□本报记者 张韵 以行业景气度为先 中国证券报：可以分享一下您的投资框架吗？您主要关注哪些方面？ 郑晓曦：我的投资框架主要包括行业景气度、企业竞争壁垒、估值这三部分。其中，行业景气周期是我 投资研究框架的重点，如果给一个权重的话，我认为在40%-50%之间。景气周期是非常重要的投资指 标。 中国证券报：基于这三部分构成的投资框架，在实践中，您具体会如何开展投资操作？ 郑晓曦：对于排在第一位的行业景气度来说，从近几十年来的产业变迁看，每一轮重要的产业成长都是 经过四个周期——导入期、成长期、成熟期、衰退期。我希望能在产业由导入期迈向高速增长期的转折 点买入，然后长期持有，一直到它走过高速成长期，进入成熟期时兑现。如果在导入期或成长早期介 入，更多体现为主题投资性质，需要很长时间才能实现0的突破。而已经实现了0到1的突破，正在进入1 到10甚至10到100的高速增长阶段是最理想的，这往往也就是市场渗透率快速提升的阶段。 排在第二位的是企业竞争壁垒，具体包括技术壁垒和产品护城河两个方面。我认为，投资一家公司的超 额收益主要也是来自于此。尤其是对于新质生产力方向的企业而言，企业竞争壁垒越高，其潜在的投资 价值也越大。 ...

Core Insights - Tian De Yu (688252.SH) reported its Q3 2025 results, revealing that 12 institutional investors hold a total of 289 million shares, accounting for 70.77% of the total share capital [1] - The top ten institutional investors collectively hold 70.71% of the shares, with a decrease of 1.88 percentage points compared to the previous quarter [1] - There were two public funds that increased their holdings, while 188 public funds did not disclose their holdings this quarter [1] Institutional Holdings - The top institutional investors include Hengfeng Limited, Ningbo Qunzhi Optoelectronics Co., Ltd., Corich LP, and others [1] - The social security fund disclosed one new holding in Tian De Yu, specifically the Huatai-PineBridge Fund Management Co., Ltd. - Social Security Fund 1802 Portfolio [2] - Foreign investment showed mixed results, with one foreign fund increasing its holdings (Hong Kong Central Clearing Limited) by 0.58%, while Corich LP reduced its holdings by 1.40% [2] Public Fund Activity - The public funds that increased their holdings include Invesco Great Wall SSE STAR 50 Index Enhanced A and HSBC Jintrust Pearl River Delta Mixed Fund [1] - A significant number of public funds (188) did not disclose their holdings this quarter, including Southern STAR 3-Year Open Mixed Fund and others [1]

Core Insights - The report indicates that as of October 27, 2025, there is only one institutional investor holding shares in Yinghantong (688080.SH), with a total holding of 827,200 shares, representing 1.12% of the company's total equity [1] - The institutional holding percentage has decreased by 5.02 percentage points compared to the previous quarter [1] Institutional Holdings - The sole institutional investor is Changzhou DFJ Clean Technology Venture Capital Center (Limited Partnership) [1] - The total institutional holding ratio is now at 1.12% [1] Public Fund Participation - A total of 85 public funds were disclosed this quarter, including notable funds such as E Fund Value Growth Mixed, Southern Sci-Tech Innovation Board 3-Year Fixed Mixed, and Huashang Leading Enterprises Mixed [1] Social Security Fund Involvement - There is one newly disclosed social security fund this quarter, which is the National Social Security Fund 502 Portfolio [1]

Group 1 - The core viewpoint of the news is that Sanwei Xinan's stock price increased by 5.4% to 52.92 CNY per share, with a total market capitalization of 6.097 billion CNY as of the report date [1] - Sanwei Xinan Technology Co., Ltd. specializes in the innovation of cryptographic technology and the development, sales, and services of cryptographic products, providing comprehensive commercial cryptographic products and solutions for the network information security field [1] - The company's main business revenue composition includes: cryptographic machines 44.79%, cryptographic systems 26.19%, cryptographic services and others 22.67%, cryptographic modules 4.40%, security systems and network security products 0.71%, others (supplementary) 0.65%, and cryptographic chips 0.58% [1] Group 2 - Among the top ten circulating shareholders of Sanwei Xinan, a fund under Southern Fund has increased its holdings by 216,200 shares, bringing its total to 926,900 shares, which accounts for 1.83% of the circulating shares [2] - The Southern Science and Technology Innovation Board 3-Year Open Mixed Fund (506000) has achieved a return of 37.58% this year, ranking 1796 out of 8159 in its category, and a return of 42.53% over the past year, ranking 1152 out of 8030 [2] - The fund manager, Zheng Xiaoxi, has a total fund asset scale of 5.844 billion CNY, with the best fund return during his tenure being 149.86% and the worst being -33.69% [3]

Group 1 - The core viewpoint of the article is that Sirun Biotech (688163.SH) has reported its half-year results for 2025, highlighting the current institutional ownership and changes in shareholding [1] - As of August 25, 2025, there are 2 institutional investors holding a total of 27 million shares of Sirun Biotech, which accounts for 24.95% of the company's total share capital [1] - The institutional ownership has decreased by 0.83 percentage points compared to the previous quarter [1] Group 2 - The report mentions that there are 2 public funds that have not disclosed their holdings in the current period, including Southern Science and Technology Innovation Board 3-Year Open Mixed and Oriental Red CSI 500 Index Enhanced Initiation A [1]

Group 1 - The core viewpoint of the news is that the institutional ownership of Shangsheng Electronics has seen a slight decline in the first quarter of 2025, with significant holdings concentrated among a few key investors [1] - As of April 30, 2025, a total of 12 institutional investors hold 121 million shares of Shangsheng Electronics, representing 74.58% of the total share capital [1] - The top ten institutional investors account for 74.54% of the total shares, with a decrease of 2.25 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, including E Fund New Silk Road Mixed Fund, Ping An Enjoy Flexible Allocation Mixed A, and Everbright Baodexin Anyang One-Year Mixed A, with an increase ratio of 0.30% [2] - Two public funds reduced their holdings, namely Southern Science and Technology Innovation Board 3-Year Regular Open Mixed and Ping An Flexible Allocation Mixed A, also with a decrease ratio of 0.30% [2] - Two new public funds were disclosed this quarter, including China Europe Yongyu Mixed A and Jingguan Taifu Technology Driven Mixed A, while 166 public funds were not disclosed this quarter [2]

Group 1 - The core viewpoint of the news is that Meixinsheng (688458.SH) reported its Q1 2025 results, highlighting significant institutional investor interest with 22 institutions holding a total of 47.68 million shares, representing 42.75% of the total share capital [1] - The top ten institutional investors collectively hold 41.74% of the shares, which is a decrease of 2.57 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five funds increased their holdings, accounting for 1.11% of the total, while seven funds reduced their holdings, indicating a slight decline [2] - One new public fund was disclosed during this period, while 71 funds were not disclosed again, indicating a shift in investor interest [2]

Group 1 - The core viewpoint of the news is the disclosure of shareholding information for 柏楚电子 (688188.SH) as of April 2, 2025, highlighting the involvement of institutional investors and changes in their holdings [1] - A total of 416 institutional investors disclosed holding shares of 柏楚电子, with a combined holding of 48.1046 million shares, representing 23.41% of the total share capital [1] - The top ten institutional investors collectively hold 17.39% of the shares, with a slight decrease of 0.82 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 29 funds increased their holdings, accounting for an increase of 0.57% compared to the previous period [2] - Conversely, 16 funds reduced their holdings, with a decrease of 1.21% compared to the previous quarter [2] - A total of 364 new public funds were disclosed this period, indicating active market participation [2]