Core Viewpoint - The report highlights the current institutional ownership structure of Nanji E-commerce, indicating a slight decline in the proportion of shares held by the top institutional investors compared to the previous quarter [1]. Group 1: Institutional Ownership - As of August 27, 2025, a total of 21 institutional investors hold shares in Nanji E-commerce, with a combined holding of 335 million shares, representing 13.65% of the total share capital [1]. - The top ten institutional investors account for 13.37% of the total shares, with a decrease of 1.54 percentage points from the previous quarter [1]. Group 2: Public Fund Activity - One public fund, Shenwan Hongyuan New Economy Mixed Fund, increased its holdings, while two funds, Shenwan Hongyuan Le Xiang Mixed A and Chang'an Advantage Industry Mixed A, reduced their holdings [2]. - Four new public funds disclosed their holdings in this period, including Galaxy Service Mixed A and Galaxy Transformation Mixed A [2]. - Fifteen public funds that were previously disclosed did not report their holdings this quarter, including several Shenwan Hongyuan funds [2]. Group 3: Social Security Fund and Foreign Investment - One new social security fund, the National Social Security Fund 107 Portfolio, disclosed its holdings in Nanji E-commerce, while one fund, the National Social Security Fund 116 Portfolio, was not reported this quarter [2]. - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.39% compared to the previous quarter [2].

Group 1 - The core viewpoint of the news is that Kuaijishan (601579.SH) has reported its half-year results for 2025, highlighting significant institutional ownership and changes in fund holdings [1] - As of August 21, 2025, a total of 17 institutional investors hold 296 million shares of Kuaijishan, accounting for 61.68% of the total share capital [1] - The top ten institutional investors collectively hold 61.58% of the shares, with a slight decrease of 0.36 percentage points compared to the previous quarter [1] Group 2 - Among public funds, only one fund, the Wine ETF, increased its holdings, with an increase ratio of 0.10% compared to the previous period [1] - A total of 12 new public funds were disclosed this period, including several notable funds such as Hongli Consumer Dividend Index A and Galaxy Service Mixed A [1] - One public fund, Xin'ao Industry Preferred One-Year Holding Mixed A, was not disclosed in this period compared to the previous quarter [1] Group 3 - In terms of foreign investment, the Abu Dhabi Investment Authority is the only foreign institution that has not disclosed its holdings in this period compared to the previous quarter [2]

Group 1 - The fund aims to capture investment opportunities in the modern service sector as China transitions its economic development model, targeting stable returns that exceed the performance benchmark while strictly controlling investment risks [2][10]. - The fund's investment strategy includes asset allocation, industry selection, and stock picking within the defined modern service theme, with a focus on sectors such as consumer services and emerging consumption trends [2][10]. - The fund's performance benchmark is a combination of 70% of the CSI Service Industry Index return and 30% of the Shanghai Government Bond Index return [4][10]. Group 2 - As of the end of the reporting period, the total fund shares amounted to 156,994,467.89, with the A share net value at 1.7061 RMB and a growth rate of 13.91%, while the C share net value was 1.6845 RMB with a growth rate of 13.74% [2][10]. - The fund's asset allocation at the end of the reporting period consisted of 87.66% in stocks and 5.56% in bonds, indicating a strong focus on equity investments [12][10]. - The fund's performance over the past three months showed a net value growth rate of 13.91% for A shares and 13.74% for C shares, significantly outperforming the benchmark return of 2.13% [4][10]. Group 3 - The fund manager, Galaxy Fund Management Co., Ltd., has committed to managing the fund with principles of honesty, diligence, and responsibility, ensuring compliance with relevant laws and regulations [8][10]. - The fund has not engaged in any significant abnormal trading activities or conflicts of interest during the reporting period, maintaining fair treatment across different investment portfolios [9][10]. - The fund's investment portfolio did not include any stocks subject to trading restrictions or any significant holdings in convertible bonds or precious metals during the reporting period [13][10].