Group 1 - The equity market experienced a comprehensive rise in Q3 2025, benefiting both investors and fund companies as fund net values increased [1] - Employee holdings are primarily concentrated in stable products and those managed by star fund managers, with some equity funds showing significant returns in Q3 [1] Group 2 - As of mid-2025, there are 10,075 funds in the market with initial shares held by employees, with money market funds being the mainstay of employee holdings [3] - Among the top twenty funds, 16 are money market funds, with E Fund Cash Management holding 378 million shares, and other funds like Huatai-PB and CITIC Securities holding over 100 million shares each [3] - In the active equity category, Zhonggeng Value Pioneer leads with 197 million shares held by employees, followed by other funds with significant holdings [3] - Overall employee holdings slightly decreased to 6.029 billion shares by the end of Q2 compared to the end of the previous year due to profit-taking behavior [3] - Zhonggeng Value Pioneer heavily invested in Anjixin Food, achieving a net value increase of 13.31%, while Hengyue Advantage Selection's net value doubled [3]

Core Insights - The third quarter saw a significant rise in equity markets, leading to an increase in fund net values, benefiting both investors and fund management employees [1] - Fund managers' internal holdings were concentrated in stable industry-focused funds, with some managers delivering exceptional performance, rewarding internal trust [1][6] - Notably, funds managed by Jin Zicai from Caitong Fund experienced approximately a 90% increase in the third quarter, indicating his strong influence within the company [1][6] Fund Holdings Overview - As of mid-2025, there are 10,075 fund products held by public fund employees, with a majority being stable money market funds [3] - Among the top twenty funds, sixteen are money market funds, with E Fund Cash Growth Money Fund having 378 million shares held by its employees [3] - Active equity products show that Zhonggeng Value Pioneer has the highest employee holdings at 197 million shares, followed by other notable funds [3][4] Performance of Active Equity Funds - The third quarter provided substantial returns for active equity funds, with Zhonggeng Value Pioneer seeing a net value increase of approximately 13.31% [6] - The fund's investment strategy focuses on low valuation and growth potential, aiming for long-term gains through careful stock selection [7] - Other funds, such as Hengyue Advantage Select, also achieved significant gains, with employee holdings reflecting confidence in these products [6][7] Employee Ownership Ratios - As of mid-2025, certain funds like Jinyuan Shun'an Xinyi and Dongfang Alpha Technology Select have over 99% of their shares held by employees, indicating strong internal support [8] - Newer funds with lower entry thresholds have seen high employee ownership ratios, reflecting confidence in their performance [8]

Group 1 - The scale of fund company employees holding their own funds reflects their confidence in the funds managed by their companies, with over 80% of public fund products having employees as holders as of mid-2025 [1][2] - A total of 10,725 fund products are held by employees of their respective companies, representing over 80% of the total market products [1] - Notable holdings include E Fund Cash Management Fund with 378 million shares held by employees, and several other money market funds with over 100 million shares held [1] Group 2 - In the first half of the year, over 3,700 products saw further increases in holdings by fund company employees, with 24 products having over 10 million shares added [2] - Among the 24 products, 12 are equity funds, with significant increases in holdings for funds like Fuquan Steady Growth Mixed Fund and Huaxia Real Estate ETF [2] Group 3 - Fund managers are focusing on the positive impacts of the "anti-involution" policy, which aims to enhance quality and efficiency in industries [3] - Managers believe that the "anti-involution" policy will help break the negative cycle of excessive competition and improve overall profitability [3] Group 4 - Technology growth remains a key focus for fund managers, with a long-term positive outlook on sectors like semiconductors and innovative technologies [4] - Current research emphasizes structural opportunities in the new energy sector, aligning with the "anti-involution" strategy [4]