The third-quarter reports for publicly offered funds have now been fully disclosed. Data reveals that, against the backdrop of the A-share market's steady ascent and the prominence of tech-driven growth stocks, the asset size of publicly offered funds has continued to expand. Meanwhile, the stock holdings of actively managed equity funds have shown a consistent upward trend. At the industry level, the Technology, Media, and Telecommunications (TMT) sector witnessed a notable surge in holdings. Conversely, sectors such as large-scale finance and major consumption saw a decline. When it comes to individual stocks, the third quarter saw an increase in the concentration of holdings in leading companies. Looking forward, multiple institutions anticipate that, despite the significant gains in individual stocks, short-term market volatility may intensify. However, they remain highly confident in the medium- to long-term upward trajectory of the equity market. In terms of investment styles, the dividend value approach may stage a comeback in the fourth quarter.