Core Viewpoint - The recent performance of the A-share market has been exceptionally strong, with significant profits from the chip leader ETF grid established in April 2022, achieving a grid return of 53.68% and an absolute return of 70.85% compared to the ETF fund's return of 31.94% during the same period [1][2]. Summary by Relevant Sections Grid Performance - The chip leader ETF grid was established on April 15, 2022, and has since yielded a grid return of 53.68% and an absolute return of 70.85% [2]. - The ETF fund's return during the same period was 31.94%, indicating that the grid strategy significantly outperformed a buy-and-hold approach [1][2]. Market Conditions - The chip industry had already corrected over 30% from its peak, providing a sufficient safety margin for establishing the grid [3]. - Despite initial underestimations of the bear market's severity, the grid strategy has proven successful, allowing for a timely exit [3]. Valuation Metrics - The current price-to-earnings (PE) ratio for the chip index has risen to 126 times, placing it in the 98.78 percentile, the highest since the index's inception [5][6]. - The price-to-book (PB) ratio stands at 13.88 times, also near historical highs, indicating that both PE and PB valuations are at their peak levels [5][6]. Future Outlook - The chip industry is still viewed positively despite high valuations, as it aligns with national strategic needs and is likely to be a key player in the current bull market [8][18]. - For future investments in the chip sector, the focus should shift from valuation metrics to price trends, suggesting that if the price maintains an upward trajectory, it should be held; otherwise, it should be sold [9][18]. Investment Strategy - The grid strategy involves buying more when prices drop and selling when they rise, which is particularly effective in a bull market [11][12]. - The distinction between grid trading and trend trading is emphasized, with the latter being more suitable for high-valuation sectors [18].