Summary: ① Last Friday, the market strengthened with trading volume exceeding 2 trillion, the mid-term upward structure of consolidation may be further established; ② Technology stocks showed strength across the board, the semiconductor industry chain had a concentrated outbreak, may see differentiation today; ③ Due to NVIDIA's stock price hitting a new high, and the latest updates on the GB200, the demand for AI hardware remains strong; ④ Mergers and acquisitions + technology are still high certainty short-term themes, with leading high-quality stocks performing strongly, expecting similar speculation continuation, while also taking note of opportunities in low altitude economic themes rotation.

Following the market's strength in the afternoon of last Friday, trading volume exceeded 2 trillion again, reversing the previous indices' relatively weak consolidation structure. However, it is important to note that there is still some trapped selling pressure from the previous market correction, resulting in a slight decline towards the end of trading on Friday. Although there may still be short-term fluctuations, the mid-term upward pattern is further established.

In terms of the market, technology stocks showed strength across the board, led by the semiconductor industry chain. Semiconductor companies such as SMIC and Cambricon hit the limit up, while AMEC, Naura Technology Group, National Silicon Industry Group, and other core symbols also showed impressive gains. On the one hand, the logic of semiconductor localization is deeply ingrained, gradually becoming the market's consensus. On the other hand, based on the disclosed third-quarter earnings forecasts of individual stocks, most companies are showing high growth momentum, validating the expectations of a semiconductor industry cycle reversal. However, after the concentrated outbreak last Friday afternoon, there may be some differentiation today, so the focus should remain on the core symbols at the forefront.

The AI hardware sector is also worth noting. According to the well-known analyst Ming-Chi Kuo, the latest release of NVIDIA's Blackwell GB200 chip's industry chain order information shows that Microsoft is currently the world's largest GB200 customer, with a three to fourfold increase in order volume in the fourth quarter of this year. Looking at the market, core symbols in the CPO and PCB sectors have returned to near their previous highs, with the concept of high-speed copper cable connections showing even greater short-term resilience. Both Woer Heat-Shrinkable Material and Shenyu Communication Technology Inc. have recently reached new highs. With the bullish catalyst, the AI hardware sector still has the momentum for further highs. However, due to the high position of relevant stocks, it is advisable to patiently wait for divergent corrections before re-entering or taking a more cautious approach.

Furthermore, Huawei concept stocks should not be overlooked. Although software-related directions, represented by HarmonyOS, were consolidating last Friday, there was no significant negative feedback from funds, and the overall uptrend was not disrupted. Therefore, for the overall technology sector, it can still be seen as a benign rotational trend. If the hardware sector also corrects after a prolonged rise, then the software sector, after experiencing short-term consolidation, may still have the potential to continue strong performance.

From a short-term speculative perspective, mergers and acquisitions + technology remain the most certain theme. Leading stocks like Hainan Shuangcheng Pharmaceuticals are still showing 19 consecutive daily limit up, while Huali Technology, Optics Technology Holding, Wenyi Trinity Technology, and others have all successfully advanced. Therefore, until significant negative feedback is observed in leading stocks, similar speculative activities may continue, and opportunities to supplement low positions can still be sought accordingly. In addition, themes such as low-altitude economy, the integration of vehicle-road-cloud, and resource recycling also have favorable policy catalysts, and there may still be rotational opportunities to keep an eye on in the future market.