Recently, I have some observations I want to share with everyone.

First is the issue of price levels. The 4179 level is clearly not the ceiling; before the Spring Festival, it is likely to test higher again. 4250 is a key reference point, and further up, 4400 is also within sight. The recent rally has not been fully realized yet.

More importantly, what will the market do next? Will the main themes of commercial aerospace and AI continue to take turns being hyped, forming a dual core, or will only one survive in the end to become the new focal point of consolidation? I think we can see the clues within a week, and tomorrow’s performance might be a signal.

The positions of different sectors vary greatly. Many people entered the commercial aerospace sector early on, and now it’s a bit crowded. Even in a bull market, the overall position isn’t particularly low. But upon closer inspection, it has already been somewhat overextended in recent gains. In comparison, AI’s starting point is lower. It has accelerated for three days recently, but the distribution of chips isn’t concentrated enough—early buyers aren’t many, and it only started attracting more attention after reaching new highs. This usually indicates that new hotspots need repeated refinement to test how much genuine market consensus exists. During the initial rise of semiconductors, the recent performance of commercial aerospace can serve as a reference for this pattern.

Another interesting phenomenon is that, despite a mountain of positive news for AI, many companies are rushing to issue statements like "We have no AI business" in their announcements. This contrast is quite ironic, and tomorrow’s market reaction is likely to be lively.