Core Insights - Cangzhou Mingzhu (002108.SZ) reported its Q3 2025 results, revealing that as of October 27, 2025, six institutional investors held a total of 474 million shares, accounting for 28.49% of the company's total share capital [1] - The proportion of shares held by institutional investors decreased by 0.61 percentage points compared to the previous quarter [1] Institutional Holdings - The institutional investors include Hebei Cangzhou Dongsu Group Co., Ltd., Hangzhou Zhongda Junyue Investment Co., Ltd. - Junyue Rixin No. 17 Private Securities Investment Fund, Ju Hong (Hong Kong) Co., Ltd., Hong Kong Central Clearing Limited, Shaanxi International Trust Co., Ltd. - Shan Guotou · Jinyu No. 185 Securities Investment Collective Fund Trust Plan, and UBS AG [1] - The total institutional holding percentage is 28.49% [1] Public Fund and Foreign Investment - In the current period, 24 public funds were disclosed, including Nord Quantitative Core A, Southern CSI 2000 ETF, GF National Certificate 2000 ETF, Huaxia CSI 2000 ETF, and Huashang Quantitative Progress Mixed Fund [1] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.77%, while another foreign fund, Ju Hong (Hong Kong) Co., Ltd., reduced its holdings by 0.66% [1] - A new foreign institution, UBS AG, was disclosed in this period [1]

Group 1 - The core viewpoint of the news is that Anhui Energy (皖能电力) has shown stable operational performance in the second quarter, benefiting from a high proportion of long-term contracts and stable settlement prices [1] - Anhui Energy's electricity generation and operational data have maintained a positive trend compared to the first quarter, with the company actively fulfilling social responsibilities during the peak summer period [1] - The company has diversified its coal procurement into long-term contracts, market agreements, and spot purchases, with a significant reduction in coal procurement costs year-on-year in the second quarter [1] Group 2 - The construction of new energy projects is progressing as planned, with the establishment of the Fusion Energy Company reflecting increased support from the capital market and government for controllable nuclear fusion over the past two years [1] - The Fusion Energy Company aims to complete a capital increase and expansion by June 2024, reaching a scale of 14.5 billion, focusing on the construction of a compact fusion energy experimental device (BEST device) [1]