上证指数破前高带动千基收益新高，哪些逻辑在支撑牛市行情

Market Overview - The Shanghai Composite Index has reached a nearly four-year high, closing at 3683 points, surpassing the previous year's high of 3674 points [1] - A total of 1775 equity funds have achieved historical high returns, indicating a strong market performance [2][9] AI and Technology Sector - The current bull market is primarily driven by technological revolutions, particularly in artificial intelligence (AI) [2] - The demand for CPO (Co-Packaged Optics) optical modules has surged due to the exponential growth of AI models, with companies like New Yisheng expecting a net profit increase of over 300% year-on-year [2] - The AI server supply chain is experiencing widespread growth, with major companies like Industrial Fulian also seeing significant stock price increases [2][4] Global Context - The rise of autonomous systems and AI technologies is creating unprecedented demands on global computing infrastructure [3] - The investment return cycle in the robotics industry is shortening from 5-7 years to 1-3 years, accelerating its application in manufacturing [4] Chinese Technology Companies - Chinese firms are positioned as key players in the global technology boom, benefiting from a multi-year capital expenditure cycle [5] - The U.S. export controls in advanced semiconductors and EDA software present challenges but also catalyze China's push for "self-control" and "technological sovereignty" [6] Investment Logic - The investment logic in A-shares is twofold: identifying companies with core competitiveness in the global supply chain and those that can dominate the domestic market [7] - The strong performance of AI and robotics sectors reflects the ongoing global competition in AI infrastructure [4][7] Fund Performance - Professional actively managed funds have demonstrated exceptional value creation, with 903 equity funds achieving over 30% returns this year [8][9] - Data shows that over 71% of funds have reached new net asset value highs since the last market peak, indicating a strong performance despite market volatility [9][10]