Technology market arrives at a crossroads, public funds scrutinize the "performance verification" logic.

In early July, the A-share market and overseas semiconductor sector experienced a resonance pullback, with several leading stocks in the sector experiencing a significant decline in volume. However, looking at a longer time frame, the semiconductor sector remains the most vibrant investment theme of the year, with related ETFs and actively managed equity funds leading the market. In the face of increased short-term volatility, interviews with multiple public institutions revealed that, due to the unexpectedly high global semiconductor prosperity and the essential support for AI infrastructure construction, institutions generally believe that the technology sector is still in the stage of positioning for the short term, and investment logic is transitioning from "theme speculation" to "performance verification."