Since July, the A-share market has experienced a drastic change in style. Technology growth sectors such as AI and semiconductors, which previously continued to lead the way, have undergone drastic adjustments, while the traditional value sector, which had sluggish early performance, has generally experienced a rebound. In this context, many funds heavily invested in AI and semiconductors have retreated significantly. It is worth noting that in this batch of funds that have suffered a severe setback, some products just completed large-scale stock exchanges in the second quarter, switching from traditional sectors such as consumption and resources to the technology circuit. Among them, there are not only situations where the handover of fund managers led to style changes, but also fund managers actively chose to “chase trends” in a fragmented market.

Since July, the A-share market has experienced a drastic change in style. Technology growth sectors such as AI and semiconductors, which previously continued to lead the way, have undergone drastic adjustments, while the traditional value sector, which had sluggish early performance, has generally experienced a rebound. In this context, many funds heavily invested in AI and semiconductors have retreated significantly. It is worth noting that in this batch of funds that have suffered a severe setback, some products just completed large-scale stock exchanges in the second quarter, switching from traditional sectors such as consumption and resources to the technology circuit. Among them, there are not only situations where the handover of fund managers led to style changes, but also fund managers actively chose to “chase trends” in a fragmented market.