To The Moon

Bosera Funds' market fluctuation analysis indicates that on August 4, the three major indices on the Shanghai and Shenzhen stock exchanges rose, with the ChiNext Index surging over 5.6%.

Analysis shows that today, the three major A-share indices strengthened, with the ChiNext Index rising more than 5% and the communication sector gaining over 9%. On the industry level, NVIDIA officially announced that its CPO (co-packaged optics) switches have started shipping to partners, marking a transition of CPO technology from laboratory verification to commercial mass production. On the overseas front, US President Donald Trump announced the cancellation of a large-scale military strike plan against Iran, easing tensions between the US and Iran and boosting global risk appetite. Domestically, the revised Regulations on the Protection of Integrated Circuit Layout Designs were officially released, for the first time including integrated circuit layout designs with functions like integrated photonics and quantum computing into the legal protection scope. Additionally, the technology sector underwent a deep adjustment in July, providing strong momentum for a rebound from oversold conditions.

Recently, the Q2 financial reports of the four major North American cloud vendors were disclosed, offering key fundamental validation for the AI industry chain. Strong growth in cloud service revenue has provided positive feedback for massive capital expenditures—Google Cloud revenue grew 82% year-over-year, Amazon Web Services revenue increased 37% year-over-year, and Microsoft's commercial RPO (remaining performance obligations) surged 110% year-over-year to $625 billion. This positive "investment-output" cycle may validate the commercial sustainability of AI infrastructure construction, rather than it being a pure cost investment. Order visibility for AI hardware segments is expected to gain fundamental support, and the pricing logic of the industry chain may shift from industry trend expectations to order and performance validation. However, the tech sector has historically been characterized by high volatility, and short-term speculation may intensify. Going forward, attention should remain on the actual realization of mid-year financial results.

On the policy front, the July Politburo meeting emphasized "moderately accommodative monetary policy" and "enhancing capital market resilience and confidence," with multiple departments clearly stating they will increase counter-cyclical adjustment efforts and accelerate the disbursement of fiscal funds. August is expected to be a key window for the release of existing policy effectiveness. The continued expansion of capital expenditures by North American cloud vendors provides medium-term cyclical support for the AI industry chain. However, the tech sector's high volatility means that sharp rallies may still be followed by fluctuations. Strategically, while focusing on the tech main line, it is advisable to emphasize performance certainty and allocate around sub-sectors with substantive order support, while also moderately considering phased opportunities in areas like the price increase chain and dividend yields. Data source: Wind, as of August 4, 2026. Funds involve risks, and investment requires caution. The fund manager promises to manage fund assets with integrity, diligence, and responsibility but does not guarantee fund profitability or returns. Past performance does not predict future results. MACD golden cross signal formed, these stocks are performing well!