May 10, 2026 Weekend Review: Comprehensive Summary

Part 1: Mindset [Taogu Ba]
The most important thing this weekend is to cultivate the mind,
After the holiday, we had three days of a good start, plus the hype from social media,
Small investors’ hearts are basically getting restless, the more this time approaches, the more we need to stay calm, especially starting from Thursday, the market clearly shows emotional acceleration,
This is not retail investors’ emotional acceleration, this is quantification recognizing the market, beginning to boost or depress,
And once quantification boosts, basically as long as a sector is pushed up, it can be completed in a day!
The fastest can even fall back on the same day!
Once quantification accelerates, it will show scale,
This is most likely to stimulate retail investors’ brains,
Ultimately rooted in the fear of missing out,
One side is sideways, the other is a batch of rising,
If you haven’t done it, then you’re missing out,
Remember that what you once held firm in your hands was glorious, or about to be glorious!
And short-term is just a rest!
Think about what is the most reasonable way to respond to the current market?
What is the current market condition? — Institutional market,
The main force is always guiding the correct value concept,
What is being pushed up and strongly supported are institutions,
If deviating from this, when your stocks fall, it’s inexplicable,
And then you might think the pattern has failed!

At this moment, the sixteen-character mantra “Desire Control” is the top priority,
Controlling your desires here does not mean being bearish on the market,
But hoping to view this market from the most rational perspective.

Part 2: The watershed — Emotional spillover
The market’s current trajectory is relatively clear.
1: March 24 to April 7 marks the bottoming of the main board — here, medicine connects with electricity, lithium mines resonate and cross through.
① Medicine representatives: Zhaoyan New Drug, Kelai Ying — corresponding to performance, responding to the environment (performance disclosure)
Currently, whether it’s Zhaoyan New Drug or Kelai Ying, both are above the 20-day moving average,
But the market’s main players are not these,
When the market needs risk aversion, only when these stocks are adjusted properly and actively, they become the focus!

② Lithium mine representatives: Rongjie Shares, Tianhua New Energy, Zhongjun Tianqi Lithium, Ganfeng Lithium, etc.,
Because lithium mines have been crossing, the representatives change over time,
After April 24, the representative is Tibet Everest, Rongjie Shares has been crossing all along,
Recently, lithium mines are also entering a correction phase,
And the tech sector (overseas chain) has just stopped falling,
For Friday, the trend of lithium mines is quite intriguing,
The sector collectively surged at the open,
This part is under very strong control, clearly the big players are stepping in,
This was evident on Thursday and Friday, with collective sell-offs and then collective lifts during the session,
Today again a collective surge,
This is definitely purposeful, yesterday’s collective drop was likely to catch many off guard,
And today’s collective rise probably lured some in,
But the magnitude and speed of today’s rise are not enough to cover those yesterday,
The main decline phase is over,
On Monday, based on the sector’s recovery strength (three days of divergence, observing recovery),
The stop-loss zone is currently being judged around Ganfeng Lithium’s 20-day line (strength varies with rise and fall, taking the average, those above the 20-day line, especially near the 5-day line, are strong, but if the strong stocks do not give positive feedback in the sector for a long time, they may also dip again).
Can it hold steady?
Overall, the rhythm of energy storage batteries (Penghui Energy, EVE Energy) aligns quite well with lithium mines,
No breakout trend has appeared yet.

2: April 8 to April 22, the ChiNext-led market,
The leading stocks are AI hardware, mainly represented by CPO and PCB, involving various sub-sectors.
CPO: previously dominated by Yizhongtian, on April 8, resonated with new star Dongshan Precision, becoming the new leader,
This wave also saw Dongshan Precision use sideways consolidation after the April 22 correction, then regain its position during the divergence in the domestic chain, hitting the limit up,
Friday was a divergence after the limit-up, with Shenghong Technology leading the rise in PCB, and Zhongji Xuchuang also opened low and rose high amid US stock adjustments,
The sector still has momentum for another attack.

Actually, choosing Dongshan Precision as the leader based on this PCB and CPO resonance is very reasonable,
Dongshan Precision mainly focuses on PCB business and has high-level HDI capabilities,
Combined with Yizhongtian, it basically sets the overall direction of AI hardware,
Currently still in a mid-force offensive mode, not dragging behind.

① Upstream optical modules: mainly optical chips and optical materials, with EML and CW laser chips holding the largest market share,
Others include optical devices, electrical chips, connectors, PCBs, equipment, components, etc.
⑴ Optical materials: determine capacity
Indium phosphide: Yunnan Geology, Zhaochi Shares, Yanye New Materials (Indium phosphide substrate), Zhuzhou Group
Gallium nitride: Yunnan Geology, Yanye New Materials
Special materials: Faraday optical rotators — core magnetic materials for isolators — Fuguang Technology, Dongtian Micro, both hit the daily limit on Friday.

Summary: From April 23 to April 28, Yunnan Geology did not adjust much, and was among the first to recover the previous high on April 23!
Friday opened with a quick surge, then a breakout, which coincided with the index’s plunge,
Although relatively strong, it ultimately depends on the mid-force,
Overnight US stocks rose, so Monday should be even stronger!
Because Monday is a critical point, the specific rhythm will be referenced from sector movements!

⑵ Optical chips
⒈ Active emission/modulation chips
EML laser: electro-absorption modulated laser, 800G/1.6T mainstream, extremely scarce.
Stocks: Yuanjie Technology, Changguang Huaxin, Shijia Photonics, Huagong Technology (Yunling Optoelectronics), Dongshan Precision (Suoersi), Guangxun Technology, Zhonghe Technology.

DFB laser (CW source): distributed feedback laser, CW mode is essential for silicon photonics/thin-film lithium niobate sources — this is the main battlefield for institutions,
Stocks: Yuanjie Technology, Shijia Photonics, Changguang Huaxin.

VCSEL laser: vertical cavity surface-emitting laser, used for short-distance interconnects and sensing,
Stocks: Changguang Huaxin, Guangxun Technology, Zhonghe Technology.

⒉ Modulator chips
Silicon photonic chips: silicon-based photonic integrated circuits, for modulation, waveguides, etc., requiring external CW light sources,
Stocks: Zhongji Xuchuang, Xinyi Sheng, Huagong Technology, Changguang Huaxin.

Thin-film lithium niobate modulators: silicon photonic integrated circuits, for modulation, waveguides, etc., requiring external CW light sources,
Stocks: Guangku Technology, Tiantong Shares, Fuguang Technology, Anfu Technology.

⒊ Detectors — APD/PIN detectors — convert optical signals into electrical signals — Changguang Huaxin, Guangxun Technology.

Summary: Many of the optical chips are layered, so when viewing, focus mainly on EML lasers and CW sources, trying to get everything results in nothing.
Currently, these are mostly in a three-day winning streak, and in the current market, it’s impossible to buy in unilaterally!

⑶ Optical devices
⒈ Active devices — optical engines: integrated optical chip functional modules, core components of CPO,
Stocks: Yizhongtian.

2: Passive devices

• Isolators: Dongtian Micro, Fuguang Technology,
• Fiber array units: Tianfu Communications, Shijia Photonics, Guangku Technology, Jepte, Tengjing Technology.
• Lenses/prisms: Tengjing Technology, Fuguang Technology.
• AWG chips: Shijia Photonics.

⑷ Connectors: Zhishang Technology, Changxin Bochuang, Zhaolong Interconnect, Taichen Optoelectronics, Tefon Information, Dingtong Technology, etc.
Currently, Zhishang Technology and Taichen Optoelectronics have recovered the April 23 high, and overall this sector is less active compared to others.

⑸ Electrical chips: Youxun Shares, Zhaosheng Micro, Jinzhi Huotui,
Among them, Jinzhi Huotui’s recent trend is extremely misleading if not dissected.

⑹ Equipment

• Surface-mount/epitaxy equipment — chip placement:
  Stocks: Kerui Technology, Kuaike Intelligent, Bozhong Precision.
• Coupling equipment — Luobotke.
• Testing instruments — Huashengchang, Lianxun Instruments, Puyuan Jingdian, Youlide.

⑺ Components — high-frequency crystal oscillators — Taijing Technology — the only domestic one.

② PCB
⑴ Upstream materials
⒈ Copper foil
Defu Technology, Copper Crown Copper Foil, Zhongyi Technology, Jiayuan Technology, Nuode Shares, Wenzhou Hongfeng.
Last week’s strongest gains and sector effects mainly came from upstream,
One is the upstream of optical, the other is the upstream of PCB,
These are stocks that institutions rested on during the pause, then gradually regained dominance after the decline,
At this position, the cost-performance ratio is not high.

⒉ Resins
Dongcai Technology, Shengquan Group, Hongchang Electronics.
Among them, Dongcai Technology is a flagship concept stock,
Compared to copper foil and electronic cloth, it has risen less,
But it’s not low compared to other market varieties,
There’s a chance for it to break away from copper foil and electronic cloth and become a new leader in PCB upstream.

⒊ Electronic cloth
Honghe Technology, China Geostone, Zhongcai Technology, Feilihua, International Refractory Materials.
They rose together with copper foil last week, with Honghe leading,
Short-term cost-performance is not high.

4: Cover copper plates
Shengyi Technology, Nanya New Materials, Jinan Guoji.
Take Jinan Guoji as an example, look along the ten-day line,
Ten-day line as support.

⑵ Midstream — FCB production
⒈ Equipment: Han’s Laser, Xinji Microelectronics, DingTao High-Tech, Kaige Precision, Jiejia Weichuang, Nichia Technology.
This sector is the slowest, waiting for later active moves,
Logically, it can’t compete with substrate stocks.

⒉ Consumables: DingTao High-Tech, Shengyi Electronics, Guangdong Junya, Tungsten High-tech.
Same logic.

⒊ Packaging substrates
Shennan Circuit, Xingsen Technology, Shenghong Technology, Jingwang Electronics.

4: High multi-layer boards
Hudian Shares, Shennan Circuit, Jingwang Electronics, Bomin Electronics.

5: HDI (High-Density Interconnect)
Shenghong Technology, Jingwang Electronics, Xingsen Technology, Aoshikang.

6: FPC (Flexible Printed Circuits)
Pengding Holdings, Dongshan Precision, Hongxin Electronics.

Looking at 3, 4, 5, 6 together, mainly Shenghong Technology, Shennan Circuit, Jingwang Electronics,
Others are more prone to confusion, and in later stages, high-end products with thresholds will be the focus,
This is also why recent strong performance of Shenghong Technology surpasses others!

Overall summary of optical and PCB:
In the first wave of hype, it was mainly driven by institutions, such as optical modules and midstream PCB substrates,
These are based on solid performance, and since April 8, as earnings are gradually disclosed,
Funds, after a wave of realization, began to ferment upstream, like optical chips, electronic cloth, copper foil, etc.
At this position, the upstream fermentation is almost over,
I can’t say there’s no opportunity, but trading is about cost-performance,
We will also analyze the top signals later.
In this period, some comments are starting to think about signs of a top,
My answer is: when you feel there’s no cost-performance, it’s best to withdraw,
Trading within your cognition is the most correct,
As previously mentioned, the principle of “three points of profit” applies!
But if you don’t subjectively judge the sector’s end, then after withdrawal, just watch until it’s completely dead, then re-operate!
At this stage on Friday, even if upstream stocks still have opportunities, wait for divergence to pass before looking again,
Currently, for PCB, focus on Hudian Shares and Shennan Circuit’s ten-day line,
For CPO, mainly target Zhongji Xuchuang,
Overall rhythm: on Friday, market volume was 8B,
Use time and volume on Monday to judge,
Because overseas tech stocks rose overnight, environment is already established,
In the first hour of Monday’s open, observe the strength of volume surge,
The strongest should remain strong,
Normal for the market to pull back during the session,
The three-minute intraday moving average rule applies: after one hour of opening, a pullback is allowed,
Focus on the intraday strongest,
If broken, leave; if successful, hold,
Don’t look at what is being pulled, but what is pulling,
At this point, institutions cannot be absent!

3: The market stagnated on April 23,
Actually, Haiguang Information was quite strong during this phase,
But the main time was April 24, when lithium mines and domestic substitution under AI hardware took a wave of action,
Followed by the ChiNext bottoming on April 29,
This bottoming resonance included stocks like Huichuan Technology,
After April 30, market volume remained above 3 trillion,
And the main institutional players did not take big actions,
Market volume was very sufficient,
Weights set the stage, themes performed,
Here, the conclusion is: domestic substitution must be a rally of overseas chains,
So space is definitely constrained by overseas chains,
Don’t talk about patriotism; institutions look at performance,
After Cambrian’s earnings came out, it surged to 20CM,
But the early trend of Cambrian was clearly known by someone,
This part is still ongoing, as analyzed above for lithium mines.

Semiconductors:
On April 24, the rebound stocks included Huahong Semiconductor, SMIC, and Zhongwei,
Longchuan Technology also used sideways consolidation as a classic adjustment, look at each one.

① Upstream materials and equipment
⑴ Materials
⒈ Silicon wafers: Liangangwei, Hushi Silicon Industry, TCL Zhonghuan.
⒉ Photoresists: Nanda Optoelectronics, Tongcheng New Materials, Rongda Photosensitive, Shanghai Xinyang.
⒊ Target materials: Jiangfeng Electronics, Yanye New Materials, Quzhou Development.
⒋ CMP consumables: Dinglong Shares, Anji Technology.
⒌ Gases: Huate Gases, Sanfu Shares, Yak Technology, Jinhong Gas.

⑵ Semiconductor equipment:
⒈ Thin film deposition: North China Huachuang, Zhongwei, Tuojing Technology.
⒉ Coating and developing: Maolai Optics, Fuguang Technology, Aopu Photonics, Xinyuan Micro.
⒊ Lithography machines: North China Huachuang, Zhangjiang High-Tech.
⒋ Etching equipment: North China Huachuang, Zhongwei.
⒌ Polishing equipment: Huahai Chengke.
⒍ Cleaning equipment: Shengmei Shanghai.
⒎ Ion implantation: Zhongwei, Xiandao Electromechanical.

② Midstream: Semiconductor chip design, packaging, and manufacturing
⑴ Chip design:
⒈ IP design: Chipone, Guoxin Tech, etc.
⒉ EDA: Guangliwei, Huada Jiutian, Gelun Electronics, China Resources Micro, Anlu Technology, etc.

⑵ IC manufacturing:
⒈ Wafer fabrication: SMIC, Huahong.
⒉ Packaging and testing: Changdian Tech, Shenke, Tongfu Microelectronics, Jingfang Tech, Huatian Tech.

⑶ Chip finished products:
⒈ Storage chips: Demingli, GigaDevice, Baiwei Storage, Jiangbolong, etc. — driven by price increases, US stocks surged overnight.
⒉ Logic chips: Fuhan Micro, Unisoc, Jingchen Shares, Guoxin Tech, Anlu Tech, Hangyu Micro.
⒊ Microprocessors (MPU): Cambrian, Hanguang Info, Jingjia Micro, Loongson, Fuman Micro, etc.
⒋ Analog chips: Jinghua Micro, Weir Shares, Zhaosheng Micro, Shengbang Shares, Nanchip Tech, Mingwei Electronics, Sirui Pu, Naxin Micro, Jiahua Tech, Longxun Shares — currently, the best-performing batch in analog chips.
⒌ Sensor chips: Ruixin Micro.
⒍ IGBT: Star Power Semiconductor, Silan Micro, China Resources Micro, Jiejie Micro, Hongwei Tech.
⒎ Diodes/MOSFETs: Yangjie Tech, Jiejie Micro, Wantek, Liangang Micro, Shanghai Belling, Shidai Electric.
⒏ MEMS (Sensors): Suzhou Gude, Wanjie Tech, Goer Shares, Hanwei Tech, Jingfang Tech, Saiwei Electronics.
⒐ Image sensors: Weir Shares, Sitwei, United Optoelectronics, Aopu Photonics, Jingfang Tech, etc.

③ Downstream — consumer electronics, automotive electronics, military electronics
Summary:
Semiconductors are divided into two logic paths: one is supply chain related, corresponding to upstream materials and wafer foundries; the other is independent R&D, targeting “neck-breaking” technologies, mainly lithography machines.
When hype occurs, the external environment eases, focusing on upstream materials and wafer foundries; if not, then on independent R&D, industry explosion, and all will be hyped.
This means when the semiconductor market dominates, these sectors will be active.
So far, it’s clear we haven’t reached that stage yet.
Currently, semiconductors are playing a catch-up role,
Overnight US stocks’ semiconductors continued to rise, but storage chips and Nvidia also rose,
This scene is very similar to the fermentation during the holiday,
The first day after the holiday, semiconductors surged then fell back, including CPUs, which also surged then retreated.
The backgrounds are different: the first day after the holiday was a consensus,
While Friday’s semiconductors diverged, and many were caught off guard,
Among AI chips, CPO, PCB, and other directions, the space for semiconductors is the largest,
So as long as Monday maintains continuity, semiconductors are expected to see a wave of gains!

Part 3: Macro overview:
After April 22, once institutions like Yizhongtian and other big stocks stopped action,
The market basically became a balanced state,
On April 24, Huichuan Technology’s surge represented the market’s lower bound,
How far Huichuan Technology can go indicates how high the bottom can be,
On Friday, Huichuan Technology surged then fell back,
The first half of the robotics sector, the second half of commercial aerospace,
The structure has issues, such as Sanhua Intelligent Control’s decline and the late plunge of Gongli Sui,
Even if commercial aerospace performed well, stocks like Xinwei Communication and Western Materials did not rise anymore,
If stocks that rose high earlier are resting, then later they will catch up,
Gongli Sui shouldn’t have plunged, so the bottom should see divergence,
Currently, the lower limit mainly involves commercial aerospace, robotics, AI applications, autonomous driving, and AI edge devices!
AI applications generally surged then fell back,
On Friday, funds first attacked AI medical directions,
Overnight US stocks like Datadog surged, but pre-market, our side responded a day earlier,
US stocks continued to rise overnight, reflecting the environment is set,
In the first hour of Monday’s opening, observe the strength of volume increase,
The strongest should remain strong,
Normal for the market to pull back during the session,
The three-minute intraday moving average rule applies: after one hour of opening, a pullback is allowed,
Focus on the intraday strongest,
If broken, leave; if successful, hold,
Don’t look at what is being pulled, but what is pulling,
At this stage, institutions cannot be absent!

The market stagnated on April 23,
Actually, Haiguang Information was quite strong during this phase,
But the main period was April 24, when lithium mines and domestic substitution under AI hardware took a wave of action,
Followed by the ChiNext bottoming on April 29,
This bottoming resonance included stocks like Huichuan Technology,
After April 30, market volume remained above 3 trillion,
And the main institutional players did not take big actions,
Market volume was very sufficient,
Weights set the stage, themes performed,
Here, the conclusion is: domestic substitution must be a rally of overseas chains,
So space is definitely constrained by overseas chains,
Don’t talk about patriotism; institutions look at performance,
After Cambrian’s earnings came out, it surged to 20CM,
But the early trend of Cambrian was clearly known by someone,
This part is still ongoing, as analyzed above for lithium mines.

Semiconductors:
On April 24, the rebound stocks included Huahong Semiconductor, SMIC, and Zhongwei,
Longchuan Technology also used sideways consolidation as a classic adjustment, look at each one.

① Upstream materials and equipment
⑴ Materials
⒈ Silicon wafers: Liangangwei, Hushi Silicon Industry, TCL Zhonghuan.
⒉ Photoresists: Nanda Optoelectronics, Tongcheng New Materials, Rongda Photosensitive, Shanghai Xinyang.
⒊ Target materials: Jiangfeng Electronics, Yanye New Materials, Quzhou Development.
⒋ CMP consumables: Dinglong Shares, Anji Technology.
⒌ Gases: Huate Gases, Sanfu Shares, Yak Technology, Jinhong Gas.

⑵ Semiconductor equipment:
⒈ Thin film deposition: North China Huachuang, Zhongwei, Tuojing Technology.
⒉ Coating and developing: Maolai Optics, Fuguang Technology, Aopu Photonics, Xinyuan Micro.
⒊ Lithography machines: North China Huachuang, Zhangjiang High-Tech.
⒋ Etching equipment: North China Huachuang, Zhongwei.
⒌ Polishing equipment: Huahai Chengke.
⒍ Cleaning equipment: Shengmei Shanghai.
⒎ Ion implantation: Zhongwei, Xiandao Electromechanical.

② Midstream: Semiconductor chip design, packaging, and manufacturing
⑴ Chip design:
⒈ IP design: Chipone, Guoxin Tech, etc.
⒉ EDA: Guangliwei, Huada Jiutian, Gelun Electronics, China Resources Micro, Anlu Technology, etc.

⑵ IC manufacturing:
⒈ Wafer fabrication: SMIC, Huahong.
⒉ Packaging and testing: Changdian Tech, Shenke, Tongfu Microelectronics, Jingfang Tech, Huatian Tech.

⑶ Chip finished products:
⒈ Storage chips: Demingli, GigaDevice, Baiwei Storage, Jiangbolong, etc. — driven by price increases, US stocks surged overnight.
⒉ Logic chips: Fuhan Micro, Unisoc, Jingchen Shares, Guoxin Tech, Anlu Tech, Hangyu Micro.
⒊ Microprocessors (MPU): Cambrian, Hanguang Info, Jingjia Micro, Loongson, Fuman Micro, etc.
⒋ Analog chips: Jinghua Micro, Weir Shares, Zhaosheng Micro, Shengbang Shares, Nanchip Tech, Mingwei Electronics, Sirui Pu, Naxin Micro, Jiahua Tech, Longxun Shares — currently, the best-performing batch in analog chips.
⒌ Sensor chips: Ruixin Micro.
⒍ IGBT: Star Power Semiconductor, Silan Micro, China Resources Micro, Jiejie Micro, Hongwei Tech.
⒎ Diodes/MOSFETs: Yangjie Tech, Jiejie Micro, Wantek, Liangang Micro, Shanghai Belling, Shidai Electric.
⒏ MEMS (Sensors): Suzhou Gude, Wanjie Tech, Goer Shares, Hanwei Tech, Jingfang Tech, Saiwei Electronics.
⒐ Image sensors: Weir Shares, Sitwei, United Optoelectronics, Aopu Photonics, Jingfang Tech, etc.

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