If the market trend weakens further after this week, the Technology 100 Index (QQQ) will face a correction pressure of over 10%. The current position is extremely critical; whether it can effectively break through the previous high is the focus of observation.

Whether the Hong Kong stocks and A-shares will move independently is still uncertain, but interestingly, local investors in Hong Kong have recently shown high enthusiasm for opening accounts, with frequent scenes of queuing to open accounts. This in itself reflects an increase in market participation.

From a valuation perspective, the prices of Alibaba and Tencent are not particularly expensive. Instead, those second- and third-tier companies with less solid fundamentals and mixed qualifications are being driven to high levels through speculation. This indicates a clear structural bias in capital allocation—good companies are undervalued, while lower-quality targets attract excessive hot money.