The technology market is transitioning from a phase driven by sentiment to one focused on fundamental validation, according to industry experts. Fund managers emphasize the importance of strategic positioning and differentiated approaches in the current competitive landscape.

Xinda Ao Ya Fund's General Manager Fang Jing highlighted the necessity for small and medium-sized fund companies to establish clear, differentiated competitive strategies. He suggested avoiding direct competition with larger firms in standardized product areas and instead concentrating resources on active management capabilities. Fang outlined a focus on three core product lines: active equity investments, absolute-return "fixed-income+" strategies, and enhanced index products. He stressed building a pragmatic investment culture, avoiding overcrowded popular sectors, and leveraging shareholder resources for synergistic growth.

Xingye Fund's Index Investment Head and prospective fund manager Xu Chengcheng noted that Hong Kong stocks remain a crucial market for China's new economy and technology assets. He pointed to the Hang Seng Tech Index as a representative tool for gaining exposure to this sector. Xu observed that technology investments are shifting from theme-driven speculation to fundamentals-based valuation, making index-based participation more advantageous than individual stock selection due to diversification benefits. He emphasized that Hong Kong QDII products should be viewed as tools for adding low-correlation assets to investment portfolios rather than for short-term market timing.

Xingquan Global Fund's Fixed Income Deputy Director and fund manager Liu Qi elaborated on the core value of "fixed-income+" products, which lies in providing a stable holding experience for investors. His strategy focuses on achieving "three additions": enhancing returns through equity allocation, smoothing volatility via asset diversification, and improving risk-adjusted returns. Liu advocates a systematic approach combining macro-level configuration with bottom-up security selection, prioritizing capital preservation during market downturns over short-term performance rankings. He maintains a cautiously optimistic view on current markets, identifying structural opportunities in AI, advanced manufacturing, and consumer sectors while advising a gradual transition for retail investors from deposits to low-volatility financial products.