Recently, due to share repurchases and other factors, listed companies have frequently disclosed their lists of top ten tradable shareholders, shedding light on the portfolio adjustment trends of public funds in the third quarter. Since July, the market has witnessed significant volatility and style rotation, prompting several well-known fund managers to make adjustments to their portfolios. Amidst notable corrections in technology sectors such as AI and semiconductors, public funds have demonstrated clear differences in their strategies within the hard technology sector. Some funds have increased their holdings against the market trend, while others have actively reduced their positions. Meanwhile, certain value-oriented funds have successfully safeguarded their net asset values and mitigated risks by shifting their focus towards leading companies in traditional industries.