According to the 2026 interim report on public funds disclosed one after another, the technology market in the first half of the year amplified strategic differences among fund managers over industry trends, valuation constraints, and portfolio security. Since July, as the market style has changed, investment logic has also begun to shift from betting to verifying performance, and fund managers have paid more and more attention to “differentiated pricing” for the industry and individual stocks. Industry insiders said that from the point of view presented in the disclosed public fund interim report, when market sentiment shifts from generally raising valuations to screening real growth, fund managers' operational focus will also gradually shift from “betting on the direction” to “cashing in on growth”: it is necessary not only to determine whether industry trends are established, but also to continuously test whether companies can transform trends into orders, profits, and cash flow, and establish a sufficient margin of safety between growth space and purchase prices.

According to the 2026 interim report on public funds disclosed one after another, the technology market in the first half of the year amplified strategic differences among fund managers over industry trends, valuation constraints, and portfolio security. Since July, as the market style has changed, investment logic has also begun to shift from betting to verifying performance, and fund managers have paid more and more attention to “differentiated pricing” for the industry and individual stocks. Industry insiders said that from the point of view presented in the disclosed public fund interim report, when market sentiment shifts from generally raising valuations to screening real growth, fund managers' operational focus will also gradually shift from “betting on the direction” to “cashing in on growth”: it is necessary not only to determine whether industry trends are established, but also to continuously test whether companies can transform trends into orders, profits, and cash flow, and establish a sufficient margin of safety between growth space and purchase prices.