[UBS Wang Zonghao: Foreign investors’ Chinese stock positions remain generally unchanged, still optimistic about China’s AI technology hardware] On November 11, UBS China Equity Strategy Research Director Wang Zonghao pointed out that UBS’s tracking of about 800 foreign active funds showed that foreign institutional investors’ Chinese stock positions generally remained unchanged in the third quarter. In terms of industries, international investors increased their holdings the most in the healthcare, Internet and technology sectors (possibly from IPOs and placements), while reducing their holdings in the insurance, basic materials and automobile sectors. Given the attractive risk-return profile, UBS remains optimistic about China's AI technology hardware, but the recent slump in global technology stocks may have further knock-on effects on related domestic stocks in China. Given that the market sentiment for AI is still fragile and public funds’ AI technology hardware holdings are still at a high level, he suggested adopting a barbell strategy that combines technology hardware with banks.