Introduction: ① The market continues to consolidate with reduced volume, the Index faces a choice of direction, and if there is no surge in volume, the probability of a pullback increases; ② Short-term sentiment is retreating, the continuity of hot topics is poor, with funds flowing into defensive sectors like Gold and Electrical Utilities, the market urgently needs a new main line; ③ Robot Concept stocks are stronger than the market, with high popularity and deep capital involvement, but the valuations are relatively high, and the risk-reward ratio for chasing rises is low; ④ The AI computing power direction continues to show differentiation, after adjustment, focus on new catalytic opportunities or leading middle troops to reshape speculation confidence.

Yesterday, the market continued a low-volume consolidation structure. From the Index perspective, although it is still in a relatively strong consolidation structure, the narrow fluctuations over the past three days may indicate that the market is facing a new round of directional choices. If it cannot attack with increased volume again, the probability of subsequent corrective consolidation may further increase.

However, from the perspective of the market, the traces of short-term sentiment retreat are becoming increasingly obvious. First, the continuity of various hot topics is relatively poor, often experiencing local boosts in one direction followed by oscillations and pullbacks. This has led to a chaotic state lacking a core leader for the Index, and risk appetite is also continuously declining, thus with this backdrop, funds chose to accelerate the return to defensive sectors like Gold and Electrical Utilities yesterday. This is evidently unfavorable for further upward movement of the Index, so the urgent need remains for the market to determine a new main line that can resonate upward with the Index.

However, relatively speaking, although there is still differentiation within Robot Concept stocks, the sector overall is significantly stronger than the market. On one hand, Robot Concepts have strong market popularity, and the depth of capital involvement is considerable, so when other hot topics fail to maintain continuity, the return to robotics has almost become the preferred direction for capital. On the other hand, Xiangyang Automobile Bearing and Qijing Machinery have further expanded the height of the sector, prompting some funds to engage in imitative complementary rebound speculation. However, after repeated performances, the overall valuations are already relatively high for investors who do not hold initial shares; thus, chasing gains at this time may have a relatively low risk-reward ratio.

The AI computing power direction continues to consolidate with differentiation. After announcing its Earnings Reports, China United Network Communications encountered a sell-off, dropping over 7%, while funds speculating on the GTC conference collectively fled as NVIDIA did not release any overly optimistic information, leading to significant declines in Shenzhen Kinwong Electronic, Victory Giant Technology, Cambricon, and Eoptolink Technology Inc. Additionally, while individual stocks in the computing power leasing sector occasionally show bright performances, they are more often accompanied by signs of intense capital speculation, with overall continuity remaining relatively poor. However, after consecutive adjustments, the accumulation of holdings has nearly completed, and it remains to be seen whether there will be new catalytic opportunities or leading middle troops to reshape market speculation confidence.