Group 1 - Huazi Technology (300490.SZ) released its Q3 2025 report on October 28, 2025, showing that as of October 27, 2025, seven institutional investors held a total of 110 million shares, accounting for 27.69% of the total share capital [1] - The institutional holding ratio increased by 2.06 percentage points compared to the previous quarter [1] - The newly disclosed public fund this period is the Xinao New Energy Industry Stock A, while 17 public funds were not disclosed compared to the previous quarter, including various index-enhanced and bond funds [1] Group 2 - Three new foreign institutions disclosed their holdings this period, including UBS AG, Morgan Stanley & Co. International PLC, and Goldman Sachs [2] - Barclays Bank PLC was not disclosed in this period compared to the previous quarter [2]

Core Insights - The recent market sentiment has improved, leading to increased investor interest in A-shares and "fixed income +" products due to declining bank deposit rates [1] - Taiping Fund launched a new "fixed income +" product, Taiping Jiayu Bond, managed by fund managers Han Cong and Zhang Ziquan, who have previously collaborated on public fund products [1][2] Investment Strategy - The equity portion of Taiping Jiayu Bond will focus on a quantitative enhancement strategy centered around the CSI A500 index, which offers better stock selection breadth and industry representation compared to the CSI 300 [2] - The fund aims for absolute returns, with Han Cong managing the fixed income part, emphasizing credit safety and liquidity management while maintaining a high credit quality bond portfolio [3] Performance Metrics - As of August 21, the jointly managed Taiping Jiayu Bond has shown strong performance, with returns exceeding 11% since inception and another product managed by Zhang Ziquan achieving over 25% returns this year [2][4] - The collaboration between Han Cong and Zhang Ziquan has resulted in consistent top-tier performance in their previous products, with a focus on shared goals in asset allocation [4] Market Outlook - Both fund managers maintain an optimistic outlook on the A-share market, citing healthy market conditions and increasing retail investor participation [5] - Despite challenges in the bond market, Han Cong believes there are significant capital gain opportunities, especially with potential interest rate declines driven by external factors [5][6] Product Design - The Taiping Jiayu Bond emphasizes "sharpness" and "flexibility," utilizing an open-ended structure with a core focus on quantitative enhancement for equities and enhanced yield flexibility for fixed income [6]

Core Viewpoint - The recent market sentiment has improved, leading to increased investor interest in A-shares and "fixed income +" products due to declining bank deposit rates [1] Group 1: Product Overview - Taiping Fund launched a "fixed income +" product called Taiping Jiayu Bond on September 1, managed by fund managers Han Cong and Zhang Ziquan, who have previously collaborated on public fund products [1] - The product is a mixed secondary bond fund, with a focus on absolute returns [2] Group 2: Investment Strategy - The equity portion of Taiping Jiayu Bond will primarily utilize a quantitative enhancement strategy centered around the CSI A500 index, which offers better stock selection breadth compared to the CSI 300 [2] - The index has a low annualized volatility, making it a stable benchmark for the "fixed income +" product [2] - The quantitative strategy employs multi-factor alpha models, risk control models, and trading cost models to capture investment opportunities [2] Group 3: Fixed Income Management - The fixed income investments are managed by Han Cong, who emphasizes credit safety and liquidity management, focusing on high credit quality bonds [3] - Han Cong's investment philosophy is rooted in insurance fund management, aiming for positive annual returns while strictly controlling maximum drawdown [3] Group 4: Collaborative Management - Data shows that the jointly managed Taiping Jiayu Bond has ranked in the top half of its category over various time frames, indicating stable net value growth [4] - The collaboration between Han Cong and Zhang Ziquan has lasted over eight years, with a shared goal of maximizing product returns [4] Group 5: Market Outlook - Both fund managers are optimistic about the A-share market, noting that the current market is healthy with increasing retail investor participation and supportive policies [5] - In the bond market, Han Cong acknowledges challenges due to low interest rates but sees potential for capital gains, especially with external factors like Fed rate cuts [6] - The product design emphasizes "sharpness" and "flexibility," aiming to provide a competitive investment tool in the current market environment [6]

□本报记者 魏昭宇 近期市场情绪持续回暖，越来越多的投资者关注A股的配置价值。同时，伴随银行存款利率持续走 低，"固收+"产品以其"进可攻退可守"的特性再度成为投资者关注的热门品种。 在此背景下，太平基金于9月1日发行一只"固收＋"产品——太平嘉裕债券。据悉，该产品为混合二级债 基，由基金经理韩聪与张子权共同管理。近期，两位基金经理在接受中国证券报记者采访时表示，这并 非两人第一次共管公募产品。早在2022年，由两位基金经理共同管理的太平嘉和三个月定开产品便已成 立。在太平资产任职时，两人亦搭档共管寿险等绝对收益类产品。 以绝对收益为目标 在权益部分，太平嘉裕债券将主要围绕中证A500指数开展量化增强策略，这部分策略主要由张子权负 责。张子权向中国证券报记者表示，中证A500属于宽基大盘指数，行业分布均衡，相比沪深300具有更 优的选股宽度和行业代表性，更有利于量化策略捕捉超额收益。此外，该指数年化波动率不高，属于相 对稳健的权益基准，符合"固收+"产品对权益部分控制波动、追求稳健增强的定位。 在今年4月底，由张子权管理的太平中证A500指数增强便已开始运作。Wind数据显示，截至8月21日， 该产品成立以来 ...

Group 1 - Han Yu Pharmaceutical (300199.SZ) released its semi-annual report for 2025 on August 22, 2025 [1] - As of August 21, 2025, seven institutional investors disclosed holdings in Han Yu Pharmaceutical A-shares, totaling 44.3541 million shares, which accounts for 5.02% of the company's total share capital [1] - The institutional investors include Shenzhen High-tech Investment Group Co., Ltd., Hong Kong Central Clearing Limited, and others, with a total institutional holding ratio decreasing by 1.61 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds reduced their holdings compared to the previous quarter, including Bosera CSI Taogold Big Data 100 A and China Merchants Stable Growth Mixed A, with a slight decrease in holding ratio [1] - One insurance fund increased its holdings, specifically Fude Property Insurance Co., Ltd. - proprietary funds, with an increase of 0.1% [1] - Foreign investment sentiment showed a decrease in holdings from one foreign fund, Hong Kong Central Clearing Limited, with a slight decline in holding ratio compared to the previous quarter [1]

Group 1 - Qingdao Bank (002948.SZ) released its 2024 annual report on March 27, 2025, revealing that 27 institutional investors hold a total of 2.154 billion shares, accounting for 37.00% of the bank's total share capital [1] - The top ten institutional investors collectively hold 36.93% of the shares, with notable investors including Qingdao Guoxin Chanin Holdings Group Co., Ltd. and Haier Smart Home Co., Ltd. [1] - The shareholding structure of Qingdao Bank remains unchanged compared to previous disclosures [1] Group 2 - In the public fund sector, four funds increased their holdings, including Dachen Yuanji Zengli Bond A and Invesco Great Wall MSCI China A-Share International Index Enhanced A, with a slight increase in the proportion of holdings [2] - Three public funds reduced their holdings, including Taiping Zhongzheng 1000 Index Enhanced A, with a slight decrease in the proportion of holdings [2] - Ten new public funds were disclosed this period, including Wanji Interconnect China Advantage Quantitative Strategy Mixed A and Dongfanghong Zhongzheng Advantage Growth Index Initiation A [2]