Core Insights - He Lin Micro-Nano (688661.SH) reported its Q3 2025 results, revealing that as of October 29, 2025, 10 institutional investors held a total of 14.0526 million shares, representing 9.25% of the company's total share capital [1] - The top ten institutional investors include notable entities such as Suzhou Heyang Management Consulting Partnership, Industrial and Commercial Bank of China, and several funds managed by Ping An [1] - Compared to the previous quarter, the total holding percentage of the top ten institutional investors decreased by 1.37 percentage points [1] Fund Holdings - Among public funds, only one fund, Jin Ying Core Resource Mixed A, increased its holdings, while two funds, Jin Ying National Emerging Mixed A and Jin Ying Small and Medium Cap Selected Mixed A, reported a slight decrease in holdings [2] - Two new public funds, Guangfa CSI 2000 ETF and Penghua Hongxin Mixed A, were disclosed this quarter [2] - A total of 132 public funds were not disclosed this quarter, including Jin Ying Dividend Value Mixed A and Huashang Selected Return Mixed A [2]

Core Viewpoint - The article highlights the strong performance of Huashang Fund, a public fund management company with nearly 20 years of experience, emphasizing its active management capabilities and consistent positive returns across various funds [1][8]. Fund Performance Summary - As of September 30, 2025, Huashang Fund's actively managed fixed income funds ranked first in absolute returns over the past 7 and 5 years [1][9]. - The actively managed equity funds ranked second in the past 7 years and third in the past 5 years [1][9]. Specific Fund Highlights - **Huashang Advantage Industry Flexible Allocation Mixed A Fund**: - Achieved a net value growth rate of 102.44% in the past year, with 5-year and 7-year growth rates of 205.07% and 464.21% respectively [3][10]. - Ranked second among peers over the past 5 years [3][10]. - **Huashang New Trend Preferred Flexible Allocation Mixed Fund**: - Recorded a net value growth rate of 51.08% in the past year, with 5-year and 7-year growth rates of 159.94% and 429.65% respectively [5][12]. - Ranked fifth among peers over the past 5 years [5][12]. - **Huashang Runfeng Flexible Allocation Mixed A Fund**: - Achieved a net value growth rate of 146.96% in the past year, with 5-year and 7-year growth rates of 193.05% and 332.42% respectively [6][13]. - Ranked among the top ten in its category for all time frames [6][13]. - **Huashang Yuanheng Flexible Allocation Mixed A Fund**: - Achieved a net value growth rate of 132.57% in the past year, with 5-year and 7-year growth rates of 200.52% and 297.54% respectively [6][14]. - Consistently ranked among the top ten in its category [6][14]. - **Huashang Shengshi Growth Mixed Fund**: - Ranked sixth among 586 similar funds over the past 5 years [7][15]. Management Team and Strategy - Huashang Fund emphasizes a strong research and management team, with each fund manager employing distinct investment strategies [8]. - The company focuses on active management and deep research to enhance investor returns, aiming for sustainable long-term performance [8].

Core Insights - The stock market has significantly rebounded over the past year, leading to the emergence of high-performing fund products. Huashang Fund, with nearly 20 years of experience, focuses on enhancing investor returns through active management [1][8] - As of September 30, 2025, Huashang Fund's actively managed fixed-income funds ranked first in absolute returns over the past 7 and 5 years, while its actively managed equity funds ranked second and third, respectively [1][9] Fund Performance - Huashang Fund has six equity funds that achieved positive returns for five consecutive years from 2020 to 2024. These funds include: - Huashang Advantage Industry Flexible Allocation Mixed A - Huashang New Trend Preferred Flexible Allocation Mixed - Huashang Runfeng Flexible Allocation Mixed A - Huashang Runfeng Flexible Allocation Mixed C - Huashang Yuanheng Flexible Allocation Mixed A - Huashang Shengshi Growth Mixed [1][8] Individual Fund Highlights - **Huashang Advantage Industry Flexible Allocation Mixed A**: - 1-year net value growth rate: 102.44% - 5-year net value growth rate: 464.21% - Ranked 2nd in 5-year performance among 329 similar funds [3][10] - **Huashang New Trend Preferred Flexible Allocation Mixed**: - 1-year net value growth rate: 51.08% - 5-year net value growth rate: 429.65% - Ranked 5th in 5-year performance among 356 similar funds [5][10] - **Huashang Runfeng Flexible Allocation Mixed A**: - 1-year net value growth rate: 146.96% - 5-year net value growth rate: 332.42% - Ranked 3rd in 5-year performance among 356 similar funds [6][10] - **Huashang Runfeng Flexible Allocation Mixed C**: - 5-year performance ranked 1st among 129 similar funds [6][10] - **Huashang Yuanheng Flexible Allocation Mixed A**: - 1-year net value growth rate: 132.57% - 5-year net value growth rate: 297.54% - Ranked 2nd in 5-year performance among 356 similar funds [6][10] - **Huashang Shengshi Growth Mixed**: - Ranked 6th in 5-year performance among 586 similar funds [7][10] Management Strategy - Huashang Fund emphasizes active management and deep research, with a focus on building a talent pipeline among fund managers. Each manager has a unique investment philosophy, contributing to the overall performance of the funds [8][9]

Group 1 - Postal Savings Bank of China (PSBC) shares fell by 0.7% to 5.66 CNY per share, with a total market capitalization of 679.738 billion CNY, marking a cumulative decline of 6.6% over six consecutive days [1] - The bank was established on March 6, 2007, and listed on December 10, 2019, providing a range of banking and financial services primarily through personal banking, corporate banking, and funding operations [1] - The revenue composition of PSBC is as follows: personal banking accounts for 69.57%, corporate banking for 19.70%, funding business for 10.65%, and other businesses for 0.07% [1] Group 2 - Two funds under Huashang Fund hold a total of 10.4856 million shares of PSBC, resulting in a floating loss of approximately 419.42 thousand CNY during the recent six-day decline [2] - The Huashang Shengshi Growth Mixed Fund reduced its holdings by 586.7 thousand shares in the second quarter, currently holding 9.5451 million shares, which represents 1.67% of the fund's net value [2] - The Huashang Hengxin Return Mixed A Fund holds 940.5 thousand shares, accounting for 2.23% of the fund's net value, with a floating loss of about 37.62 thousand CNY during the same period [2]

Core Viewpoint - Wang Yiwen, a fund manager, oversees five funds, with the best performance in Q2 2025 being the Huashang Shengshi Growth Mixed Fund, which achieved a net value increase of 2.42% [1][2]. Fund Performance Summary - **Huashang Shengshi Growth Mixed Fund (630002)**: - Size: 30.96 billion - Annualized Return: 14.15% - Q2 2025 Increase: 2.42% - Top Holding: Zijin Mining - Daily Net Value Ratio: 7.26% [2] - **Huashang South Strategy Selected Mixed Fund (630008)**: - Size: 6.97 billion - Annualized Return: 7.48% - Q2 2025 Increase: 2.26% - Top Holding: Zijin Mining - Daily Net Value Ratio: 6.05% [2] - **Huashang Future Theme Mixed Fund (000800)**: - Size: 3.69 billion - Annualized Return: -1.56% - Q2 2025 Increase: 1.87% - Top Holding: Yingmei Mining - Daily Net Value Ratio: 6.08% [2] - **Huashang Industry Opportunity Mixed Fund A (019690)**: - Size: 0.61 billion - Annualized Return: 13.98% - Q2 2025 Increase: 0.43% - Top Holding: Zhongben International - Daily Net Value Ratio: 4.14% [2] - **Huashang Industry Opportunity Mixed Fund C (019691)**: - Size: 0.35 billion - Annualized Return: 13.33% - Q2 2025 Increase: 0.31% - Top Holding: Zhongxin International - Daily Net Value Ratio: 4.14% [2] Wang Yiwen's Fund Management Performance - Cumulative Return for Huashang Strategy Selected Mixed Fund (630008) during Wang Yiwen's tenure: 47.88% - Average Annualized Return: 7.82% - Total Adjustments in Heavy Holdings: 42 times, with a success rate of 59.52% (25 profitable adjustments) [2]. Heavy Holdings Adjustment Cases - **Mingzhi Electric (603728)**: - Buy Quarter: Q1 2022, Sell Quarter: Q1 2024 - Estimated Return: 173.01%, Company Performance Decline: -18.38% [5]. - **Yongxing Materials (002756)**: - Buy Quarter: Q1 2021, Sell Quarter: Q1 2021 - Estimated Return: 81.70%, Company Performance Increase: 243.83% [6]. - **Kowell (688551)**: - Buy Quarter: Q4 2021, Sell Quarter: Q4 2024 - Estimated Return: -47.81%, Company Performance Increase: 93.22% [7].

Core Insights - GaoHua Technology (688539.SH) released its 2024 annual report on April 19, 2025, indicating that 30 institutional investors disclosed holdings in the company's A-shares, totaling 20.7691 million shares, which represents 11.17% of the total share capital [1] - The top ten institutional investors collectively hold 10.87% of the shares, with a decrease of 0.79 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding GaoHua Technology shares is 30, with a total holding of 20.7691 million shares [1] - The top ten institutional investors include various investment management companies and funds, with a combined holding percentage of 10.87% [1] - There was a slight decline in the holding percentage of the top ten institutional investors compared to the last quarter [1] Public Fund Activity - One public fund, Penghua High-Quality Growth Mixed A, increased its holdings, while another, Penghua Stable Return Mixed A, saw a decrease in holdings [2] - A total of 23 new public funds disclosed their holdings, including several mixed funds from Huashang [2] Pension Fund Activity - One pension fund, the Basic Pension Insurance Fund 1203 Combination, reported a decrease in holdings [2]

Core Viewpoint - The article highlights a wave of fund self-purchases by various public funds in China, signaling confidence in the long-term stability and health of the Chinese capital market, with a total self-purchase amount of 145 million yuan [1][3]. Group 1: Fund Self-Purchases - Several public funds, including Pengyang Fund, Bosera Fund, and CMB Fund, announced self-purchases of their equity funds, with amounts of 30 million yuan, 65 million yuan, and 50 million yuan respectively, totaling 145 million yuan [1][3]. - The self-purchase actions are expected to trigger a new wave of self-purchases from other fund companies, as various institutions, including the central bank and listed companies, are also taking actions to stabilize the capital market [1][4]. Group 2: Historical Context and Trends - Over the past decade, the total self-purchase amount by public funds has approached 43 billion yuan, with equity funds accounting for approximately 9.395 billion yuan of that total [5][6]. - Historically, fund self-purchases tend to occur during market downturns, often at stage-specific lows, which contrasts with typical investor behavior [7]. Group 3: Confidence Transmission - Fund self-purchases not only reflect confidence in the capital market but also in the fund companies themselves, as seen in recent cases where funds initiated self-purchases during new fund launches or following key personnel changes [9][11]. - The trend of self-purchases is increasingly recognized as a collective behavior among fund companies, particularly during periods of market volatility [6][8].

Core Viewpoint - Public funds in China, including Pengyang Fund, Bosera Fund, and China Merchants Fund, have initiated self-purchase announcements, signaling confidence in the long-term stability and health of the Chinese capital market, with a total self-purchase amount of 145 million yuan [2][3]. Group 1: Fund Self-Purchase Actions - Pengyang Fund announced a self-purchase of 30 million yuan in its actively managed equity funds, with 15 million yuan already invested in specific funds on April 8 [2]. - Bosera Fund committed to investing 65 million yuan in its equity public funds, reinforcing its confidence in the market [2]. - China Merchants Fund declared a self-purchase of 50 million yuan in its stock and mixed public funds, promising to hold the investment for at least one year [3]. Group 2: Market Response and Trends - Other fund companies are expected to follow suit, potentially leading to a new wave of self-purchase activity, as institutions like the Central Bank and listed companies are also taking action to stabilize the market [3]. - Over the past decade, the total self-purchase amount by public funds has approached 43 billion yuan, with stock funds accounting for approximately 9.395 billion yuan of that total [4]. - Historical data indicates that self-purchase activities often occur during market downturns, typically at stage-specific lows, suggesting a counter-cyclical investment strategy [5]. Group 3: Confidence Transmission - Fund self-purchases not only reflect confidence in the capital market but also in the fund companies themselves, with many firms initiating self-purchases during new fund launches to signal trust [6]. - Recent examples include Anxin Fund, which invested 10 million yuan in its newly launched fund, committing to hold the investment for at least one year [6]. - The trend of self-purchases has been observed in various funds, including the A500 ETF, where firms like China Merchants Fund and Southern Fund made significant investments [7].