ChainThink report, on June 21, Li Bei, founder of Shanghai Banxia Investment Management Center, released an open letter to investors stating that the fund experienced significant net asset value corrections due to declines in equity positions across four sectors: energy, real estate, consumption, and construction materials.

The fund's current net equity exposure stands at 50%, having moderately reduced its position and liquidated holdings with insufficient conviction. Li Bei noted that recent performance of these positions has been notably pressured, with underperformance in domestic demand and real estate sectors exceeding expectations.

She acknowledged investors who have lost patience and respect those choosing to redeem fund shares and hold cash instead, but cautioned those planning to redirect redemption proceeds into chasing AI momentum: "Proceed with extreme caution."

Regarding her reluctance to follow the AI trend, Li Bei believes the trigger for an AI bubble burst has already emerged—evidenced by the marked deceleration in annual revenue growth at downstream model companies such as Anthropic. Revenue growth is expected to fall significantly short of prior market optimism by year-end, making a downward revision in capital expenditure projections highly probable.

She further emphasized that the current AI supply chain is in a phase characterized by "high profitability and valuation, leading indicators declining, while lagging indicators remain elevated"—a theoretical window for gradual exit rather than aggressive long positioning.

Nonetheless, she maintains that valuation levels for domestic demand-related blue-chip firms remain extremely low, with consumer sector P/E ratios having dropped from over 50 times at their peak to below 10 times.