A good start today shouldn't be a problem.

Holiday markets overseas collectively surged, but the US and Iran had another little episode right before our market opened. However, there's really no need to panic; this isn't that scary.

Since last month, we've become desensitized to these small international fluctuations; it's nothing new. So today shouldn't be a big problem. But a small reminder: if the market opens with too strong a rally, be cautious—there were definitely many people who got in before the holiday waiting to make a quick profit and run, so profit-taking and selling pressure are likely. Just don't chase the highs.

Furthermore, with most of the previous earnings 'landmines' already cleared, this month's market is still worth looking forward to. It's just a matter of which theme can stand out and become the leader.

Now, let's look at the sectors and themes:

1. Technology Sector (Focus on Low-Position Semiconductors)

Last month in the tech sector, computing hardware was hot, having a good run, mainly benefiting from the earnings-sensitive period. But now that the earnings hype is over, we should temporarily put aside those computing stocks that have already risen significantly. Funds are likely to rotate from high to low positions.

If the tech theme can continue to develop, then low-position semiconductors are worth focusing on, especially two sub-sectors: GPU and memory/storage.

First, let's talk about GPU. We all know the companies Moore Thread and Muxi, right? Their self-developed GPUs have achieved commercial deployment of thousand-card clusters and secured large, real commercial orders. They are now starting to recognize revenue at scale. This is no small matter; it means our domestic GPU companies have officially entered the stage of being able to generate profits and deliver, with promising prospects ahead.

Looking at memory/storage, this sector not only has strong underlying performance but also has direct catalysts from overseas news. Look at SK Hynix, which has been soaring recently, frequently hitting new all-time highs. US memory giants are no slouch either: SanDisk and Micron have risen for six consecutive weeks, Seagate's stock price has doubled, and Western Digital is up nearly 80%. The momentum is fierce.

Our domestic memory module and niche memory manufacturers also had a bright first-quarter report, showing significant growth both quarter-on-quarter and year-on-year, with gross margins noticeably improving. It's clear this industry has strong cyclical growth attributes.

In detail, on the module side, supported by LTAs (Long-Term Supply Agreements), performance can continue to gain strength, with growth potential increasing. Moreover, as original manufacturers and module manufacturers gradually sign LTAs, the cyclical volatility for both will decrease, shifting focus to long-term growth. Looking ahead, the increase in CPU ratio will drive DRAM usage, and the AI inference side will generate massive amounts of data, all driving storage demand on the NAND side—there's significant space.

On the niche memory side, price increases have just begun. In the long term, the core logic is reduced supply. In Q1, components like NOR have been rising in price, which is already reflected in the Q1 reports. Winbond and Macronix saw significant month-on-month revenue growth in March. It's estimated that Q2 performance for these niche memory manufacturers will also be bright.

There's also an expectation gap regarding niche NAND. Market attention on it isn't high right now, and price increase expectations are low. However, original manufacturers like Kioxia are accelerating their exit from the niche memory market, creating space that is an opportunity for our domestic manufacturers.

Overall, the memory industry is currently experiencing its strongest upcycle of this century, as seen from the performance of the Korean stock market from last year to this year, with the whole world following the rise. Although memory chips have already risen a lot this year, facing a market as large as AI, memory stock valuations are still relatively low, with room for further increase.

2. Consumer Electronics (Focus on Foldable Screens)

I haven't talked much about this direction before, but I mentioned it briefly before the holiday. The key is foldable screens. Recently, Huawei's large foldable phones have sold out, showing how hot they are. Moreover, real photos of Apple's large foldable phone have already leaked, raising future expectations.

This month is a good time for thematic speculation anyway. The foldable screen direction has an expectation gap and is worth paying more attention to. Kesen Technology, which I asked you to watch before the holiday, I continue to be optimistic about its trend; no need to sell in a hurry.

3. Commercial Aerospace

This sector was truly a mix of love and hate last month. Expectations were highest, but its performance was the most disappointing. Fortunately, on the last day before the holiday, it finally recovered, giving everyone some reassurance.

This direction is somewhat similar to the power sector. The overall position isn't high, but the trend is volatile, pulling up from time to time. The focus remains on three areas: satellite communication, space computing power, and recovery technology. These three are always the core, no mistake.

Additionally, there's news that SpaceX's IPO registration documents show they have already invested over $15 billion in developing the next-generation Starship rocket, which is positive for the entire commercial aerospace sector. Moreover, there is a series of news catalysts this month. There's nothing to hesitate about; in one sentence, continue to be optimistic about this direction.