Core Insights - Haiprui (002399.SZ) reported its Q3 2025 results on October 31, 2025, highlighting significant institutional investor holdings [1] Institutional Holdings - As of October 30, 2025, seven institutional investors disclosed holding a total of 1 billion shares of Haiprui, representing 68.14% of the company's total equity [1] - The institutional investor group includes Shenzhen Lerun Technology Co., Ltd., Gongqingcheng Jintian Soil Investment Partnership (Limited Partnership), Gongqingcheng Water Droplet Stone Investment Partnership (Limited Partnership), Gongqingcheng Feilai Stone Investment Co., Ltd., Shenzhen Haiprui Pharmaceutical Co., Ltd. - Second Employee Stock Ownership Plan, Hong Kong Central Clearing Limited, and Shenzhen Haiprui Pharmaceutical Group Co., Ltd. - Third Employee Stock Ownership Plan [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 0.44 percentage points [1] Public Fund Activity - In this period, 92 public funds were not disclosed compared to the previous quarter, including Southern CSI 1000 ETF, Huaxia CSI 1000 ETF, GF CSI 1000 ETF, GF CSI All-Index Medical and Health ETF, and Fortune CSI 1000 ETF [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings compared to the previous period, with a slight increase in shareholding percentage [1]

Core Viewpoint - The recent ratings from seven authoritative institutions highlight that GF Fund has achieved significant recognition, with 103 of its products receiving five-star ratings, showcasing its strong research capabilities and diverse product offerings [1][2]. Group 1: Active Equity Products - Nearly half of GF Fund's five-star rated funds are active equity products, characterized by diverse styles and features [2]. - Notable products include GF Value Core A, which has effectively captured trends in new consumption and internet technology, earning five-star ratings from multiple institutions [2]. - GF Fund has standout products in various sectors, such as GF North Exchange Selected Fund, which received a three-year five-star rating from several institutions [2]. Group 2: Fixed Income Products - GF Fund has over 30 fixed income funds rated five stars, covering a range of types including money market, short-term pure debt, and mixed debt funds, catering to investors' demand for stable returns [2]. Group 3: Passive Index Funds - GF Fund offers a variety of investment tools, with 24 passive index funds and 4 passive bond index funds achieving five-star ratings [3]. - The GF CSI All-Share Medical and Health ETF has received five-star ratings across three, five, and ten-year periods from two institutions [3]. Group 4: Overseas and Multi-Asset Investment - GF Fund's active and passive QDII products are recognized as representative five-star funds in overseas investments [3]. - The GF Stable Pension (FOF) A has been awarded a five-year five-star rating, reflecting its multi-asset allocation strategy [3]. Group 5: Product Management and Quality Improvement - GF Fund has integrated customer profit experience into its product creation and management processes, aiming to enhance product quality and transition from a "product manager" to a "value creator" [3].

Group 1 - Jilin Aodong (000623.SZ) reported its 2024 annual results on April 23, 2025, with 235 institutional investors holding a total of 414 million shares, representing 34.58% of the total share capital [1] - The top ten institutional investors collectively hold 31.95% of the shares, with a decrease of 6.05 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one public fund increased its holdings, while eight funds decreased their holdings, with a reduction rate of 0.33% [2] - A total of 219 new public funds were disclosed this period, including several major ETFs [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.31% compared to the previous quarter [2]

Group 1 - Tonghua Golden Horse (000766.SZ) released its 2024 annual report on April 18, 2025, with 67 institutional investors holding a total of 90.27 million A-shares, accounting for 9.34% of the total share capital [1] - The top ten institutional investors collectively hold 8.90% of the shares, with a decrease of 2.13 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, namely Innovation Drug, increased its holdings by 0.27%, while another fund, Southern CSI 1000 ETF, decreased its holdings by 0.35% [2] - A total of 62 new public funds were disclosed this period, including major funds like Huaxia CSI 1000 ETF and GF Innovation Drug ETF [2] - One foreign institution, Hong Kong Central Clearing Limited, was not disclosed in this period compared to the previous quarter [2]

Core Viewpoint - CITIC Securities has made significant adjustments to its ETF holdings, increasing positions in certain ETFs while reducing others, indicating a strategic shift in investment focus towards specific sectors and market segments [1][9]. Group 1: ETF Holdings Overview - CITIC Securities holds the largest position in the Huaxia SSE 50 ETF with a market value of 2 billion yuan, despite a reduction of 50.91 million shares [2][3]. - The second largest holding is the Huaxia CSI A500 ETF, valued at 1.846 billion yuan, reflecting a stable investment strategy as no changes in holdings were reported [2][3]. - The Southern CSI 1000 ETF has seen an increase of 25.51 million shares, indicating a focus on small-cap stocks, which are expected to perform well in the current market environment [2][4]. Group 2: Increases in Holdings - The Southern CSI 1000 ETF was increased by 255 million shares, highlighting CITIC Securities' positive outlook on small-cap stocks and emerging industries [4][5]. - The Tianhong CSI Bank ETF was increased by 6.534 million shares, reflecting confidence in the banking sector amid a favorable macroeconomic environment [5][6]. - The E-Fund SSE 50 ETF saw an increase of 4.492 million shares, emphasizing the importance of large-cap blue-chip stocks in the investment strategy [5][6]. Group 3: Reductions in Holdings - CITIC Securities reduced its holdings in the Southern CSI 500 ETF by 860 million shares, indicating caution towards mid-cap stocks due to potential market uncertainties [7][8]. - The Huaxia SSE 50 ETF also experienced a reduction of 509 million shares, suggesting a strategic shift in focus away from large-cap stocks [7][8]. - The Southern MSCI China A50 ETF was reduced by 261 million shares, further reflecting a cautious approach to blue-chip stocks in the current market context [7][8]. Group 4: New Entrants and Exits - CITIC Securities entered the top ten holders of 46 new non-cash ETFs, indicating a diversification strategy to capture various market opportunities [9][10]. - The firm exited the top ten holders of the Hai Fu Tong SSE Urban Investment Bond ETF, Southern CSI 300 ETF, and the China Merchants CSI Dividend ETF, marking a significant portfolio adjustment [14][15].