Core Viewpoint - Zhimin Da (688636.SH) reported a decline in institutional investor holdings in its third-quarter report for 2025, with a total of 17.68 million shares held by five institutional investors, representing 10.55% of the total share capital, a decrease of 7.30 percentage points from the previous quarter [1] Institutional Holdings - As of October 23, 2025, five institutional investors disclosed holdings in Zhimin Da, totaling 17.68 million shares, which is 10.55% of the company's total share capital [1] - The institutional investor group includes notable entities such as Qiongcheng Zhihui Investment Partnership, Bank of China - GF Small and Medium Cap Selected Mixed Securities Investment Fund, and others [1] - The overall institutional holding percentage decreased by 7.30 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, Changxin Jinli Trend Mixed A, increased its holdings during this period, with an increase ratio of 0.21% [1] - A total of 254 public funds did not disclose their holdings in this quarter, including funds like GF Technology Innovation Mixed A and others [1]

Core Insights - Nanjing Panda Electronics Co., Ltd. has seen a stock price increase of 5.09%, reaching 11.98 CNY per share, with a trading volume of 480 million CNY and a turnover rate of 6.04%, resulting in a total market capitalization of 10.948 billion CNY [1] Group 1: Company Overview - Nanjing Panda was established on April 29, 1992, and went public on November 18, 1996 [1] - The company operates primarily in three business segments: Smart Transportation and Safe City (53.70% of revenue), Green Service-oriented Electronic Manufacturing (46.55%), and Industrial Internet and Intelligent Manufacturing (4.08%) [1] Group 2: Shareholder Information - The top circulating shareholder is the Fuqua Fund, specifically the Fuqua Military Industry Theme Mixed A (005609), which held 3.1815 million shares, unchanged from the previous period, representing 0.35% of circulating shares [2] - The fund has generated an estimated floating profit of approximately 1.8453 million CNY today [2] Group 3: Fund Performance - The Fuqua Military Industry Theme Mixed A fund, managed by Meng Haozhi, has a total asset size of 5.139 billion CNY [3] - Since its inception on March 29, 2018, the fund has achieved a return of 48.59%, with a year-to-date return of 8.96% and a one-year return of 11.99% [2][3]

Company Overview - Nanjing Panda Electronics Co., Ltd. is located at 7 Jingtian Road, Nanjing, Jiangsu Province, established on April 29, 1992, and listed on November 18, 1996 [1] - The company focuses on three main business areas: smart transportation and safe city, industrial internet and intelligent manufacturing, and green service-oriented electronic manufacturing [1] Business Revenue Composition - The revenue composition of Nanjing Panda's main businesses is as follows: - Electronic manufacturing services: 46.58% - Smart transportation: 21.74% - Digital parks: 15.29% - Safe city: 9.22% - Intelligent factory and system engineering: 4.21% - Core components of intelligent manufacturing: 1.70% - Others: 1.26% [1] Stock Performance - On September 2, Nanjing Panda's stock fell by 5.06%, closing at 12.58 CNY per share, with a trading volume of 577 million CNY and a turnover rate of 6.71%, resulting in a total market capitalization of 11.496 billion CNY [1] Major Shareholders - Among the top ten circulating shareholders of Nanjing Panda, one fund from the Fortune Fund, the Fortune Military Industry Theme Mixed A (005609), held 3.1815 million shares, unchanged from the previous period, accounting for 0.35% of circulating shares [2] - The estimated floating loss for this fund today is approximately 2.1316 million CNY [2] Fund Performance - The Fortune Military Industry Theme Mixed A (005609) was established on March 29, 2018, with a current scale of 3.354 billion CNY [2] - Year-to-date return is 20.86%, ranking 3971 out of 8184 in its category; the one-year return is 36.81%, ranking 3882 out of 7971; and since inception, the return is 64.82% [2]