Another meeting has taken place. In the past, everyone, including myself, would parse every single word from such gatherings.

Now, the intensity has lessened. Aside from unavoidable factors, the high-frequency and detailed communication from the top has already minimized major information gaps.

However, a few statements from the leadership are still worth pondering.

Technology Remains the Central Theme

What was discussed? Here are the key points:

1. Wu Qing: Actively embrace the new round of technological revolution and industrial transformation, and continuously enhance the capital market's institutional inclusiveness and adaptability.

2. Wu Qing: Currently, the technology sector accounts for over 30% of the A-share market's total market capitalization. Among listed companies with a market cap exceeding 100 billion yuan, technology firms now represent 45%.

3. Since the release of the new "National Nine Articles" over two years ago, holdings of A-share tradable shares by entities like social security and insurance funds have grown by 85%, with net purchases of A-shares reaching 1.3 trillion yuan.

4. Wu Qing: Expand the application scope of the STAR Market's fifth set of listing criteria to the artificial intelligence field. This standard primarily supports cutting-edge hard-tech companies that are not yet profitable and have long R&D cycles.

5. Continuously deepen reforms of the "Two Innovation Boards." The combined number of companies listed on the STAR Market and ChiNext now exceeds 2,000, with a total market capitalization surpassing 35 trillion yuan.

6. Wu Qing: Strictly investigate and punish illegal activities such as riding on technology-related hype, speculative concept trading, market manipulation, and insider trading.

7. Wu Qing: Support the launch of active ETFs on the Shanghai and Shenzhen stock exchanges.

8. Ding Xiangqun, head of the National Financial Regulatory Administration: Promote the better concentration of financial resources towards emerging and future industries.

9. State Council Information Office: China is accelerating the establishment of the World Artificial Intelligence Cooperation Organization. In July this year, China will host the 2026 World Artificial Intelligence Conference and the High-level Meeting on Global AI Governance in Shanghai.

Every sentence revolves around technology, inseparable from it.

Among these, "Expand the application scope of the STAR Market's fifth set of listing criteria to the artificial intelligence field" has even been interpreted by some as a potential move to welcome companies like DeepSeek, which is currently fundraising.

DeepSeek has already secured its first round of financing at 50 billion yuan ($7.4 billion), with a valuation exceeding $50 billion. This marks the largest single funding round in China's AI industry to date.

Additionally, Liang Wenfeng personally contributed 20 billion yuan, the National AI Industry Investment Fund invested approximately 980 million yuan, with other investors including Tencent, Contemporary Amperex Technology Co., Limited (CATL), NetEase, JD.com, Monolith Capital, and IDG Capital.

It is important to note that apart from the National AI Industry Investment Fund having voting rights, other investors are purely financial contributors without control.

This is something to ponder carefully.

However, the first to list is likely not DeepSeek, but KNOWLEDGE ATLAS.

On June 1, 2026, the board of Beijing Knowledge Atlas Technology Co., Ltd. (Knowledge Atlas AI, 02513.HK) formally reviewed and passed the relevant proposal for an A-share issuance, planning to list on the Shanghai Stock Exchange's STAR Market to complete its A+H dual-listing structure.

Previously, many major AI models listed in Hong Kong. Isn't it appropriate that we didn't have a single listed company in this sector here?

So, while the short-term hype might be intense, taking a longer-term view, technology holds vast potential.

After all, leaders are striving to keep pace with the times and embrace industrial transformation. Nowadays, any leader with ambition is organizing study tours to Hefei.

While some always dismiss technology as a bubble with no investment value, destined to burst, consider this: assets like real estate, coal, and consumption in traditional portfolios—didn't their bubbles also burst during their maturation from nascent to established sectors?

A chart from Zhang Yu essentially summarizes the current trend.

In her words, the economic scale of the new sectors has comprehensively surpassed that of the old economy; a paradigm shift is unstoppable.

Of course, established and emerging sectors are not opposing forces. Established sectors have their value, and holders of tech assets need not disparage other assets. The key is to weigh them more carefully during portfolio allocation.

On this point, Sun Wenlong of Bodo Fund has a rather good perspective. I'll summarize the parts I agree with:

Many people engage in pseudo-diversification. The real issue with diversification isn't diversification itself, but that most investors fail to achieve true diversification.

Take the current market, under extreme "one-nine" conditions, if one's allocation to technology itself is insufficient while completely avoiding these sectors, it inherently deviates from the market structure.

Any deviation from the benchmark is a form of arrogance, requiring sufficient excess cognitive ability to justify such a stance.

Therefore, he adjusted allocations in sectors like communications and electronics to near benchmark levels, avoiding straying too far from the market in these areas.

This applies to others as well. It's best to set a personal benchmark—an anchor for your investments. With this anchor, your perspective on the market may become more objective.

However, I believe not everyone is as capable of timely self-reflection as Sun Wenlong, which is a crucial quality in investing.

Acting Against the Wind?

Regarding the statement "Strictly investigate and punish illegal activities such as riding on technology-related hype, speculative concept trading, market manipulation, and insider trading," it suddenly brings to mind some capital currently acting against regulatory trends.

Recently, perhaps the most strained party is Caitong Fund.

Today, I saw some rumors circulating about them: that "Big Gold" (Jin Zhicai) was invited for a chat, that their offices were subject to a surprise inspection.

It's false, but the spread is wide...

All of this stems from "Big Gold" now being extremely prominent. Both professional and non-professional observers fall silent looking at those returns—the journey from being called a "gambler" to an "investment genius" was just one AI revolution apart...

Caitong Fund is not foolish enough to engage in aggressive marketing at such a time. Many funds have long imposed purchase limits, but Caitong happens to have a large number of LOF products, many of which are managed by Jin Zhicai.

Those unable to buy from the primary market, driven by sharp performance and various sentiments, are rushing into Jin Zhicai's LOF funds.

Take a look at the spectacular scene in LOF funds today. You might think Caitong Fund is laughing, but internally they are likely panicking. Sympathies to their middle and back-office staff for a minute.

Let me reference another article discussing why Caitong Fund became a target.

A serious reminder to everyone: the炒作 logic of LOF funds always chases the most topical themes. The current speculation in funds like Caitong Fuxin Dingkai is purely a greater fool's game.

This is a game of capital pools. When you play this game, figure out: are you the one ordering at the table, or are you the dish being served?

In this regard, the story of Silver LOF is a relevant precedent.

Early believers may get the soup, but followers often get beaten. If this collapses, there will be no compensation obtained through complaints.

This article represents personal sharing only and does not constitute investment advice. Funds carry risks; invest with caution.