Core Viewpoint - Water Development Gas has experienced a significant decline in stock price, dropping 5.03% on November 21, with a total market value of 3.117 billion yuan and a cumulative decline of 6.04% over four consecutive days [1] Company Overview - Water Development Gas Co., Ltd. is located in Jinan, Shandong Province, and was established on December 4, 2002, with its listing date on April 24, 2015 [1] - The company's main business includes the production and installation of gas and gas system engineering equipment, with revenue composition as follows: gas operation 54.84%, LNG business 30.28%, gas equipment 8.84%, distributed energy services 5.75%, and others 0.30% [1] Shareholder Information - Jin Yuan Shun An Fund has a presence among the top ten circulating shareholders of Water Development Gas, with its fund, Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (004685), newly entering the top ten in the third quarter, holding 2.1311 million shares, accounting for 0.56% of circulating shares [2] - The fund has incurred a floating loss of approximately 767,200 yuan today and a total floating loss of 980,300 yuan during the four-day decline [2] Fund Performance - The Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (004685) has a total asset size of 1.432 billion yuan, with a year-to-date return of 44.72%, ranking 1035 out of 8136 in its category, and a one-year return of 47.76%, ranking 687 out of 8056 [2] - The fund manager, Miao Weibin, has been in position for 8 years and 343 days, with the best fund return during his tenure being 589.61% and the worst being -28.79% [3]

Core Viewpoint - The article discusses the significance of fund managers' personal investments in their own funds as a confidence indicator and commitment to investors, highlighting the case of Liu Xu from Dachen Fund, whose personal investment exceeds 476 million yuan but has faced challenges in short-term performance [3][4][6]. Group 1: Fund Manager Personal Investments - As of November 2025, 16 fund managers have personal investments exceeding 3 million yuan in their own funds, with Miao Weibin leading at over 5.587 million yuan [3][5]. - Liu Xu's personal investment of over 4.764 million yuan places him among the top fund managers in terms of self-purchase amounts [4]. Group 2: Fund Performance Analysis - Liu Xu's fund, Dachen Gaoxin Stock A, has a year-to-date return of 16.6%, which is significantly lower than the average return of over 37% for self-purchasing fund managers and has not outperformed the CSI 300 index [6][10]. - Despite recent underperformance, Liu Xu's long-term performance is commendable, with a return of 426.8% since he took over the fund in July 2015, translating to an annualized return of 16.7% [9][10]. Group 3: Investment Strategy and Market Conditions - Liu Xu's investment strategy focuses on deep value investing, avoiding market trends and emphasizing a thorough understanding of businesses rather than relying on information advantages [12][14]. - The fund's top holdings include stable blue-chip companies like China Mobile and Midea Group, which provide safety margins but may lack short-term growth potential in a market driven by technology and growth stocks [16][18]. Group 4: Institutional Investor Confidence - Dachen Gaoxin Stock A is favored by institutional investors, with 52 funds holding it as a top ten position, indicating strong professional consensus despite short-term performance challenges [24][25]. - The article suggests that understanding a fund manager's investment philosophy is more crucial than merely chasing short-term performance, as evidenced by Liu Xu's consistent long-term returns [29][30].

11月18日，环球印务涨5.01%，截至发稿，报9.43元/股，成交6983.74万元，换手率2.43%，总市值30.18 亿元。 资料显示，西安环球印务股份有限公司位于陕西省西安市高新区科技一路32号，成立日期2001年6月28 日，上市日期2016年6月8日，公司主营业务涉及主要从事医药纸盒包装产品的设计、生产及销售,同时 兼营酒类、食品彩盒和瓦楞纸箱包装业务。主营业务收入构成为：医药及其他纸盒48.31%，印刷包装 供应链业务35.90%，互联网数字营销15.04%，销售边角料及房屋租赁等0.75%。 从环球印务十大流通股东角度 数据显示，金元顺安基金旗下1只基金位居环球印务十大流通股东。金元顺安元启灵活配置混合 （004685）三季度增持14.1万股，持有股数154.81万股，占流通股的比例为0.48%。根据测算，今日浮 盈赚取约69.66万元。 金元顺安元启灵活配置混合（004685）成立日期2017年11月14日，最新规模14.32亿。今年以来收益 47.66%，同类排名1020/8140；近一年收益53.35%，同类排名632/8057；成立以来收益589.61%。 金元顺安元启灵活配置混合（0 ...

Core Viewpoint - Moen Electric's stock price increased by 5.05% to 14.36 CNY per share, with a trading volume of 1.541 billion CNY and a turnover rate of 26.29%, resulting in a total market capitalization of 6.328 billion CNY [1] Group 1: Company Overview - Moen Electric, established on October 5, 1997, and listed on July 20, 2010, is located at 2829 Jiangshan Road, Pudong New District, Shanghai [1] - The company's main business segments include cable business, electromagnetic wire business, and quasi-financial services [1] - Revenue composition: Electromagnetic wire and others 81.54%, power cables 12.22%, others (supplementary) 3.27%, electrical equipment wires and cables 2.95%, communication cables and optical cables 0.02% [1] Group 2: Shareholder Information - Jin Yuan Shun An Fund has a fund that ranks among the top ten circulating shareholders of Moen Electric, specifically the Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (004685), which entered the top ten in Q3 with 1.6982 million shares, accounting for 0.39% of circulating shares [2] - The fund has achieved a year-to-date return of 46.84%, ranking 1129 out of 8213 in its category, and a one-year return of 51.51%, ranking 589 out of 8130 [2] Group 3: Fund Manager Profile - The fund manager of Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund is Miao Weibin, who has a tenure of 8 years and 339 days [3] - The fund's total asset size is 1.432 billion CNY, with the best return during Miao's tenure being 585.75% and the worst being -28.79% [3]

Core Insights - The article highlights the impressive performance of equity funds in 2023, with 4,749 funds reaching historical net asset value highs by the end of October 2023, amidst a challenging market environment characterized by high volatility and sector rotation [3][4]. Group 1: Performance of Funds - In the first ten months of 2023, the top 20 performing equity funds all achieved over 100% returns, with the threshold for inclusion being approximately 103% [4]. - The top five funds for the year-to-date include: 1. Yongying Technology Smart Selection Mixed Fund A (Code: 022364) - 200.63% 2. China Europe Digital Economy Mixed Fund A (Code: 018993) - 134.72% 3. Huian Growth Preferred Mixed A (Code: 005550) - 132.55% 4. Hongtu Innovation Emerging Industry Mixed Fund (Code: 001753) - 131.09% 5. CITIC Construction North Exchange Selected Two-Year Open Mixed Fund A (Code: 016303) - 126.01% [4][5]. Group 2: Fund Management and Strategy - The China Europe Digital Economy Mixed Fund A, managed by Feng Ludan, had a scale of approximately 5.274 billion yuan as of the end of Q3 2023, with a year-to-date return of nearly 135%, significantly outperforming its benchmark of 26.12% [6]. - The fund's top ten holdings include major companies in AI computing and internet sectors, such as Alibaba and Tencent, indicating a strong focus on technology investments [6][7]. Group 3: Long-term Performance - Over the past three years, the top-performing funds include: 1. Dongwu New Trend Value Line Mixed Fund (Code: 001322) - 255.34% 2. Dongwu Mobile Internet Mixed Fund A (Code: 001323) - 238.47% 3. Debon Xinxing Value Flexible Allocation Mixed Fund A (Code: 001412) - 209.28% [8][9]. - The same two funds managed by Liu Yuanhai also lead in the five-year performance category, showcasing consistent long-term returns [13][14]. Group 4: Market Outlook - Liu Yuanhai anticipates a market environment where value stocks will play a significant role, with growth stocks gaining momentum, particularly in the AI sector, which is expected to drive future investment opportunities [12].

Core Insights - The performance of equity funds has been impressive, with 4,749 equity funds reaching historical net value highs by the end of October 2025, despite a challenging market environment [1] - The top 20 performing equity funds from January to October 2025 all achieved over 100% returns, with a significant focus on computing power-related stocks [2][3] Group 1: Performance Overview - In the first ten months of 2025, 2,276 equity funds with over 100 million in scale were analyzed, with all top 20 funds achieving returns exceeding 103% [2] - The top five funds for this period include: 1. Yongying Technology Smart Selection Mixed Fund A (Code: 022364) with a return of 240.91% 2. China Europe Digital Economy Mixed Fund A (Code: 018993) with a return of 197.22% 3. Huian Growth Preferred Mixed Fund A (Code: 005550) with a return of 132.55% 4. Hongtu Innovation Emerging Industry Mixed Fund (Code: 001753) with a return of 131.09% 5. CITIC Construction Investment North Exchange Selected Two-Year Open Mixed Fund A (Code: 016303) with a return of 126.01% [2][3] Group 2: Fund Manager Insights - The manager of the China Europe Digital Economy Mixed Fund A, Feng Ludan, has emphasized a focus on artificial intelligence investments, noting the high valuations in the sector and the associated risks [5] - The top holdings of this fund include major companies in AI computing and internet sectors, such as Alibaba and Tencent [5] Group 3: Long-Term Performance - Over the past three years, the top performing funds include: 1. Dongwu New Trend Value Line Mixed Fund (Code: 001322) with a return of 255.34% 2. Dongwu Mobile Internet Mixed Fund A (Code: 001323) with a return of 238.47% [6][7] - Both funds are managed by Liu Yuanhai, who has a strong track record in the industry [10] Group 4: Five-Year Performance - In the last five years, the top funds include: 1. Dongwu Mobile Internet Mixed Fund A (Code: 001323) with a return of 296.10% 2. Dongwu New Trend Value Line Mixed Fund (Code: 001322) with a return of 293.24% [11][13] - These funds have consistently focused on technology and AI-related investments, reflecting a broader trend in the market [9][10]

Core Viewpoint - International Industry (000159.SZ) reported its Q3 2025 results, indicating a total institutional holding of 112 million shares, accounting for 23.33% of the company's total equity, with a slight decrease in institutional holding percentage compared to the previous quarter [1] Institutional Holdings - As of October 30, 2025, there are two institutional investors disclosing their holdings in International Industry A-shares, with a combined holding of 112 million shares [1] - The institutional holding percentage has decreased by 0.94 percentage points compared to the previous quarter [1] Public Fund Activity - One new public fund has been disclosed this quarter, namely the Jin Yuan Shun An Flexible Allocation Mixed Securities Investment Fund [1] - A total of 15 public funds were not disclosed this quarter, including notable funds such as CITIC Prudential Multi-Strategy Mixed (LOF) A, CITIC Prudential Economic Selection Mixed A, and others [1]

Core Viewpoint - Vine Chemical Co., Ltd. (603968.SH) reported its Q3 2025 results, highlighting a total institutional ownership of 38.25 million shares, representing 18.71% of the total share capital, with a slight decline in institutional ownership compared to the previous quarter [1] Institutional Ownership - As of October 30, 2025, six institutional investors disclosed their holdings in Vine Chemical, with a combined ownership of 38.25 million shares, accounting for 18.71% of the total share capital [1] - The total institutional ownership decreased by 0.56 percentage points compared to the previous quarter [1] Public Fund Holdings - Two public funds increased their holdings compared to the previous period, namely Jianxin Flexible Allocation Mixed A and CITIC Securities CSI 1000 Index Enhanced A, with an increase in ownership proportion of 0.21% [1] - One new public fund disclosed its holdings this quarter, which is Su Xin Shanghai Stock Exchange Science and Technology Innovation Index Enhanced A [1] - A total of 48 public funds did not disclose their holdings this quarter, including notable funds such as Nuon An Multi-Strategy Mixed A and Morgan Stanley Multi-Factor Strategy Mixed A [1]

Group 1 - The core point of the news is that Shenqi Pharmaceutical (600613.SH) reported its Q3 2025 results, revealing a total of 2 institutional investors holding 179 million shares, which accounts for 33.45% of the company's total equity [1] - The institutional investors include Guizhou Shenqi Holdings Group Co., Ltd. and Guizhou Maijisi Investment Management Co., Ltd., with a combined holding ratio of 33.45% [1] - Compared to the previous quarter, the total institutional holding ratio decreased by 0.51 percentage points [1] Group 2 - In the public fund sector, 29 public funds were disclosed this period, which were not reported in the previous quarter [1] - Notable public funds include Guojin Quantitative Multi-Factor A, Jinyuan Shun'an Yuanqi Flexible Allocation Mixed, Guojin Quantitative Selected A, Bodao Consumption Smart Navigation A, and Guotai Haitong CSI 1000 Index Enhanced A [1]

Core Viewpoint - Shengxing Co., Ltd. (002752.SZ) reported its Q3 2025 results, highlighting a significant presence of institutional investors holding 66.48% of its total shares, although there was a slight decline in institutional ownership compared to the previous quarter [1] Institutional Ownership - As of October 28, 2025, five institutional investors disclosed holdings in Shengxing Co., totaling 649 million shares, which represents 66.48% of the company's total equity [1] - The institutional ownership decreased by 0.55 percentage points compared to the previous quarter [1] Public Fund Activity - One new public fund disclosed its holdings this quarter, namely the Jinyuan Shun'an Flexible Allocation Mixed Fund [1] - A total of 23 public funds were not disclosed in this quarter compared to the previous one, including notable funds such as the CSI 2000, Huashan Anxin Consumer Mixed A, and others [1] Foreign Investment Trends - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings this quarter, with a decrease of 0.25% [1]