The popular sectors have been rising for several consecutive days, but that doesn't prevent them from continuing to heat up. Why is the rally so fierce? Basically, retail investors are scared, but algorithms don't feel that way.

Look at the trading data of some leading stocks; all buy and sell orders are from quantitative funds, and it's hard to see real traders. This is the current gameplay— in an era dominated by quant strategies, any asset is just a number. Funds care only about volatility itself, regardless of whether prices go up or down!

Compared to the past, back then, the market needed an absolute main theme to trigger a big trend and generate profit effects, so everyone could get rich together; conversely, if the main theme collapsed, market sentiment would crash, and retail investors would disperse in a rush. This is human nature—seeking profit and avoiding harm.

But in the quantitative era, the gameplay has changed. There's no need for an absolute main theme anymore; as long as trading volume picks up, there's a chance to operate. As long as there's no cliff-like plunge, there will always be repeated profit opportunities. From certain sectors, to computing power, commercial aerospace, and other hot sectors, the routines are the same. This is probably the new market logic—we can't change it, only learn to adapt.