NetEase keeps ripping while Alibaba and Baidu bleed, china tech isn't one trade anymore

I've spent the last couple months trying to build a China tech position and it's been genuinely frustrating. Since roughly March the internet heavyweights (Alibaba, Baidu, JD) have broadly lagged while NetEase keeps grinding higher and Tencent just chops sideways. They're all "China tech" but the correlation between them has completely broken down. What caught me off guard is where the momentum actually rotated. CATL in batteries, Cambricon in AI chips, Mindray in medical devices. The sector lea