Leveraged Capital Continues Buying In! This Sector Still Holds Major Upside Potential After Adjustment!

Recent A-share market movements have shown distinct characteristics, with major indices fluctuating repeatedly and hot sectors rotating rapidly. However, one main theme remains relatively stable: the AI technology sector, centered on computing power, optical communication, and semiconductors.

Looking at net financing purchase amounts, leveraged capital is actively positioning in technology hardware, voting with real money to signal to the market that the dividends of a new technological revolution have begun.

**Industry Trend Remains Intact** On Thursday, driven by overnight NVIDIA's better-than-expected earnings and a surge in overseas semiconductors, the AI industry opened higher and strengthened across the board in the morning session. The STAR 50 Index surged rapidly, with leading companies in computing power chips, advanced packaging, and optical communication collectively rising. Financing-heavy stocks like Montage Technology and GigaDevice reached new highs in the morning, pushing sentiment in the AI hardware sector to a peak. However, the market subsequently reversed, with the technology sector leading the decline. Major stock indices also retreated after their initial gains, closing lower for the day.

Taking a longer-term view, the A-share market has recently exhibited a pattern of "indices grinding while the main theme thrives." Traditional cyclical sectors like consumption and property have been lackluster with flat performance, while the AI industry chain has charted its own strong upward trajectory. Leading companies in areas such as optical modules, advanced packaging, and AI chips have continued to strengthen, with sector activity far outpacing others. Simply put, while other sectors are still grappling with gains and losses, the AI track has already embarked on a long bull run.

Although the sector experienced a pullback today, Peng Zu indicated that global capital expenditure remains robust, and the semiconductor equipment sector is witnessing a confluence of event catalysts and industrial progress. Packaging & testing and equipment are currently the two most certain main themes. The packaging & testing industry is benefiting from a dual tailwind: on one hand, it's gaining from the transmission of prosperity in wafer manufacturing and the shift of mature process capacity; on the other hand, advanced packaging has become a core path to break through Moore's Law, with capacity construction clearly accelerating.

Semiconductor equipment is one of the most certain incremental markets in this AI semiconductor cycle. The core logic for front-end equipment lies in the increase of domestic production rates, currently at 25%-30% overall with significant variation across specific segments. Back-end equipment holds unique advantages; once technology reaches global leadership, it can tap into a vast global market. The AI wave is driving rapid growth in demand for semiconductor equipment, with back-end testing equipment experiencing increases in both volume and price.

**Leveraged Capital Increasing Positions** The current stance of leveraged capital is equally straightforward and "unconcealed." Data on financing positions as of May 21 shows that stocks with the highest net financing purchases are almost entirely dominated by the AI industry chain. Leaders in computing power and semiconductors, such as InnoLight Technology, Cambricon, Montage Technology, GigaDevice, Biwin Storage, and Deming Li, consistently occupy the top spots on the net financing purchase list. It's important to note that financing capital inherently carries leverage, is known for its keen sense of smell and greater risk appetite, and only flows into sectors with high prosperity, strong certainty, and clear upward expectations.

The concentration of this leveraged capital conveys two key signals: First, market risk appetite has significantly recovered. Capital is no longer conservatively seeking safety but is willing to embrace growth sectors. Second, capital is no longer chasing speculative themes but prefers hardcore leaders with deliverable performance and tangible orders. In contrast, financing purchases in traditional industries are lukewarm, and the sporadic rallies in small-cap thematic stocks are difficult to sustain, which sufficiently indicates a high degree of market consensus. Future opportunities lie in the AI technology industry, where prosperity possesses strong certainty.

Although there was some outflow of major funds in the afternoon today, with leveraged capital taking short-term profits and short-term clustering slightly loosening, there has been no trend of mass exodus.

**The Sixth AI Technology Kondratieff Wave Cycle Has Begun** In the latest live broadcast, Peng Zu stated that the world has now formally entered the upward phase of the sixth AI technology Kondratieff wave cycle.

Unlike the software and traffic competition of the internet era, the core of this cycle is artificial intelligence, computing power infrastructure, high-end hardware, and advanced manufacturing. Simply put, whereas before the focus was on connecting computers to the internet and popularizing mobile phones, the current goal is to endow machines with intelligence and make computing power the new era's oil. AI large models, computing power centers, high-speed optical communication, and high-end chips are the infrastructure of this era's transformation, akin to railways, power grids, and highways of the past—absolute necessities.

From an industrial perspective, the AI industry boasts both short-term earnings explosions and long-term era dividends. Based on practical industrial logic, the global AI wave is sweeping across, with overseas giants frantically expanding computing power production. Domestically, policies supporting the digital economy and import substitution continue to intensify. Upstream hardware such as optical modules, HBM memory, advanced packaging, and high-speed PCBs are seeing order books filled and experiencing simultaneous increases in volume and price, leading to visibly improved performance.

Of course, it's necessary to view the market rationally. The initial phase of a Kondratieff wave cycle does not involve unchecked, continuous surges; it is accompanied by fluctuations, pullbacks, and divergences—this is the normal pattern. Financing leverage amplifies both gains and losses, leading to greater short-term volatility. The core logic of this market cycle is that earnings are king and leaders take priority. Only those leading enterprises that truly master core technologies, have stable orders, and sustain profitability can navigate through the cycle and reap the long-term dividends.

In summary, as of 2026, market performance, capital movements, macroeconomic cycles, and industrial logic are all sending highly consistent signals from four fronts: the AI era has arrived. The dividends of the fifth internet cycle are gradually fading, while the sixth AI Kondratieff wave cycle has just set sail. The heavy positioning of financing capital, the clear market main theme, and the upward trajectory of industrial prosperity—all these signs point to one signal: for the next decade or even decades, artificial intelligence will be the core engine of the global economy and the golden track most worthy of long-term positioning in the A-share market.

(Mentioned stocks are for illustrative analysis only and do not constitute trading recommendations.)