On July 20, Guojin Securities chief economist Song Xuetao said the global tech sell-off stemmed from overly rapid, concentrated gains that were amplified by leverage and momentum trading. The correction began in the most leveraged Korean market and then transmitted to US, Japanese and Chinese tech stocks. He said recent weakness in A-shares largely reflects overseas risk transmission and trading-flow disruption, not a fundamental reversal of China’s growth logic or industrial trends, and he remains optimistic on A-shares; China’s economy is undergoing structural transition and old-to-new momentum rotation, so headline aggregates may fluctuate short term while the industrial side still offers solid support.(金十数据)