The impact of US stock market fluctuations on the A-shares is actually limited. Currently, the key factor still depends on where domestic funds are flowing.

Looking back at the recent hotspots, it's clear that telecommunications equipment, Fujian, and Hainan have all experienced a round of trading. When hotspots rotate so quickly, you have to find the next sector to absorb the momentum. Last Friday's situation was very clear—sudden volume increases in power grid equipment, which is no coincidence.

The movements of retail funds most clearly indicate the situation. Their large orders yesterday were concentrated in the electrical sector, with the top three fund inflows all related to electricity. This signal is very straightforward: short-term popularity is centered here. Although the military industry sector occasionally pops up, based on the volume of funds, it is simply not at the same level.

Therefore, next week is most likely to be dominated by power grid equipment. Since retail funds have already entered with volume, it will be very difficult for alternatives to outperform this sector in the short term. They have accumulated a lot of positions early on, and now it's a matter of how long the trading can last.