Core Viewpoint - The champion fund, Huaxia North Exchange Innovation, has achieved over 30% excess returns compared to the fund industry benchmark for three consecutive years, defying the "champion curse" narrative [2][3]. Group 1: Fund Performance - As of December 31, 2025, Huaxia North Exchange Innovation has a total return of 138.42% since its inception at the end of 2021, with an excess return of 139.25% compared to its benchmark [13]. - The fund's performance in 2025 was 77.38%, significantly outperforming the North Exchange 50 Index, which saw a notable increase in market activity, with the index reaching historical highs [14][13]. - Huaxia Fund's active equity products have seen multiple funds achieving over 100% excess returns, with nine funds exceeding 30% excess returns compared to their benchmarks over the past two years [5]. Group 2: Investment Strategy and Management - The success of Huaxia North Exchange Innovation is attributed to a mature system based on customer experience and a long-term investment strategy focused on sustainable excess returns [4][3]. - Fund manager Gu Xinfeng emphasizes the importance of identifying mispriced opportunities in the market, particularly during periods of significant volatility [15]. - Huaxia Fund has established a robust research platform that supports various asset classes, ensuring a comprehensive investment decision-making process [43][44]. Group 3: Innovation and Product Development - Huaxia Fund has been proactive in launching innovative products, such as the "Red Rocket" index investment service platform and the "LetfGo" investment experience evaluation model, aimed at enhancing investor engagement [8][42]. - The firm has a history of early product launches in emerging sectors, such as technology and AI, positioning itself advantageously in the market [21][39]. - The introduction of specialized products, like the "all-weather strategy" accounts, reflects Huaxia Fund's commitment to meeting diverse investor needs [46][47]. Group 4: Market Trends and Future Outlook - The North Exchange has experienced significant growth, with the index rising 38.8% in 2025, marking it as the best-performing year since its inception [14]. - Huaxia Fund's strategic focus on sectors like AI, semiconductors, and biotechnology has attracted substantial capital inflows during industry upswings [39][40]. - The firm continues to adapt to market changes, ensuring that its investment strategies remain relevant and effective in delivering consistent returns [48].

Core Insights - The recent market sentiment has improved, particularly in the artificial intelligence and new energy sectors, which have shown significant gains after previous adjustments [1] - Active quantitative funds have provided opportunities for entry due to recent adjustments, with some funds showing returns exceeding 40% this year [1] - The performance of various active quantitative funds varies, with some experiencing significant drawdowns while others remain relatively stable [1][4][6][8] Fund Performance Summary - **招商量化精选股票A**: Experienced a drawdown of -3.46% on November 21, followed by gains of 1.26% and 1.31% on subsequent days [11] - **国金量化多因子股票A**: Noted a significant drawdown of -4.85% on November 21, with minor recoveries of 0.31% and 2.14% [11] - **大成景恒混合A**: Showed a drawdown of -2.71% on November 21, with recoveries of 0.80% and 0.84% [11] - **华夏新锦绣混合A**: Experienced a drawdown of -3.23% on November 21, followed by recoveries of 0.94% and 1.11% [11] Fund Characteristics - Active quantitative funds typically have diversified holdings across many stocks, with individual stock allocations not exceeding 2% [1] - These funds utilize quantitative models combined with subjective strategies for stock selection, aiming for high returns with low volatility [1] - Some funds, like 神基, have not opened for new purchases despite high returns, indicating limited capacity [1]

Core Insights - Lude Environment (688156.SH) released its Q3 2025 report on October 31, 2025, indicating a total of 4 institutional investors holding shares, amounting to 6.39% of the total share capital [1] Institutional Holdings - The total number of shares held by institutional investors is 6.4406 million, with a combined holding percentage of 6.39% [1] - The institutional investors include Qingkong Yinxing Nantong Venture Capital Fund, Guosen Securities Co., Ltd., Wuhan Detian Zhongxiang Enterprise Management Partnership, and Beijing Heyi Yingtong Asset Management [1] - Compared to the previous quarter, the institutional holding percentage decreased by 0.49 percentage points [1] Public Fund Disclosures - In this period, 43 public funds were disclosed, including notable funds such as Huaxia Pantai Mixed (LOF) A, Huaxia New Jinxiu Mixed A, and Jianxin Shanghai Stock Index Selected Sci-Tech Innovation Board Innovative Value ETF [1]

Core Insights - Liren Technology (001259.SZ) reported its Q3 2025 results on October 30, 2025, indicating a total of 7 institutional investors holding shares, amounting to 8.4948 million shares, which represents 11.54% of the total share capital [1] Institutional Holdings - The total institutional holding percentage decreased by 0.55 percentage points compared to the previous quarter [1] - The institutional investors include Beijing Liren Investment Center (Limited Partnership), Shenzhen Dongke Xun Precision Technology Co., Ltd., and others [1] - The number of public funds that reduced their holdings this quarter is 1, specifically Huaxia Pantai Mixed (LOF) A, with a slight decrease in holding percentage [1] Public Fund Activity - Two new public funds disclosed this quarter: CITIC Prudential Multi-Strategy Mixed (LOF) A and Yimin Core Growth Mixed [1] - A total of 12 public funds that were previously disclosed did not report this quarter, including several funds such as Nuon Multi-Strategy Mixed A and Huaxia New Brocade Mixed A [1]

Core Viewpoint - Ningbo Fubon (600768.SH) reported its Q3 2025 results, highlighting a decrease in institutional ownership compared to the previous quarter [1] Institutional Ownership - As of October 27, 2025, two institutional investors disclosed holdings in Ningbo Fubon A-shares, totaling 50.73 million shares, which represents 37.93% of the total share capital [1] - The institutional ownership ratio decreased by 0.90 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 28 public funds were not disclosed compared to the previous quarter, including notable funds such as Huaxia Pantai Mixed (LOF) A, Huaxia New Jinxiu Mixed A, Guojin Quantitative Multi-Factor A, GF Baifa 100 Index A, and Huian Multi-Strategy Mixed A [1] Foreign Investment - One new foreign institutional investor disclosed during this period, namely BARCLAYS BANK PLC [1]

Core Insights - Joyy Intelligent (301198.SZ) released its Q3 2025 report on October 28, 2025, indicating significant institutional investment in the company [1] Institutional Holdings - As of October 27, 2025, four institutional investors disclosed holdings in Joyy Intelligent A-shares, totaling 64.9761 million shares, which represents 38.45% of the company's total equity [1] - The institutional investors include Cixi Tiancai Holdings Co., Ltd., Ningbo Wanke Enterprise Management Partnership (Limited Partnership), Ningbo Junke Investment Management Partnership (Limited Partnership), and Yongchao Venture Capital Co., Ltd. [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 1.42 percentage points [1] Public Fund Participation - In this period, 30 public funds were not disclosed compared to the previous quarter, including notable funds such as Nuon An Multi-Strategy Mixed A, Huaxia Pantai Mixed (LOF) A, Huaxia New Brocade Mixed A, Guojin Quantitative Multi-Factor A, and Guojin Quantitative Selected A [1]