The fourth-quarter report for public funds in 2025 reveals a notable shift: among the top ten heavily-weighted stocks of active equity funds, technology and new energy stocks now dominate, claiming nine out of the ten positions, with only Kweichow Moutai representing traditional consumption. This transformation underscores the evolving dynamics within the public offering consumption sector. On one hand, certain funds maintain a steadfast commitment to traditional consumption, with liquor stocks retaining significant weight for 36 consecutive quarters. On the other hand, new-generation fund managers are showing a preference for emerging consumption areas. These include figurine and trendy toy collections, the 'GuZi' economy (encompassing anime, comics, and games-related merchandise), and medical aesthetics, reflecting a broader trend towards diversification and innovation in consumption patterns.