Public offerings adopting a "betting" strategy are fraught with challenges; it is essential to establish a counter-cyclical sales discipline.

In July, technology stocks hit the brakes suddenly after a strong upward momentum. Those actively managed equity funds that shone brightly with extreme positions during the favorable conditions saw significant pullbacks in this round of market adjustment, with over 3,500 funds posting negative returns for the month and more than 70 products experiencing monthly declines exceeding 40%. Fund analysts pointed out that the "gamble-style" holdings of public funds appear to offer high returns, but in reality, they are filled with thorns. The industry should establish the resolve for contrarian selling and firmly avoid promoting investments in a single sector that is at historically high valuations and extremely crowded.