Recent market affect is first due to risk aversion from conflict, translating into a liquidity issue where people sell everything for cash, explaining the dislocated sell-off. The US dollar rising suddenly is a sign of cash need, not dollar love.

Depends on AI narrative and companies' capability to do more capex, show AI models are more profitable, and beat other models. Tech underperforms because people think they are lagging behind, spending less.

A-shares have better fundamentals and liquidity. In a flattening credit cycle, money chases directions that still generate credit expansion potential. Tech stocks are temporarily disliked by the market and not representing the credit direction.

Policymakers are relatively happy with growth rates, accepting this level to meet 2035 goals. They are stressing building a stronger domestic market but cutting trade policy subsidies. Likely more support for service consumption and allocation to national strategy projects (future energy, hydrogen, AI, modern industry).

If the overall index is capped, find gains in two ways: 1) Corrections in tech give more room. 2) Follow the lead of credit expansion to find sectors with promising demand and government support: AI technology, software models, key infrastructure hardware, and non-ferrous metals cyclicals.