A：In a bull market, ordinary people should follow three principles: first, when the profit exceeds 50%, they should lock in the principal and use the profit to play the game; Secondly, choose the growth track instead of individual stocks, spread the risks, and grasp the tuyere in the fund selection. Finally, make sure to keep enough spare money for more than three years and six months' living expenses before investing.

A：Whether the bull market can continue depends on factors such as improved earnings expectations from economic growth, capital thrust from liquidity easing, policy guidance and sentiment catalysis. At present, liquidity easing, policy support and emotional recovery are in place, economic recovery is on the way, the pace of slow bull is near. In a bull market, the average investor can focus on the high-growth tracks that history has shown, such as the reshaping of thousands of industries by the AI wave, the trillion opportunities brought about by domestic substitution, and the new global giants bred by local innovation.

A：This year, the growth style of the-share market continues to dominate. At the beginning of the year, growth stocks are more flexible. After the US-Iraq war, market risks declined and ushered in a wave of rebound. In the next few months, it is expected that the structural market will still be the main market, the shock upward, it is recommended to grasp the main line such as AI and high-end manufacturing, while reminding investors to adjust the difficulty of operation according to their own position style.

A：The AI industry chain involves many parts such as energy, chips, computing power, infrastructure, models and applications. On the whole, the entire AI revolution is still in the ascendant stage and has broad investment prospects. Among them, the calculation part, especially the optical module and other links of high certainty, is worthy of attention to the direction of investment.

A：If the growth stock track wants to have a strong explosive force, it needs to meet two points: one is to have the attribute of "selling miserable people", and the other is to have the advantage of technical iteration, that is, in the welding warranty pattern of continuous iteration, improve gross margin. At present, the computing power sector, whether overseas or domestic computing power, has a trend of technical iteration, and the performance of related companies in NASDAQ and the domestic market are at a new high, so relatively optimistic about the development of the computing power sector.

A：Yes, any stock or sector cannot go up forever, there will be times of rest and rotation. At the beginning of the year, AI investment spread from midstream to downstream, with rising prices in areas such as software applications and power electronics.

A：The AI industry chain from upstream to downstream as a whole benefits from the wave of AI, in which the optical module sector because of its strong sales attributes, strong downstream demand and good performance, is a rare growth and performance of the sector.

A：Although there may be a certain degree of congestion on the technology track such as AI computing power, the industrial boom is still high and the stage of high-speed development is not over. For short-term stock price correction, it is recommended that investors adopt long-term thinking, hold high-quality targets and maintain stability in the correction, while emphasizing the importance of diversification, not recommending a full position of a single track to cope with possible short-term fluctuations.

A：The current A- share market point is not high, there is still some distance from the so-called bubble. Historically, the Internet bubble and the smartphone bubble eventually contributed to the rise of related industries and listed companies. Therefore, when it is not possible to accurately determine the short-term future, investors should follow the trend and not be easily influenced by market noise.

A：It is recommended that you take a long-term perspective on technology investment, especially in the high-boom technology sector, and adhere to the idea of asset allocation and make asset allocation models and investment decisions based on your own risk appetite.

A：In March and April, our team conducted intensive research on the upstream and downstream of the optical industry chain and found that it not only met expectations, but also many bright spots that exceeded expectations. For example, the AI of power grid equipment key equipment orders have a significant pulling effect, and the upstream material shortage situation does exist, which makes the entire industrial chain interlocking, mutual confirmation. Based on this judgment, the optical module industry and upstream and downstream enterprises are still in the stage of rapid development, and the order situation in 2027 is good. It is expected that the optical module companies in the middle reaches may have the opportunity to improve their performance under the condition of easing the supply of upstream materials.

A：Recently, the power grid equipment market is very hot, including ultra-high voltage, smart grid, energy storage and other sub-sectors have performed. Grid equipment covers multiple links such as power generation, transmission, power distribution, power consumption and energy storage. With the deepening of market research, investors have found that there are many areas with high prosperity in the sub-sectors. For example, the use of UHV technology and DC flexible technology to transmit power from remote areas to densely populated areas, as well as the wide application of intelligent power grid equipment in urban areas, are expected to become the focus of future development.

A：Energy storage is an important part of the power grid, in the energy storage process involves transformers, batteries and other power grid equipment, and with the rise of AI, data center construction has increased significantly on a global scale. These data centers have higher requirements for power supply equipment and grid equipment, which leads to higher value and profit margin products produced by related manufacturers, and a large number of exports to overseas, which brings huge revenue and profits to the company. Investors can focus on the solid-state transformer (SST) segment, which is highly tied to AI data centers and has a large value and market space. Recently, many companies are launching related products, and investors are advised to pay attention to this area.

A：The AI computing center has high requirements for the demand and efficiency of electricity, which has given birth to a new demand for power grid equipment, which is an important reason for the recent increase in the power grid equipment sector. At the same time, China's power grid equipment manufacturing has the characteristics of high cost performance, raw materials and labor cost advantages, strong willingness to expand production and the fastest speed in the world. These factors together constitute the competitive advantage of China's power grid equipment going to sea. Although the AI development trend is difficult to predict accurately, we can refer to the relevant data released by industry associations. For example, the International Energy Agency predicts that the global energy consumption will increase by 4% to 6% in 2030. Although this seems not much, it is based on the huge stock energy consumption base, and the new energy consumption is already very large. Although the specific value is difficult to estimate, the direction of energy consumption growth brought about by AI is relatively certain.

A：The advantage of national grid equipment to sea is mainly cost-effective, that is, on the basis of reasonable cost with strong profitability. This advantage comes from raw material and labor cost advantages, rapid expansion capacity and efficient supply chain management.

A：The advantage of domestic power grid equipment companies going out to sea is not technical barriers, but the unique advantages of management costs, operational supply chain efficiency and capacity expansion speed. The cost reduction and marginal cost reduction brought about by large-scale production make enterprises open the gap in the competition, and this advantage is expected to persist in the next 3 to 5 years.

A：Investors can consider long-term investment in the communications equipment sector according to their own risk appetite and investment choices, because of its strong growth and technical barriers; while the power grid equipment sector is not flexible, but relatively stable and sustainable, both can be used as investment objects.

A：Most of the investment plans of the State Grid 4 trillion are invested in power distribution-related fields, especially the construction of UHV lines, because the investment scale of UHV lines is huge.

A：In the first quarter, the investment implementation of State Grid was slightly lower than expected. The actual investment was about 0.1 billion, with a faster year-on-year growth rate. However, on the whole, this is a five-year plan that needs to be continuously tracked.

A：Most listed companies performed well in the first quarter of 2023, with many companies with net profit growth of more than 100 per cent, and the earnings growth of mainstream heavyweights was also in the mid-double-digit range, in line with expectations as a whole.

A：The latest policies, such as the promotion of artificial intelligence and energy two-way enabling action plan, will calculate electricity coordination into a national strategy, which will have an important impact on the power grid equipment industry, and may further enhance the demand for electricity, good industry leading companies and listed companies, promote the power grid planning and AI adaptation ability to improve, for the index and industry development has a positive impact. Electricity synergy means that the relationship between the power generation end and the transmission and distribution field is closer, especially in the current situation of relevant planning and co-ordination at the national level, which will improve efficiency and benefit leading companies. For listed companies, this will bring institutional guarantees and good incentives, prompting power grid equipment companies to benefit from the expansion of the industry cake.

A：For power grid equipment, I think it is a long bull breed, suitable for small steps and fast running investment strategy. Although it may be difficult to reach 20 or 30 points in a single month, it is expected to achieve a relatively considerable increase in one or two quarters. It is less volatile and has a much lower pullback than other TMT style indices, so it is recommended as a long-term allocation to the bottom variety. For communication equipment, although the volatility is large, the configuration still needs to be firmly held. For investors with high risk tolerance or friends with early profits, you can appropriately maintain the allocation ratio, buy in batches on dips, and Dare to increase positions when there is a callback.

A：Although the BSE 50 Index is volatile, its positioning is similar to that of the CRE Board and the ChiNext, both of which are specialized and new directions, and liquidity has improved at present. After the launch of the CRE and GEM market, the performance of the North 50 is relatively weak, and the left ambush North 50 may be a better strategy. Although the quality of listed companies is slightly inferior to that of the main board, with the strengthening of policy signals (such as the deepening reform of the North Stock Exchange) and the expansion of scale, the North 50 has a high degree of flexibility, can be used as a tool product, in a good grasp of the left-hand trading and long-term investment on the basis of the layout.

A：The main investment logic of the CRE Composite Index is domestic computing power (especially chip leaders) and innovative drugs, while the Double 50 is a combination of CRE and GEM, focusing more on investment in new energy, optical modules and other fields. Both have their own advantages, the company's comprehensive index in the case of large marginal changes in domestic computing power is more aggressive, the double 50 can grasp the opportunities of specific industries through the GEM of new energy-related stocks. Depending on your investment direction and goals, you can choose the CRE 50 or the CRE Composite Index to capture the direction of the higher boom in the technology sector.