Publicly offered exclusive stocks decrease sharply, with a majority of highly elastic targets.

The annual report for public funds in 2025 has been fully disclosed. In the industry landscape where the trend of institutional clustering continues to deepen, unique stocks have become an important window to explore the differentiated investment strategies of fund managers. Wind data shows that by the end of 2025, the number of unique stocks in the entire market of public funds decreased by about 30% compared to the middle of the year, with generally low positions, but showing characteristics of fund managers preferring high elasticity targets. In sharp contrast, the phenomenon of institutional clustering around core popular targets has further intensified.