Core Viewpoint - Public funds are shifting their investment strategy from a beta-driven approach to an alpha-driven approach in response to the pressure on valuations of popular stocks and the performance test of high-valuation stocks [1][2]. Group 1: Market Trends - The market's profit-making effect has led to a performance test for high-valuation stocks, prompting public funds to move away from high-positioned stocks and focus on individual stocks with independent fundamentals [2][3]. - Active equity funds have shown significant returns this year, with top performers achieving returns between 30% and 60% within three months, driven by high-growth technology stocks [3]. - The phenomenon of "everyone has it" among top 30 funds indicates a lack of differentiation in stock holdings, which could lead to significant price volatility if market sentiment shifts [3][4]. Group 2: Fund Research and Strategy - Recent public fund research indicates a strategic shift towards low-coverage, low-attention stocks, with several funds focusing on stable, less volatile options [5][6]. - Examples of stocks with low institutional coverage that have provided substantial returns include Aidi Te and other consumer stocks, which have shown significant price increases despite low market attention [5][6]. - Fund managers emphasize the importance of focusing on individual stock alpha opportunities, especially in a market where beta-driven strategies may become less effective [6][7]. Group 3: Investment Focus - The investment focus for 2026 is expected to prioritize low-valuation, stable stocks, as well as resilient consumer companies that can maintain performance amid economic recovery [7]. - There is a consensus among fund managers that the market will see a continued differentiation among technology stocks, with a focus on those with core technologies and sustainable earnings [7].