Core Viewpoint - The A-share market has entered a structural bull market characterized by a significant rise in technology stocks, while traditional value stocks have underperformed, leading to a divergence in investment strategies [1][2]. Group 1: Market Trends - Since the "9·24" event last year, the rapid development of artificial intelligence has catalyzed a bull market in technology stocks, with "small-cap" stocks experiencing substantial gains [1]. - As of September 25, 2023, "small-cap" stocks in the communication and electronics sectors have risen by 67.91% and 53.58% respectively, while traditional blue-chip sectors like coal and food & beverage have declined by 6.70% and 5.64% [2]. Group 2: Investor Performance - Notable investors like Lin Yuan and Ren Zesong have struggled to keep pace with the market, with Lin Yuan's products underperforming and even recording losses this year [3][4]. - Lin Yuan's private fund products, such as Lin Yuan Investment No. 21, reported a loss of 2.77% this year despite a cumulative gain of 135.88% since inception [4]. Group 3: Investment Strategies - Lin Yuan, who previously avoided technology stocks, has made a small investment in this sector, citing passive allocation as a source of distress [3]. - The investment landscape has shifted from traditional value investing to a focus on technology-driven growth, reflecting a broader change in market dynamics [6][7]. Group 4: Future Outlook - Experts suggest that technology leaders, once they navigate through a complete cycle of "technology-profit-cash flow-dividend/repurchase," will solidify their positions as core assets in the market, akin to past successes like Apple and Nvidia [7].

Group 1 - The core viewpoint of the article highlights the significant divergence in market performance between traditional value stocks ("老登股") and emerging technology stocks ("小登股") in the current investment landscape [8][9][10] - The term "老登股" refers to established sectors such as liquor, real estate, and coal, while "小登股" encompasses high-growth areas like AI, computing, and semiconductors [4][9] - As of September 25, 2023, the performance of various sectors shows a stark contrast, with communication and electronic sectors rising by 67.91% and 53.58% respectively, while traditional sectors like coal and food & beverage have declined by 6.70% and 5.64% [5] Group 2 - The article discusses the rise of various ETFs, with the Hong Kong Innovation Drug ETF and Communication ETF both exceeding 100% growth year-to-date, indicating strong investor interest in innovative sectors [5][6] - The commentary from industry experts suggests a shift in investment strategies, emphasizing the need to focus on high-tech sectors for future growth, as traditional sectors may not sustain long-term market leadership [11][12] - The ongoing market dynamics reflect a fundamental change in investor sentiment, with a growing preference for technology-driven investments over traditional value stocks [10][12]