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

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.