Top Ten Well-Known Foreign Institutional Investors’ Heavily Held A-Share Stocks Released: Goldman Sachs, Morgan Stanley, JPMorgan, UBS, Barclays, and Others!

Additionally, Morgan Stanley’s top five holdings by circulating market value are: Huace Testing (RMB 367 million), Keli Sensing (RMB 160 million), Haier Biotech (RMB 136 million), Xusheng Group (RMB 136 million), and Wolong Electric Drive (RMB 130 million). Among these, Huace Testing was a major new position added by Morgan Stanley in Q3 last year; however, according to the latest data, Morgan Stanley reduced its stake in this stock over the most recent two quarters. UBS: Over RMB 2 billion heavily invested in gold-related stocks—huge win! As of end-2024, UBS appeared among the top ten circulating shareholders of 128 A-share listed companies, with a total holding value of approximately RMB 6.08 billion. Compared with Q3 2024—when it held stakes in 192 companies (RMB 3.967 billion)—the number of holdings decreased, yet the total market value surged significantly. Specifically, as of April 29, the top five gainers among UBS’s key holdings were: *ST Ningke (+113.85%), Ketai Power Supply (+92.60%), Anpeilong (+69.99%), Jielun Intelligent (+61.73%), and Hanyu Group (+93.74%). In terms of shareholding ratio, Telling Life ranked highest for UBS: at end-2024, UBS held 7.772 million shares, valued at RMB 110 million. Since end-2024, the stock has declined 8.15%, resulting in an estimated unrealized loss of nearly RMB 9 million for UBS; UBS reduced its stake by 500,000 shares in Q4. In terms of holding value, only six stocks held by UBS exceeded RMB 100 million in Q3, three of which were newly added positions. Notably, Zijin Mining—a gold stock—was aggressively accumulated by UBS in Q4, with a RMB 2.7 billion position. Since end-2024, the stock has risen 13.45%, generating an estimated unrealized gain of RMB 363 million for UBS. Barclays Bank: Overall portfolio relatively diversified! Numerous newly established positions! As of end-2024, Barclays appeared among the top ten circulating shareholders of 115 A-share listed companies, with a total holding value of approximately RMB 1.327 billion. At end-Q3 2024, Barclays held stakes in 222 companies (RMB 2.413 billion); overall, it reduced positions, maintained a relatively diversified portfolio, and had no single stock exceeding RMB 100 million in holding value. Its portfolio turnover was evident, with many newly established positions. As of April 29, the top five gainers among Barclays’ key holdings were: Weichai Heavy Machinery (+84.10%), Juliu Suoju (+36.43%), Tianfu Culture & Tourism (+30.65%), Shengtong Energy (+29.90%), and Jusailong (+29.49%). In terms of shareholding ratio, among the top 20 stocks ranked by UBS’s stake percentage, 13 were newly added in Q4, while five stocks were increased in position. The increased positions (in number of shares) were: Lianhe Precision (+90,700), Yitian Co., Ltd. (+78,100), Zhidi Technology (+162,400), Sen Tai Co., Ltd. (+39,500), and Degute (+31,100). In terms of holding value, 53 stocks held by Barclays exceeded RMB 10 million each. Among them, Weichai Heavy Machinery—a robotics-related stock—was newly accumulated by Barclays in Q4 for over RMB 20 million. Since end-2024, the stock has gained 84.10%, generating an estimated unrealized gain of over RMB 15 million for UBS.

Dividend Champion RPM: Robust Cash Flow to Combat Inflation

• CPG: Core businesses include manufacturing and selling construction sealants and adhesives, coatings and chemicals, roofing systems, concrete admixtures and repair products; also provides building envelope solutions, insulation cladding, flooring systems, and waterproofing solutions. In Q3 FY2022, segment sales rose 21.7% year-on-year to USD 482 million, driven by 23.2% organic growth and 2.2% contribution from acquisitions. Innovative building envelope solutions and differentiated repair offerings delivered strong benefits. • PCG: Provides high-performance flooring solutions, corrosion control and fireproof coatings, infrastructure repair systems, fiberglass-reinforced plastic gratings, and drainage systems. In Q3 FY2022, segment sales increased 19.6% year-on-year to USD 270.9 million, primarily attributable to 17.8% organic growth and 3.4% acquisition-related contributions. • Consumer: Manufactures and sells rust inhibitors, specialty and decorative paints, caulks and sealants, primers, cement cleaners, floor sealants, woodworking paints, sandpaper and other abrasives, and other branded consumer products. Organic sales in this segment grew 3.6% in Q3 FY2022, while total segment sales rose 2.9% year-on-year to USD 491.6 million. • SPG: Manufactures and sells industrial cleaners for pharmaceutical and food industries, repair service equipment, colorants, nail enamels, exterior coatings, edible coatings, specialty OEM (“original equipment manufacturer”) glazes, and other specialty coatings. Segment sales totaled USD 189 million, up 11.9% year-on-year. 03 Financial Data ① Revenue and Profit • Net sales for Q3 FY2022 reached a record USD 1.43 billion, up 13.0% from USD 1.27 billion in the prior-year period. Operating profit for the quarter was USD 500 million, up 5.6% from USD 470 million in the prior-year period. • Frank C. Sullivan, Chairman and CEO of RPM, stated that RPM employees persistently navigated unprecedented supply-chain challenges, Omicron-related disruptions, and inflationary pressures. Despite heightened difficulty versus the prior year, RPM achieved record EBIT and record sales in Q3. In September last year, RPM swiftly responded to supply-chain constraints by rapidly expanding internal resin production capacity at its acquired manufacturing facility in Texas. Moreover, RPM’s continued investment in its fastest-growing business areas drove accelerated growth in its high-performance construction and coating systems. Construction and industrial maintenance activity remained robust, energy markets began rebounding, and consumer takeout demand stayed strong. • In Q3 FY2022, RPM’s U.S. revenue accounted for 69% of total revenue—the primary source of its income. The company markets its product lines directly to contractors, distributors, and end customers, most of whom are located domestically in the United States. • In Q3 FY2022, RPM’s European revenue accounted for 17% of total revenue. Europe serves as the primary overseas market for RPM’s Consumer and SPG segments.