Group 1 - Tianwei Food (603317.SH) reported its Q3 2025 results on October 31, 2025, with 17 institutional investors holding a total of 124 million shares, representing 11.66% of the total share capital [1] - The top ten institutional investors collectively hold 10.35% of the shares, with a 2.47 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, eight funds increased their holdings, with a total increase ratio of 1.89%, including several funds from Invesco Great Wall [2] - One public fund, Invesco Great Wall Tai Bao three-month open mixed fund, reported a slight decrease in holdings [2] - A total of 108 public funds did not disclose their holdings this period, including various ETFs and mixed funds [2]

Core Viewpoint - Jianghan New Materials (603281.SH) reported an increase in institutional ownership in its Q3 2025 financial results, indicating growing investor confidence in the company [1] Group 1: Institutional Ownership - As of October 27, 2025, two institutional investors disclosed holdings in Jianghan New Materials, totaling 20.1492 million shares, which represents 5.40% of the company's total share capital [1] - The institutional ownership increased by 2.90 percentage points compared to the previous quarter, reflecting a positive trend in institutional investment [1] Group 2: Public Fund Participation - In this reporting period, 63 public funds were disclosed, with notable funds including Invesco Great Wall Energy Infrastructure Mixed A, Invesco Great Wall Value Marginal Flexible Allocation Mixed A, and Invesco Great Wall Competitive Advantage Mixed [1]

Core Viewpoint - Enhua Pharmaceutical (002262.SZ) reported its semi-annual results for 2025, highlighting significant institutional investment and changes in public fund holdings [1][2]. Institutional Holdings - As of July 29, 2025, 22 institutional investors disclosed holdings in Enhua Pharmaceutical, totaling 374 million shares, which represents 36.83% of the company's total equity [1]. - The top ten institutional investors collectively hold 36.56% of the shares, with a slight increase of 0.09 percentage points compared to the previous quarter [1]. Public Fund Holdings - Three public funds reduced their holdings compared to the previous quarter, with a total decrease of 0.42% [2]. - Twelve new public funds disclosed holdings in Enhua Pharmaceutical, including notable names such as Southern CSI 500 ETF and Dachen Active Growth Mixed A [2]. - Fifteen public funds that previously held shares did not disclose their holdings this quarter, including several healthcare-focused funds [2]. Social Security Fund - One new social security fund, the National Social Security Fund 406 Combination, disclosed its holdings in Enhua Pharmaceutical during this period [2]. Insurance Capital - One insurance company, China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 005L-CT001, increased its holdings by 0.2% compared to the previous period [2]. Foreign Investment - One foreign institution, Hong Kong Central Clearing Limited, did not disclose its holdings this quarter, indicating a potential shift in foreign investment interest [3].

Core Viewpoint - The recent departures of prominent fund managers, including Zhang Kun and Bao Wuke, signal a potential shift in the public fund industry, raising concerns about whether public funds are becoming a "training ground for private equity" [3][4]. Group 1: Departure of Fund Managers - Bao Wuke, a notable fund manager with over 15 years of experience and an annualized return of approximately 15.5%, has officially announced his departure from the public fund sector [5][11]. - The market interpreted Bao Wuke's recent actions, such as appointing new fund managers, as indicative of his impending exit, which was confirmed over the weekend [3][4]. - The trend of high-performing fund managers leaving the public sector has raised questions about the future of public funds and their ability to retain talent [4]. Group 2: Performance and Management Transition - Bao Wuke managed a total of 16.2 billion yuan across eight funds before his departure, with the majority of his funds being handed over to three experienced managers, including Liu Su, Zhang Zhongwei, and Zou Lihua [11][12]. - Liu Su, who has 13 years of experience, is known for a balanced investment style, while Zhang Zhongwei, with over nine years of experience, is recognized for a growth-oriented approach focused on technology stocks [28][20]. - The performance of the funds under Bao Wuke's management has been strong, with a total return exceeding 380% over the past decade, indicating a solid track record that the new managers will need to uphold [5][11]. Group 3: Investment Styles and Strategies - Bao Wuke's investment strategy emphasized low volatility and steady returns, focusing on high-barrier companies with reasonable valuations [7][8]. - In contrast, Zhang Zhongwei's investment philosophy is centered on capturing growth in technology sectors, with a significant portion of his portfolio allocated to TMT (Technology, Media, Telecommunications) stocks [24][27]. - Liu Su's approach is more balanced, with a diversified portfolio that includes sectors like food and beverage and pharmaceuticals, aiming for stable long-term growth [30][28].