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Core Viewpoint - The article discusses the ongoing debate in the A-share market regarding the future of technology stocks versus domestic demand stocks, highlighting the contrasting investment strategies and sentiments among fund managers [5][12]. Group 1: Technology Sector Insights - Fund managers are beginning to express caution regarding the high valuations of AI stocks, suggesting a need for diversified investment strategies to mitigate potential volatility [8][9]. - The rapid growth of AI-related funds, such as the China Europe Digital Economy Fund, has been accompanied by warnings about the sustainability of current valuations and the importance of spreading investments across different sectors [8][9]. - Prominent figures in the investment community, including Michael Burry, have raised concerns about the AI bubble, indicating a broader skepticism about the pace of growth and valuation levels in the tech sector [9][10]. Group 2: Domestic Demand Focus - Fund managers who missed the tech rally are increasingly focusing on domestic consumption opportunities, particularly in the service sector, as a more stable investment strategy [13][14]. - The importance of domestic consumption is emphasized by fund managers like Zhang Kun, who maintain a strong belief in the long-term potential of China's consumer market [13][14]. - There is a notable divergence in strategies among fund managers regarding domestic demand, with some focusing on service consumption while others remain committed to traditional sectors like liquor [14][17]. Group 3: Real Estate Sector Dynamics - The real estate sector is viewed by some fund managers as a potential recovery area, despite ongoing challenges in the market, with a belief that the sector may present a once-in-a-decade opportunity [17][19]. - Recent data indicates a shift in the competitive landscape of real estate, with new leaders emerging in land acquisition, reflecting changes in market dynamics [17][18]. - Despite optimism from certain investors, the real estate sector continues to struggle with low growth in revenue and profits, leading to a cautious outlook among many market participants [20][19]. Group 4: Market Sentiment and Future Outlook - The article highlights a period of uncertainty in the market, with differing views on the timing and direction of future volatility, particularly between tech and domestic demand investors [24]. - Fund managers are preparing for a critical phase as annual performance evaluations approach, with the potential for significant shifts in market sentiment based on upcoming financial disclosures [24].