As tech stocks pull back from their highs, public fund investment focus is shifting from tech to consumption. Near year-end, to cope with net value defense pressure, a group of growth-style funds heavily invested in AI and semiconductors are collectively reducing tech positions and increasing allocation to the consumer sector, hedging net value fluctuations with low-valuation domestic demand assets. Multiple fund managers stated that the consumer sector's recent performance is no longer at the bottom, releasing a positive signal of accelerated capital deployment; combined with the chip advantages of "low valuation, low expectations, low holdings," risk-averse capital is gradually entering this "safe haven." In the future, focus will be on uncovering structural opportunities in new consumption and overseas-expanding brands.