理性看待大 A 短期反转，中期向上再确认

Group 1 - The A-share market experienced a significant short-term reversal on September 11, 2025, with the ChiNext Index rising by 5.15% and surpassing the 3000-point mark, indicating a strong recovery in market sentiment and liquidity [2][3] - The driving forces behind this short-term reversal are characterized by a three-dimensional framework of "policy - capital - industry," with substantial net inflows into the communication equipment and semiconductor sectors, reflecting an increase in market risk appetite [3] - The recent signing of a $300 billion computing power contract between Oracle and OpenAI alleviated concerns about an AI bubble and sparked enthusiasm in hardware sectors such as optical modules and PCBs, as evidenced by Industrial Fulian's market capitalization exceeding 1.17 trillion yuan [3] Group 2 - The mid-term upward trend is being reaffirmed by multiple factors, including resilient economic fundamentals, with the central bank's net purchase of 100 billion yuan in government bonds signaling a clear easing stance [4] - The demand for AI computing power is experiencing global collaborative growth, with domestic operators accelerating AI deployment, which supports sustainable performance growth in the semiconductor and communication equipment sectors [4] - Current A-share valuations are below the five-year average, presenting strong valuation attractiveness, especially during the Federal Reserve's easing cycle, which enhances the appeal of the market [4] Group 3 - Investors are advised to differentiate between short-term sentiment-driven movements and mid-term value growth, focusing on companies that genuinely benefit from the AI computing demand and possess domestic substitution capabilities [5] - The continuous net inflow of 1.57 billion yuan into the semiconductor sector over five days indicates the long-term nature of the industrial upgrade theme [5] - The market's recent surge serves as a reminder for rational investors to recognize both short-term opportunities and the certainty of mid-term trends, emphasizing the importance of maintaining value judgments amidst volatility [6]