Summary of Key Points Core Viewpoint - 中旗股份 (300575.SZ) released its 2025 semi-annual report, indicating a decline in institutional ownership and changes in fund holdings [1] Institutional Holdings - As of August 25, 2025, five institutional investors disclosed holdings in 中旗股份, totaling 13.9426 million shares, which represents 2.92% of the total share capital [1] - The institutional ownership decreased by 2.85 percentage points compared to the previous quarter [1] Public Fund Holdings - Two public funds were disclosed this period, including 嘉实沪港深精选股票 and 嘉实瑞成两年持有期混合A, with no new public funds reported compared to the previous quarter [1] Social Security Fund Holdings - One social security fund, 国泰基金管理有限公司-社保基金四二一组合, reported a decrease in holdings, with a reduction of 0.46% compared to the previous quarter [1] Foreign Investment - One new foreign institution, BARCLAYS BANK PLC, disclosed its holdings this period, indicating a continued interest from foreign investors [1]

Core Viewpoint - The TOP 100 active equity fund manager list has consistently outperformed the Wind偏股基金指数 for four consecutive years, indicating the value of excellent active equity fund managers [1][2]. Group 1: Performance of Fund Managers - The TOP 100 list includes fund managers who have shown the ability to outperform their peers, with a specific focus on those managing Hong Kong stocks [4][9]. - The performance of the Hong Kong fund managers from the TOP 100 list yielded a return of 22.89% as of May 28, 2025, compared to the Hang Seng Index's 17.45% and the active Hong Kong fund index's 13.61% [9]. - Despite the success of individual fund managers, the overall active equity funds in the Hong Kong market struggle to outperform the index, similar to trends in other mature markets [9][10]. Group 2: Notable Fund Managers - Zhang Feng from 富国基金 has over 25 years of experience and has built a strong reputation in the Hong Kong market, with his fund 富国中国中小盘 being one of the top performers [12][13][14]. - Ning Jun, also from 富国基金, has a broad investment style and has managed funds that have consistently performed well, including 富国沪港深业绩驱动 [20][24]. - Bai Yang from 大成国际 has a strong academic background and has received multiple awards for his performance, managing funds that rank well in the Hong Kong market [33][41]. - Luo Jiaming, with 18 years of experience in Hong Kong, has a quality-focused investment style, but his recent performance has been disappointing due to market conditions [43][49]. - Xiong Xiaoya from 南方基金 has shown promising results with her growth-oriented investment style, although her team's recent changes may impact future performance [56][59]. - Zhang Jintao from 嘉实基金 has a value-oriented investment approach and has managed funds with solid performance, although his large management scale may affect focus [63][66]. Group 3: Market Insights - The Hong Kong market is characterized by concentrated liquidity, making it challenging for active fund managers to consistently outperform the index [9]. - The article emphasizes the importance of selecting fund managers with proven track records and the ability to navigate the complexities of the Hong Kong market [4][9].