Core Insights - Estun (002747.SZ) reported its Q3 2025 results, revealing that 15 institutional investors hold a total of 343 million shares, accounting for 39.37% of the company's total equity [1] - The top ten institutional investors collectively hold 39.14% of Estun's shares, with an increase of 2.92 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Estun shares has reached 15, with a total holding of 343 million shares [1] - The top ten institutional investors include notable entities such as Nanjing Paili Technology Co., Ltd. and Hong Kong Central Clearing Limited [1] - The increase in holdings by the top ten institutional investors indicates a growing confidence in Estun's performance [1] Public Fund Activity - Five public funds increased their holdings in Estun, with a total increase percentage of 2.50% [2] - New public funds disclosed this quarter include several focused on the robotics industry, indicating a trend towards investment in this sector [2] - A total of 74 public funds did not disclose their holdings this quarter, suggesting potential shifts in investment strategies [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings in Estun, with a holding increase percentage of 0.74% [2]

Group 1 - Fengli Intelligent (301368.SZ) reported its Q3 2025 results, with 13 institutional investors holding a total of 62.2044 million A-shares, representing 51.79% of the total share capital [1] - The top ten institutional investors collectively hold 50.65% of the shares, with an increase of 1.08 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five funds increased their holdings, accounting for 2.66% of the total [2] - One new public fund was disclosed this period, namely the Fuguo National Robot Industry ETF [2] - A total of 81 public funds were not disclosed in this period, including several notable funds [2]

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，包括易方达国证机器人产业ETF、景顺长 城国证机器人产业ETF，持股增加占比达1.77%。本期较上一季度新披露的公募基金共计1个，即富国国 证机器人产业ETF。本期较上一季未再披露的公募基金共计16个，主要包括东方红中证优势成长指数发 起A、诺安平衡混合A、招商中证2000指数增强A、博时专精特新主题混合A、华泰柏瑞中证2000指数增 强A等。 2025年10月29日，金奥博(002917.SZ)发布2025年第三季报。截至2025年10月28日，共有8个机构投资者 披露持有金奥博A股股份，合计持股量达7695.53万股，占金奥博总股本的22.14%。其中，机构投资者 包括四川雅化实业集团股份有限公司、雅化集团绵阳实业有限公司、深圳市奥博合利投资合伙企业(有 限合伙)、中国建设银行股份有限公司-易方达国证机器人产业交易型开放式指数证券投资基金、上海鼎 泰恒运企业管理合伙企业(有限合伙)、深圳市奥博合智投资合伙企业(有限合伙)、国信证券股份有限公 司-富国国证机器人产业交易型开放式指数证券投资基金、中信建投证券股份有限公司-景顺长城国证机 器人产业交易型开放 ...

Group 1 - TuoSiDa (300607.SZ) reported its Q3 2025 results, with 7 institutional investors holding a total of 35.2753 million A-shares, representing 7.40% of the total share capital [1] - The institutional holding ratio increased by 2.12 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 3 public funds increased their holdings, with a total increase ratio of 2.39% [2] - One new public fund was disclosed, namely the FuGuo National Robot Industry ETF [2] - 46 public funds were not disclosed in the current period, including several notable funds such as the China Europe National Robot Index Initiation A and the Jiashu National Robot ETF [2] Group 3 - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.25% compared to the previous period [2]

Core Viewpoint - The article highlights a significant surge in the issuance of equity funds, particularly active equity funds, in October, with notable fundraising achievements from several funds [1][2][3]. Fundraising Overview - Two major active equity funds, the E Fund Hong Kong Stock Connect Technology Mixed Fund and the Penghua Manufacturing Upgrade Mixed Fund, each raised nearly 2 billion yuan, marking them as the largest and second-largest active equity funds issued in October [2][3]. - As of October 15, 127 equity funds have raised over 1 billion yuan this year, with more than 70% being index funds, predominantly non-ETF products [2][4]. Active Equity Funds - Many large-scale active equity funds were established in the third quarter, with the largest being the CMB Balanced Optimal Fund, which raised 4.955 billion yuan and had 38,355 effective subscriptions [4]. - Other notable funds established in the third quarter include the Dacheng Insight Advantage Fund, E Fund Value Return Fund, and others, each raising over 2 billion yuan [4]. New Fee Structure Funds - Nearly 40 new floating fee structure funds have been established this year, raising over 42 billion yuan in total, with 16 of these funds exceeding 1 billion yuan in fundraising [5]. Index Funds Performance - Among the 127 equity funds that raised over 1 billion yuan, 90 are index funds, accounting for over 70% of the total, with 51 being non-ETF index funds [6]. - The top four funds by fundraising are all ETF-linked funds, with significant contributions from the Huaxia and E Fund series [6]. Emerging Fund Managers - The article notes that several large-scale index funds have been launched by both major firms and smaller public funds, indicating a diverse market landscape [7].

Group 1 - Two stock ETFs have announced their listing, with both the Yongying Dividend Low Volatility ETF and the Invesco Hang Seng Stock Connect 50 ETF having a stock position of 0.00% [1] - Since September, a total of 29 stock ETFs have announced their listings, with an average position of 21.94%. The highest position is held by the E Fund Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Enhanced Strategy ETF at 69.33% [1][2] - The ETFs with the lowest positions include the Yongying Dividend Low Volatility ETF, Invesco Hang Seng Stock Connect 50 ETF, and Guolian An CSI 500 Dividend Low Volatility ETF, all at 0.00% [1] Group 2 - The average number of shares raised by the newly announced ETFs in September is 5.58 million, with the largest being the Invesco National Index Robotics Industry ETF at 23.44 million shares [1] - Institutional investors hold an average of 9.40% of the shares, with the highest proportions in the Guolian An CSI 500 Dividend Low Volatility ETF (98.93%), Jianxin Shanghai Stock Exchange Science and Technology Innovation Board 200 ETF (32.48%), and Ping An CSI 500 Dividend Low Volatility ETF (13.53%) [2] - ETFs with lower institutional ownership include the Huaan Growth Enterprise Board Artificial Intelligence ETF (0.55%), Penghua Growth Enterprise Board Comprehensive ETF (1.52%), and Invesco Shanghai Stock Exchange Science and Technology Innovation Board 200 ETF (1.64%) [2]

Group 1: Machinery Industry - In August 2025, the production of metal cutting machine tools in China reached approximately 71,000 units, a year-on-year increase of 16.4%, while the cumulative production from January to August was about 564,000 units, up 14.6% year-on-year, indicating a recovery in downstream manufacturing demand [2] - The production of industrial robots in August 2025 was about 64,000 units, a year-on-year increase of 14.4%, with a cumulative production of approximately 521,000 units from January to August, reflecting a year-on-year growth of 29.9% [2] - Manufacturing fixed asset investment in China grew by 5.1% year-on-year from January to August 2025, and cumulative export value increased by 5.9% year-on-year, supporting the stabilization of manufacturing demand [2] Group 2: Lithium Battery Equipment - In August 2025, the sales of new energy vehicles in China reached approximately 1.395 million units, a year-on-year increase of 26.8%, with total sales from January to August amounting to about 9.62 million units, up 36.7% year-on-year [3] - The installed capacity of power batteries in August 2025 was approximately 62.5 GWh, a year-on-year increase of 32.4%, while the total production of power batteries reached 139.6 GWh, up 37.3% year-on-year [3] - Cumulative installed capacity of power batteries from January to August 2025 grew by 43.1% to 417.9 GWh, and total production increased by 54.3% to 970.7 GWh, indicating a robust growth trajectory for the new energy vehicle sector [3] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.1 percentage points to 49.4% in August 2025, with key sub-indices such as production and new orders showing improvement, suggesting a recovery in manufacturing supply and demand [4] - The report maintains a "buy" rating for the machinery industry, highlighting opportunities in the general automation sector and lithium battery equipment sector due to the expected recovery in manufacturing demand [5] - Recommended companies include Haomai Technology in the general automation sector and Xianlead Intelligent and Hangke Technology in the lithium battery equipment sector [5]

Summary of Key Points Core Viewpoint - The recent announcements of two stock ETFs indicate varying levels of stock positions, with the Huazhong AI ETF at 16.45% and the Huabao Agricultural ETF at 48.23%. The average stock position for newly announced ETFs in September is 24.44% [1][2]. ETF Listings and Positions - A total of 25 stock ETFs have announced listings since September, with the highest stock position being 69.33% for the E-Fonda Shanghai Stock Exchange Sci-Tech Innovation Board Enhanced Strategy ETF [1][2]. - Other ETFs with significant positions include the Jianxin Shanghai Stock Exchange Sci-Tech Innovation Board 200 ETF at 54.12%, and the Huabao Agricultural ETF at 48.23% [1][3]. - Some ETFs, such as the Guolian An Zhongzheng A500 Dividend Low Volatility ETF and the Penghua Sci-Tech Board Semiconductor Materials Equipment Theme ETF, reported a stock position of 0.00% [1][2]. Fundraising and Share Statistics - The average fundraising for newly announced ETFs in September is 558 million shares, with the top three being the Fuguo National Robot Industry ETF at 2.344 billion shares, Guolian An Zhongzheng A500 Dividend Low Volatility ETF at 1.247 billion shares, and Huizhen Shanghai Stock Exchange Sci-Tech Innovation Board AI ETF at 1.089 billion shares [1][2][3]. Institutional Investor Holdings - Institutional investors hold an average of 10.12% of the shares in these ETFs, with the highest being the Guolian An Zhongzheng A500 Dividend Low Volatility ETF at 98.93% [2][3]. - ETFs with lower institutional ownership include the Huazhong AI ETF at 0.55% and the Penghua Comprehensive ETF at 1.52% [2][3].

本报记者 彭衍菘 公募基金发行市场持续升温。Wind资讯数据显示，截至9月23日（按基金成立日统计），9月份以来新成立基金143只（仅 统计主份额）。 具体来看，9月份以来多只新成立基金呈现"认购热"特征。主动权益类产品里，招商均衡优选混合A于9月2日首发时设置50 亿元募集上限，最终认购申请确认比例为56.67%，成立规模接近上限，成为年内最受关注的主动权益类产品之一；被动指数型 产品则聚焦细分赛道，富国国证机器人产业ETF、天弘国证港股通科技指数A、广发创业板指数增强A等产品，凭借对机器人、 港股科技、创业板等领域的垂直布局，吸引大量资金参与，反映出投资者对细分赛道的专业化配置需求较大。 据《证券日报》记者统计，9月份以来新成立的基金中，40余只基金聚焦科技领域，覆盖AI产业链、机器人、科创板等细 分方向；13只基金以港股为主要投资标的，涵盖港股通科技、恒生生物科技等主题。 相关基金对于科技赛道的布局也与产业发展趋势高度契合。富荣基金基金经理郭梁良对《证券日报》记者表示："当前， AI算力需求正从训练向推理场景大规模迁移，这一趋势正在驱动硬件设计发生根本性变革。这影响了PCB（印制电路板）、连 接器、散热 ...

Core Insights - The A-share market is experiencing a steady rise, leading to a recovery in the issuance of equity funds, with notable highlights since September [1] - A total of 133 funds were established in September, raising 124.195 billion yuan, marking a new high for the year and continuing a trend of over 100 billion yuan in issuance for two consecutive months [7] Fund Issuance Performance - Several equity funds sold out in one day, with a significant increase in the number of active equity funds, indicating a strong market demand [3][4] - The "Zhaoshang Balanced Optimal" fund raised 4.955 billion yuan, becoming the largest newly issued active equity fund of the year, with a subscription confirmation ratio of 56.67% [3][4] - Other notable funds that sold out in one day include "Huashang Hong Kong Stock Connect Value Return" and several smaller funds, reflecting a trend of rapid fundraising [3][4] Fund Types and Trends - Active equity funds have shown a clear recovery, with several funds exceeding 17 billion yuan in issuance, including "Ping An Hong Kong Stock Connect Technology Selected" and "Jiaoyin Industry Selection" [5] - Among the newly established equity index funds, four funds raised over 2 billion yuan, with the "Tianhong National Index Hong Kong Stock Connect Technology" fund leading at 2.522 billion yuan [5] - The overall issuance of equity funds accounted for over half of the total, indicating a positive shift in market sentiment towards equity investments [7] Market Sentiment and Future Outlook - The steady rise in the equity market has led to a visible profit effect for equity funds, contributing to the recovery of the issuance market [7] - The average issuance scale of new funds in September was 924 million yuan, marking the second-highest peak of the year [7] - The focus of fund managers and capital allocation is increasingly directed towards technology growth sectors and the Hong Kong market [6]