During the third quarter, the technology sector, which had shone brightly in the first half of the year, experienced some adjustments. This has ignited debates over whether the herd behavior of public funds within the technology sector is beginning to wane. On one hand, public investment in the electronics and telecommunications industries continues to maintain a relatively high proportion, with no signs of a systematic withdrawal of funds. On the other hand, fund managers who had previously focused on the AI computing power industry chain have demonstrated a range of differing strategies: some have stayed within the computing power sector but have fine-tuned their sub-sector allocations; others have pivoted towards the AI application domain; a few have adopted a balanced allocation approach; and still others have liquidated their positions entirely to shift into different sectors. Looking forward, fund managers remain upbeat about the long-term prospects of the AI industry, although their assessments regarding valuations and structural trends have become more nuanced.