To be honest, with this kind of market, the mainstream usually doesn’t go up or down, but among the small caps there’s always one or two quietly jumping. From what I’ve observed, “hot” themes have cycles: first a small group of people discovers them, then funds keep flowing in for several straight days, with volume building higher and higher. Finally, when sentiment catches fire, by the time everyone knows, it’s often already near the end. If you wait until the whole screen is shouting about it and then jump in, you’re basically there to help people lift the sedan.

Let me say a blunt truth: hype and liquidity have always been tied together. When liquidity is good, chasing after a rise still leaves some meat on the plate; when liquidity tightens, any run-up becomes a bag-holding scene. Look at those concepts that were lively not long ago—aren’t many of them withering now? It’s not that the story got worse; it’s that the money has pulled out. So when I judge whether it’s worth following a hot theme, I never ask “Is this narrative good?” I only ask “Is the money still in it, and are they willing to keep adding to it consecutively?”

Personally, I’d rather do it this way: if I really want to touch a hot theme, I use a small position to test the temperature, and never stake the main position on gambling how long the narrative can last. Anyway, this round doesn’t lack opportunities—what’s missing is the patience to see clearly before acting. Which direction have you been watching lately—something with funds steadily entering, or something driven purely by emotion? Drop a comment.
#热点 #山寨 #流动性 #Trading mindset
For personal observation only; not investment advice.