Institutions continue to add positions, and market volume remains above 260 billion.

From a sector perspective, there has been a rebound in the past two days, with financials, non-ferrous metals, energy storage, and photovoltaic-related sectors leading the gains. You can see the presence of institutions in all directions. Honestly, competition among institutions is very fierce right now. To avoid underperforming the benchmark, everyone is eager to enter the market.

However, based on the recent performance, it’s clear that each is fighting alone, and a unified directional consensus has not yet formed. There are no new catalytic news to focus institutional attention, so the rebound directions are quite diverse.

A detail to note is that the communication sector is pulling back. From a game theory perspective, new funds are afraid of being quantitatively realized at high levels, so they first push down the sector to create a seesaw effect. Once the high-level chips loosen, institutions may rotate their positions again. This also explains why everyone feels they haven't made much money—retail investors already hold very little in traditional sectors.

On the quant side, brain-computer interfaces continue to expand, and commercial aerospace experiences huge fluctuations, with each playing their own game.

Overall, as long as the volume remains at the current level, there’s no major problem in the market. The rhythm mainly involves rotation, and the style tends to favor large-cap targets following trends. So as long as the logic is clear and supported by earnings expectations, just hold patiently.

**Sector Rhythm Analysis:**

**Brain-Computer Interface**: The hype logic is not much to discuss, mainly driven by news stimuli.

**Pro-cyclical Sectors**: Shanghai copper continues to rise sharply, driving the entire non-ferrous metals sector. This is a feast for holders. The leading electrolytic aluminum stocks continue to profit effortlessly, and institutions are also involved in this wave. Those without holdings have little chance.

**Domestic Chip Sector**: High-end equipment, storage manufacturers, and wafer foundries have hit new highs in various innovations, with limited room for further gains. Holders can consider trading, but if you don’t know how to operate, just stay put. Related targets like lithography machines, photoresists, and others can still be played.

**Computing Power Direction**:

For domestic computing power, the core is to keep an eye on relevant developments. Several high-recognition targets are worth watching.

Overseas computing power, in the past two days, traditional weights have been lifting the index, mainly a pullback under the seesaw effect. Some people are getting restless. My view is that, first, the industry’s prosperity is not an issue; these days, it’s more about the game over chips. Second, several key targets have reached the lower Bollinger band; it’s worth seeing if they can rebound. I am optimistic about concepts like NVIDIA’s new technology, Google’s supply chain, optical chips, optical isolators, and silicon photonics, which we have been tracking long-term.