At the end of the month, the pre-holiday hedging effect of funds, and the delivery date of ETF options, in this special time node, the three lines of A-shares are all red, and it is a comprehensive general rise market, which also means that A-shares have passed the most difficult stage and are about to usher in a new round of rise.
The most obvious change in the market today is that the direction of big technology has regained its grasp of the market rhythm and driven the counteroffensive of small and medium-sized theme stocks, with large declines in the early stage, AI plates, semiconductors, software services, Internet and other sectors leading the two cities, while the direction of high-dividend stocks and cyclical resource stocks began to fall, and the obvious change in market style means that risk aversion has come to an end, and the market is about to usher in a new round of upward cycle.
This wave of decline in technology stocks, especially the AI sector, is a very classic "emotional cyclical decline" in A-shares, from February to March, from computing power to large models to optical modules, and finally began to speculate on the marginal media stocks, and then began to fatigue the good, and then the back companies began to fall behind, and then killed a wave of concepts related to the AI sector, and finally only the leading stocks with hard logic were left to maintain sideways shocks. The reason for this sentiment is, on the one hand, that it was indeed overheated in the early stage, and that the short-term growth rate was too fast, and on the other hand, it was worried that it would enter the April earnings season.
The decline in tech stocks was driven by risk aversion
At this point, the potential risks in the last week of the announcement of the earnings report have basically been cleared, and the companies whose performance growth rate has been confirmed and whose stock prices have been mistakenly killed have gradually surfaced, and then driven by this part of the company, it is bound to drive technology stocks out of a wave of rebound.
In addition, almost every performance vacuum period entered in the past two years has been driven out of the trough by technology stocks, so in the coming May, the direction of technology stocks is likely to become the main line of the market again.
The main line of technology is about to return
The Hang Seng Technology Index next door has taken the lead in rising for three consecutive days, and today there is a long-lost strong market, which undoubtedly plays a good role in setting an example.