市场当前炒作逻辑是什么？资金都去哪儿了？

Group 1 - The core viewpoint of the article highlights that Nvidia's latest earnings report and shipment expectations for GB300/NVL72 are currently the main drivers of the market, with significant capital expenditure guidance igniting the global AI computing power supply chain [1] - The market is experiencing a shift in speculation from upstream chips to midstream manufacturing and downstream cooling/connection sectors, driven by the logic of "paying for certain incremental growth" [1] - The robotics sector is entering a critical phase of "distilling the genuine from the false," with companies in Tesla's core supply chain benefiting from a premium due to their association with strong industrialization entities [1] Group 2 - The market style is rapidly switching between "institutional investment in large-cap blue chips (such as AI and core T-chain)" and "retail speculation in thematic small caps (such as satellite communication and brain-computer interfaces)" [1] - Overall risk appetite is constrained by macro uncertainties (such as U.S. Treasury yields and tariffs), leading funds to favor sectors with strong fundamental data support (like capital expenditure and orders) [1] - The current market valuation is considered reasonably high, with an appropriate position of about 45% based on a composite of the Buffett and Graham indices [2] Group 3 - Recent data indicates a significant surge in the scale of the Hang Seng Technology Index ETF, which increased by 110.46 million in the past week, despite the overall lack of enthusiasm for the Hang Seng Technology sector [5] - The article notes that the Hong Kong stock market has potential for upward movement and certainty following the U.S. and A-share markets [4] - The article outlines various investment strategies, including value selection and valuation-based positioning, emphasizing a defensive approach in the current market environment [10][11]