The 4,000-point “toll station” on the ChiNext board in the first half of the year is expected to be revised upward by a few hundred points in the future, but it still can’t be ignored. A-share retail investors are crowded and there’s no shortage of liquidity, so installing a toll station to keep the situation manageable isn’t necessarily a bad thing. As for whether it’s “tech” or not, or whether rotation is happening or not, I’ve never considered that—because if you tell me to go all-in on “old Biden,” I’d rather buy NVDA or TSM and just lie low for three years… To build alpha in A-shares, all you need to know is that the entire industrial chain for optical modules and PCBs has performance support, and once you understand the underlying logic, you can prevent yourself from getting “cut” for clicks. The STAR Market is another way to play—it’s still different, with its own valuation framework. I’m also in the process of exploring it, and I’ll share updates when there’s progress 🫡