As the final point of "ETF selling pressure" at the end of January, the Shanghai and Shenzhen 300 and other broad-based ETFs did not sell off further on Friday, and the leading optical module companies' performance finally took center stage and greatly exceeded expectations. With the opening of the traditional bullish window in February, market liquidity pressure eased. The core themes revolve around outperforming hard technology (CPO/storage) and the main rebound theme of oversold recovery (commercial aerospace). After a high opening pulse in hardware, some positions need to be reduced, and after a pullback, the market will continue to follow.