The window for institutional assessment of mid-year reports has opened, driving a new performance cycle.

Recent multi-party research has revealed that several leading institutions have reached a clear consensus: the current adjustment in the A-share market is essentially a release of trading congestion and a temporary contraction in valuations. The long-term growth logic of the AI industry has not fundamentally reversed. Under the emerging signals of policy support, the market bottom still requires a resonance confirmation of multiple conditions including chip accumulation, sentiment, and incremental funds, a process that often can only be concluded in hindsight. Industry insiders believe that as the mid-year report performances enter a concentrated disclosure window, the market is gradually shifting from expectation-driven to performance-driven momentum. The technology sector and price increase trends are showing stronger resilience, but the differentiation within the sectors is expected to intensifyleading companies with genuine performance and technological barriers are likely to benefit first in the valuation recovery, while those relying solely on concepts and price elasticity will face pricing reassessment.