Local overheating poses hidden risks, private equity seeks new strategic coordinates.

Recently, the A-share market has been volatile at relatively high levels, and the differentiation within the internal structure is gradually expanding. The technology sector, with AI as its core, is generally attracting funds, leading to a widening "scissors difference" with non-technology sectors. Journalists recently interviewed several well-known private equity institutions, and the interviewed private equity firms generally believe that the current structural differentiation in the market is supported by solid industrial logic, but also implies concerns about localized overheating risks. Different perceptions of this differentiation are leading to a strategy differentiation from "focus on attack" to "defensive balance" and then to "counter-layout", sparking a heated debate around risk and opportunities in the private equity sector.