On the first trading day after the holiday, the index retreated and closed the lower shadow line, but due to the outflow of funds from the north, it failed to close in the red in the afternoon. The trading volume is still less than 800 billion, but the direction of concentrated trading has a good profit-making effect, especially the trading of Huawei+. The funds returning to the market after the holiday directly find the direction of least resistance, such as the direction of proliferation of cars-overcharging.

From a catalytic perspective, 5.5G is also a window for technology commercialization. We all get together. In fact, when the frequency band was released last year, we had a basic understanding of 5.5G. Whether it is called 5.5G or 5G-Advanced, or 5G-A, it is actually the same thing. The core is still very large-scale antenna array technology. MIMO deploys 128 channels and can be expanded to 192 channels in the future. The corresponding targets, those who have done 5G before, can provide quick feedback, including antennas, oscillators, radio frequency filters, etc. The technical level has entered the stage of freezing standards. The key is whether operators are willing to spend money to upgrade. Let’s see how the press conference turns out. From a purely trading perspective, for sectors that require a certain knowledge structure and have many targets, the market often responds to targets that have the lowest threshold and are easiest for everyone to understand.
Yesterday, AI Xiang was first disrupted by Hamas at the Tel Aviv conference, and then the sellers fought over the performance of a certain optical module, causing the sector to fall. Then the indicators for the high-quality development of computing power infrastructure were released, and local computing power, computing power leasing and other sectors were boosted. Although many targets increased, the overall price was still relatively low. In the words of a big boss, trading technology is independent, and it is more comfortable inside than trading peripheral mapping. It’s the same line. Calling me Wu Song is always more comfortable than calling me Wu Dalang.
In the long run, AI and robots are a must-see, but the benchmarks are generally expensive and are generally blowing bubbles. They can only be used as subjects to repeatedly rub. It feels a lot like when we were speculating on autonomous driving in 2016. It was difficult to find something that was certain, so we could only focus on topics. If we talk about the certainty of AI at this stage, it is still about computing power. But the problem with computing power is that local computing power is limited by tape-out. Computing power leasing is emotional in the short term, but sooner or later it will be falsified, similar to how it is difficult for a second landlord to occupy the C position of real estate. Many people may not want to hear this, but they know it when they press the calculator.
In terms of semiconductors, Samsung and Hynix are allowed to continue importing equipment into their Chinese factories. I think I should write the title this way, otherwise it will be easy to be ambiguous. In fact, the previous exemption expired and was then renewed. The previously dismantled machine was also dismantled, and it was a module made of core particles produced by a Korean company. Under this background, being able to be allowed to continue to pull equipment means at least a certain degree of relief. As for the core particles themselves, our Changxin Changcun, etc., cannot get good equipment, so they cannot mass-produce high-end products. If Korean companies continue to supply them, it is not a bad thing for downstream consumer electronics.
Being independent and controllable does not mean that in the first stage, it is unrealistic to emphasize that everything must be done 100% by oneself. Supply can be guaranteed, and then the technology can be climbed step by step in a down-to-earth manner, gradually replaced, and finally controllable is the path that seeks truth from facts.
As for semiconductor equipment, when photolithography machines come in, they are always subject to bidding. Now the second level is very afraid that a certain factory in Shenzhen will do everything. For a research chain that wants to go all A-level, it is natural to hope that there will be one line that is completely autonomous and controllable. But this does not prevent other fabs from inertly choosing suppliers that they have already established themselves in when bidding. Wafer fabs are not fools. They will not only use equipment from one company and become a passive exclusive foundry. That’s all for talking about this, let me comment on the differences. It's best to shut up about this kind of thing, and I'll only talk about it this once.
In terms of batteries, the first formal composite current collector agreement between listed companies was signed. Dare to sign this agreement, then it means that the giant has determined that this is the direction he is heading. Although the market's feedback on new energy is relatively poor, from the perspective of technology tracking, the implementation of this thing means that next year the power battery industry will enter a new product competition cycle, further improving safety from a process perspective, thereby achieving The company continues to expand its technical barriers and market share advantages, and because of its safety, the application of batteries in other fields has been accelerated. For deep tracking excavators, you should pay attention to the application for peripheral technology patents in the future, such as new battery pack patents, new heat dissipation modes, new temperature controls, etc. It doesn’t matter whether the market is speculating or not. What’s important is that this thing that has been discussed for two years is now starting to come to fruition.
We'll have another day today, or at least one more day tomorrow. The water difference during the AH holiday should be evened out, and we'll see how things go north in the meantime. As for the big A market, before new policy guidance is issued, it should still focus on theme transactions, and transactions are not restricted by performance and valuation. But we should also pay attention to the trend of high dividends-third and fourth quarter results. If there is any change at this end, then be careful with high bids to prevent switching.
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