On January 12, buoyed by a notable upswing in the AI application sector within China's A-share market, the allure of 'internet-famous concept funds' like the Debon Steady Growth Fund—which concentrate on this burgeoning area—skyrocketed. This surge in interest led to a significant uptick in subscriptions on online fund sales platforms. Notably, on that day, the fund's net asset value exhibited a considerable divergence from the performance of its key holdings, sparking widespread curiosity and concern.

In recent years, as the technology sector within A-shares has solidified its position and instrumental investing has gained traction, several public fund institutions have embarked on a journey to explore instrumental strategies tailored for active equity funds. This trend is particularly evident in emerging sectors, where the potential for growth and innovation is high.

Industry experts, however, sound a note of caution. They warn that a sudden and substantial influx of capital can pose challenges to fund management, potentially diluting the returns for original investors. Moreover, investing in emerging sectors inherently carries higher risks. Should a downturn materialize, it could swiftly trigger a capital exodus and a panicked sell-off, leading to substantial losses for investors.