Core Viewpoint - Ampelron (301413.SZ) reported its Q3 2025 results, highlighting a significant presence of institutional investors holding 21.25% of its total shares, with a notable decline in the proportion held by the top ten institutions compared to the previous quarter [1] Group 1: Institutional Holdings - As of October 23, 2025, a total of 11 institutional investors disclosed holdings in Ampelron A-shares, amounting to 20.9064 million shares [1] - The top ten institutional investors collectively hold 21.21% of Ampelron's total shares, which is a decrease of 6.44 percentage points from the previous quarter [1] Group 2: Public Fund Holdings - One public fund, Penghua Carbon Neutral Theme Mixed A, reduced its holdings by 0.86% compared to the previous quarter [2] - Four new public funds disclosed their holdings this quarter, including Invesco Great Wall Research Selected Stock A and Invesco Great Wall Stable Return Mixed A [2] - A total of 155 public funds were not disclosed this quarter, including notable funds such as Yongying Advanced Manufacturing Smart Selection Mixed A and Penghua Hong Kong-Shenzhen Emerging Growth Mixed A [2]

Core Viewpoint - The company is facing dual challenges of management changes and performance differentiation amid stricter governance and intensified competition in the Chinese public fund industry [1] Management Changes and Board Restructuring - Vice General Manager Gu Yuanyuan officially left the company on September 26, 2025, due to personal reasons, and will not hold any other positions within the company [4][3] - The board of directors has undergone a restructuring, with new members including Zhong Maojun as a director and two independent directors from Fudan University, enhancing the board's balance [4][5] Fund Performance and Challenges - Despite a market rebound, over 30 funds under the company have long-term negative returns, with some actively managed equity products and index funds showing significant losses, indicating structural contradictions in investment research capabilities and product layout [1][8] - As of September 26, 2025, 34 out of 285 funds have negative returns since inception, with 22 funds losing over 10% and 7 funds losing over 30%, reflecting pressure during style rotations [8] - Specific funds managed by Liu Xuanzai and Wan Jianjun have shown poor long-term performance, with some index funds experiencing substantial losses related to the cyclical downturn of their tracked sectors [9][8] Strategic Transition - The company is at a critical transition point, with management and board updates introducing new governance elements, while long-term performance differentiation highlights the need to address shortcomings in the investment research system [10] - The company must find a balance between "scaling up" and "strengthening capabilities" to determine its future position in the public fund industry amid stricter regulations and increasing investor focus on long-term returns [10]

Group 1 - Zhaowei Electromechanical (003021.SZ) released its semi-annual report for 2025, indicating that as of August 27, 2025, 37 institutional investors held a total of 120 million A-shares, accounting for 49.95% of the total share capital [1] - The top ten institutional investors collectively held 49.62% of the shares, with a notable decrease of 4.58 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 1.61% [2] - Thirteen new public funds were disclosed during this period, including notable names such as Southern CSI 1000 ETF and Rongtong Internet Media Flexible Allocation Mixed Fund [2] - One foreign fund, Hong Kong Central Clearing Limited, reported a decrease in holdings, with a reduction of 0.57% compared to the previous quarter [2]

Group 1 - The core viewpoint of the news is that Runjian Co., Ltd. (002929.SZ) has reported its 2024 annual results, highlighting significant institutional investor interest with 82 institutions holding a total of 70.99 million shares, representing 25.19% of the total share capital [1] - The top ten institutional investors collectively hold 22.87% of the shares, with a 1.89 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, three funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 0.23% [2] - A total of 41 new public funds disclosed their holdings this period, including notable funds such as GF CSI 1000 ETF and HSBC Jintrust Value Pioneer Stock A [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings slightly compared to the previous period [2]

Core Viewpoint - As of the end of Q1 2025, fund manager Wan Jianjun manages a total of 15 funds, with the best-performing fund being Huazhong Research Selected Mixed A (005630), which experienced a quarterly net value decline of 3.85% [1]. Fund Performance Summary - The following are key performance metrics for the funds managed by Wan Jianjun: - Huazhong Reverse Strategy Mixed A: 32.39 billion, annualized return of 16.39%, Q1 2025 decline of 4.27% [2] - Huazhong Research Selected Mixed A: 2.22 billion, annualized return of 10.13%, Q1 2025 decline of 3.85% [2] - Huazhong Research Intelligent Selected Mixed A: 27.10 billion, annualized return of -13.99%, Q1 2025 decline of 4.64% [2] - Huazhong Research Driven Mixed A: 7.89 billion, annualized return of -13.39%, Q1 2025 decline of 4.43% [2] - Huazhong Value Driven One-Year Holding Mixed A: 2.06 billion, annualized return of -11.71%, Q1 2025 decline of 4.15% [2] Investment Strategy and Performance - During his tenure managing Huazhong Research Selected Mixed A, Wan Jianjun achieved a cumulative return of 98.06% with an average annualized return of 10.09% [2]. - The fund had 140 adjustments in heavy stocks, with 101 profitable adjustments, resulting in a success rate of 72.14% [2]. - Notable stocks with significant performance during the holding period include: - Changchun High-tech: 395.68% estimated return with a company performance growth of 202.69% [3][5] - New Hope: 156.89% estimated return with a company performance growth of 195.78% [3] - Dingzhi New Materials: 149.07% estimated return with a company performance growth of 2968.07% [3] Notable Stock Adjustments - Examples of stock adjustments include: - ZTE Corporation: 91% estimated return with a company performance growth of 173.71% during the holding period [6]. - Zijin Mining: -87.79% estimated return despite a company performance growth of 51.76% [7].