Core Insights - The report indicates that as of October 28, 2025, a total of 13 institutional investors hold shares in Royal Technology (603181.SH), with a combined holding of 178 million shares, representing 30.20% of the total share capital [1] - The top ten institutional investors account for a combined holding ratio of 30.13%, which has decreased by 5.72 percentage points compared to the previous quarter [1] Institutional Investors - The top institutional investors include Zhejiang Royal Holdings Group Co., Ltd., Shaoxing Shiron Baosheng Investment Management Partnership, and several mutual funds [1] - The number of public funds that increased their holdings this period is two, while four public funds reduced their holdings, with a decrease ratio of 0.62% [2] - A total of 55 public funds did not disclose their holdings this period, including notable funds like Guotai Junan Value Advantage Flexible Allocation Mixed A and Southern Alpha Mixed A [2] Pension Funds - One pension fund, the Basic Pension Insurance Fund 15011 Combination, reduced its holdings by 2.0% compared to the previous quarter [2]

Group 1 - The core point of the news is the management change at Noah Fund, with Vice President Yang Gu leaving his executive position to focus on investment work, and Assistant General Manager Liu Xiang being promoted to Vice President [1] - Yang Gu has served as Vice President and Fund Manager at Noah Fund for a total of 18 years, with a fund management tenure of 19 years and 63 days [1] - The total asset management scale of Noah Fund is currently 5.063 billion, with historical management scale remaining stable around 5 billion [1] Group 2 - Yang Gu's managed fund, Noah Pioneer Mixed Fund, has achieved a record return of 783.54% since its inception on February 22, 2006, outperforming the average return of similar funds at 637.18% [1] - Other products managed by Yang Gu, such as Noah Progress Return Mixed and Noah Selected Return Mixed, have also shown strong performance, with returns of 13.98% and 6.41% respectively, surpassing the average returns of similar funds [2] - As of the end of last year, Noah Fund's total management scale was 208.281 billion, ranking 35th among 200 public fund institutions [2]