Group 1: Anji Technology - The company serves clients primarily in the wafer manufacturing and advanced packaging sectors, maintaining a healthy development phase with active capacity expansion [1] - AI-driven DRAM demand is a significant growth driver for the storage sector, with the global and particularly Chinese storage industry remaining active in technology R&D and capacity expansion [1] - The company’s core strategy is "rooted in China, facing the world," with steady progress in overseas expansion [1] - Increased R&D expenses are attributed to a higher number of projects, frequent activities, and increased share-based payment amortization [1] - The Ningbo Anji small loan fundraising project is over 80% complete and is expected to conclude on schedule [1] - The company aims to manage the gross margins of various product lines to maintain a healthy and sustainable overall gross margin [1] - Business trends are expected to remain stable, with normal progress anticipated in Q4 and beyond [1] Group 2: Perfect World - The company emphasizes long-term operation and value cultivation of older games, maintaining vitality through content iteration and refined operations [2] - It enhances its self-publishing capabilities through projects like "Honkai: Star Rail" and "Persona 5: The Phantom X," with "The Ring" set to launch globally across PC, mobile, and console [2] - The esports business is developing steadily, with the successful hosting of the 2025 Counter-Strike Asia Invitational and the 2026 DOTA2 International in Shanghai [2] - The film and television business focuses on "quality over quantity," controlling investment scale while increasing efforts in the short drama sector [2] - For the first nine months of the year, the company reported a net cash inflow from operating activities of 88.89 million, a turnaround from negative to positive, driven by increased game revenue and cost reduction [2] Group 3: Huaxia Fund - As of now, the total asset management scale of Huaxia Fund is 2,105.83 billion, ranking 2nd out of 211 [3] - The asset management scale for non-monetary public funds is 1,261.34 billion, also ranking 2nd out of 211 [3] - The number of managed public funds is 938, ranking 1st out of 211 [3] - The fund has 137 public fund managers, ranking 1st out of 211 [3] - The best-performing public fund product in the past year is Huaxia Digital Industry Mixed A, with a latest unit net value of 2.36, reflecting a growth of 109.95% over the past year [3] - The latest public fund product launched is Huaxia CSI Electric Grid Equipment Theme ETF, which is an index-type stock fund with a subscription period from October 27, 2025, to November 21, 2025 [3]

Core Insights - The article emphasizes the success of "Hua Xia Fund" in navigating the market downturn through a strategy of "counter-cyclical layout," which has led to significant returns for its funds in the recent market rebound [3][5][21] Fund Performance - In Q3 2023, all 165 active equity funds from public fund companies achieved positive returns, with an average return of 25.93% [3] - Over the past three years, more than 90% of companies reported positive returns, with an average return rate of 21.51% [3] - Hua Xia Fund's proactive approach resulted in impressive performance, with its newly launched index funds averaging a return of 45% since inception, and a median return of 50% [8][11] Strategic Initiatives - Hua Xia Fund launched 48 new funds in 2024, with 35 being index funds focused on the equity market, demonstrating a commitment to counter-cyclical investment during a market downturn [6][11] - The fund's strategy involved building a comprehensive asset management framework, allowing for timely adjustments based on market trends and sector performance [11] Sector-Specific Success - The article highlights specific funds that performed exceptionally well, such as the "Hua Xia Digital Industry Mixed A" fund, which achieved a return of 105% this year [16][17] - In the ETF sector, notable performers included the "Hang Seng Medical ETF" with a 101% return and the "Gold Stock ETF" with an 86% return [12][13] Overall Market Impact - Hua Xia Fund's active equity funds outperformed the market, with 102 funds beating the benchmark index, and 19 funds achieving over 50% returns this year [15] - The fund's "solid + " series also showed strong performance, with 87% of products reaching new net asset value highs in Q3 [18][19]