Recently, the A-share market has witnessed ongoing fluctuations, with market sentiment reflecting this volatility. Leading technological growth themes, particularly AI, have undergone significant corrections, impacting a wide range of sectors related to AI, including telecommunications and electronics, which have seen some pullback. Conversely, sectors with low investor concentration and valuations, such as utilities, along with risk-averse industries like banking and coal, have demonstrated relative resilience.

Frontline private equity firms view the current market correction as a confluence of external disruptions, shifts in the investment position structure (referring to the distribution of investment allocations), and capital reallocation, rather than a fundamental reversal of the mid-term market trend. According to institutional sources, the market is currently navigating a phase of short-term volatility and sector divergence. The strategic emphasis has transitioned from broad sector selection to meticulous individual stock picking, and from timing investment positions to optimizing portfolio structure.