The main logic is clear, with risks in the game. The fund manager has a deep insight into the A-share "bull market".

Recently, in the A-share market, hotspots have been rotating and spreading across multiple sectors, from precious metals, industrial metals, to basic chemicals, and then to semiconductor materials and AI hardware. These seemingly unrelated hotspots actually contain a clear logical thread - rising prices. Several fund managers have broken down the core logic behind this round of price increases: it is not simply speculation on themes, but a deterministic mainline market driven by multiple factors resonating together. The global monetary environment is becoming more accommodating, combined with continuous clearance of supply-side capacity and a rebound in downstream demand. From a fundamental perspective, the market is shifting from expectations to realization of performance. Taking the semiconductor sector as an example, a fund manager from Jianxin Fund analyzed that the price increase of storage chips driven by demand for artificial intelligence is still ongoing, bringing profit recovery expectations for related companies. However, as the market evolves rapidly, sector differentiation and volatility risks are also accumulating. Interviewees believe that this round of price increases is sustainable in the medium term, but future performance will depend on multiple validations such as liquidity environment, supply constraints, and demand absorption capacity. Investors should focus on directions where the supply and demand situation is solid and performance can be realistically realized.