Flora_花花

The global markets have once again staged an “AI high-level range-trading drama.” The semiconductor and memory sector led the selloff, dragging down the entire industrial chain. Although the A-shares market overall saw narrow-range fluctuations, the technology main theme was still pressured by weakness from overseas, showing a clear pullback. This is not a trend reversal—it's simply normal profit-taking by late-stage holders plus sentiment repair.

I. The core reasons for the pullback are clear at a glance

Korean stocks triggered another circuit breaker: the KOSPI plunged by nearly 10%. Memory giants such as Samsung and SK hynix also crashed, transmitting the shock to the global semiconductor supply chain. In the U.S., the Nasdaq fell more than 2%, and the SOX index at one point suffered a 8–9% drop. With Micron’s pre-market performance already under pressure, the market started worrying about how AI capital expenditures would be rolled out. In China, this fed through as AI and technology hardware stocks opened higher but then weakened, with some previously overbought shares taking profits.

It’s worth noting that trading value still remains above 3 trillion (RMB), and capital hasn’t broadly fled. Instead, funds are rotating between the high-valued growth tracks and the undervalued areas—energy metals, pharmaceuticals, finance, and others have clearly taken turns to lead. The Shanghai Composite edged up 0.11%, while the STAR Market 50 still set new highs, showing very typical structural divergence.

II. Technical and fund flow indicators

The Shanghai Composite has repeatedly churned and built a base between 4100 and 4300. In the short term, watch support around the 5-day and 10-day moving averages. The ChiNext and STAR Boards have greater elasticity, but their volatility also expands in tandem. In terms of volume and style, northbound capital and main forces are still battling it out at high levels, and core assets have not shown obvious “blood loss.” During the pullback, trading volume did not shrink significantly, suggesting the bulls’ defensive capacity is still intact.

If Micron’s earnings report truly comes in worse than expected, or if global geopolitical and macro data deliver yet another round of surprises, there could be further short-term disruptions. But looking at the medium term, the logic behind AI + domestic substitution remains unchanged, and the policy environment is also favorable—so the pullback can be a window to buy on weakness.

Personally, I think strict 10–15% stop-loss rules should be followed at the stock level. If the overall sector withdraws about 20%, you could consider adding shares in batches. Mentally, treat this pullback as a “washout,” not a “crash.” The market always switches between fear and greed.

Last night’s adjustment is only cooling down overly heated sentiment beforehand; it is not a signal that the bull market has ended. A real bull market always emerges through disagreement.

Risk warning: The above is based only on personal market observations and does not constitute investment advice. The market is risky—enter with caution.

Siren!!!

Ah, there are still 21 days until I can change my avatar. I feel like I was out of my mind at that time, why did I make it look like an old aunt😭

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