The portfolio needs to be moderately balanced, and some private sales "do not want to play with tech stocks anymore."

Jin10 Data reported on September 25th that the A-share market has been experiencing sustained high-level fluctuations recently. While large cap stocks in the technology growth sector remain strong, signs of differentiation and increased trading congestion within the sector have become more apparent. Against the backdrop of significant recent rises in sub-sectors such as artificial intelligence (AI), Computing Power, and semiconductors, some private sale institutions have begun to worry about the short-term risks of technology stocks and are quietly shifting their investment focus towards cycles, consumption, and high-end manufacturing. Meanwhile, as the financing balance of A-shares has continued to rise recently, investors' financing purchases are highly concentrated. The risk of funds with certain leverage attributes excessively clustering around technology stocks in the short term is becoming increasingly evident. Recent surveys indicate that many private sale institutions have optimized their portfolios, focusing on flexible adjustment of allocations and gradually opening up a "second battlefield." (China Securities Journal)