Core Viewpoint - The performance of products under China Merchants Fund has shown significant differentiation this year, with some veteran fund managers underperforming, leading to a decline in the company's non-monetary asset management ranking to 11th place in the industry [1][6]. Company Performance - As of November 16, 2023, China Merchants Fund's average return rate is 15.36%, ranking 82nd among peers [6]. - The company has seen a decrease in its non-monetary asset management scale, which is now close to 570 billion yuan, marking a slight decline compared to the end of last year [7]. - The fund's management scale reached nearly 950 billion yuan by the end of the third quarter, ranking 12th in the industry [7]. Fund Manager Insights - Fund manager Cai Zhen expressed a mismatch between personal needs and company demands, indicating plans to reduce the number of products managed and focus on those he truly believes in [4]. - Cai Zhen has managed products that significantly outperformed their peers, with returns of 23.44% and 28.5% for his longest-managed funds, compared to an average of 13.17% for similar products [5]. - Other veteran fund managers, such as Li Jiasun and Guo Rui, have also shown underperformance, with some products yielding negative returns and lagging behind industry averages [6][7].

Core Viewpoint - Changhai Co., Ltd. (300196.SZ) reported a decline in institutional ownership in its Q3 2025 financial results, with a total of 16.73 million shares held by four institutional investors, representing 4.09% of the total share capital, a decrease of 4.66 percentage points from the previous quarter [1] Institutional Investors - As of October 29, 2025, four institutional investors disclosed their holdings in Changhai Co., Ltd., with a combined shareholding of 16.73 million shares, accounting for 4.09% of the total share capital [1] - The institutional investors include Changzhou Industrial Investment Group Co., Ltd., Basic Pension Insurance Fund 16032 Combination, National Social Security Fund 413 Combination, and Changzhou Investment Group Co., Ltd. [1] - The total institutional ownership decreased by 4.66 percentage points compared to the previous quarter [1] Public Funds - In the current period, 79 public funds were not disclosed compared to the previous quarter, including notable funds such as Harvest Leading Advantage Mixed A, China Merchants Quantitative Selected Stock Initiation A, and Huabao Income Growth Mixed A [1] Social Security Funds - One social security fund, the National Social Security Fund 413 Combination, reported a decrease in holdings, with a reduction percentage of 0.38% compared to the previous quarter [1]