Core Viewpoint - The article emphasizes the importance of an "all-weather investment strategy" as articulated by Ray Dalio, highlighting the cyclical nature of market changes and the need for diversified investment approaches to navigate different market conditions [2]. Group 1: Market Insights - In 2025, despite a noticeable overall profit effect in the market, investors faced challenges due to factors such as the April tariff war and a market correction in November, leading to temporary portfolio drawdowns [2]. - The article suggests that utilizing different Beta products to respond to varying market styles may be a key strategy for future investments, aligning with the essence of "all-weather style strategy investment" [2]. Group 2: Team and Strategy Overview - Yang Dong, a veteran with 19 years in securities and 16 years in investment, leads a team at GF Fund that has been exploring all-weather style strategy investment since 2022, focusing on multi-strategy core and quantitative empowerment for active investment [2][4]. - The team comprises six members with an average experience of over 10 years, employing a diversified product matrix to enhance Alpha stability through low correlation and excess diversification [2]. Group 3: Product Performance - Yang Dong's team manages nine public products, with three being full-market subjective stock selection products and six employing a "subjective + quantitative" composite strategy [7]. - Notable products include the "GF Multi-Factor Mixed Fund" with a return of 66.96%, and the "GF Value Navigation One-Year Holding Mixed A" with a return of 114.49% [3]. Group 4: Investment Strategy - The team integrates subjective research with quantitative investment, aiming to combine the strengths of both approaches to create a more stable Alpha contribution [5][11]. - The "three-in-one" strategy, which includes subjective multi-head, active quantitative, and AI enhancement, is designed to provide sharper choices for investors focusing on long-term prospects in specific sectors [9][12]. Group 5: Future Outlook - The article concludes that the public fund industry is entering a critical phase of high-quality development, emphasizing the need for diverse strategy combinations to meet varying investor demands and maintain sustainable long-term returns [19]. - The exploration of diversified configurations, such as combining "GF Multi-Factor as a shield and the Smart Selection series as a spear," is highlighted as a way to adapt to market changes [19].

Core Viewpoint - The A-share market has shown a structural differentiation in the first 11 months of this year, with new economy sectors like artificial intelligence and innovative pharmaceuticals leading the market, while traditional sectors like liquor have underperformed, creating a stark contrast [2][3]. Investment Strategy - The significant differentiation between new and old market drivers has become a key factor in investment success this year. The rapid expansion of ETF management scale and the issuance of floating fee rate funds have led public funds to focus more on performance benchmarks, resulting in clearer investment styles and directions [3][4]. Core and Satellite Strategy - The "core + satellite" strategy is recommended for investors as a stable allocation method. Core assets should be balanced and historically stable with low drawdowns, while satellite assets should target emerging industries with greater return elasticity. This approach is essential for funds to generate excess returns across different market conditions [4]. Performance of Fund - The Guangfa Multi-Factor Fund (002943) has shown impressive long-term performance, with a net value growth rate of 376.1% from early 2018 to November 28, 2025, translating to an annualized return of 21.82%. It has consistently outperformed major indices during bull and bear markets [5][8][9]. Fund Management - The fund is managed by experienced professionals, including Yang Dong, who has 19 years of experience in investment management. The fund's holdings are well-diversified across 30 industries, and it employs a dynamic adjustment strategy based on a "macro four-cycle" framework to capture excess returns [10][11]. Sector Allocation - The fund has effectively managed its exposure to the electronics sector, increasing its allocation significantly in 2024 and adjusting it based on market performance. This strategic allocation has allowed the fund to maintain a competitive edge [12]. Satellite Asset Tools - The Guangfa team has developed Smart Beta and thematic enhancement products to provide investors with tools for enhanced returns. These products aim to achieve stable excess returns through a combination of strategies, catering to various investor preferences [17][18]. New Product Launch - The Guangfa Quality Selection Fund, utilizing a "PB-ROE" strategy, has been launched to adapt to changing market preferences, focusing on quality and valuation. This strategy aims to identify undervalued companies with strong profitability potential [23][24].

Core Insights - Chuangyitong (300991.SZ) reported its Q3 2025 results, revealing that six institutional investors hold a total of 31.0621 million A-shares, accounting for 21.57% of the company's total equity, which is an increase of 0.71 percentage points from the previous quarter [1] Institutional Holdings - The institutional investors include Leshan Qianxin Micro Technology Co., Ltd., Shenzhen Huitong Investment Enterprise (Limited Partnership), Beijing Zundao Asset Management Co., Ltd. - Zundao Steady Value Private Fund, Beijing Zundao Asset Management Co., Ltd. - Zundao Asset - Private Academy Star No. 7 Medical Private Fund, and Huatai Financial Holdings (Hong Kong) Co., Ltd. - Client Funds [1] - The total institutional holding ratio increased by 0.71 percentage points compared to the last quarter [1] Public Fund Participation - In this period, 20 public funds were disclosed, including Shenwan Hongyuan Quantitative Small Cap Stock (LOF) A, Huaxia Pantai Mixed (LOF) A, GF Manufacturing Smart Selection Stock Initiation A, Huaxia CSI 2000 ETF, and Southern CSI 2000 ETF [1] Foreign Investment - One new foreign institutional investor was disclosed this quarter, namely Huatai Financial Holdings (Hong Kong) Co., Ltd. - Client Funds [1]

Core Insights - The report indicates that as of October 26, 2025, five institutional investors hold a total of 103 million shares of Kabeiyi (300863.SZ), representing 54.82% of the company's total share capital [1] - The institutional holding percentage has decreased by 0.26 percentage points compared to the previous quarter [1] - A total of 17 public funds were disclosed this period, with notable funds including Southern CSI 2000 ETF and GF Manufacturing Smart Selection Stock A [1] - One new foreign institution, Hong Kong Central Clearing Limited, was disclosed this quarter [1] Institutional Holdings - Five institutional investors collectively hold 103 million shares, accounting for 54.82% of Kabeiyi's total shares [1] - The institutional holding percentage has decreased by 0.26 percentage points from the last quarter [1] Public Funds - This quarter, 17 public funds were disclosed, including Southern CSI 2000 ETF and GF Manufacturing Smart Selection Stock A [1] Foreign Investment - One new foreign institution, Hong Kong Central Clearing Limited, has been disclosed this quarter [1]