Group 1 - The core point of the article is that Maxinlin (688685.SH) reported its Q3 2025 results, revealing a decrease in institutional investor holdings compared to the previous quarter [1] - As of October 30, 2025, three institutional investors disclosed holding a total of 9.0597 million shares of Maxinlin, representing 6.23% of the total share capital [1] - The institutional holding ratio decreased by 0.90 percentage points compared to the previous quarter [1] Group 2 - The public funds that did not disclose holdings in the current period totaled 192, including notable funds such as Changxin National Defense Military Industry Quantitative Mixed A and Dongfang Alpha Zhaoyang Mixed A [1]

Core Points - Zhongkuang Resources has seen a stock price increase of 3.42% on October 23, reaching 49.95 CNY per share, with a trading volume of 1.14 billion CNY and a turnover rate of 3.26%, resulting in a total market capitalization of 36.039 billion CNY. The stock has risen for three consecutive days, accumulating a total increase of 7.72% during this period [1] Company Overview - Zhongkuang Resources Group Co., Ltd. is located in Fengtai District, Beijing, and was established on June 2, 1999. The company was listed on December 30, 2014. Its main business involves the development and utilization of rare light metal resources (lithium, cesium, rubidium), geological exploration technical services, mineral rights investment, international mineral product trade, and international engineering [1] - The revenue composition of Zhongkuang Resources is as follows: 71.26% from merchandise sales, 18.70% from other sources, 9.22% from operating leases, and 0.82% from service provision [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Huashang Fund has a significant position in Zhongkuang Resources. The Huashang New Energy Vehicle Mixed A Fund (013886) reduced its holdings by 59,100 shares in the second quarter, holding a total of 366,900 shares, which accounts for 2.63% of the fund's net value, ranking as the seventh largest holding. The estimated floating profit today is approximately 605,400 CNY, with a total floating profit of 1.3135 million CNY during the three-day increase [2] - The Huashang New Energy Vehicle Mixed A Fund (013886) was established on November 17, 2021, with a current scale of 323 million CNY. Year-to-date returns are 33.8%, ranking 2172 out of 8159 in its category; the one-year return is 31.05%, ranking 2181 out of 8030; since inception, the fund has experienced a loss of 45.17% [2] Fund Management - The fund managers of Huashang New Energy Vehicle Mixed A Fund (013886) are Zhang Wenlong and Chen Xiaoqiong. As of the report, Zhang Wenlong has a cumulative tenure of 2 years and 82 days, managing assets totaling 1.221 billion CNY, with the best fund return during his tenure being 73.32% and the worst being 30.98%. Chen Xiaoqiong has a cumulative tenure of 291 days, managing assets totaling 841 million CNY, with the best fund return during her tenure being 85.74% and the worst being 28.18% [3]

Core Viewpoint - The AI Fund Huashang New Energy Vehicle Mixed A (013886) reported a profit of 9.1633 million yuan for the first half of 2025, with a net value growth rate of 2.64% and a fund size of 323 million yuan as of the end of June 2025 [3][33]. Fund Performance - As of September 3, 2025, the fund's unit net value was 0.517 yuan, with a one-year net value growth rate of 43.86%, ranking 305 out of 604 comparable funds [3][6]. - The fund's performance over the last three months showed a net value growth rate of 25.61%, ranking 181 out of 607 comparable funds [6]. - The fund's three-year net value growth rate was -44.40%, ranking 494 out of 495 comparable funds [6]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 20.08 times, significantly lower than the industry average of 33.74 times [12]. - The weighted average price-to-book (P/B) ratio was about 2.48 times, slightly above the industry average of 2.47 times [12]. - The weighted average price-to-sales (P/S) ratio was approximately 1.28 times, compared to the industry average of 2.07 times [12]. Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate was 0.14%, and the weighted average net profit growth rate was 0.15% [19]. - The weighted annualized return on equity was 0.12% [19]. Risk and Return Metrics - The fund's three-year Sharpe ratio was -0.7128, ranking 465 out of 468 comparable funds [25]. - The maximum drawdown over the past three years was 65.02%, ranking 2 out of 483 comparable funds [28]. - The fund's turnover rate for the last six months was approximately 284.29%, consistently above the industry average [39]. Fund Holdings - As of June 30, 2025, the fund had 14,800 holders, with a total of 768 million shares held [36]. - The top ten holdings included companies such as CATL, Li Auto, and BYD [42].