股 票 基 金 证 券 研 究 报 告 证券分析师 ——基于国泰股票 ETF 行业轮动投资策略研究 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 权 益 量 化 研 究 方思齐 A0230525090002 fangsq@swsresearch.com 联系人 方思齐 A0230525090002 fangsq@swsresearch.com 2025 年 12 月 04 日 2025 年 12 月 ETF 行业轮动组合构 建 相关研究 - | 1. 国泰基金 | 管理规模大，布局完整 3 | | | ETF | | --- | --- | --- | --- | --- | | 1.1 | 3 | 国内 ETF | | 市场发展概况 | | 1.2 | 4 | 国泰基金 | | ETF 布局完整 | | 2. 12 | 组合：家电 ETF、上证综指 ETF、现金流 ETF、 | 月 | ETF | | | 2000ETF | 等 5 | | | | | 2.1 ETF | 行业轮动策略构建简介 5 | | | | | | 2.2 组合历史表现 6 | | | | ...

Group 1 - The core point of the article is that Songlin Technology (603992.SH) reported its Q3 2025 results, highlighting the institutional ownership and changes in shareholding among various investors [1] - As of October 30, 2025, six institutional investors hold a total of 229 million shares of Songlin Technology, accounting for 52.80% of the total share capital, with a decrease of 0.86 percentage points compared to the previous quarter [1] - The public funds disclosed this period include 25 funds, such as Penghua Shengshi Innovation Mixed (LOF) A and Guotai Shanghai Composite ETF, which were not reported in the previous quarter [1] Group 2 - In the insurance sector, there was an increase in holdings from one insurance company, Qianhai Life Insurance Co., Ltd. - Dividend Insurance Product, with a slight rise in shareholding [2] - One pension fund, Qianhai Life Insurance Co., Ltd. - Own Funds, was not disclosed in the previous quarter [2]

Core Insights - The report indicates that as of October 30, 2025, institutional investors hold a total of 214 million shares of Guangdian Electric (601616.SH), representing 25.06% of the company's total equity [1] - There has been a decrease of 0.32 percentage points in the institutional holding ratio compared to the previous quarter [1] Institutional Holdings - Only one institutional investor has disclosed holdings in Guangdian Electric, which is Xinyu Minjie Investment Management Co., Ltd [1] - The total institutional holding ratio stands at 25.06% [1] Public Fund Participation - A total of 34 public funds have not disclosed their holdings in this period, including notable funds such as Guotai Shanghai Composite ETF and PICC Zhongzheng A500 Index Enhanced A [1]

Core Insights - The core point of the article is the disclosure of institutional and public fund holdings in Sanwei Co., Ltd. (三维股份) as of the third quarter of 2025, highlighting a decrease in institutional ownership compared to the previous quarter [1] Institutional Holdings - As of October 29, 2025, there is one institutional investor holding shares in Sanwei Co., Ltd., with a total holding of 42.6272 million shares, representing 4.13% of the total share capital [1] - The institutional ownership has decreased by 1.74 percentage points compared to the previous quarter [1] Public Fund Holdings - In this period, 31 public funds were not disclosed compared to the previous quarter, including major funds such as Southern CSI 1000 ETF, Huaxia CSI 1000 ETF, GF CSI 1000 ETF, Fortune CSI 1000 ETF, and Guotai SSE Composite ETF [1]

Core Viewpoint - Geling Deep Vision (688207.SH) reported a decline in institutional ownership in its Q3 2025 report, with a total of 8 institutional investors holding 84.34 million shares, representing 32.57% of the total share capital, a decrease of 1.44 percentage points from the previous quarter [1] Institutional Ownership - As of October 28, 2025, 8 institutional investors disclosed their holdings in Geling Deep Vision, totaling 84.34 million shares, which is 32.57% of the company's total share capital [1] - The institutional investors include Tianjin Deep Vision Intelligent Technology Center, Tianjin Ling Tong Zhongzhi Technology Center, Shenzhen High-tech Investment Group, and others [1] - The overall institutional ownership percentage decreased by 1.44 percentage points compared to the previous quarter [1] Public Fund Holdings - In the current period, 2 public funds increased their holdings, including the E Fund National Robot Industry ETF and the Huabao Zhongzheng Financial Technology Theme ETF, with an increase in holding percentage of 1.77% [1] - A total of 64 public funds did not disclose their holdings in this period, which includes various funds such as E Fund New Normal Mixed Fund and others [1]

Core Insights - He Yuan Bio (688238.SH) released its Q3 2025 financial report on October 28, 2025, indicating a total of 73.72 million shares held by five institutional investors, accounting for 11.36% of the company's total share capital [1] - The institutional holding percentage decreased by 1.53 percentage points compared to the previous quarter [1] Institutional Investors - The five institutional investors include Shanghai Zhangjiang Technology Venture Capital Co., Ltd., Zhejiang Huarui Shengyin Venture Capital Co., Ltd., Shanghai Tanying Investment Partnership (Limited Partnership), Shanghai Zhangjiang Torch Venture Capital Co., Ltd., and Shanghai Ouli Investment Management Center (Limited Partnership) [1] - The total institutional holding percentage stands at 11.36% [1] Public Funds - In this period, 67 public funds were not disclosed compared to the previous quarter, including notable funds such as Huatai-PB CSI Precision Medical Index (LOF) A, SSE Composite Index ETF, Guotai SSE Comprehensive ETF, and others [1]

Core Insights - Favored Tech Corporation Limited (菲沃泰) reported its Q3 2025 financial results, revealing that as of October 24, 2025, seven institutional investors held a total of 233 million shares, representing 69.41% of the company's total equity [1] - The institutional ownership percentage decreased by 3.22 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Favored Tech Corporation Limited, Wuxi Fina Enterprise Management Partnership, Shenzhen China Resources Capital Equity Investment, China Construction Bank's Guoshou Anbao Smart Life Fund, Qingdao Yirong United Equity Investment Management Center, Shanghai Fuhe Private Fund Management, and Beijing Woyan Capital Management Center [1] - The total institutional ownership is significant, indicating strong interest from major investment entities [1] Public Funds - In this reporting period, 89 public funds were disclosed, including notable funds such as Southern Zhihong Mixed A, Guotai Shanghai Composite ETF, and Jianxin Shanghai Composite Smart Selection Sci-Tech Innovation Value ETF [1] - The absence of previously disclosed public funds suggests a shift in investment strategies or market conditions [1]