The early market performance is quite impressive: the Shanghai Composite Index rose slightly by 0.12%, and the ChiNext Index closed strongly with a **1.18%** medium bullish candlestick; the number of stocks rising and falling is nearly even, with the number of gainers slightly ahead, and there is a high probability of oscillation in the afternoon.

However, I must clarify one thing this morning: the main line has officially returned.

The most critical factor is not the increase in the ChiNext Index, but the combination of computing power and electricity, the "twin stars of new productive forces," which have finally formed synergy. The market is completely following the direction set by the State-owned Assets Supervision and Administration Commission to "promote the coordinated development of computing power and electricity." Liquid cooling, optical modules, high-speed copper cables, and other computing power hardware have rebounded across the board, with Chuanrun Co., Ltd. and TeFa Information hitting the daily limit; on the other hand, power equipment, smart grids, and ultra-high voltage are also strengthening, with Jinshi Technology and Wangbian Electric hitting their limits.

This is not merely a simple rebound from overselling, but a genuine market driven by policy anchoring and industrial resonance.

Last night, Nvidia's liquid cooling supplier, Vidi Technology, reported earnings far exceeding expectations, with U.S. stocks soaring about 24%, directly confirming the realization of benefits from computing infrastructure hardware; prices of resources like rare earths continue to rise, with Xianglu Tungsten Industry hitting the limit with fundamental support, not just speculative trading. AI is transitioning from concept to high electricity demand, and electricity reform is moving from documents to actual orders, with the resonance of both making today’s market highly valuable.

The adjustments continue to be seen in previously purely emotional themes: multiple stocks in film, gaming, and commercial aerospace hit their limits, and some companies urgently announced to clarify rumors of "leading stocks," leading funds to flee. This also indicates that: when emotions recede, pseudo-concepts without fundamental support are the most dangerous.

What to expect in the afternoon?

The half-day trading volume is 1.33 trillion yuan, 30.7 billion more than the same period yesterday. Having such volume before the holiday indicates that incremental funds are flowing back, not just pure market speculation. The index is unlikely to plunge, and the ChiNext Index is expected to stabilize with an increase of over 1%, even aiming for a 1.5% surge.

On the operational side, a reminder:

Computing power is generally rebounding today, and it is likely to differentiate tomorrow. In the afternoon, don’t chase high stocks that have already risen by 7-8 points; prioritize focusing on stocks that hit the daily limit in the morning and have sufficient turnover, or shift towards electricity direction to look for rebound opportunities. Electricity is driven by clear policy, with relatively lower positions; if computing power funds overflow, ultra-high voltage and smart grids will be the preferred direction.

The strategy can be summed up in four words: do the familiar, not the new.

For holders, do not switch stocks randomly; sell only during afternoon pulses of weak mixed stocks without buying; new positions should only focus on core active stocks in computing power and electricity, staying away from pseudo-concepts that have announced clarifications.

This bullish candlestick in the morning is not a blind attack signal but a call for the main line to gather. Funds are flowing back to the core track, keeping up with the direction, but not blindly chasing high prices.