Capital outflow

This morning, there was a small amount of capital returning, as there was a slight increase in volume. Additionally, there has been some repositioning of capital in the market, but this adjustment is still far from sufficient. Therefore, the quantitative attributes remain very evident, with various impulsive rotations. Today is the last day for capital withdrawal, and those who want to withdraw must act today, so let's see if there will be more capital returning to the market at the end of the trading session.

In terms of market direction,

Leading the gains is a uniform trend, focusing on institutional growth directions, such as the computing power industry chain (optical concepts, liquid cooling, power supply, storage), semiconductor industry chain, and new energy industry chain (batteries, energy storage, metals).

On the thematic side, AI applications and commercial aerospace have only seen some recognition rebound, while the traditional old listings are leading the declines, which also further illustrates the previous risk-averse thinking.

From this perspective, everyone seems more inclined to flow back towards growth directions and industrial logic; as for thematic directions, quantification is leading, and various streaming rooms are involving retail investors in the game.

In summary, these institutional directions have provided too many opportunities previously, and after a significant rise, one cannot chase anymore, as currently, the incremental capital has not effectively flowed back, still dominated by quantitative factors. Therefore, after a surge, it is easy to be hit down, so wait for a correction to make low buy-ins.

1. These optical concepts have consecutively reached new highs, such as Tai Chen Guang, Changxin, Changhua, etc. These are all frequently inquired about. From the weekend to the recap articles over the past few days, if you want to learn, just go back and take a look. It's about next-generation interconnection technology, trends, and the current situation.

Capital follows this speculation.

Of course, it's also fine to browse articles from the second half of 2025 because I also discussed these topics. Including the column articles that are also these.

2. The flower concept that has been frequently inquired about these days.

This is a core player in domestic supernodes. To put it bluntly, our AI chip performance is still lacking, so we achieve overall performance breakthroughs through supernode groups.

In fact, in my opinion, this round of optical interconnection technology trends also indicates that, from the AI competition dimension, AI chip manufacturers have extended their competition from computing power performance to a dual battlefield of chip + scale-up network.

Regarding the flower concept, related companies include Shenling (liquid cooling) and materials (Nanya, Huafeng). The first three have all reached new highs, so I won't focus on tracking them anymore.

There is also Feiling (domestic switches).

These should be included in the December recap articles; you can check them out. Of course, I also included them in the January column.

3. Other domestic computing power.

First, the computing power leasing catalyzed by the tight supply of computing power has been surging these days, and it can't be elaborated on anymore. Take a look at last week's articles. Second, components supporting computing power infrastructure,

like liquid cooling, optical modules, etc. These are all ongoing follow-ups. For example, Guangxun, these are continuously tracked.