On August 16, CITIC Construction Investment Securities stated in its research report that the global technology deleveraging process had largely concluded by the end of July. Overseas technology sectors rebounded first amid improved macroeconomic conditions and industry upturn validation, with market pricing mechanisms shifting from funding liquidity to fundamentals. The recovery of the A-share technology sector has been slower, primarily due to trading congestion and financing pressures from the previous rapid rally, rather than a reversal in industry trends. Historical data indicates that funding structures influence short-term market rhythms, while mid-term trends still depend on performance. Currently, demand in the computing power industry chain remains strong, and the recovery trend of the A-share technology sector remains unchanged. Allocation recommendations focus on core assets with solid fundamentals, while also monitoring innovative pharmaceuticals and industrial metals sectors.