Group 1 - Core viewpoint: Huadong Medicine (000963.SZ) reported its Q3 2025 results, highlighting significant institutional ownership and changes in shareholding among various funds and investors [1][2][3] Group 2 - As of October 27, 2025, 32 institutional investors held a total of 1.205 billion shares of Huadong Medicine, representing 68.71% of its total share capital [1] - The top ten institutional investors collectively held 67.93% of the shares, with an increase of 0.71 percentage points compared to the previous quarter [1] - In the public fund sector, 10 funds increased their holdings, while 8 funds reduced their holdings, with a decrease of 0.50% in the latter category [2] - One social security fund, the National Social Security Fund 112 Portfolio, reported a slight decrease in holdings [2] - In the insurance sector, one insurance company increased its holdings by 0.3%, while one new insurance investor was disclosed [3] - Foreign investment saw an increase from one foreign fund, Hong Kong Central Clearing Limited, with a rise of 0.69% in holdings [3]

Core Viewpoint - The article highlights the investment strategy of Shen Kun, a fund manager who emphasizes balanced investment and risk control while pursuing quality growth and reasonable valuations [4][9]. Investment Strategy - Shen Kun adopts a GARP (Growth at a Reasonable Price) investment strategy, focusing on selecting growth companies that are reasonably valued or undervalued [4][9]. - The investment approach involves a balanced allocation across multiple industries, such as computing power, consumer electronics, new consumption, and lithium batteries, to mitigate risks associated with over-concentration in a single sector [6][9]. - The fund manager emphasizes the importance of holding quality growth stocks and avoiding chasing market trends, which can lead to poor performance [5][9]. Performance Metrics - Shen Kun's fund, the Fuanda Advantage Growth Mixed Fund, has achieved over 90% returns in the past year, attributed to a forward-looking approach in selecting individual stocks [7]. - The maximum drawdown for the funds managed by Shen Kun has remained below 20% over the past year, showcasing effective risk management [9]. Market Outlook - The article discusses the positive performance of Chinese assets in 2023, driven by advancements in technology and increased government support for the capital market [11]. - Shen Kun believes that the AI sector is poised to lead the fourth industrial revolution, presenting numerous investment opportunities in the coming years [11].

Group 1 - The core viewpoint of the news is that Defo Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil production [1] - Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual production capacity of 16,800 tons [1] - Defo Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the largest in the world, which will enhance its ability to integrate technological resources and improve profitability [1] Group 2 - In 2024, Luxembourg Copper Foil is projected to generate revenue of €134 million, with a net profit of -€370,000, while in Q1 2025, it is expected to achieve revenue of €45 million and a net profit of €1.67 million, indicating a quarterly turnaround [1] - Defo Technology plans to invest ¥183 million in research and development in 2024, resulting in 17 new invention patents, focusing on high-frequency, high-speed, ultra-thin, and functional technology strategies [1]