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 Insights - Shield Environment (002011.SZ) reported its Q3 2025 results, revealing that as of October 24, 2025, institutional investors held a total of 547 million shares, accounting for 51.30% of the company's total equity [1] - The proportion of shares held by institutional investors decreased by 5.98 percentage points compared to the previous quarter [1] Institutional Holdings - Eight institutional investors disclosed their holdings in Shield Environment, including Zhuhai Gree Electric Appliances Co., Ltd., Zijin Mining Investment (Shanghai) Co., Ltd., and China Life Insurance Co., Ltd. [1] - The public fund sector saw a decrease in holdings from one public fund, specifically the Southern CSI 1000 ETF, with a slight decline in shareholding [1] - A total of 222 public funds did not disclose their holdings this quarter, including notable funds such as Invesco Great Wall Energy Infrastructure Mixed A and Harvest CSI 1000 ETF [1] Social Security Fund and Insurance Holdings - One social security fund, the National Social Security Fund 113 Portfolio, reduced its holdings by 2.72% compared to the previous quarter, while a new fund, the National Social Security Fund 104 Portfolio, was disclosed [2] - One insurance company, China Life Insurance Co., Ltd., increased its holdings by 0.2% [2] - Foreign investment saw an increase from Hong Kong Central Clearing Limited, which raised its holdings by 0.64% [2]

Group 1 - The core viewpoint of the article highlights the recent decline in the stock price of Zhejiang Shun'an Environmental Co., Ltd., which has dropped by 2.28% over four consecutive trading days [1] - Shun'an Environmental aims to be a leader in creating healthy and comfortable environments, focusing on enhancing energy efficiency and optimizing the environment, with a long-standing commitment to the refrigeration sector [1] - In the first quarter of this year, two funds managed by Invesco Great Wall entered the top ten shareholders of Shun'an Environmental, with one fund maintaining its position and the other newly entering [1] Group 2 - The Invesco Great Wall Energy Infrastructure Mixed A fund has achieved a year-to-date return of 2.19%, ranking 3572 out of 4561 in its category, while the Invesco Great Wall Competitive Advantage Mixed fund has a return of 4.09%, ranking 3077 [2] - The fund managers for these funds are Zou Lihua and Liu Su, both of whom have extensive experience in the investment field [4][7] - Zou Lihua has been with Invesco Great Wall since 2015 and has managed various funds, while Liu Su has been with the company since 2015 and currently serves as the deputy director of the equity investment department [5][6][7]

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].

Group 1 - Haier Smart Home (600690.SH) reported its Q1 2025 results, with 358 institutional investors disclosing holdings of A-shares, totaling 3.953 billion shares, which represents 42.13% of the total share capital [1] - The top ten institutional investors include Haier Kaos Co., Ltd., Haier Group, and others, holding a combined 38.52% of shares, with a decrease of 1.09 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 123 funds increased their holdings, with a holding increase ratio of 0.43%, including funds like E Fund Consumer Industry Stock and E Fund SSE 50 Enhanced A [2] - Conversely, 82 funds reduced their holdings, with a decrease ratio of 0.36%, including funds like Xingquan Helun Mixed A and Huatai-PB SSE 300 ETF [2] - A total of 73 new public funds were disclosed this period, while 887 funds were not disclosed compared to the previous quarter [2]