[Well-known fund managers frequently adjust positions to explore procyclical investment opportunities] On October 21, the recently released third quarter reports of A-share listed companies and funds disclosed the latest position adjustment trends of many well-known fund managers. In the third quarter, Huashang Balanced Growth, managed by fund manager Zhang Mingxin, reduced its holdings in Guanghua Technology, Huatai-PineBridge Quality Growth, managed by Chen Wenkai, reduced its holdings in China Jushi, and Gao Yi Linshan No. 1 Yuanwang Fund, managed by Feng Liu, reduced its holdings in Hikvision. At the same time, fund managers are also exploring new investment opportunities. For example, E Fund Blue Chip Select, managed by Zhang Kun, has increased its holdings in Sichuan Investment Energy, and Morgan Emerging Power, managed by Du Meng, has newly purchased shares of Goldfield. In the view of some fund managers, the valuation of A-share AI-related sectors has fully reflected the suppression of global liquidity and risk appetite. Compared with similar overseas assets, the price/performance ratio is improving. However, the callback risk of overseas high-valued technology assets, changes in global liquidity, and geographical factors still need to be closely tracked. (China Securities Journal)