The three major A-share indices closed with mixed results today, as market hotspots displayed a rapid rotation pattern. Agricultural and nonferrous metal sectors showed relatively strong activity, while technology and growth-oriented directions faced some downward adjustment pressure. Compared to yesterday's vibrancy, the trading sentiment in the tech sector has indeed cooled somewhat today. Facing this swift rotation between sectors and the contrasting temperature shifts, many investors are beginning to wonder: why is the rotation pace of the tech mainline so rapid right now? Let's delve into this together.

Core Logic Unchanged: Policy and Industry Are in Sync

When evaluating the vitality of an industry, it's wise to shift focus away from short-term price fluctuations and toward the deeper industry fundamentals. Currently, the actual construction of the computing power industry chain has not slowed due to market performance. Instead, it is benefiting from a confluence of positive factors on both the policy and industry fronts, potentially solidifying its long-term development foundation.

First, top-level planning appears to be gradually strengthening the policy base. The Ministry of Industry and Information Technology's latest "15th Five-Year Plan" for the Information and Communication Industry explicitly calls for advancing the construction of computing power transmission channels, deploying 400G and above high-speed transmission technologies, and building 10,000-card intelligent computing clusters. This blueprint may provide highly valuable medium-to-long-term development guidance for sectors like optical modules and high-speed transmission.

Second, overseas demand is expected to continue delivering. Recently, a major overseas AI giant completed training its latest generation frontier model on nearly 100,000 computing chips. Additionally, a top global computing chip executive has clearly stated that the AI agent era has arrived. This implies that demand for high-speed interconnect within data centers for training clusters and AI agent deployment is likely to keep rising. Driven by industry technology iteration, an internationally renowned investment bank has significantly raised its global optical module market forecast for 2026 to 2028, particularly regarding shipment expectations for high-end products like 800G and 1.6T. This indirectly reflects that order demand in core upstream segments remains relatively strong.

Meanwhile, the domestic market's supply-demand landscape is also undergoing restructuring. Since the start of this year, several leading cloud vendors have frequently raised computing power prices, reflecting the current situation of tight resources. On one hand, large model applications are generating massive demand, with computing costs potentially transforming into "ongoing operating expenses." On the other hand, production capacity for core hardware like high-end computing chips faces short-term bottlenecks. In this supply-demand dynamic, industry profits are likely to concentrate upstream, and hardware segments such as chips and advanced packaging may enter a prosperous cycle with simultaneous volume and price increases.

In summary, driven by the triple force of policy guidance, overseas demand pull, and prosperity transmission from tight domestic supply-demand dynamics, the core segments of the computing power industry chain may possess strong resilience against interference. This also implies that market fluctuations are more likely disturbances at the capital and sentiment level. For those assets with genuine technical barriers, positioned upstream in the industry chain, and capable of truly sharing in industry dividends, the long-term growth logic may remain unchanged and could still warrant tracking and observation.

Grounding in Fundamentals, Focusing on the Industrial Supercycle

Looking ahead, the evolution of the tech industry is a prolonged marathon. From currently building computing power infrastructure to future competition over "Token efficiency," the historical process of reshaping driven by underlying technological changes may not easily alter due to short-term market swings. In this process, perhaps it's wise to adopt a more composed attitude and reduce excessive focus on short-term rhythms. For niche areas with clear order support, positioned in core supply chains, and aligned with industrial directions, the underlying logic may remain solid. Driven by both fundamentals and global demand, the current market stagnation might precisely be a period for related fields to consolidate their foundation and build momentum for the future.