Firstly, the exercise of voting rights in public offerings plays the role of "active shareholder".

As the end of April approaches, the public fund industry is experiencing an unprecedented level of concentrated information disclosure. According to the "Rules for Securities Investment Fund Managers Participating in Listed Company Governance" released by the China Securities Investment Fund Industry Association in 2025, it is required that starting from 2026, public fund managers must publicly disclose their voting rights exercised externally before the end of April every year. According to incomplete statistics, as of April 23rd, many public institutions such as Huaxia Fund, Wanjia Fund, Huabao Fund, Zhenyou Fund, Jiangxin Fund, Dong Cai Fund, Dongfang Fund, Ruida Fund, and Zhonghai Fund have disclosed their voting situations at the shareholder meetings of listed companies in 2025. From "fully support" to "cautious veto", top institutions have participated in voting more than 200 times per year to over 1000 times, showing that public funds are entering a new era of "active shareholders". At the same time, the public disclosure has revealed a glimpse of industry differentiation, with some institutions voting "unanimously in favor" on all motions in 2025, while others have cast cautious dissenting votes. Industry insiders believe that in the new situation of publicly disclosing the exercise of shareholder rights, whether fund companies choose to be the "silent majority" or take a "brave step" may become a new benchmark to test their responsible management quality.