Today, A-shares' main funds showed an interesting reverse operation—despite a net sell-off of 34.7 billion, the market instead surged significantly. This misalignment phenomenon is worth pondering.

The three major sectors experiencing concentrated withdrawal of main funds are quite representative: AI hardware (Xinyi Sheng net sell of 1.76 billion, Industrial Fuxin net sell of 1.54 billion), financial real estate (Ping An of China net sell of 2.32 billion, China Merchants Bank faces considerable pressure), and photovoltaic energy (Sunshine Power net sell of 2.03 billion, Goldwind Technology net sell of 1.77 billion). These traditional large-cap stocks and previously popular sectors faced selling pressure, dragging down the index performance. Interestingly, even so, A-shares still showed an upward trend.

The genuine profit-making effects are concentrated in two directions. First is the coordinated rise of brokerages and financial technology—East Money net buy of 1.65 billion up 3.81%, Pacific Securities net buy of 1.19 billion up 7.84%, reflecting market expectations for policy and liquidity recovery. Second is the strong performance of the offensive main line of commercial aerospace and AI applications—China Satellite, Higer Communications, Lingyi Intelligent Manufacturing all hit the daily limit, with cumulative net buying exceeding 5 billion, becoming the strongest source of profit today.

From a capital allocation perspective, defensive and risk-avoidance stocks are clearly undervalued, while the appeal of emerging growth sectors is being reshaped. This reflects a market sentiment shift from conservative to active. The key tomorrow lies in how the high-low divergence unfolds—whether defensive sectors will catch up, or the offensive main line continues to lead, or both directions will take turns.