Core Viewpoint - In the third quarter, public funds showed an overall trend of increasing positions in equity assets, particularly in the TMT and power equipment sectors, amidst a rising technology stock bull market [1][3]. Fund Positioning and Trends - Active equity funds displayed significant differentiation in their strategies, with some funds aggressively increasing their positions to capitalize on the bull market, while others opted to reduce their positions after achieving certain gains [2][10]. - The overall risk appetite of public funds has increased, with an average stock position of 83.28% by the end of the third quarter, up 2.13 percentage points from the end of the second quarter. Mixed open-end funds had an average position of 82.15%, while stock open-end funds reached 90.14%, an increase of 2.26 percentage points [3]. - The concentration of holdings in public funds has risen, with stock open-end funds and mixed open-end funds seeing increases in concentration by 0.94 and 2.1 percentage points, respectively, reaching 56.81% and 57.72% [3]. Sector Allocation - According to research from CICC, there was a simultaneous increase in the market value and growth style preference of active equity funds in the third quarter, while the value style saw a notable decline. The TMT sector received an overall increase in allocation, with power equipment, new energy, and non-ferrous metals also seeing significant increases, while reductions were mainly in consumer, financial real estate, and manufacturing sectors [4]. Notable Fund Performances - Several equity funds significantly increased their positions, with some funds exceeding 99% stock allocation by the end of the third quarter, including products managed by Huaxia and CITIC [6]. - For instance, the Wanji New Opportunities Value-Driven Fund increased its stock position from 22% at the end of the second quarter to 93% by the end of the third quarter, benefiting from a shift towards technology manufacturing companies [7][8]. - Other funds, such as Guangfa Industry Selection and Jin Xin Quality Growth, also chose to increase their positions and achieved over 20% gains during the third quarter [8]. Caution Among Some Funds - Conversely, some active equity products opted to lock in profits and reduce their positions as the market approached the 4000-point mark. For example, Huashang Fund's products reduced their stock positions from over 90% to 51% by the end of the third quarter, securing gains from the previous quarter [10].

Group 1 - Public funds have shown an overall trend of increasing positions in equity assets during the third quarter, particularly in the TMT (Technology, Media, Telecommunications) and power equipment sectors [1][2] - The average stock position of all public funds reached 83.28% by the end of the third quarter, an increase of 2.13 percentage points from the end of the second quarter [1] - The concentration of holdings in public funds has increased, with stock-type open-end funds and mixed open-end funds seeing concentration levels rise to 56.81% and 57.72%, respectively [1] Group 2 - Among fund companies, 27 firms had products with an average stock position exceeding 90% by the end of the third quarter, with Allianz, Zhuque, and Fidelity having over 94% [2] - The report from CICC indicates that the market sentiment has become more unified, with a notable increase in the concentration of holdings and a shift towards TMT and power equipment sectors [2] Group 3 - Several equity funds have significantly increased their stock positions, with some exceeding 99%, such as Huaxia Panyi and CITIC JianTou [3] - The Wanji New Opportunities Value-Driven Fund increased its stock position from 22% at the end of the second quarter to 93% by the end of the third quarter, indicating a strong bullish sentiment [3][4] Group 4 - Fund managers have adjusted their portfolios by reducing exposure to dividend stocks and increasing positions in domestic technology chains, reflecting a shift in risk preference [4] - Other funds, such as GF Industry Selection and Jin Xin Quality Growth, also made bold increases in their positions, achieving over 20% gains [5] Group 5 - Some funds opted to reduce their positions to lock in profits as the market approached the 4000-point mark, with examples including Huashang Fund, which decreased its stock position from 90% to 51% [6] - Concerns over high valuations in growth sectors led some funds to adopt a cautious approach, reducing positions to manage volatility [6]

Core Viewpoint - Wencan Co., Ltd. (603348.SH) reported a decline in institutional ownership in its Q3 2025 report, with a total of 44.2043 million shares held by three institutional investors, representing 14.06% of the total share capital, down by 1.23 percentage points from the previous quarter [1] Institutional Ownership - As of October 28, 2025, three institutional investors disclosed their holdings in Wencan Co., Ltd., totaling 44.2043 million shares, which accounts for 14.06% of the company's total share capital [1] - The institutional investors include Foshan Shengdezhi Investment Co., Ltd., Guangdong Hengjian International Investment Co., Ltd., and Hong Kong Central Clearing Limited [1] - The overall institutional ownership percentage decreased by 1.23 percentage points compared to the previous quarter [1] Public Fund Holdings - In this reporting period, 41 public funds were not disclosed compared to the previous quarter, including notable funds such as Southern CSI 1000 ETF, E Fund Supply-side Reform Mixed Fund, Huaxia CSI 1000 ETF, GF CSI 1000 ETF, and Huaxia Panyi One-Year Open Mixed Fund [1]

Group 1 - Public funds have collectively increased their stock positions in Q3, with an average stock position of 83.28%, up 2.13 percentage points from Q2 [1] - The average stock position for equity open-end funds reached 90.14%, an increase of 2.26 percentage points from the previous quarter [1] - The concentration of holdings in public funds has risen, with stock open-end funds and mixed open-end funds seeing increases in concentration by 0.94 percentage points and 2.1 percentage points, respectively [1] Group 2 - Most fund companies have raised their stock positions, with only 37 companies showing a slight decrease; 27 companies have an average stock position exceeding 90% [2] - Notable fund managers have significantly increased their positions, with some funds reaching over 90% stock allocation, such as the funds managed by Guo Jie and He Chongkai [2] - Several mixed funds are nearing full investment, with significant increases in equity assets, including the Zhongxin Jian Investment fund, which saw a stock position increase of over 10 percentage points [3] Group 3 - Some funds have notably reduced their stock positions, indicating market risk; for instance, the fund managed by Wu Wei decreased its stock position from 90% to 60% [3][4] - The performance of style indices has shown significant differences, suggesting that fund managers need to evaluate not only growth potential but also pricing rationality and industry dynamics [4]