In April 2026, global risk assets gradually recovered from the earlier systemic pullback, and the market narrative shifted back toward industrial fundamentals and earnings trends. As the geopolitical risk premium eased, capital flowed back into growth assets, with technology stocks leading the rebound. In our view, this recovery was not merely a sentiment-driven bounce, but the result of easing macro pressure, improving liquidity, and stronger industry momentum working together.

At the macro level, investors became less sensitive to earlier sudden shocks and returned to assessing corporate earnings, industry trends, and long-term growth potential. In terms of capital flows, global equities regained allocation demand, and improving risk appetite supported a rebound in growth styles. At the industry level, AI-related demand continued to broaden from computing hardware into cloud services, storage, servers, software applications, and enterprise use cases, making the earnings foundation of the technology sector more robust.

We remain constructive on the long-term development of China's technology sector. Competition in AI is moving beyond pure model capability toward ecosystem integration, real-world deployment, and commercialization efficiency. Platform technology companies with infrastructure, application scenarios, data resources, and enterprise customer connectivity are more likely to build lasting competitive advantages during this industry transition. While the market may favor hardware segments with faster near-term earnings delivery, long-term value will depend on whether companies can turn technology capability into stable cash flow.

In healthcare, the policy environment and innovation capacity in China continue to improve. Chinese innovative drug companies still show strong potential in clinical development, international collaboration, and technology pathways. We believe market volatility does not alter the long-term industry direction. The fund will continue its deep research into high-conviction sectors such as technology and innovative healthcare, while seeking opportunities with attractive long-term risk-reward profiles within a disciplined risk control framework.

Risk disclosure: Market fluctuations may cause investment outcomes to vary. Investors should make rational decisions based on their own risk tolerance. This article is for general information only and does not constitute investment advice, an offer, or a solicitation. Past performance is not indicative of future results.