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

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 occur, they would present an optimal buying window.