Deutsche Bank strategists said that the market position structure is still unbalanced. Investors are overallocated to the technology sector, and the rotation of capital into this sector pushes the stock price closer to the upper limit of the long-term trend. The strategy team led by Parag Tart wrote that the holdings of large growth stocks and technology stocks declined somewhat last week, but they are still in a state of overallocation; the consumer cycle sector has risen to a slight overallocation, while the rest of the sectors are underallocated. The report said that overall stock holdings declined slightly, but were still slightly overallocated. According to the report, discretionary investors maintained a small amount of under-allotted stocks; their quantitative strategy holdings declined from a high level, but they were still overallocated. Within the quantitative strategy, stock allocations of fluctuation-controlled funds have increased, while commodity trading advisory fund stock holdings have declined sharply, but they are still at a high level. Capital inflows from equity funds have slowed, and the inflow volume of bond funds has jumped to a four-month high. Money market funds have achieved the largest inflow in more than 6.5 years.

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