Core Viewpoint - Filinco (301191.SZ) reported its Q3 2025 results, highlighting a decrease in institutional ownership and the presence of new foreign investors [1] Institutional Ownership - As of October 28, 2025, three institutional investors disclosed holdings in Filinco A-shares, totaling 2.3983 million shares, which represents 3.46% of the total share capital [1] - The institutional ownership decreased by 0.55 percentage points compared to the previous quarter [1] Public Fund Disclosure - In this period, 73 public funds were not disclosed compared to the previous quarter, including notable funds such as Huashang Credit Enhanced Bond A, Nuode Flexible Allocation Mixed, and others [1] Foreign Investment - One new foreign institution disclosed its holdings this quarter, namely Hong Kong Central Clearing Limited [1]

Group 1 - The core point of the news is the performance and financial metrics of Huaxi Securities, which saw a stock price increase of 5.04% to 10.43 CNY per share, with a total market capitalization of 27.379 billion CNY [1] - Huaxi Securities was established on July 13, 2000, and listed on February 5, 2018, primarily engaged in brokerage and wealth management, credit business, investment banking, asset management, and investment activities [1] - The revenue composition of Huaxi Securities includes brokerage and wealth management at 55.07%, credit business at 20.85%, investment business at 18.30%, investment banking at 2.02%, other at 1.66%, and asset management at 1.65%, with inter-segment eliminations at 0.47% [1] Group 2 - Huashang Fund has a significant holding in Huaxi Securities, with its Huashang Innovation Growth Mixed Fund A (000541) holding 2.1% of its net asset value in Huaxi Securities, making it the third-largest holding [2] - The Huashang Innovation Growth Mixed Fund A has a total scale of 724 million CNY and has achieved a year-to-date return of 57.66%, ranking 743 out of 8167 in its category [2] - The fund has also seen a one-year return of 63.35%, ranking 1256 out of 8010, and a cumulative return of 252% since its inception on March 18, 2014 [2] Group 3 - The fund manager of Huashang Innovation Growth Mixed Fund A is Li Qian, who has been in the position for 5 years and 282 days, managing a total asset scale of 9.266 billion CNY [3] - During Li Qian's tenure, the best fund return was 177%, while the worst return was -26.69% [3]

Group 1 - Pacific Securities Co., Ltd. experienced a stock price increase of 5.21% on September 11, reaching 5.05 CNY per share, with a trading volume of 3.246 billion CNY and a turnover rate of 9.66%, resulting in a total market capitalization of 34.422 billion CNY [1] - The company, established on January 6, 2004, and listed on December 28, 2007, is based in Kunming, Yunnan Province, and its main business activities include securities underwriting and listing recommendations, proprietary trading, and securities agency trading [1] - The revenue composition of Pacific Securities is as follows: securities brokerage business 41.02%, securities investment business 32.98%, credit business 9.93%, other businesses 6.01%, investment banking business 5.83%, and asset management business 4.84% [1] Group 2 - Huashang Innovation Growth Mixed Fund A (000541) holds 4.8501 million shares of Pacific Securities, accounting for 2.16% of the fund's net value, making it the second-largest holding [2] - The fund has generated a floating profit of approximately 1.2125 million CNY as of the latest report [2] - The fund was established on March 18, 2014, with a current scale of 724 million CNY, and has achieved a year-to-date return of 47.68%, ranking 674 out of 8175 in its category [2] Group 3 - The fund manager of Huashang Innovation Growth Mixed Fund A is Li Qian, who has been in the position for 5 years and 263 days, managing a total asset size of 9.266 billion CNY [3] - During Li Qian's tenure, the best fund return was 180.06%, while the worst return was -26.69% [3]

Group 1 - The core viewpoint of the news is that Pacific Securities has seen a significant increase in its stock price, rising by 5.29% to 4.58 CNY per share, with a trading volume of 1.948 billion CNY and a turnover rate of 6.36%, leading to a total market capitalization of 31.219 billion CNY [1] - Pacific Securities, established on January 6, 2004, and listed on December 28, 2007, is primarily engaged in securities underwriting and listing recommendations, proprietary trading, and securities agency trading [1] - The revenue composition of Pacific Securities includes: 34.57% from securities brokerage, 26.69% from securities investment, 13.13% from investment banking, 10.56% from asset management, 8.84% from credit business, and 7.24% from other income [1] Group 2 - From the perspective of major holdings, Huashang Fund has one fund heavily invested in Pacific Securities, specifically the Huashang Innovation Growth Mixed Fund A (000541), which held 4.8501 million shares, accounting for 2.16% of the fund's net value, making it the second-largest holding [2] - The Huashang Innovation Growth Mixed Fund A (000541) has achieved a return of 47.08% year-to-date, ranking 779 out of 8180 in its category, and a one-year return of 62%, ranking 1528 out of 7978 [2] - The fund manager of Huashang Innovation Growth Mixed Fund A is Li Qian, who has been in the position for 5 years and 256 days, with the fund's total asset size at 9.266 billion CNY and a best return of 161.21% during his tenure [3]