险资方向，本期较上一期持股增加的险资共计1个，即新华资管-兴业银行-新华资产-明汇二号资产管理 产品，持股增加占比达0.1%。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括富国中证旅游主题ETF、华夏中证旅 游主题ETF，持股增加占比达0.32%。本期较上一季未再披露的公募基金共计74个，主要包括华夏回报 混合A、鹏华优质治理混合(LOF)A、圆信永丰兴诺、诺安平衡混合A、鹏华产业精选混合A等。 2025年10月25日，君亭酒店(301073.SZ)发布2025年第三季报。截至2025年10月24日，共有3个机构投资 者披露持有君亭酒店A股股份，合计持股量达293.89万股，占君亭酒店总股本的1.51%。其中，机构投 资者包括中国银行股份有限公司-富国中证旅游主题交易型开放式指数证券投资基金、新华资管-兴业银 行-新华资产-明汇二号资产管理产品、中国银行股份有限公司-华夏中证旅游主题交易型开放式指数证券 投资基金，机构投资者合计持股比例达1.51%。相较于上一季度，机构持股比例合计下跌了1.20个百分 点。 ...

Group 1: Report Information - Report Date: October 10, 2025 [1] - Report Title: Shenwan Hongyuan Gold ETF Portfolio 202510 [1] - Analysts: Shen Siyi, Deng Hu [3] - Research Support: Bai Haotian [3] - Contact: Shen Enyi [3] Group 2: Investment Ratings - No industry investment ratings are provided in the report. Group 3: Core Views - The report constructs four ETF portfolios, including the macro industry portfolio, macro + momentum industry portfolio, core - satellite portfolio, and trinity style rotation ETF portfolio, based on macro - sensitivity and momentum analysis, aiming to capture investment opportunities in different market environments [5][8]. - The current economic leading indicators are rising, liquidity indicators are slightly tight, and credit indicators remain positive. The portfolios are shifting towards a more balanced allocation, with an increased proportion of consumer sectors [5]. - The trinity style rotation model combines macro - liquidity, fundamental, and market sentiment factors to construct a medium - to long - term style rotation model, providing insights into market style preferences [5][9]. Group 4: ETF Portfolio Construction Methods 4.1 Based on Macro - Method - Calculate macro - sensitivity for broad - based, industry - theme, and Smart Beta ETFs based on economic, liquidity, and credit variables. Traditional cyclical industries are sensitive to the economy, TMT to liquidity, and consumption to credit [8]. - Construct three ETF portfolios (macro industry, macro + momentum industry, and core - satellite) using macro - sensitivity and momentum, and rebalance monthly [8]. 4.2 Trinity Style Rotation ETF Portfolio - Build a medium - to long - term style rotation model centered on macro - liquidity, comparing with the CSI 300 index. Screen macro, fundamental, and market sentiment factors to construct three types of models (growth/value, market - cap, and quality) [9]. Group 5: Portfolio Details 5.1 Macro Industry Portfolio - Select the top 6 industry - theme indices based on macro - sensitivity scores, and equally weight the largest - scale corresponding ETFs. Currently, the portfolio is more balanced with an increased consumer proportion [5][10]. - October 2025 holdings include ETFs related to tourism, home appliances, chemicals, etc. [14]. - In 2025, the portfolio had varying monthly excess returns, with positive excess returns in September [15]. 5.2 Macro + Momentum Industry Portfolio - Combine macro and momentum methods. The pharmaceutical sector's weight is further reduced, and rare earth and battery sectors are selected on the momentum side [5][16]. - October 2025 holdings include multiple industry - themed ETFs [18]. - The portfolio performed well in 2025, with positive excess returns in September after a drawdown in August [19]. 5.3 Core - Satellite Portfolio - Use the CSI 300 as the core and combine broad - based, industry, and Smart Beta portfolios. Weight them at 50%, 30%, and 20% respectively [20][21]. - October 2025 holdings include a mix of broad - based and industry - themed ETFs [24][25]. - The portfolio performed steadily in 2025, outperforming the index almost every month [25]. 5.4 Trinity Style Rotation ETF Portfolio - The model currently favors small - cap growth and high - quality styles. The portfolio's factor exposure and historical performance are presented [26][27]. - October 2025 holdings include ETFs related to small - cap indices and high - growth sectors [31]. - The portfolio has shown certain performance since 2021, with positive excess returns in September 2025 [30].

Group 1 - The article highlights the top 10 open-end funds with the highest net value growth as of September 23, 2025, with a focus on semiconductor-related funds [2][4][7] - The leading fund is the E Fund Zhongzheng Semiconductor Materials and Equipment Theme ETF, with a unit net value of 1.6446, showing an increase from 1.5646 on September 22, 2025, representing a growth of approximately 5.1% [2][4] - Other notable funds include the Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF and the Nuon High-end Manufacturing Stock A, with respective net values of 1.4080 and 1.9950, reflecting significant growth in the semiconductor sector [2][4][7] Group 2 - The article also lists the bottom 10 funds in terms of net value growth, with the Xinhua Jingcheng Mixed C fund at the bottom, showing a decrease from 1.1841 to 1.1410, a decline of about 3.5% [4][5] - The overall market performance indicates a mixed trend, with the Shanghai Composite Index experiencing a slight decline while the ChiNext Index showed a minor recovery [7] - The article notes that the semiconductor industry is currently a strong performer, with several funds in this sector outperforming the market [7][8]

Group 1 - The stock price of Tianmu Lake dropped by 5.04% to 13.00 CNY per share, with a trading volume of 182 million CNY and a turnover rate of 5.11%, resulting in a total market capitalization of 3.512 billion CNY [1] - Jiangsu Tianmu Lake Tourism Co., Ltd. was established on September 15, 1992, and listed on September 27, 2017. The company focuses on the development and management of tourism scenic areas [1] - The main revenue composition of the company includes: hotels 29.74%, landscape gardens 27.58%, Nanshan Bamboo Sea 25.10%, hot springs 7.89%, others 6.70%, travel agency 1.61%, and water world 1.39% [1] Group 2 - The top circulating shareholder of Tianmu Lake includes a fund from the Fortune Fund, specifically the Fortune CSI Tourism Theme ETF (159766), which entered the top ten circulating shareholders in the second quarter with 1.7449 million shares, accounting for 0.65% of circulating shares [2] - The Fortune CSI Tourism Theme ETF (159766) was established on July 15, 2021, with a latest scale of 2.955 billion CNY. Year-to-date return is 7.55%, ranking 3656 out of 4222 in its category; the one-year return is 29.76%, ranking 3249 out of 3813; and since inception, it has a loss of 24.21% [2] Group 3 - The fund manager of the Fortune CSI Tourism Theme ETF (159766) is Cao Ludi, who has been in the position for 5 years and 127 days. The total asset scale of the fund is 13.739 billion CNY, with the best fund return during the tenure being 109.23% and the worst being -44.98% [3]

Group 1 - The core point of the news is that Zhongxin Tourism's stock price has dropped by 5.05%, currently trading at 7.90 CNY per share, with a total market capitalization of 7.763 billion CNY [1] - Zhongxin Tourism Group Co., Ltd. was established on August 11, 1992, and listed on January 23, 2014. The company primarily engages in outbound tourism wholesale, retail, and integrated marketing services [1] - The revenue composition of Zhongxin Tourism is as follows: 76.66% from tourism wholesale, 13.76% from tourism retail, 9.01% from integrated marketing services, and 0.56% from other industry products [1] Group 2 - Among the top ten circulating shareholders of Zhongxin Tourism, a fund under the Fortune Fund ranks first. The Fortune CSI Tourism Theme ETF (159766) reduced its holdings by 1.6046 million shares in the second quarter, now holding 8.9224 million shares, which is 1.08% of the circulating shares [2] - The Fortune CSI Tourism Theme ETF (159766) was established on July 15, 2021, with a current size of 2.955 billion CNY. Year-to-date, it has a return of 7.55%, ranking 3656 out of 4222 in its category; over the past year, it has a return of 29.76%, ranking 3249 out of 3813; since inception, it has a loss of 24.21% [2] - The fund manager of the Fortune CSI Tourism Theme ETF (159766) is Cao Ludi, who has been in the position for 5 years and 127 days. The total asset size of the fund is 13.739 billion CNY, with the best return during his tenure being 109.23% and the worst being -44.98% [3]

Group 1 - The core point of the news is that Xi'an Catering's stock price dropped by 5.04% to 10.37 CNY per share, with a trading volume of 485 million CNY and a turnover rate of 8.97%, resulting in a total market capitalization of 5.951 billion CNY [1] - Xi'an Catering Co., Ltd. is located in Xi'an, Shaanxi Province, and was established on December 31, 1996, with its listing date on April 30, 1997. The company's main business includes catering, hotels, entertainment shares, tourism services, infrastructure renovation, refrigeration equipment, culinary training, technical consulting, technical services, labor technical output, and sales of tobacco and food [1] - The revenue composition of Xi'an Catering is as follows: catering income accounts for 64.30%, other income 23.51%, supplementary income 5.60%, merchandise income 5.00%, and room income 1.59% [1] Group 2 - From the perspective of the top ten circulating shareholders of Xi'an Catering, it is noted that a fund under the Fortune Fund ranks among the top shareholders. The Fortune CSI Tourism Theme ETF (159766) increased its holdings by 115,900 shares in the second quarter, holding a total of 1.7963 million shares, which represents 0.35% of the circulating shares. The estimated floating loss today is approximately 988,000 CNY [2] - The Fortune CSI Tourism Theme ETF (159766) was established on July 15, 2021, with a latest scale of 2.955 billion CNY. Year-to-date returns are 7.55%, ranking 3656 out of 4222 in its category; the one-year return is 29.76%, ranking 3249 out of 3813; and since its inception, it has incurred a loss of 24.21% [2]

9月22日，丽江股份跌5.08%，截至发稿，报9.53元/股，成交3.40亿元，换手率6.39%，总市值52.37亿 元。 资料显示，丽江玉龙旅游股份有限公司位于云南省丽江市古城区香格里大道760号丽江玉龙旅游大楼， 成立日期2001年10月18日，上市日期2004年8月25日，公司主营业务涉及旅游索道的经营、管理、文艺 演出、酒店经营等其他业务。主营业务收入构成为：索道运输49.53%，酒店服务20.70%，印象演出 16.93%，其他(补充)10.13%，餐饮服务2.70%。 从丽江股份十大流通股东角度 富国中证旅游主题ETF（159766）基金经理为曹璐迪。 截至发稿，曹璐迪累计任职时间5年127天，现任基金资产总规模137.39亿元，任职期间最佳基金回报 109.23%， 任职期间最差基金回报-44.98%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，富国基金旗下1只基金位居丽江股份十大流通股东。富国中证旅游主题ETF（1597 ...

Group 1 - Huangshan Tourism's stock increased by 5.07%, reaching 13.26 CNY per share, with a trading volume of 380 million CNY and a turnover rate of 5.82%, resulting in a total market capitalization of 9.672 billion CNY [1] - The company, established on November 18, 1996, and listed on May 6, 1997, operates in various sectors including garden development, cable car services, hotel accommodations, tourism services, and real estate development [1] - The revenue composition of Huangshan Tourism includes cable car services at 33.36%, tourism services at 21.90%, hotel services at 19.59%, scenic area services at 12.91%, and Huizhou cuisine at 12.23% [1] Group 2 - The top circulating shareholder of Huangshan Tourism is the Fuqua Fund, which reduced its holdings in the Fuqua CSI Tourism Theme ETF (159766) by 480,100 shares, now holding 3.3248 million shares, representing 0.46% of circulating shares [2] - The Fuqua CSI Tourism Theme ETF (159766) was established on July 15, 2021, with a current size of 2.955 billion CNY, yielding a return of 5.55% this year, ranking 3770 out of 4222 in its category, and a return of 29.63% over the past year, ranking 3291 out of 3805 [2] - The fund has experienced a cumulative loss of 25.62% since its inception [2]

Group 1 - The core viewpoint of the news is that Tibet Tourism's stock has seen a significant increase, rising 5.05% on September 19, with a total market value of 5.713 billion yuan and a cumulative increase of 12.49% over three days [1] - Tibet Tourism Co., Ltd. is based in Lhasa, Tibet, and was established on June 27, 1996, with its main business involving leisure tourism destination operations and cultural media [1] - The company's main revenue sources include tourism scenic spots (76.48%), short-distance transportation (26.61%), tourism reception (24.45%), content experience (23.99%), and various other tourism-related services [1] Group 2 - Among the top ten circulating shareholders of Tibet Tourism, a fund under the Fortune Fund holds a position, having reduced its holdings by 220,400 shares, now owning 1.766 million shares, which is 0.78% of the circulating shares [2] - The Fortune China Securities Tourism Theme ETF (159766) has generated a floating profit of approximately 2.1369 million yuan today, with a total floating profit of 4.6976 million yuan during the three-day increase [2] - The ETF was established on July 15, 2021, with a current scale of 2.955 billion yuan, and has seen a year-to-date return of 5.55% [2]

Group 1 - The core viewpoint of the news is that Xizang Tourism Co., Ltd. experienced a stock price increase of 6.03%, reaching 23.73 CNY per share, with a trading volume of 475 million CNY and a turnover rate of 9.33%, resulting in a total market capitalization of 5.386 billion CNY [1] - Xizang Tourism was established on June 27, 1996, and listed on October 15, 1996. The company primarily operates in leisure tourism destination management and cultural media [1] - The main revenue composition of Xizang Tourism includes 76.48% from tourism attractions, with subcategories such as short-distance transportation (26.61%), tourism reception (24.45%), content experience (23.99%), and various other tourism services [1] Group 2 - From the perspective of the top ten circulating shareholders, the Fuqua Fund's ETF, specifically the Fuqua CSI Tourism Theme ETF (159766), reduced its holdings by 220,400 shares, now holding 1.766 million shares, which accounts for 0.78% of the circulating shares [2] - The Fuqua CSI Tourism Theme ETF was established on July 15, 2021, with a current scale of 2.955 billion CNY. Year-to-date, it has achieved a return of 5.46%, ranking 3871 out of 4222 in its category, while over the past year, it has returned 28.29%, ranking 3431 out of 3804 [2]