公募基金方面本期较上一季度持股减少的公募基金共计1个，即泉果旭源三年持有期混合A，持股减少 占比达0.25%。本期较上一季未再披露的公募基金共计48个，主要包括富国创新科技混合A、富国高新 技术产业混合、富国低碳新经济混合A、长城创业板指数增强发起式A、易方达上证科创板综合ETF 等。 2025年10月29日，威腾电气(688226.SH)发布2025年第三季报。截至2025年10月28日，共有8个机构投资 者披露持有威腾电气A股股份，合计持股量达6922.96万股，占威腾电气总股本的36.89%。其中，机构 投资者包括江苏威腾投资管理有限公司、镇江国有投资控股集团有限公司、扬中绿洲新城实业集团有限 公司、上海微积分私募基金管理有限公司-微积分3号私募证券投资基金、镇江博爱投资有限公司、平安 沪深300指数增强股票型养老金产品-中国工商银行股份有限公司、招商银行股份有限公司-泉果旭源三 年持有期混合型证券投资基金、上海微积分私募基金管理有限公司-微积分阿尔法1号私募证券投资基 金，机构投资者合计持股比例达36.89%。相较于上一季度，机构持股比例合计下跌了1.71个百分点。 ...

Core Insights - 瑞晟智能 (688215.SH) reported its Q3 2025 financial results, highlighting a total of 5 institutional investors holding shares, amounting to 12.99 million shares, which represents 20.81% of the total share capital [1] - The institutional holding percentage increased by 0.75 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include 宁波瑞合晟创业投资合伙企业 (Limited Partnership), 中国银行股份有限公司 - 鹏华高质量增长混合型证券投资基金, 宁波量利私募基金管理有限公司 - 量利天望1号私募证券投资基金, and others [1] - The total institutional holding percentage stands at 20.81% [1] Public Funds - Two new public funds were disclosed this quarter, namely 鹏华高质量增长混合A and 鹏华稳健回报混合A [1] - A total of 32 public funds were not disclosed this quarter, including notable funds such as 诺安多策略混合A and 易方达上证科创板综合ETF [1]

外资态度来看，本期较上一期持股增加的外资基金共计1个，即法国兴业银行，持股增加占比达 0.13%。 公募基金方面，本期较上一季未再披露的公募基金共计32个，主要包括易方达上证科创板综合ETF、鹏 华科创板综合ETF、科创板综、华夏上证科创板综合ETF、富国上证科创板综合价格ETF等。 2025年10月25日，超卓航科(688237.SH)发布2025年第三季报。截至2025年10月24日，共有5个机构投资 者披露持有超卓航科A股股份，合计持股量达928.26万股，占超卓航科总股本的10.36%。其中，机构投 资者包括航证科创投资有限公司、成都沪蓉创业投资管理有限公司-成都香城绿色创业投资合伙企业(有 限合伙)、某产业投资基金、汇泉基金-中国银行-汇泉匠心谊远二号集合资产管理计划、法国兴业银行， 机构投资者合计持股比例达10.36%。相较于上一季度，机构持股比例合计下跌了5.94个百分点。 ...

外资态度来看，本期较上一季未再披露的外资机构即Inspire Surgical Limited。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年10月24日，天臣医疗(688013.SH)发布2025年第三季报。截至2025年10月23日，共有3个机构投资 者披露持有天臣医疗A股股份，合计持股量达221.08万股，占天臣医疗总股本的2.72%。其中，机构投 资者包括天臣国际医疗科技股份有限公司-2025年员工持股计划、前海大唐英加(深圳)基金管理有限公 司-英加九暹天樽一号私募证券投资基金、万川基金(深圳)有限公司-万川六号证券投资私募基金，机构 投资者合计持股比例达2.72%。相较于上一季度，机构持股比例合计下跌了1.15个百分点。 公募基金方面，本期较上一季未再披露的公募基金共计61个，主要包括诺安多策略混合A、太平嘉和三 个月定开债券发起式、国投瑞银上证科创板综合价格指数增强A、申万菱信量化小盘股票(LOF)A、易方 达上证科创板综合ETF等。 ...

Core Insights - The A-share market is experiencing a strong influx of funds through equity funds, with a total of 1,163 new funds established by October 19, 2025, surpassing the total of 1,135 for the entire year of 2024, indicating a robust recovery in the fund market [1] - The number of newly established equity funds has reached 661, with a total issuance scale of 339.396 billion yuan, accounting for 37.45% of the total issuance scale, marking the highest proportion in nearly 15 years since 2011 [1] - The high proportion of equity funds in 2025 reflects investors' desire for higher returns during a bull market and indicates that fund companies are responding to market demand by increasing the issuance of equity funds [1] Fund Issuance Trends - The total issuance scale for the year has reached 906.273 billion yuan, with seven products exceeding 6 billion yuan in initial fundraising, and 50 funds surpassing 3 billion yuan [1] - The top mixed FOF fund, Dongfanghong Yingfeng, has raised 6.573 billion yuan, leading the market, followed by several other funds with similar fundraising scales, indicating strong institutional interest in bond index tools and stable strategy products [2] - Passive index bond funds have become the mainstay in the 3 billion to 6 billion yuan range, with several bond ETFs achieving over 3 billion yuan in fundraising, highlighting the demand for low-volatility assets [2] Market Dynamics - The rebound in the equity market has led to increased issuance of active equity funds, with several products surpassing 2 billion yuan in scale, reflecting a growing demand for equity assets [3] - The issuance scale of bond funds has decreased compared to last year, as the attractiveness of the stock market increases amid narrowing interest rate space, demonstrating a "stock-bond seesaw" effect [3] - The structural changes in the fund issuance market indicate a shift in capital flow, with public funds becoming a significant channel for capital inflow into the A-share market, suggesting a potential continuation of the equity investment golden period [3]

Group 1 - The public ETF market has attracted diverse investors, including private equity institutions, since 2025, with 104 private equity institutions appearing in the top ten holders of 97 newly listed ETFs, holding a total of 1.783 billion shares as of May 31 [1][3] - Among the 104 private equity institutions, the majority are small institutions with management scales below 500 million, totaling 42. Medium-sized institutions, such as Zhufeng Asset, hold 240 million shares in ETFs, with a significant allocation to eight related products [3] - Large private equity institutions, with management scales above 5 billion, also show strong participation, with 13 institutions holding over 2 million shares in newly listed ETFs. Shixie Investment, a billion-level private equity institution, leads with an allocation of 50.055 million shares, focusing on multiple products including the Shanghai Stock Exchange Sci-Tech Innovation Board AI ETF [3] Group 2 - Private equity institutions have shown a strong preference for Sci-Tech themed ETFs and free cash flow ETFs, with their products appearing in the top ten holders of 33 newly listed Sci-Tech themed ETFs, holding a total of 571 million shares, indicating a sustained optimism towards the technology innovation sector [3] - Additionally, private equity institutions are among the top ten holders of 16 newly listed free cash flow ETFs, holding a total of 350 million shares. Notably, the Dachen CSI All-Index Free Cash Flow ETF and two other products received allocations exceeding 40 million shares from private equity institutions [4]

Group 1 - The public ETF market has shown strong growth since 2025, attracting diverse investors, including private equity institutions, with a total of 104 private equity firms holding 1.783 billion shares in 97 newly listed ETFs as of May 31 [1] - Small institutions with assets under management (AUM) below 500 million yuan account for 40% of the 104 private equity firms, while medium-sized institutions also actively invest in ETFs, with notable holdings in technology-themed ETFs [2] - Large private equity firms, with AUM over 5 billion yuan, also demonstrate enthusiasm for ETF investments, with the leading firm holding 50.055 million shares in various products [2] Group 2 - Private equity institutions favor ETFs for their liquidity, risk diversification, lower management fees, and the ability to target specific sectors through thematic ETFs [3] - Technology-themed ETFs and free cash flow ETFs are the primary focus for private equity institutions, with 5.71 million shares held in 33 technology-themed ETFs as of May 31, indicating a strong belief in the technology innovation sector [4] - Free cash flow ETFs are emerging as a new investment direction, with 3.50 million shares held in 16 such ETFs, reflecting a strong demand for assets with abundant cash flow and high dividend potential [5]