Group 1 - Zhejiang Natural (605080.SH) reported its Q3 2025 results, with 9 institutional investors holding a total of 99.1372 million shares, representing 70.03% of the total share capital [1] - The institutional holding ratio increased by 0.21 percentage points compared to the previous quarter [1] - Two new public funds were disclosed this period, including Huatai-PB Value Selection Mixed and Agricultural Bank of China Research Selection Mixed, while 182 public funds were not disclosed compared to the previous quarter [1] Group 2 - No foreign institutional investors were disclosed this period, with Barclays Bank PLC being the only one not reported in the previous quarter [2]

Group 1 - Public funds have collectively increased their stock positions in Q3, with an average stock position of 83.28%, up 2.13 percentage points from Q2 [1] - The average stock position for equity open-end funds reached 90.14%, an increase of 2.26 percentage points from the previous quarter [1] - The concentration of holdings in public funds has risen, with stock open-end funds and mixed open-end funds seeing increases in concentration by 0.94 percentage points and 2.1 percentage points, respectively [1] Group 2 - Most fund companies have raised their stock positions, with only 37 companies showing a slight decrease; 27 companies have an average stock position exceeding 90% [2] - Notable fund managers have significantly increased their positions, with some funds reaching over 90% stock allocation, such as the funds managed by Guo Jie and He Chongkai [2] - Several mixed funds are nearing full investment, with significant increases in equity assets, including the Zhongxin Jian Investment fund, which saw a stock position increase of over 10 percentage points [3] Group 3 - Some funds have notably reduced their stock positions, indicating market risk; for instance, the fund managed by Wu Wei decreased its stock position from 90% to 60% [3][4] - The performance of style indices has shown significant differences, suggesting that fund managers need to evaluate not only growth potential but also pricing rationality and industry dynamics [4]