Core Viewpoint - Tianfulong (603406.SH) reported its Q3 2025 results, highlighting a significant increase in institutional ownership and the involvement of various public funds [1] Group 1: Institutional Ownership - As of October 28, 2025, 32 institutional investors disclosed holdings in Tianfulong A-shares, totaling 13.5348 million shares, which represents 3.38% of the company's total share capital [1] - The top ten institutional investors collectively hold 3.38% of the shares, with a notable increase of 3.38 percentage points compared to the previous quarter [1] Group 2: Public Funds - In this reporting period, 29 new public funds were disclosed, including notable funds such as Guolian CSI A50 ETF, Huashan SSE 180 ETF, and others [1]

Group 1 - The global economic landscape is undergoing differentiation and adjustment, with domestic capital market reforms deepening, supported by a series of favorable policies that inject stability into the capital market [1] - The launch of the Guolian CSI A50 Connect Fund from June 3 to June 20, 2025, allows investors to closely track the CSI A50 Index and invest in high-quality core assets in China [1][4] - The CSI A50 Index, established in 2024, is a benchmark index for the A-share market, selecting the largest 50 leading companies from various industries, incorporating ESG factors into its composition [2] Group 2 - The CSI A50 Index has a significant advantage in its composition, with 36% of its constituents being growth stocks, focusing on emerging industries like power equipment, new energy, and pharmaceuticals [2] - The index's PE (TTM) is 17.53 times, with a median valuation of 16.86 times for its constituents, indicating a high safety margin and potential for returns [2] - The CSI A50 Index has shown strong historical performance, with a return of 52.09% since its inception and an annualized return of 4.49%, outperforming other mainstream indices [3] Group 3 - The Guolian CSI A50 Connect Fund offers low entry barriers for investors, allowing participation in A-share asset allocation without a securities account and starting from 1 yuan [4] - The fund has a significantly lower fee structure, with a management fee of 0.15% per year and a custody fee of 0.05% per year, compared to the average of 0.48% for similar products [5] - The fund will continue the dividend mechanism established by the underlying CSI A50 ETF, which has already implemented two dividend distributions [5][6] Group 4 - The fund is managed by a team that integrates AI and quantitative strategies throughout the investment process, aiming for sustainable and robust excess returns [6] - The appointed fund manager, Du Chao, has 10 years of experience in index investment and has achieved effective tracking of the underlying index with low tracking deviation [6] - The CSI A50 Index is expected to attract significant capital inflows due to its inclusion of stocks favored by foreign investors and government support for large-cap, high-dividend stocks [7]