2025年10月28日，耐科装备(688419.SH)发布2025年第三季报。截至2025年10月27日，共有7个机构投资 者披露持有耐科装备A股股份，合计持股量达2995.30万股，占耐科装备总股本的26.15%。其中，机构 投资者包括铜陵松宝智能装备股份有限公司、安徽拓灵投资有限公司、J.P.Morgan Securities PLC-自有 资金、BARCLAYS BANK PLC、中信证券资产管理(香港)有限公司-客户资金、长江证券股份有限公司- 华夏上证科创板半导体材料设备主题交易型开放式指数证券投资基金、益民红利成长混合，机构投资者 合计持股比例达26.15%。相较于上一季度，机构持股比例合计下跌了0.19个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即华夏上证科创板半导体材料设备主题 ETF，持股增加占比达0.20%。本期较上一季度新披露的公募基金共计1个，即益民红利成长混合。本期 较上一季未再披露的公募基金共计67个，主要包括国投瑞银上证科创板综合价格指数增强A、国泰上证 科创板综合ETF、国投瑞银中证500指数量化增强A、广发百发大数据成长混合A、汇添富上证综合指数 A等。 ...

Core Viewpoint - The AI Fund Yimin Dividend Growth Mixed (560002) reported a profit of 2.0373 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0046 yuan. The fund's net value growth rate was 0.67%, and its scale reached 289 million yuan by the end of the first half of the year [3]. Fund Performance - As of September 3, the fund's net value growth rates were as follows: 5.48% over the past three months (ranked 323 out of 328), 2.15% over the past six months (ranked 315 out of 328), 24.06% over the past year (ranked 317 out of 322), and 1.80% over the past three years (ranked 204 out of 253) [6]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 22.43 times, significantly lower than the industry average of 57.06 times. The weighted average price-to-book (P/B) ratio was about 2.41 times, compared to the industry average of 4.31 times, and the weighted average price-to-sales (P/S) ratio was around 2.43 times, against an industry average of 4.42 times [11]. Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate (TTM) was 0.06%, and the weighted average net profit growth rate (TTM) was 0.1%. The weighted annualized return on equity was 0.11% [18]. Risk and Return - The fund's Sharpe ratio over the past three years was 0.2116, ranking 134 out of 249 among comparable funds. The maximum drawdown over the past three years was 33.7%, with the highest quarterly drawdown occurring in Q1 2021 at 28.74% [26][28]. Fund Holdings - As of June 30, 2025, the fund had a total of 22,900 holders, collectively holding 437 million shares. Individual investors accounted for 98.88% of the holdings, while institutional investors held 1.12% [35]. The fund's top ten holdings included companies such as Northern Huachuang, Huahai Qingshi, and Zhaoyi Innovation [40].

Group 1 - The core point of the news is the announcement of a change in the fund manager for the Yimin Dividend Growth Mixed Fund, with Jiang Ying stepping down and Guan Xu taking over the management [1][2] - Guan Xu has a background in research and fund management, having previously worked at Fangzheng Fubang Fund Management Co., Ltd. and Nanhua Fund Management Co., Ltd. He joined Yimin Fund in July 2022 and has been promoted to fund manager as of September 28, 2023 [1][2] - The Yimin Dividend Growth Mixed Fund was established on November 21, 2006, and as of July 9, 2025, it has a year-to-date return of 0.78% and a cumulative return of 80.27%, with a net asset value of 1.7757 yuan [1]

Core Viewpoint - The recent departure of four senior executives from Yimin Fund within a year highlights significant instability in the company's management team, coinciding with a drastic reduction in its asset management scale, which has shrunk by over 61% from the end of 2024 to the first quarter of 2025 [1][9][15]. Group 1: Executive Departures - Yimin Fund announced the resignation of Vice President Gao Xiyang due to personal reasons, marking the fourth senior executive departure in just six months [1][7]. - Gao Xiyang joined Yimin Fund in June 2022 and held the position of Vice President for only six months before his departure [1][4]. - The company has experienced continuous management upheaval since late last year, with the resignation of General Manager Wang Mingde and other key executives [6][7]. Group 2: Asset Management Scale - Yimin Fund's asset management scale plummeted from 2.12 billion yuan at the end of 2024 to 820 million yuan by the first quarter of 2025, a decline exceeding 61% [9]. - As of the first quarter of 2025, Yimin Fund ranked 164th out of 199 public fund companies in terms of scale, placing it at the lower end of the industry [9]. Group 3: Management Challenges - The company is facing severe challenges in business development, exacerbated by a labor dispute related to the enforcement of a salary cap in the financial industry, which has raised concerns about human resource management [11]. - Yimin Fund has struggled to maintain a stable management team, with its asset management scale remaining below 1 billion yuan despite nearly 20 years of operation [12][15]. - The performance of Yimin Fund's products has been inconsistent, with some funds underperforming against their benchmarks [13]. Group 4: Regulatory Environment - In June 2025, the China Securities Regulatory Commission issued a plan to promote high-quality development in public funds, requiring companies to establish a performance evaluation system focused on investment returns, which poses a challenge for Yimin Fund [11][15].