1️⃣ In the first half of the year, the A-share market can be summed up in one sentence: AI exposure determines life or death. The STAR 50 rose by 58%, while the Shanghai Composite gained only 2.65%. Same market—two different worlds.

2️⃣ Semiconductor equipment +161%, MLCC +148%, advanced packaging +129%… Hard tech was almost doubled across the board; meanwhile, gold -22%, real estate -17%, consumption -17%—as each old narrative is left behind, one by one, as capital moves on.
3️⃣ Even now, many people are still wondering whether this is a bubble and whether they should chase the highs. But the industry side offers a very firm answer: the domestic equipment localization rate has surpassed 35%, memory supply and demand are tight with deliveries scheduled beyond 2027, and SEMI has raised its full-year equipment market forecast to $152.2 billion.
4️⃣ The real test in the second half is whether you dare to do less in crowded trades—and find the next mismatch in quieter corners.