南方科创板3年定开混合（506000）成立日期2020年7月28日，最新规模23.07亿。今年以来收益 17.52%，同类排名468/8864；近一年收益61.13%，同类排名1356/8126；成立以来收益33.57%。 南方科创板3年定开混合（506000）基金经理为郑晓曦。 截至发稿，郑晓曦累计任职时间6年226天，现任基金资产总规模68.98亿元，任职期间最佳基金回报 237.83%， 任职期间最差基金回报-33.69%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 1月28日，华依科技跌5.23%，截至发稿，报36.06元/股，成交6436.07万元，换手率2.06%，总市值30.58 亿元。 资料显示，上海华依科技集团股份 ...

Group 1 - The core viewpoint of the news is that Huayi Technology has seen a stock price increase of 5.16%, reaching 34.88 CNY per share, with a total market capitalization of 2.957 billion CNY [1] - Huayi Technology specializes in the development of intelligent testing technology for automotive powertrains, with its main business revenue composition being 54.81% from new energy vehicle powertrain testing services, 35.55% from intelligent testing equipment, 9.31% from intelligent driving, and 0.32% from other services [1] - The company is located in the Pudong New District of Shanghai and was established on November 28, 1998, with its listing date on July 29, 2021 [1] Group 2 - Southern Fund's Southern Science and Technology Innovation 3-Year Open Mixed Fund (506000) is among the top ten circulating shareholders of Huayi Technology, having increased its holdings by 17,300 shares to a total of 2.1612 million shares, representing 2.55% of the circulating shares [2] - The fund has achieved a year-to-date return of 40.97%, ranking 1918 out of 8155 in its category, and has a total scale of 2.448 billion CNY [2] - The fund manager, Zheng Xiaoxi, has a tenure of 6 years and 203 days, with the best fund return during this period being 166.44% [3]

Core Viewpoint - The investment strategy emphasizes the importance of industry cycle analysis, focusing on companies with high technical barriers and a strong commitment to their core business, particularly in the semiconductor equipment sector [1][6]. Investment Framework - The investment framework consists of three main components: industry cycle (40%-50% weight), competitive barriers (30%-40% weight), and valuation [2][3]. - Industry cycles are categorized into four phases: introduction, growth, maturity, and decline, with a preference for entering during the transition from introduction to growth [2][3]. Competitive Barriers - Competitive barriers include technological barriers and product moats, which are crucial for generating excess returns [3]. - High competitive barriers are linked to company governance, management, core R&D technology, operational efficiency, and foresight in future growth [3]. Valuation Perspective - Valuation has become less significant in the investment framework, especially for technology stocks, where focus should be on product and technological barriers [3]. - High R&D investments during the transition from introduction to growth may not yield immediate financial returns, making high valuation metrics common in this phase [3]. Stock Selection Criteria - Key traits for stock selection include industry position, growth potential, innovation capability, financial health, and management quality [4]. - Companies lacking core technology, overly diversified, or engaged in price wars are avoided [5]. Market Outlook - The semiconductor equipment sector is viewed as a promising investment area, with expected growth driven by demand from large wafer fabs and emerging applications like AI [6][7]. - The recent price increases in memory chips, particularly DRAM, are expected to continue impacting demand, although caution is advised due to potential profit erosion for downstream clients [6][7]. Future Projections - The next three years are anticipated to see strong growth in the storage sector, driven by AI-related demand and a lack of significant capacity growth in recent years [7].

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]