Oil and gas and communications ETFs lead the way, with funds concentrating on semiconductor equipment.

Last week, themes such as oil and gas, telecommunications, and artificial intelligence in the ChiNext index saw significant gains, while themes like internet and gold stocks experienced notable declines. In terms of capital flows, the semiconductor industry chain, particularly the equipment segment, became the focus of net inflows, while the broad market index and pharmaceutical and healthcare themes faced considerable net outflows. Multiple institutions believe that the market has shifted from a single mainline drive to a rotation of multiple mainlines, and performance verification will be key to future trends.