小登有分歧，老登在分化

Group 1 - The article discusses the ongoing debate in the A-share market regarding the future of high-growth technology stocks versus undervalued domestic demand sectors, highlighting the contrasting views of fund managers [2] - Fund managers are increasingly cautious about the AI sector's high valuations, with some suggesting a diversified investment approach to mitigate potential volatility [4][5] - The article notes that while some fund managers are focusing on domestic consumption, others are still optimistic about the real estate sector as a recovery opportunity, despite current market challenges [17][22] Group 2 - The performance of fund managers who missed the tech rally varies, with some expressing regret while others maintain a focus on domestic demand, particularly in the service sector [12][14] - The article emphasizes the importance of domestic consumption as a long-term investment theme, with fund managers like Zhang Kun heavily investing in traditional sectors like liquor [14][23] - The real estate sector is viewed as a potential recovery area, but current data shows it struggling to stabilize, leading to a cautious outlook among investors [23][26]