Group 1 - The core point of the news is the significant increase in the stock price of TBEA Co., Ltd., which rose by 5.93% to 23.22 CNY per share, with a trading volume of 5.86 billion CNY and a turnover rate of 5.19%, resulting in a total market capitalization of 117.33 billion CNY [1] - TBEA Co., Ltd. is based in Changji City, Xinjiang, and was established on February 26, 1993, with its stock listed on June 18, 1997. The company specializes in power transmission and transformation, new energy, and energy-related businesses [1] - The revenue composition of TBEA includes: electrical equipment products (27.64%), coal products (18.27%), wire and cable products (16.22%), new energy products and engineering (13.06%), power generation (7.16%), aluminum electronic materials and aluminum and alloy products (6.90%), transmission and transformation complete engineering (4.82%), and other categories [1] Group 2 - From the perspective of fund holdings, TBEA is a significant investment for Hongde Fund, with its Hongde New Energy Industry Mixed Fund A (018029) holding 32,000 shares, accounting for 3.74% of the fund's net value, making it the fifth-largest holding [2] - The Hongde New Energy Industry Mixed Fund A (018029) was established on March 24, 2023, with a latest scale of 11.94 million CNY. The fund has achieved a year-to-date return of 48.46%, ranking 987 out of 8,150 in its category, and a one-year return of 43.99%, ranking 1,127 out of 8,043 [2] - The fund manager of Hongde New Energy Industry Mixed Fund A is Sun Zeyu, who has been in the position for 1 year and 327 days, managing a total asset size of 666.7 million CNY, with the best fund return during his tenure being 64.48% and the worst being 8.92% [3]

Core Insights - Wan Control Intelligent Manufacturing (603070.SH) released its Q3 2025 report on October 30, 2025, highlighting significant institutional ownership and changes in public fund disclosures [1] Institutional Ownership - As of October 29, 2025, three institutional investors hold a total of 261 million shares of Wan Control Intelligent Manufacturing, representing 65.19% of the company's total share capital [1] - The institutional ownership decreased by 0.05 percentage points compared to the previous quarter [1] Public Fund Disclosures - In this reporting period, 30 public funds were disclosed, which were not reported in the previous quarter [1] - Notable public funds include Guojin Quantitative Multi-Factor A, Huatai-PB CSI 2000 Index Enhanced A, Guojin Quantitative Select A, Wan Jia CSI 300 Index Enhanced A, and Hongde New Energy Industry Mixed Initiation A [1]

Group 1 - The core viewpoint of the news is the significant increase in the stock price of China Nuclear Power, which rose by 5.06% to 9.55 CNY per share, with a trading volume of 2.472 billion CNY and a turnover rate of 1.40%, leading to a total market capitalization of 196.424 billion CNY [1] - China Nuclear Power Co., Ltd. was established on January 21, 2008, and listed on June 10, 2015. Its main business includes the development, investment, construction, operation, and management of nuclear power projects, as well as safety technology research and related consulting services [1] - The revenue composition of China Nuclear Power is as follows: nuclear power accounts for 80.01%, photovoltaic for 10.93%, wind power for 6.84%, other services for 1.16%, nuclear-related services for 1.00%, and consulting services for 0.06% [1] Group 2 - From the perspective of fund holdings, Hongde Fund has a significant position in China Nuclear Power, with its Hongde New Energy Industry Mixed Fund A (018029) increasing its holdings by 16,200 shares in the third quarter, totaling 52,800 shares, which represents 3.03% of the fund's net value, ranking as the seventh largest holding [2] - The Hongde New Energy Industry Mixed Fund A (018029) was established on March 24, 2023, with a latest scale of 11.9387 million CNY. It has achieved a year-to-date return of 45.37%, ranking 1367 out of 8226 in its category, and a one-year return of 44.98%, ranking 1280 out of 8099 [2] - The fund manager of Hongde New Energy Industry Mixed Fund A is Sun Zeyu, who has been in the position for 1 year and 318 days, managing a total asset size of 666.7 million CNY, with the best fund return during his tenure being 59% and the worst being 8.38% [3]

Group 1 - The core point of the news is that Shenghui Technology's stock price increased by 6.22%, reaching 8.03 CNY per share, with a trading volume of 114 million CNY and a turnover rate of 4.42%, resulting in a total market capitalization of 3.995 billion CNY [1] - Shenghui Technology, established on December 11, 2003, and listed on February 17, 2015, specializes in the research, design, production, sales, installation, and after-sales service of electrical equipment, LED lighting, and smart city-related products [1] - The revenue composition of Shenghui Technology includes: 75.48% from high and low voltage complete equipment, 14.49% from smart city comprehensive services, 10.02% from new energy, and 0.01% from new materials [1] Group 2 - According to data from the top ten holdings of funds, Hongde Fund holds a significant position in Shenghui Technology through its fund, Hongde New Energy Industry Mixed Initiated A (018029), which held 28,400 shares in the second quarter, accounting for 2.39% of the fund's net value [2] - The fund has a current scale of 7.7564 million CNY and has achieved a return of 43.71% year-to-date, ranking 1339 out of 8160 in its category [2] - The fund manager, Sun Zeyu, has been in position for 1 year and 313 days, with the best fund return during his tenure being 54.69% and the worst being 7.48% [2]

Group 1 - The core viewpoint of the news is that Xinde New Materials has seen a significant stock price increase of 5.63%, reaching 40.88 CNY per share, with a total market capitalization of 4.17 billion CNY [1] - Xinde New Materials specializes in the research, production, and sales of negative electrode coating materials, with its main business revenue composition being: negative electrode coating materials 43.10%, pyrolytic naphthalene fractions 34.33%, carbon black raw oil 21.75%, carbon fiber products 0.53%, resin 0.20%, and others 0.09% [1] - The company was established on November 7, 2000, and was listed on September 9, 2022, indicating a relatively recent entry into the public market [1] Group 2 - According to data from the top ten heavy stocks of funds, Hongde Fund holds a significant position in Xinde New Materials, with its Hongde New Energy Industry Mixed Fund A (018029) holding 5,600 shares, accounting for 2.62% of the fund's net value [2] - The Hongde New Energy Industry Mixed Fund A has achieved a year-to-date return of 41.96%, ranking 1857 out of 8167 in its category, and a one-year return of 54.35%, ranking 1717 out of 8010 [2] - The fund manager, Sun Zeyu, has been in position for 1 year and 291 days, with the best fund return during his tenure being 51.38% [2]

Group 1 - The core viewpoint of the news is that Jixin Technology has seen a significant increase in its stock price, with a rise of 5.87% to 5.23 CNY per share, and a trading volume of 393 million CNY, indicating strong market interest [1] - Jixin Technology, established on December 19, 2003, and listed on May 6, 2011, specializes in the research, production, and sales of components for large wind turbines, with its main revenue sources being hubs and bases at 82.16%, wind power at 17.17%, and other supplementary products at 0.66% [1] - The company has a total market capitalization of 5.068 billion CNY [1] Group 2 - According to data from the top ten holdings of funds, Hongde Fund holds a significant position in Jixin Technology, with its Hongde New Energy Industry Mixed Fund A (018029) owning 51,900 shares, accounting for 2.55% of the fund's net value, ranking as the ninth largest holding [2] - The Hongde New Energy Industry Mixed Fund A was established on March 24, 2023, with a current scale of 7.7564 million CNY, and has achieved a year-to-date return of 35%, ranking 2128 out of 8172 in its category [2] - The fund manager, Sun Zeyu, has been in position for 1 year and 278 days, with the fund's total assets amounting to 623 million CNY, and the best return during his tenure being 47.66% [2]

Group 1 - The core point of the news is that Shenghui Technology has seen a significant increase in its stock price, rising 5.75% on September 11, reaching 7.54 CNY per share, with a total market capitalization of 3.751 billion CNY [1] - Shenghui Technology has experienced a continuous increase in stock price for five consecutive days, with a cumulative increase of 6.74% during this period [1] - The company specializes in the research, design, production, sales, installation, and after-sales service of electrical equipment, LED lighting, and smart city-related products, with its main business revenue composition being 75.48% from high and low voltage equipment, 14.49% from smart city services, 10.02% from renewable energy, and 0.01% from new materials [1] Group 2 - From the perspective of fund holdings, Hongde Fund has a significant position in Shenghui Technology, with its Hongde New Energy Industry Mixed Fund A holding 28,400 shares, accounting for 2.39% of the fund's net value, ranking as the tenth largest holding [2] - The fund has generated a floating profit of approximately 11,600 CNY today and 12,800 CNY during the five-day increase [2] - The Hongde New Energy Industry Mixed Fund A was established on March 24, 2023, with a latest scale of 7.7564 million CNY and has achieved a year-to-date return of 31.6% [2]

Core Viewpoint - The AI Fund Hongde New Energy Industry Mixed Initiation A (018029) reported a profit of 468,700 yuan for the first half of 2025, with a weighted average profit per fund share of 0.0444 yuan. The fund's net value growth rate was 6.4%, and the fund size reached 7.7564 million yuan by the end of the first half of the year [2]. Fund Performance - As of September 3, 2025, the fund's one-year cumulative net value growth rate was 50.93%, ranking it 55 out of 169 comparable funds. The three-month and six-month growth rates were 27.97% and 24.93%, ranking 39 out of 171 and 20 out of 171, respectively [4]. - The fund's net value as of September 3, 2025, was 0.858 yuan per unit [2]. Economic Context - The fund management indicated that the overall economic operation was stable in the first half of the year, with GDP growth of 5.3% year-on-year, supported by policies promoting consumption and investment. However, uncertainties regarding exports and consumption in the second half of the year were noted, with a need for effective policy stimulation to address potential economic momentum shortages [2]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 43.24 times, compared to the industry average of 36.17 times. The weighted average price-to-book (P/B) ratio was about 2 times, while the industry average was 2.99 times. The weighted average price-to-sales (P/S) ratio was approximately 1.95 times, against an industry average of 2.5 times [10]. Growth Metrics - For the first half of 2025, the weighted average revenue growth rate of the stocks held by the fund was -0.02%, and the weighted average net profit growth rate was 0.6%. The weighted annualized return on equity was 0.05% [16]. Fund Holdings and Turnover - As of June 30, 2025, the fund had a total of 174 holders, with a total of 10.7206 million shares held. Institutional investors accounted for 93.28% of the holdings, while individual investors made up 6.72% [32]. - The fund's turnover rate for the last six months was approximately 205.04% [35]. Top Holdings - The top ten holdings of the fund included companies such as Ningde Times, Sunshine Power, Longi Green Energy, China Nuclear Power, and Huayou Cobalt [37].

Core Viewpoint - The AI Fund Hongde New Energy Industry Mixed Initiation A (018029) reported a profit of 416,800 yuan for Q2 2025, with a weighted average profit per fund share of 0.0391 yuan, and a net asset value growth rate of 5.67% during the reporting period [2]. Fund Performance - As of the end of Q2 2025, the fund's scale was 7.7564 million yuan [14]. - The fund's unit net value as of July 17 was 0.748 yuan [2]. - The fund achieved a one-year cumulative net value growth rate of 29.61%, ranking 47 out of 166 comparable funds [2]. - Over the past three months, the fund's net value growth rate was 16.83%, ranking 30 out of 171 comparable funds [2]. - The fund's six-month net value growth rate was 13.67%, ranking 51 out of 171 comparable funds [2]. Investment Strategy - The fund adopts a quantitative strategy, constructing models for stock selection based on various fundamental and market perspectives, while managing risks to achieve stable excess returns relative to the benchmark index [2]. Portfolio Composition - As of June 27, the fund's average stock position since inception was 89.22%, compared to the industry average of 87.11% [13]. - The fund's maximum stock position reached 93.26% at the end of Q1 2024, while the minimum was 80.25% at the end of 2023 [13]. - The top ten holdings of the fund include Ningde Times, Sunshine Power, Longi Green Energy, China Nuclear Power, Huayou Cobalt, Three Gorges Energy, China General Nuclear Power, Xinde New Materials, Jixin Technology, and Shenghui Technology [17]. Risk Metrics - The fund's Sharpe ratio since inception is -0.221 [7]. - The maximum drawdown since inception is 45.39%, with the largest quarterly drawdown occurring in Q3 2023 at 21.26% [10].