Serentity: Nearly 50 per cent of the current month's investment retreat is based on the conviction that the current round of adjustments is only leveraged-induced fluctuations and that the growth logic has not failed

On 18 July, Serenity sent a letter stating that its portfolio had experienced a 49.4 per cent retreat this month, with the main hold-up concentrated in the AI bottlenecks areas of memory, photology, robotics and upstream semiconductors. While acknowledging the pressures of short-term market collapses, Serenity insisted that this was a volatility caused by liquidity and leverage, rather than the logic of structural growth in these areas。