This weekend, the A-shares market released several key signals, shifting the market tone from "crazy bull" to "slow bull," with a clear slowdown in pace. After the peak on Monday, the market began to cool down continuously, mainly due to the national team's broad-based ETF experiencing a record weekly net sell-off of up to 200 billion, highlighting the strong pressure to suppress the market.

Looking at sector rotation, hot money has recently concentrated on commercial aerospace, robotics, and brain-computer interfaces. There have been many news updates in commercial aerospace—CASC completed its listing guidance and has entered the acceptance stage, and five commercial aerospace companies have all started IPO processes. The robotics sector is also active; during the Spring Festival Gala, humanoid robots will be used, and Airbus has signed contracts to purchase humanoid robots for factory manufacturing. Progress in brain-computer interfaces is even more rapid—Neuralink's latest development revealed that the first test subject can upgrade the interface without surgery, similar to OTA updates in the automotive industry.

However, there are many hidden risks behind this rally. Speculative capital, quantitative trading, institutions, and leveraged funds have driven a lot of bubbles, with concept stocks that previously hit the daily limit now experiencing widespread one-word down limits, indicating rapid risk release. Additionally, with the earnings season approaching, Longi Green Energy is expected to report a loss of 6 billion, and Tongwei Co. is forecasted to lose 9-10 billion. These figures will be important references for subsequent trading.

Regulators are also sending signals—CITIC Securities believes that current policies demonstrate a firm resolve to curb thematic speculation in a timely manner, and the emphasis on performance is beginning to rise again. This suggests that the space for pure concept speculation is narrowing.

Next week’s key focus is whether the market can stop falling and stabilize. If the leading sectors like commercial aerospace and AI applications continue to experience widespread limit-downs, the recovery space will be very limited. The market’s simplest demand right now is: just don’t let the market continue to plummet like this.