A-share technology sector continues to adjust, institutions focus on resource stocks and low dividend stocks.

Recently, the technology sector of A shares has undergone a significant adjustment, and market risk preference has declined. Wind data shows that in the recent three trading days up to July 23rd, sectors such as non-ferrous metals, electrical equipment, and petroleum and petrochemicals have been the first to receive capital inflows, while consumer, dividend, and financial sectors are presenting structural opportunities. Institutions believe that this round of adjustment is more a result of external disturbances, crowded trading, and concentrated release of valuation pressure, and the long-term operating logic of the market has not fundamentally changed. During the window period of intensive disclosure of semi-annual reports, funds are gradually shifting from sectors with high elasticity and high valuation in the previous period to sectors with stronger earnings certainty and safer valuation margins.