July 9 — Noan Fund says recent global volatility, concentrated in tech, reflects
positioning around global capex expectations and marginal industry shifts, while
fundamentals remain positive. The firm views the recent A-share correction as a
market-driven structural rebalancing using short-term negative news, likely
sentiment- and structure-led rather than a change in core market logic or
systemic risk. Noise-driven volatility could offer medium-to-long-term entry
points; the team will await mid-year earnings for validation. Positioning:
maintain exposure to the cyclical growth theme; AI is the highest-conviction
play. Also highlighted for upward revisions or attention are upstream advanced
manufacturing (AI upstream equipment, battery storage, shipbuilding) and
upstream resources such as minor metals, energy metals and chemicals.
