The three major U.S. stock indices are continuously hitting new all-time highs, with the market showing distinct structural features. The technology sector, led by semiconductors and memory chips, is strongly rallying. Coupled with easing geopolitical risks and better-than-expected corporate earnings reports, overall market risk appetite continues to rise. Global funds are concentrating on core U.S. tech assets, driving the European and Hong Kong stock markets to move in tandem, while Chinese concept stocks are also experiencing a catch-up rally. In terms of major asset classes, crude oil prices are retreating, gold is rebounding, and market allocation logic is shifting.

In the short term, the U.S. market's high-level consolidation rhythm is intensifying. Although the fundamentals still support the rally, market risks are already emerging. Currently, valuations are high, trading activity has significantly increased, and combined with uncertainties in Federal Reserve policy, technical pullbacks are becoming more likely after the indices continue to surge. It is difficult to sustain a one-way upward trend, and the market is expected to mainly fluctuate with sharp rises and falls within a range.

In the medium term, the upward trend of U.S. stocks has not reversed, and the core support logic remains solid. The performance of the AI industry chain continues to materialize, with high prosperity in sectors related to computing power and chips. Meanwhile, the liquidity environment remains friendly, and long-term capital is clustering around leading tech stocks. The recent corrections are only temporary adjustments; dips are opportunities for low-cost entry. After the correction, there is still room for the indices to reach new highs.

Regarding sector allocation, focus on the core theme of technology, especially on high-growth tracks such as semiconductors, memory storage, AI computing power, and optical communications, prioritizing leading core assets. Traditional sectors are only suitable for short-term rebound trading and are not the main trend. In operations, avoid chasing high prices; instead, rely on key support levels for phased low-cost buying, while managing positions and risk of pullbacks to adapt to the current oscillating upward market rhythm.