中证报：集中持有、高度协同，基金“抱团”齐步走屡见不鲜

Core Viewpoint - The recent public fund Q3 2025 report reveals that high-performing stocks are increasingly favored by multiple institutions, highlighting the trend of "herding" behavior among fund managers [1] Group 1: Fund Performance and Stock Selection - Game giant ST Huaton has gained significant attention from public funds this year, transitioning from obscurity to a heavy holding in hundreds of funds [1] - The "herding" strategy refers to the practice where funds managed by the same company concentrate their investments in a particular stock, indicating a strong consensus on certain industries or stocks [1] Group 2: Research and Resource Sharing - Fund managers within the same company share research resources, which justifies their collective bullish outlook on specific stocks [1] - While collaboration among fund managers is beneficial, there is a caution against excessive coordination that may lead to market manipulation or "lifting" stocks using financial advantages [1]