China A-share tech sector stages strong rebound; fund managers shift from beta to alpha

The shift from beta to alpha is the more telling signal here: it suggests managers see the rebound as broad enough that index-level exposure no longer differentiates performance, pushing them toward fundamentals and industry trends instead of narrative premiums. That reframing matters for how the sector's recovery gets validated — stock-level earnings and trend durability rather than sentiment alone. Whether the correction is genuinely over, as managers claim, remains the open question, and whether narrative-driven names keep lagging fundamental picks is worth watching as evidence either way.