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Hongxing Capital Bureau, October 20 — According to the recently released third-quarter report of Hangzhou Hikvision Digital Technology Co.,Ltd. (002415), as of the end of the third quarter, a product managed by well-known fund manager Feng Liu of Gaoyi Asset had been reducing its holdings in the company for multiple consecutive quarters. At the same time, however, products under Chongyang Investment, led by Qiu Guogen, have increased their holdings in Hikvision for two consecutive quarters since first appearing on the list of the company's top ten circulating shareholders at the end of the first quarter.
Hikvision's recently released third-quarter report shows that as of the end of this year's third quarter, the Gaoyi Linshan No. 1 Yuanwang Fund managed by Feng Liu held 77 million shares of the company, a reduction of 36 million shares compared with the end of the second quarter. A review of public information shows that this is not the first time Feng Liu has reduced holdings in Hikvision. At the end of the third quarter of 2020, the Gaoyi Linshan No. 1 Yuanwang Fund first appeared on Hikvision's list of top ten circulating shareholders and has held the stock for more than six years since then. But since the fourth quarter of 2024, Feng Liu has continuously reduced holdings in Hikvision. In the first quarter of 2026, the Gaoyi Linshan No. 1 Yuanwang Fund reduced its Hikvision stake by 57 million shares. The company's semi-annual report showed that in the second quarter, the Gaoyi Linshan No. 1 Yuanwang Fund cut 87 million shares, lowering its holdings to 113 million shares. Its position has contracted for multiple consecutive quarters since peaking at more than 400 million shares, with cumulative reductions reaching 144 million shares in the first half of 2026.
In sharp contrast, another investment heavyweight, Qiu Guogen, has continued to increase his position in Hikvision this year. Chongyang Investment, which he leads, added to its Hikvision holdings for the second consecutive quarter. The Chongyang Strategy Juzhi Fund newly entered the company's top ten circulating shareholders in the second quarter with 51.79 million shares; the Chongyang Strategy Caizhi Fund increased its holdings by more than 7.8 million shares in the second quarter, raising its stake to 61.43 million shares. The two products together held more than 110 million shares. Hikvision's third-quarter report shows that as of the end of the third quarter, the Chongyang Strategy Caizhi Fund held 61.821 million shares of Hikvision, an increase of 388,500 shares compared with the end of the second quarter. At this point, the Chongyang Strategy Caizhi Fund has added to its position in the company for two consecutive quarters. In April this year, Qiu Guogen made a rare appearance at a Hikvision research visit, leading five fund managers to participate.
According to Hikvision's third-quarter report, in the third quarter of this year, Hikvision's operating revenue rose 13.71% year on year to 27.222 billion yuan, while single-quarter net profit attributable to shareholders reached 5.016 billion yuan, up 36.97% year on year. In the first three quarters of this year, Hikvision's operating revenue rose 12.6% year on year to 74.044 billion yuan, while net profit attributable to shareholders rose 38.55% year on year to 12.911 billion yuan.
The opposite moves by Feng Liu and Qiu Guogen on Hikvision are in fact a microcosm of current institutional disagreement in the technology sector. Since September, some private equity firms have adjusted portfolio structures and increased the proportion of dividend-style assets; some private equity firms, amid market volatility, have taken the opportunity to add to high-quality companies in the AI industrial chain and actively positioned themselves in growth styles.
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