Group 1 - The core viewpoint of the news is that Jiangsu Kangwei Century Biotechnology Co., Ltd. has seen a stock price increase of 5.13%, reaching 27.85 CNY per share, with a total market capitalization of 3.133 billion CNY [1] - The company was established on September 3, 2010, and went public on October 25, 2022, focusing on the research, production, and sales of molecular detection products, with 89.14% of its revenue coming from product sales [1] - The trading volume for the stock was 39.9693 million CNY, with a turnover rate of 3.88% [1] Group 2 - Among the top ten circulating shareholders, the fund under Yuanxin Yongfeng has increased its holdings in Kangwei Century by 277,200 shares, now holding a total of 950,000 shares, which represents 2.5% of the circulating shares [2] - The Yuanxin Yongfeng Medical Health A fund has achieved a year-to-date return of 35.33%, ranking 1785 out of 8127 in its category [2] - The fund has a total scale of 387 million CNY and has generated a floating profit of approximately 1.292 million CNY from its recent investment [2]

Group 1 - The core viewpoint of the news is that LeXin Medical (300562.SZ) reported a decline in institutional ownership in its third-quarter report for 2025, with a total of 458.12 million shares held by five institutional investors, representing 2.10% of the total share capital, a decrease of 2.06 percentage points from the previous quarter [1] - Among public funds, two funds increased their holdings compared to the previous period, including a medical device ETF and Yuanxin Yongfeng Medical Health A, with an increase in holdings of 0.41% [1] - One public fund, Yuanxin Yongfeng Ju You A, reported a slight decrease in holdings compared to the previous quarter, while 85 public funds did not disclose their holdings this period, including several notable funds [1] Group 2 - From the perspective of foreign investment, Barclays Bank PLC did not disclose its holdings in this period compared to the previous quarter [2]

Core Viewpoint - Tianyi Medical (301097.SZ) reported a decline in institutional ownership in its Q3 2025 financial results, with a total of 4 institutional investors holding 1.4158 million shares, representing 2.40% of the total share capital, down by 1.10 percentage points from the previous quarter [1] Institutional Investors - A total of 4 institutional investors disclosed their holdings in Tianyi Medical, with a combined shareholding of 1.4158 million shares [1] - The institutional investors include: - China Merchants Bank Co., Ltd. - Penghua Hongjia Flexible Allocation Mixed Securities Investment Fund - Shanghai Xishirun Investment Management Co., Ltd. - Xishirun Beiyue No. 3 Private Securities Investment Fund - Jiangsu Zhaoxin Private Fund Management Co., Ltd. - Zhaoxin Collective No. 1 Private Securities Investment Fund - Industrial and Commercial Bank of China Co., Ltd. - CITIC Prudential Multi-Strategy Flexible Allocation Mixed Securities Investment Fund (LOF) [1] - The total institutional ownership percentage decreased to 2.40% compared to the previous quarter [1] Public Funds - One new public fund disclosed its holdings this quarter, namely CITIC Prudential Multi-Strategy Mixed (LOF) A [1] - A total of 49 public funds were not disclosed in this quarter compared to the previous quarter, including: - Yuanxin Yongfeng Ju You A - Yuanxin Yongfeng Medical Health A - Nuoan Multi-Strategy Mixed A - Yuanxin Yongfeng Xingyuan A - Penghua Double Bonds Poly Bond B [1]

Core Viewpoint - Saintno Bio (688117.SH) reported a decline in institutional ownership in its half-year report for 2025, with a total of 70.23 million shares held by eight institutional investors, representing 44.62% of the total share capital, down 4.62 percentage points from the previous quarter [1] Institutional Ownership - As of August 14, 2025, eight institutional investors disclosed their holdings in Saintno Bio, totaling 70.23 million shares, which is 44.62% of the company's total equity [1] - The institutional investors include Sichuan Sino Investment Co., Ltd., Sichuan Development Securities Investment Fund Management Co., Ltd., Lepu Medical Technology (Beijing) Co., Ltd., and several mutual funds [1] - Compared to the previous quarter, the total institutional ownership percentage decreased by 4.62 percentage points [1] Public Fund Disclosures - Four new public funds disclosed their holdings this period, including Huashang Intelligent Life Flexible Allocation Mixed A, Huashang Emerging Vitality Mixed, Huashang Core Growth One-Year Holding Mixed A, and Huashang Excellent Growth One-Year Holding Mixed A [1] - Seven public funds that were previously disclosed did not report this quarter, including Yuanxin Yongfeng Ju You A, China Merchants Medical Health Industry Stock, and several others [1]

Group 1 - The core viewpoint of the news is the introduction of a new policy by the China Securities Regulatory Commission (CSRC) aimed at enhancing the long-term performance of public fund managers by linking their compensation to the performance of their funds relative to benchmarks [2][3] - The policy targets fund managers whose products have underperformed their benchmarks by more than 10 percentage points over three years, leading to a significant reduction in their performance-based compensation [2][3] - The initiative is expected to align the interests of fund managers with those of investors, encouraging a shift away from short-term speculation towards a focus on long-term investment capabilities [2][3] Group 2 - As of May 21, 2023, there are 5,898 public funds managed by fund managers with over three years of experience, with 1,341 funds underperforming their benchmarks by over 10 percentage points [3][4] - Among these, 31 funds have underperformed their benchmarks by more than 50 percentage points, including notable funds managed by well-known managers such as Zheng Chengran from GF Fund and Yao Zhipeng from Harvest Fund [3][4][5] - The worst-performing fund, Morgan Small Cap A, managed by Guo Chen, has a cumulative return of -23.03% over three years, underperforming its benchmark by 127.69 percentage points [4][5] Group 3 - Conversely, there are 543 funds that have outperformed their benchmarks by over 10 percentage points, with 33 funds exceeding their benchmarks by more than 50 percentage points [7][9] - The top-performing fund, Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund, managed by Gu Xin Feng, achieved a cumulative return of 194.13%, surpassing its benchmark by 175.89 percentage points [9][10] - The North Exchange theme funds have emerged as a significant area for excess returns, with several funds exceeding their benchmarks by over 60 percentage points [10] Group 4 - In response to the new policy, many fund companies are adjusting their performance benchmarks to better reflect the risk-return characteristics of their funds [11][12] - Recent adjustments include changes to benchmarks for various funds, such as the adjustment of the performance benchmark for the浦银安盛稳健增利债券 from "CSI All Bond Index" to a more complex composite benchmark [11][12] - The trend of benchmark adjustments is expected to continue as fund companies seek to align their performance metrics with regulatory expectations and improve their competitive positioning [13][14]