A-share tech stocks fall, usually driven by multiple factors converging: first, the overall market risk appetite declines and capital flows out of high-valuation growth sectors; second, the tech sector’s prior rally has been sizable, creating pressure for profit-taking; third, when earnings delivery falls short of expectations, valuations can compress quickly; fourth, changes in policy, the external environment, and industry competition can also disrupt sentiment. In the short term, sentiment and liquidity are the main drivers; in the medium term, performance, innovation implementation, and the strength of policy support still need to be watched.