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

Recently, the A-share market has been fluctuating at relatively high levels, and the internal differentiation of the market structure is gradually widening. The technology sector, with AI as its core, is overall attracting investment, leading to a widening gap with non-technology sectors. Reporters recently interviewed several well-known private equity institutions, and the respondents generally believe that the current structural differentiation in the market is supported by solid industrial logic but also implies localized risks of overheating. Different perceptions of this differentiation are driving a shift in strategies from "focus on offense" to "balance offense and defense" to "counter-cyclical layout", sparking a heated debate around risks and opportunities in the stock private equity field.