By the end of the first half of the year, the concentration of public fund holdings in technology stocks reached a record high. The market style changed abruptly in the second half of the year, and popular sectors that had previously been sought after by public funding fell back; on the other hand, most of the individual stocks that had impressive gains in the second half of the year were targets where public equity holdings continued to be reduced in recent quarters, and no one even paid attention to them. According to an analysis by a fund manager, the public offering of “group” individual stocks hit the upper limit of liquidity in stock games this year. As a result, capital was withdrawn from the crowded circuit one after another and instead poured into valuation depressions where trading resistance is extremely low. This round of short-term style rotation is essentially the market's repair and revaluation of the chip structure, as well as a new round of pricing for high-odds assets.

By the end of the first half of the year, the concentration of public fund holdings in technology stocks reached a record high. The market style changed abruptly in the second half of the year, and popular sectors that had previously been sought after by public funding fell back; on the other hand, most of the individual stocks that had impressive gains in the second half of the year were targets where public equity holdings continued to be reduced in recent quarters, and no one even paid attention to them. According to an analysis by a fund manager, the public offering of “group” individual stocks hit the upper limit of liquidity in stock games this year. As a result, capital was withdrawn from the crowded circuit one after another and instead poured into valuation depressions where trading resistance is extremely low. This round of short-term style rotation is essentially the market's repair and revaluation of the chip structure, as well as a new round of pricing for high-odds assets.