Kaiyuan Securities says markets underwent a correction this week: tech staged a strong rebound on Thursday but fell again on Friday, boosting volatility. The broker views the pullback not as the end of the tech trend but as a concentrated short-term risk release amid high growth, high valuations and crowded positioning; the market is digesting valuations and crowding. Looking ahead, technology remains the primary theme and the adjustment is seen as a reset for a healthier relaunch. Tech is still

Kaiyuan Securities says markets underwent a correction this week: tech staged a strong rebound on Thursday but fell again on Friday, boosting volatility. The broker views the pullback not as the end of the tech trend but as a concentrated short-term risk release amid high growth, high valuations and crowded positioning; the market is digesting valuations and crowding. Looking ahead, technology remains the primary theme and the adjustment is seen as a reset for a healthier relaunch. Tech is still deemed the most attractive sector with marginally improving fundamentals; the STAR Market and ChiNext retain higher relative earnings advantages. After the current phase of rebalancing, the market will hunt for the next cohort that can absorb risk appetite while showing marginal fundamental improvement — a further tech re‑selection.