In anticipation of market turbulence and redemption pressures during the Spring Festival period, certain public funds are expediting their portfolio rebalancing efforts, transitioning from high-valuation technology sectors within the Hong Kong stock market to more defensive assets. Lately, popular sectors in the Hong Kong stock market, including AI applications and semiconductors, have witnessed significant volatility. This has led some fund managers to realize profits and reallocate funds towards low-valuation dividend-paying stocks, as well as undervalued sectors such as consumer and real estate services. Public funds are striving to strike a balance between growth and stability in their investment portfolios. These adjustment trends indicate a growing consensus on risk appetite among investors and have propelled defensive assets to outperform in a sluggish market environment.