Fund Managers See A-Shares Resilience Despite Fed Tightening

The notable point is that domestic fund houses are framing Fed tightening as a volatility event rather than a regime change for A-shares, leaning on the policy-divergence argument that has repeatedly shaped onshore sentiment. The barbell call — growth tech alongside dividend payers — implicitly concedes that conviction is split, with no single style dominating. What matters is whether that framing holds if external tightening persists and domestic easing has to do more of the work; the durability of policy independence, not the short-term disruption itself, is the open question.