Morning trade showed a sharp rotation from 1H: long-dormant blue chips staged a
broad comeback—pork, chicken, baijiu and brokers led gains—while prior leaders
such as AI compute and CPO diverged. Ping An Securities says funds are heavily
concentrated in the tech runway and that extreme structural positioning could
trigger an adjustment. Non-bank financials' fundamentals continue to improve and
valuations sit in a trough, offering high allocation value; should sector
rotation or market-structure adjustment occurs, they would present an optimal
buying window.
