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Investment Review: Maintaining High Exposure and Increasing Investment in Edge AI In July, we maintained a high exposure, with a focus on holding positions in internet, cloud computing, semiconductors, consumer, and fintech sectors. The proportion of AI investments slightly increased to 40-45%, primarily targeting B2B applications, leading chip foundries, and edge AI. In July, we further increased our investment in edge AI. The proportion of overseas assets remained around 80%. Market Review In early July, the U.S. stock market experienced a significant pullback, with panic starting to spread at the beginning of August. There are many explanations for this market behavior, including the unwinding of crowded trades (such as buying U.S. stocks of M7, yen carry trades, etc.), and concerns about a recession. Generally, the market pullback was influenced by many non-fundamental reasons. From a fundamental perspective, the leverage levels across various entities in the U.S.—corporates, hou
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