Recently, this wave of market行情能稳住，背后的韧性确实值得琢磨。Today I want to focus on the logic behind robots, computing power, and chips.

**The essence of the market: capital switching**

From a trading perspective, the current two markets maintain high transaction volumes, but no longer exhibit a sustained upward trend in individual sectors. Commercial aerospace was very strong a few days ago, but has started to pull back today; domestic computing power and humanoid robots have rebounded accordingly. This typical high-low switching indicates that funds are reallocating.

Today’s leading sectors are robots and cyclical non-ferrous metals, along with sporadic performances in AI applications and digital currencies. However, those sectors heavily held by institutions—such as domestic computing power, semiconductors, optical concepts, and certain chip leaders—spiked at the open but quickly retreated. This is actually arbitrage by existing funds, aiming to profit from volatility rather than trend gains. So, in one sentence: the market is dominated by quantitative funds, with core logic being sector rotation combined with emotional resonance. Do not blindly chase highs.

**The truth about the robot sector**

In the past two days, robot stocks surged, and various research reports flooded the market. But you need to understand that this rise is more about resonance between quantitative funds and news sentiment, rather than a signal of a new main trend. Since the sector has already surged, don’t rush to buy in.

If you really want to follow this direction, focus on Tesla’s supply chain. Compared to the concept stocks mentioned last year, actual beneficiaries along the supply chain tend to be more stable.

**Computing power still has potential**

The logic behind NVIDIA’s new technology, optical concepts, and domestic chips remains unchanged. The most interesting opportunity is in Google’s supply chain— their new generation chips are confirmed to increase switch tray usage and employ higher-end M9 materials. Based on Google’s projected shipment of 5 million units in 2026-2027, the additional PCB market scale is roughly 30 billion yuan, and conservatively, the added space for copper-clad laminates could also reach 10 billion yuan.

Next week, there will be important catalysts. From Tuesday to Friday, an international tech exhibition will showcase hardware such as AI smart glasses, humanoid robots, and wearable devices; major chip and consumer electronics giants will also launch AI-centric products. These are all worth paying attention to.

**Semiconductors: the price increase cycle is forming**

This is the most critical logic. From industry tracking, the entire semiconductor supply chain is entering a systematic price increase cycle driven by rising costs and structural supply-demand factors.

From wafer foundries, storage, passive components, power devices, to PCB materials and end products, a wave of price hikes across the industry chain is accelerating, clearly pointing toward 2026. Every new industry catalyst that lands gives leading companies a chance to hit new highs.

The core of today’s semiconductor movement is China’s SMIC—its actions of acquiring Northern assets and increasing capital for Southern factories. What does this indicate? Domestic advanced process technology has entered a stage of scalable expansion. As domestic chip capacity gradually releases, orders for high-end equipment will continue to grow, and storage demand will also increase accordingly.

Based on this logic, SMIC, Hygon Information, Chipone Technology, and several equipment leaders remain worth watching.

**Commercial aerospace: hold steady**

This sector has already entered a correction cycle. There’s no need to rush to bottom-fish now; funds are deep enough, and there will still be opportunities for repeated activity. Patience for the next clear entry signal is enough.

Overall, the short-term market is driven more by sentiment and capital switching. Don’t expect too high; consolidation and volatility are the most likely directions.