Tech crowding persists, public fund repositioning reveals divergence

In the third quarter, the technology sector, which had performed impressively in the first half, underwent a correction, and discussion heated up over whether public funds' concentrated positioning in technology was loosening. On one hand, public funds' investment allocations to the two major industries of electronics and communications remain at high levels, and capital has not systematically withdrawn; on the other hand, fund managers who had previously invested in the AI computing power industry chain are diverging in their actionsthose holding firm to computing power are adjusting their sub-sector allocations, early movers are shifting to the AI application side, the cautious are adopting balanced allocations, and the defensive are liquidating positions and switching sectors. Looking ahead, fund managers' consensus of long-term optimism about the AI industry remains unchanged, but their judgments on valuations and structural directions are becoming more refined.