Open-source Securities: Using Crowding as a Guide to Grasp the Sub-segments of Technology Rescreening

According to a research report by Kaiyuan Securities, the core observation variable for the next phase is whether trading congestion can truly return to a reasonable range. In the short term, the market will continue to seek directions with limited prior gains, low institutional holdings, and performance support. The rebalancing phase will focus on three types of opportunities: the repair direction after extreme congestion, paying attention to micro-cap stocks. Historically, there have been 12 significant adjustments in micro-cap stocks from 2010 to the present; after deep corrections, the chances of a rebound in micro-cap stocks are high and substantial. The configuration repair brought about by style reversion should focus on stable sectors such as banking, public utilities, and power; low-position industries with emerging profit improvement clues should focus on resource products represented by non-ferrous metals and coal, as well as basic chemicals, agriculture, forestry, animal husbandry and fisheries, pharmaceuticals, non-bank financials, and certain consumer sectors. However, whether such a market can evolve from a rebound into a trend still requires confirmation from subsequent financial reports and high-frequency data G. In the medium term, the focus may be on finding alpha within technology sectors that can reach new highs. The configuration should pay close attention to the intersection of "secondary ignition + narrative tension": sub-sectors within technology that can achieve new highs after further filtering, such as AI materials, domestic computing power chains, overseas computing power chains, and AI applications; new booming directions formed by the spillover of technology in power equipment, electricity, energy metals, liquid cooling, etc.; and new directions in commercial aerospace, military industry, and robotics that possess industrial trends and narrative expansion capabilities.