半导体暴涨：看懂这个信号很重要

Group 1 - The core viewpoint of the article emphasizes that the recent surge in technology stocks, particularly driven by the release of the DeepSeek-V3 model, is underpinned by deeper funding logic rather than mere speculation about high valuations [3][11] - The article highlights that while retail investors often react emotionally to market fluctuations, institutional investors maintain a calm and strategic approach, as evidenced by their continued high positions in funds despite market volatility [3][4] - It is noted that the concept of "high" and "low" in stock prices is misleading; the focus should be on current trading behaviors and institutional fund flows rather than traditional valuation metrics [4][7] Group 2 - The article discusses the lessons learned from the banking sector, where institutional investors began accumulating positions long before retail investors recognized the potential, illustrating the importance of advanced tools for predicting future trends [7][10] - The white wine sector serves as a cautionary tale, where the absence of institutional inventory led to significant losses for those attempting to "buy the dip" based on historical price references [10][11] - The ongoing technology stock boom, particularly with companies like Cambrian, should be viewed in the context of domestic chip replacement trends, suggesting that continued institutional investment may justify current high prices [11][12]