Per Woofun AI, Li Bei, founder of Shanghai Banxia Investment Management Center, released an open letter on June 21 disclosing a significant retraction in fund net asset value driven by equity positions in energy, real estate, consumer, and building materials sectors. The fund maintains a current equity net exposure of 50%, having moderately reduced positions by clearing holdings with insufficient certainty.

Li Bei explicitly advised investors considering redemption to chase AI gains to 'please be cautious,' arguing that conditions for an AI bubble burst have emerged. She cited Anthropic's annual revenue growth rate as evidence that downstream model companies are experiencing significantly slowed revenue growth, likely falling below optimistic expectations by year-end. This deceleration suggests a high probability of subsequent capital expenditure declines. Describing the current AI industry chain as exhibiting 'high profits and valuations, leading indicators trending down, lagging indicators still trending up,' she characterized the environment as suitable for gradual exit rather than adding positions. Conversely, she maintained that valuations for leading domestic demand companies remain extremely low, with consumer sector leaders seeing P/E ratios drop from over 50 times to less than 10 times. She projected that decent absolute returns are achievable over a two-year horizon even if domestic demand stagnates, with significant excess returns potentially realized quickly upon demand recovery or unexpected real estate policy shifts.