Multiple star funds "changing their faces" within the year, fund managers say that understanding of technology stocks needs to shift towards commercialization and realization.

In the final stages of the first quarter, the drama of "profit and loss from the same source" is once again being played out in fund investment. Some outstanding funds that performed well in last year's "tech bull market" have encountered a decrease in net asset value due to market shifts. For example, several products heavily invested in the robotics sector have experienced double-digit drawdowns. Against the backdrop of some grouped funds starting to loosen up and gradually switching between high and low positions, the risks of betting on single-track strategies are exposed. Although technology stocks are still unquestionably the main theme at present, some fund managers have pointed out that as we enter a "Darwinian moment," the market's understanding of tech stocks needs to shift from "conceptual narratives" to "commercial realization" and "technological implementation certainty."