Recently, the A-share market has witnessed significant volatility. While large-cap stocks in the technology growth sector have continued to perform strongly, there has been a growing divergence within the sector and an increase in trading congestion. After substantial gains in niche areas—such as AI, computing power, and semiconductors—some private equity firms have grown wary of the short-term risks associated with tech stocks. Instead, they are shifting their focus toward sectors like cyclicals, consumer goods, and high-end manufacturing. Meanwhile, the financing balance in the A-share market has risen, with investors making concentrated financing purchases, highlighting the risks of excessive short-term leveraged funding clinging to tech stocks. A journalist's survey revealed that many private equity firms have refined their portfolios, flexibly adjusted their asset allocations, and explored new investment avenues.