Guojin Securities: In a period of market volatility, the terminal point is still the focus of attention.

Guojin Securities research report states that this week, the A-share market fluctuated at a high level, and the coal, power, and consumption sectors, which had relatively lagged behind in previous gains, showed a significant rebound. In this round of market driven by AI capital expenditure, the changes on the molecular end are the core factors determining the market transition. Taking the electronics sector, which better reflects the current hardware market, as an example: although the concentration of turnover in the electronics industry was at historically high levels in the past quarter, and its profit as a percentage of the total market share also reached historical highs, making a 15% contribution to the profit growth of the entire A market in the first quarter of 2026, the market's past trading concentration is a concentrated feedback on marginal information, therefore, it is reasonable. Looking ahead, in the context of a possible shift in the global financial asset expansion, the core of market rotation is on the molecular end rather than the denominator end: this means: first, sectors on the technology track but lacking support for cyclical profit growth are unlikely to be the direction of rotation; second, for traditional industries, profit improvement expectations are still the basis for bottom-up growth.