Group 1 - The core point of the news is that Xizhuang Co., Ltd. (001332.SZ) reported its Q3 2025 results, highlighting an increase in institutional ownership to 3.02% of total shares, up by 1.41 percentage points from the previous quarter [1] Group 2 - As of October 26, 2025, a total of 8 institutional investors disclosed holdings in Xizhuang Co., Ltd., with a combined holding of 3.33 million shares [1] - The institutional investors include various funds such as the Basic Pension Insurance Fund 1203 Combination and J.P. Morgan Securities PLC [1] Group 3 - In the public fund sector, one fund, Tianhong Selected Mixed A, reduced its holdings by 0.18% compared to the previous quarter [2] - Four new public funds disclosed their holdings this quarter, including Penghua New Energy Selected Mixed A and Jiashi Rui Xiang Regular Mixed [2] - Sixteen public funds were not disclosed this quarter, including several from Zheshang [2] Group 4 - From the foreign investment perspective, one new foreign institution, J.P. Morgan Securities PLC, disclosed its holdings this quarter [3]

Core Viewpoint - Liu Xinzheng has resigned from multiple funds managed by Zheshang Fund Management Co., Ltd, indicating a significant change in the management structure of these investment products [1][2][3][4] Fund Performance Summary - **Zheshang Fengli Enhanced Bond Fund**: Established on August 28, 2018, with a year-to-date return of 7.01% and a cumulative return of 75.92%, net asset value at 1.7592 yuan [1] - **Zheshang Hu-Gang-Shen Mixed Fund A/C**: Established on June 27, 2019, with year-to-date returns of 24.92% and 24.43%, cumulative returns of 34.56% and 30.18%, net asset value at 1.3682 yuan and 1.3269 yuan [1] - **Zheshang Zhiduo Jin Steady One-Year Holding Period A/C**: Established on June 24, 2021, with year-to-date returns of 5.40% and 5.09%, cumulative returns of 10.93% and 9.07%, net asset value at 1.1086 yuan and 1.0901 yuan [1] - **Zheshang Zhiduo Ying Bond A/C**: Established on December 7, 2021, with year-to-date returns of 2.42% and 2.12%, cumulative returns of 8.08% and 6.44%, net asset value at 1.0808 yuan and 1.0644 yuan [2] - **Zheshang Zhi Xuan Value Mixed A/C**: Established on April 16, 2021, with year-to-date returns of 12.57% and 12.18%, cumulative returns of 6.33% and 4.02%, net asset value at 1.0646 yuan and 1.0416 yuan [2] - **Zheshang Zhiduo Bao Steady One-Year Holding Period A/C**: Established on July 23, 2020, with year-to-date returns of 2.76% and 2.39%, cumulative returns of 9.84% and 7.04%, net asset value at 1.0976 yuan and 1.0699 yuan [2] - **Zheshang Zhi Xuan Ling Hang Three-Year Holding Period A/C**: Established on January 13, 2021, with year-to-date returns of 13.59% and 13.43%, cumulative returns of -1.77% and -2.68%, net asset value at 0.9823 yuan and 0.9732 yuan [2] Management Changes - Liu Xinzheng has been dismissed as the fund manager for several funds, including Zheshang Hu-Gang-Shen Mixed Fund, Zheshang Zhiduo Jin Steady One-Year Holding Period Fund, Zheshang Zhiduo Ying Bond Fund, Zheshang Zhi Xuan Value Mixed Fund, Zheshang Zhiduo Bao Steady One-Year Holding Period Fund, and Zheshang Zhi Xuan Ling Hang Three-Year Holding Period Fund [3][4] - Other fund managers will continue to manage these funds alongside the remaining team members [3][4]

Core Viewpoint - Zhejiang Merchants Fund has announced the appointment of Rao Zuhua as a new fund manager for several of its investment products, indicating a strategic move to enhance management capabilities and potentially improve fund performance [1][2]. Fund Performance Summary - **Zhejiang Merchants CSI 300 Index Enhanced (LOF)**: - Established on May 7, 2012 - Year-to-date return: 13.80% (A), 13.43% (C) - Since inception return: 136.09% (A), 0.38% (C) - Cumulative net value: 2.2058 (A), 2.0171 (C) [1] - **Zhejiang Merchants CSI 500 Enhanced**: - Established on May 11, 2016 - Year-to-date return: 20.58% (A), 20.30% (C) - Since inception return: 80.32% (A), 80.26% (C) - Cumulative net value: 1.8032 (A), 1.7658 (C) [1] - **Zhejiang Merchants Fengli Enhanced Bond**: - Established on August 28, 2018 - Year-to-date return: 8.84% - Since inception return: 78.92% - Cumulative net value: 1.7892 [2] - **Zhejiang Merchants Zhiduoying Bond**: - Established on December 7, 2021 - Year-to-date return: 2.21% (A), 1.95% (C) - Since inception return: 7.86% (A), 6.26% (C) - Cumulative net value: 1.0786 (A), 1.0626 (C) [2] - **Zhejiang Merchants CSI 1000 Index Enhanced**: - Established on September 26, 2023 - Year-to-date return: 28.39% (A), 28.05% (C) - Since inception return: 29.83% (A), 28.83% (C) - Cumulative net value: 1.2983 (A), 1.2883 (C) [2] Management Changes - Rao Zuhua has been appointed as a new fund manager for multiple funds, including: - Zhejiang Merchants CSI 300 Index Enhanced (LOF) [3] - Zhejiang Merchants CSI 500 Enhanced [3] - Zhejiang Merchants Fengli Enhanced Bond [4] - Zhejiang Merchants Zhiduoying Bond [4] - Zhejiang Merchants CSI 1000 Index Enhanced [4] - Rao Zuhua has a background in quantitative research and has held positions at various financial institutions, enhancing the fund's management expertise [1].

Group 1 - The core viewpoint of the article is that Xizhuang Co., Ltd. (001332.SZ) has reported an increase in institutional investor holdings in its A-shares as of August 25, 2025, with a total of 1.49% of the company's total share capital held by four institutional investors [1] - The total number of shares held by institutional investors amounts to 1.6396 million shares, reflecting a rise of 0.42 percentage points compared to the previous quarter [1] - The public funds saw a decrease in holdings from one fund, specifically the Zheshang Fengli Enhanced Bond Fund, which reduced its holdings by 0.22% [1] Group 2 - Two new public funds disclosed their holdings during this period, namely Tianhong Selected Mixed A and Zheshang Intelligent Navigation Three-Year Holding Period A [1] - Five public funds that were previously disclosed did not report their holdings this quarter, including Dongxing Chenxiang Quantitative Mixed A and others [1]

Group 1 - In April 2023, 88% of the 7040 bond funds with comparable performance recorded gains, with 6189 funds increasing in value, 49 remaining flat, and 802 declining [1][2] - The top-performing bond funds for April were Bosera SSE 30-Year Treasury ETF and Pengyang China Bond 30-Year Treasury ETF, which rose by 4.56% and 4.21% respectively [1] - The mixed bond funds such as Huian Stable Yield Bond A/C and Fangzheng Fubon Hongyuan Bond A/C also saw increases exceeding 3% [1][2] Group 2 - The top holdings for Bosera SSE 30-Year Treasury ETF included special treasury bonds, primarily 24 Special Treasury 01 and 23 Treasury 23 [1] - The performance of the funds managed by Jin Hongfeng and Niu Weisong, who have extensive experience in fund management, contributed to their respective funds' success [1][2] - The funds that experienced declines in April included Jinying Yuanfeng Bond C, which fell by 3.59%, and Zhejiang Merchants Enhanced Bond, which decreased by 3.17% [2][3] Group 3 - The underperforming bond funds primarily held convertible bonds and also allocated assets to stocks, which contributed to their declines in April [3] - The top five holdings of Jinying Yuanfeng Bond C included various convertible bonds and stocks from companies like Guanghuan Xinwang and Youke De [2][3] - The overall bond fund market showed a strong performance in April, with a significant majority of funds achieving positive returns despite some notable exceptions [1][2]