Core Viewpoint - Growth-style funds, which have rarely distributed dividends in the past, have been increasingly active in dividend distribution this year, indicating a shift from focusing on scale to prioritizing returns [1][2]. Group 1: Dividend Distribution Trends - As of November 19, 48 growth-style funds have implemented dividends this year, with a total distribution amounting to 3.556 billion yuan, including 25 funds that have distributed dividends for the first time in three years [1]. - Notable fund managers, such as Chen Hao, have announced dividends for their funds in November, marking the first dividend distributions in three years for these products [1]. Group 2: Fund Management Strategy - The shift in dividend distribution reflects a broader trend among fund companies moving from a focus on scale to a focus on returns, as noted by industry experts [2]. - The source of dividends for growth-style funds primarily comes from capital gains realized through stock sales, contrasting with high-dividend strategy funds that rely on dividend income from constituent stocks [2]. Group 3: Performance and Market Conditions - Over 98% of growth-style funds have achieved positive net value growth this year, with an average growth rate of 32.62% [3]. - The strong performance of the stock market, particularly in technology stocks, has allowed fund managers to realize substantial gains, prompting them to distribute dividends as a means of securing profits and optimizing portfolio structure [3].

Core Insights - The report indicates that as of October 27, 2025, there is only one institutional investor holding shares in Yinghantong (688080.SH), with a total holding of 827,200 shares, representing 1.12% of the company's total equity [1] - The institutional holding percentage has decreased by 5.02 percentage points compared to the previous quarter [1] Institutional Holdings - The sole institutional investor is Changzhou DFJ Clean Technology Venture Capital Center (Limited Partnership) [1] - The total institutional holding ratio is now at 1.12% [1] Public Fund Participation - A total of 85 public funds were disclosed this quarter, including notable funds such as E Fund Value Growth Mixed, Southern Sci-Tech Innovation Board 3-Year Fixed Mixed, and Huashang Leading Enterprises Mixed [1] Social Security Fund Involvement - There is one newly disclosed social security fund this quarter, which is the National Social Security Fund 502 Portfolio [1]

Core Points - The stock price of Beijing Yingtong Network Technology Co., Ltd. increased by 5.11% to 53.48 CNY per share, with a trading volume of 54.26 million CNY and a turnover rate of 1.41%, resulting in a total market capitalization of 3.939 billion CNY [1] Company Overview - Beijing Yingtong Network Technology Co., Ltd. was established on May 29, 2001, and went public on February 12, 2020. The company specializes in the research and application of industrial Internet of Things (IoT) technology [1] - The revenue composition of the company's main business includes: 52.00% from industrial IoT products, 16.17% from smart vending control systems, 15.15% from digital power distribution products, 13.96% from enterprise network products, and 2.72% from technical services and others [1] Shareholder Information - E Fund's Value Growth Mixed Fund (110010) entered the top ten circulating shareholders of Yingtong, holding 800,100 shares, which accounts for 1.08% of the circulating shares. The estimated floating profit today is approximately 2.08 million CNY [2] - The E Fund Value Growth Mixed Fund was established on April 2, 2007, with a latest scale of 2.628 billion CNY. Year-to-date returns are 29.49%, ranking 2700 out of 8154 in its category; the one-year return is 27.07%, ranking 2636 out of 8025; and the cumulative return since inception is 147.66% [2]

Company Overview - Beijing Yingtong Network Technology Co., Ltd. is located in Chaoyang District, Beijing, and was established on May 29, 2001. The company went public on February 12, 2020. Its main business involves the research and application of industrial Internet of Things (IoT) technology [1]. - The revenue composition of the company includes: 52.00% from industrial IoT products, 16.17% from intelligent vending control systems, 15.15% from digital distribution network products, 13.96% from enterprise network products, and 2.72% from technical services and others [1]. Stock Performance - On September 11, the stock price of Yingtong increased by 5.14%, reaching 56.30 CNY per share, with a trading volume of 153 million CNY and a turnover rate of 3.77%. The total market capitalization is 4.158 billion CNY [1]. Shareholder Information - Yingtong's top circulating shareholder includes a fund from E Fund Management. The E Fund Value Growth Mixed Fund (110010) entered the top ten circulating shareholders in the second quarter, holding 800,100 shares, which accounts for 1.08% of the circulating shares. The estimated floating profit today is approximately 2.2003 million CNY [2]. - The E Fund Value Growth Mixed Fund (110010) was established on April 2, 2007, with a latest scale of 2.628 billion CNY. Year-to-date returns are 23.14%, ranking 3245 out of 8175 in its category; the one-year return is 51.7%, ranking 2547 out of 7982; and since inception, the return is 135.51% [2]. Fund Management - The fund manager of E Fund Value Growth Mixed Fund (110010) is Lin Hai, who has a cumulative tenure of 20 years and 227 days. The total asset scale of the fund is 2.684 billion CNY, with the best fund return during his tenure being 8.66% and the worst being -28.32% [3].

Group 1 - The core viewpoint of the news is the disclosure of military trust shares' half-year report for 2025, highlighting significant institutional ownership and changes in public fund holdings [1][2] Group 2 - As of August 27, 2025, a total of 15 institutional investors hold 508 million shares of military trust, accounting for 64.32% of the total share capital [1] - The top ten institutional investors collectively hold 63.64% of the shares, with a slight decrease of 0.26 percentage points compared to the previous quarter [1] Group 3 - Three new public funds disclosed their holdings in military trust this period, including E Fund Value Growth Mixed, Southern CSI 1000 ETF, and CMB CSI Shanghai Environmental Exchange Carbon Neutrality ETF [1] - Two public funds were no longer disclosed compared to the previous quarter, namely GF Technology Innovation Mixed A and GF Growth Navigation One-Year Holding Mixed A [1] Group 4 - One new social security fund disclosed its holdings in military trust, specifically the National Social Security Fund 502 Portfolio [2] - One insurance fund increased its holdings, namely Ruizhong Life Insurance Co., Ltd. - Own Funds, with a slight increase in shareholding [2]

Core Viewpoint - On August 22, 2025, Yinghantong (688080.SH) released its semi-annual report for 2025, indicating a decrease in institutional investor holdings compared to the previous quarter [1] Institutional Holdings - As of August 21, 2025, four institutional investors disclosed holding a total of 3.3908 million shares of Yinghantong, representing 4.59% of the total share capital [1] - The institutional investor group includes Changzhou Defengjie Clean Technology Venture Capital Center (Limited Partnership), National Social Security Fund 502 Portfolio, Industrial and Commercial Bank of China - E Fund Value Growth Mixed Securities Investment Fund, and Xinyuan Technology Innovation Mixed A [1] - The total institutional holding percentage decreased by 0.65 percentage points compared to the previous quarter [1] Public Fund Holdings - Two new public funds disclosed holdings in Yinghantong this period, namely E Fund Value Growth Mixed and Xinyuan Technology Innovation Mixed A [1] - One public fund, Galaxy Regular Investment Treasure Tencent Jiaan Index, was not disclosed in this period, indicating a reduction in public fund participation [1] Social Security Fund Holdings - One new social security fund disclosed its holdings in Yinghantong, specifically the National Social Security Fund 502 Portfolio [1]