The number of publicly issued exclusive stocks has sharply decreased, with many high-elasticity targets predominating.

The annual reports of public mutual funds for 2025 have all been disclosed. In the industry landscape where the trend of institutional clustering continues to deepen, unique stocks have become an important window to explore the differential investment strategies of fund managers. Wind data shows that by the end of 2025, the number of unique stocks in the entire market public mutual funds had decreased by about 30% compared to mid-year, with generally low holding market values, but showing a preference for high-elasticity targets among fund managers. In sharp contrast, the phenomenon of institutional clustering around core popular targets has further intensified.