Tech stocks staged a counterattack, leading to significant recovery for heavily invested funds.

On July 31, after almost a month of consolidation, technology stocks represented by AI rebounded collectively, driven by the external market, with several technology ETFs experiencing daily gains exceeding 9%. Actively managed equity funds heavily invested in technology significantly recouped losses. Multiple fund managers interviewed indicated that the current rebound can be seen as a correction process from "excessively pessimistic pricing" to "staged rebalancing pricing." Whether this can evolve into a sustained trend still requires further verification from subsequent market performance and capital behavior. Additionally, while the vast majority of fund managers remain optimistic about the long-term trends of the AI industry chain, there is a growing consensus shifting from a "concentrated" to a "balanced" allocation approach, and the K-shaped differentiation in market styles may further converge.