funds with a scale of 10 billion and above reached 2.106 billion yuan, with 32 distributions [2][6]. Top Dividend Distributing Funds - The top three actively managed equity funds by total dividend amount for those with a scale of 10 billion and above are: 1. "E Fund Kexun Mixed" (110029) managed by Liu Jianwei, with a total dividend of approximately 530 million yuan and a year-to-date return of 78.24% [6][7]. 2. "E Fund Value Selection Mixed" (110009) managed by Bao Zhengyu, with a total dividend of approximately 437.5 million yuan [6]. 3. "Huashang Advantage Industry Mixed A" (000390) managed by Zhang Mingxin, with a total dividend of approximately 170 million yuan and a year-to-date return of 81.98% [7]. Fund Performance Insights - The "E Fund Kexun Mixed" has achieved a cumulative return of 182.92% since its inception, significantly outperforming its benchmark [6]. - The "Huashang Advantage Industry Mixed A" fund manager adjusted the portfolio significantly after market fluctuations, leading to a strong performance in sectors like AI and military industry [7]. Mid-Sized Funds - For funds with a scale of 5-10 billion, the total dividend amount reached 441 million yuan, with the top three funds being: 1. "Penghua Shengshi Innovation LOF" (160613) managed by Wu Xuan [8]. 2. "Caitong Asset Digital Economy Mixed Initiated A" (017483) managed by Bao Huaiwen, with a total dividend of approximately 53.71 million yuan and a year-to-date return of 61.98% [12]. 3. "Xinhua Preferred Dividend Mixed A" (519087) managed by Zhao Qiang [8]. Smaller Funds - For funds with a scale of 1-5 billion, the total dividend amount was 423 million yuan, with the top three funds being: 1. "Southern North Exchange Selected Two-Year Open Mixed Initiated" (014294) managed by Lei Jiayuan [13]. 2. "Yinhua Huixiang Three-Year Regular Open Mixed" (019597) managed by Fang Jian [13]. 3. "West China Li De Quantitative Preferred One-Year Holding Period Mixed A" (010779) managed by Zhai Zijian, which distributed dividends 11 times this year [16]. Smallest Funds - For funds with a scale of 1 million to 10 million, the total dividend amount was 108 million yuan, with the top three funds being: 1. "Hongta Hongtu Shengfeng Mixed A" (013733) managed by Zhao Yao, with a total dividend of approximately 16.52 million yuan [22]. 2. "West China Li De Quantitative Preferred One-Year Holding Period Mixed C" (010780) managed by Zhai Zijian [22]. 3. "West China Li De Central Enterprise Preferred Stock A" (022164) managed by Sheng Fengyan [22].

Company Overview - Jinli Technology Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on May 20, 2004. The company went public on May 15, 2017. Its main business involves application development, product innovation, and promotion in the fields of smart transportation and the Internet of Things (IoT) [1]. - The revenue composition of Jinli Technology is as follows: ETC products account for 72.83%, automotive electronics 23.83%, other products 1.85%, and smart IoT products 1.50% [1]. Stock Performance - On September 24, Jinli Technology's stock rose by 5.1%, reaching a price of 31.35 yuan per share, with a trading volume of 210 million yuan and a turnover rate of 4.29%. The total market capitalization is 5.629 billion yuan [1]. Shareholder Information - Huashang Fund has a presence among the top ten circulating shareholders of Jinli Technology. The Huashang Advantage Industry Mixed A Fund (000390) entered the top ten shareholders in the second quarter, holding 788,300 shares, which represents 0.5% of the circulating shares. The estimated floating profit today is approximately 1.1982 million yuan [2]. - The Huashang Advantage Industry Mixed A Fund was established on December 11, 2013, with a latest scale of 4.055 billion yuan. Year-to-date returns are 90.71%, ranking 129 out of 8,173 in its category; the one-year return is 122.01%, ranking 310 out of 7,996; and since inception, the return is 1,222.09% [2]. Fund Management - The fund manager of Huashang Advantage Industry Mixed A is Zhang Mingxin, who has been in the position for 205 days. The total asset size of the fund is 4.24 billion yuan, with the best fund return during his tenure being 93.25% and the worst being 7.03% [3].

Core Viewpoint - The stock price of Zhidingmai fell by 5.07% on September 18, closing at 39.30 CNY per share, with a trading volume of 347 million CNY and a turnover rate of 7.09%, resulting in a total market capitalization of 7.815 billion CNY [1] Company Overview - Zhidingmai Technology Co., Ltd. is located in Fengtai District, Beijing, and was established on November 10, 2011. The company went public on July 15, 2019. Its main business involves operating the content-based shopping guide platform "What is Worth Buying" (www.smzdm.com) and corresponding mobile applications, providing information promotion services and internet marketing platform services for e-commerce and brand merchants [1] - The revenue composition of the main business includes: information promotion revenue 41.83%, internet marketing platform revenue 28.38%, operational service fees 27.62%, brand marketing revenue 2.00%, and product sales revenue 0.17% [1] Shareholder Information - Among the top ten circulating shareholders of Zhidingmai, Huashang Fund has one fund that entered the top ten in the second quarter, holding 1.2781 million shares, accounting for 1.04% of circulating shares. The estimated floating loss today is approximately 2.684 million CNY [2] - The Huashang Advantage Industry Mixed Fund A (000390) was established on December 11, 2013, with a latest scale of 4.055 billion CNY. Year-to-date return is 86.9%, ranking 140 out of 8172 in its category; the one-year return is 121.92%, ranking 269 out of 7980; and the return since inception is 1195.69% [2] - The fund manager, Zhang Mingxin, has a cumulative tenure of 199 days, with the current total asset scale of 4.24 billion CNY. The best fund return during his tenure is 83.26%, while the worst is 3.54% [2]