Wang Zonghao, head of China's stock strategy research at UBS, pointed out that UBS's tracking of about 800 foreign-funded active funds showed that the overall Chinese stock positions of foreign institutional investors remained unchanged in the third quarter. By industry, international investors increased their holdings the most in the healthcare, internet, and technology sectors, while also reducing their holdings in the insurance, basic materials, and automotive sectors. Given the attractiveness of risk and return, UBS is still optimistic about Chinese AI technology hardware, but the recent sharp decline in global technology stocks may have a further ripple effect on relevant individual stocks in China. Given that the AI market sentiment is still weak, and the AI technology hardware holdings of public funds are still high, he suggested using a barbell strategy combining technology hardware with banks.

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