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 - Zhuque Fund's General Manager Liang Yuejun no longer independently manages public funds, but remains in a frontline investment position [1][2][3] Fund Management Changes - Liang Yuejun has appointed Wang Yihao as a co-manager for the Zhuque Hengxin One-Year Holding Fund, while he has stepped down from managing the Zhuque Enterprise Preferred Fund, which is now co-managed by Chen Fei and Guo Tao [3][4] - Currently, all funds under Liang's name are co-managed, with a total scale of approximately 5.995 billion [3] Fund Performance - Zhuque Fund's public fund management scale reached 10.084 billion as of Q2 2025, with no new products launched since July 2023 [5] - Active equity funds dominate the portfolio, comprising 8 funds with a total scale of 9.863 billion, of which Liang's managed products account for about 60% [6] - Five active equity funds have positive returns since inception, with Zhuque Industry Selection achieving a return of 67.87% since its establishment [7] - Three active equity funds have incurred losses, with Zhuque Hengxin One-Year Holding experiencing a decline of 14.28% since inception [8] Managerial Expertise - Zhuque Fund emphasizes the differentiation of products through the expertise of newly appointed co-managers, each specializing in specific industries [9] - Chen Fei, with 9 years of experience, has been involved in managing several funds, including Zhuque Enterprise Preferred and Zhuque Industry Selection [10] - Wang Yihao, previously in private equity, has been managing Zhuque Industry Selection since February 2021, focusing on sectors like technology, pharmaceuticals, and renewable energy [12]