Core Viewpoint - The current market shows a divergence among fund managers regarding the future of the technology sector, with some indicating signs of a "bubble" and others believing that AI-driven tech stocks will remain the market's main focus despite short-term fluctuations [1][3][7]. Group 1: Market Trends - The Shanghai Composite Index has been hovering around 3400 points for about 20 trading days, with a rotation in the technology sector, particularly in AI and robotics, showing strong performance [1]. - The Hang Seng Technology Index has recently experienced a pullback after a sustained rally, indicating a need for caution in high-volatility assets [3]. - The TMT sector has accounted for 40-50% of A-share trading volume, reflecting the market's focus on AI narratives [4]. Group 2: Fund Manager Insights - Some fund managers express concerns about the potential for a bubble in growth-oriented tech stocks, suggesting that a necessary adjustment could determine future investment depth [3]. - There is skepticism regarding the sustainability of growth for AI stocks, with doubts about whether these companies can establish a competitive moat [4]. - Fund managers are advised to maintain a long-term perspective and prepare for volatility, emphasizing the importance of rational decision-making in the face of market uncertainty [7][9]. Group 3: Investment Opportunities - There is a belief that the technology manufacturing sector can remain optimistic, but attention should be paid to the valuation and execution capabilities of specific sub-sectors [5]. - High "cost-performance" sectors are emerging, with some funds looking to shift towards industries with solid fundamentals and reasonable valuations, such as non-ferrous metals and food and beverage [6]. - The Hong Kong high-dividend strategy remains attractive, with a current dividend yield around 7.2%, appealing compared to higher-valued A-share dividend assets [6].