Core Insights - Sifang Co., Ltd. (601126.SH) reported its Q3 2025 results, revealing that 28 institutional investors hold a total of 424 million shares, accounting for 50.86% of the company's total equity [1] - The top ten institutional investors collectively hold 50.55% of the shares, with a decrease of 3.23 percentage points compared to the previous quarter [1] Institutional Holdings - The top institutional investors include Sifang Electric (Group) Co., Ltd., Beijing Huake Hengji Smart Technology Co., Ltd., and several major banks and funds [1] - The number of institutional investors holding Sifang shares has remained stable, but the concentration among the top ten has decreased [1] Public Fund Activity - Six public funds increased their holdings, with a total increase of 0.29%, while five funds reduced their holdings, accounting for a decrease of 0.10% [2] - Ten new public funds disclosed their holdings, while 356 funds did not disclose their holdings in this period [2] Insurance Capital Trends - One insurance capital entity, specifically the dividend insurance product from Qianhai Life Insurance Co., Ltd., reduced its holdings by 1.0% [2]

Core Viewpoint - The article emphasizes the investment philosophy of Qi He, a fund manager at E Fund, drawing parallels between his investment strategies and the resilience demonstrated by Rafael Nadal in tennis. It highlights the importance of patience, focus, and adaptability in navigating the rapidly changing market landscape [2][3]. Group 1: Investment Performance - As of June 30, 2025, Qi He's managed funds total 14.724 billion, with the E Fund Environmental Theme achieving a return of 316.09% since its inception on December 27, 2017, translating to an annualized return of 20.15% and a year-to-date return of 37.58% [3][4]. - Compared to the Shanghai and Shenzhen 300 index, which returned 14.48%, and the power equipment sector, which returned 89.97%, Qi He has significantly outperformed both benchmarks [3]. Group 2: Investment Strategy - Qi He categorizes competitive advantages into five types: brand power and network effects; product uniqueness; product and cost differentiation; cost advantage; and pure scale advantage, with a focus on the first, third, and fourth types in the A-share market [5][6]. - He prefers to invest in companies with strong alpha during periods of low industry beta, entering markets before consensus on winners is established [7]. Group 3: Valuation Approach - Qi He employs relative valuation methods, comparing companies based on their development stage, historical valuations, and peer comparisons within the industry [8]. - He has developed numerous valuation models for various companies, enhancing his understanding of their operational details and market conditions [8]. Group 4: Industry Focus and Adaptation - The article notes that Qi He has evolved his focus from traditional manufacturing to smart manufacturing, particularly in the context of technological advancements [9][23]. - Despite challenges in the renewable energy sector, Qi He continues to seek opportunities within this space while also expanding into related industries such as electronics and automotive [23][24]. Group 5: Team and Management Structure - E Fund's investment research team provides robust support for Qi He, emphasizing deep foundational work and long-term tracking of companies to avoid short-term volatility impacts [27][28]. - The "big platform + small team" management model allows for specialized focus while integrating resources across research, compliance, and risk management [28]. Group 6: Future Outlook - Qi He anticipates investment opportunities arising from systemic reforms and the international expansion of Chinese manufacturing, particularly in sectors like clean energy and advanced manufacturing [28][30]. - The article outlines specific sectors where Qi He sees potential, including core suppliers in technology evolution and companies with strong product advantages in international markets [29][30].

Group 1 - Hengtong Optic-Electric (600487.SH) reported its semi-annual results for 2025, with 69 institutional investors holding a total of 844 million shares, representing 34.23% of the company's total equity as of August 25, 2025 [1] - The top ten institutional investors collectively hold 31.98% of Hengtong Optic-Electric's shares, with a 0.51 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, 10 funds increased their holdings, accounting for a 0.34% increase, while 12 funds decreased their holdings, representing a 0.13% decrease [2] - A total of 27 new public funds were disclosed this period, including several focused on high-end manufacturing and environmental themes [2] - Two new insurance investors were disclosed this period, both traditional insurance products from major insurance companies [2]