- The report discusses the use of a fund position monitoring model to analyze public fund holdings. The model estimates that equity-biased hybrid products have reduced their holdings in the technology sector to 24.76%, while increasing their holdings in the cyclical sector to 21.33%, significantly exceeding the market benchmark weight of 18.41%[13] - The cyclical sector, particularly the chemical sector, has seen the most significant inflow of funds, with its holdings increasing from 4.6% on December 17 to 6.34% recently. Similarly, the non-ferrous metals sector maintains a high holding ratio of 8.59%, far exceeding the benchmark level[13] - The report highlights that the logic of public fund holdings has shifted from a technology AI narrative to a price increase narrative, as evidenced by the increased holdings in cyclical sectors such as chemicals, non-ferrous metals, and petrochemicals[13]