One moment the market was discussing the equity-currency slump, and the next it was ignited by what seemed like an 'outrageous' concept – the 'lobster' concept.
Many may feel that this kind of market behavior is overly emotional?
However, if you take a longer view, you'll find that this trend aligns perfectly with historical market patterns.
Because market reversals often don't start from fundamentals but rather from emotional triggers.
I. Why is the market prone to emotional rebounds after a dual equity-currency crash?
The so-called dual equity-currency crash essentially involves two simultaneous occurrences:
Stock market decline
Domestic currency depreciation and capital outflows
When these two factors occur simultaneously, market sentiment tends to deteriorate rapidly. However, an interesting historical pattern is that a short-term rebound is more likely to occur after a dual stock and currency sell-off.
The reason is simple – when capital has already started to panic and withdraw, the market is often entering an extreme emotional range.
And extreme emotions often only need one event to be ignited.
This time, what ignited the market was the so-called 'lobster concept'.
Secondly, why can a 'lobster concept' cause a collective rebound in tech stocks?
The hottest topic in the market these days is the OpenClaw project in the AI circle.
Simply put, the logic behind such AI products is using AI agents to automatically complete tasks, like managing accounts, handling office processes, and generating content.
Tencent has even directly launched a corresponding product matrix, including:WorkBuddy, QClaw, Lighthou...

This time it's different; it's not about being faster, the mechanism has changed
The essence of technological progress over the past few decades has been linear:
One technology → transforms an industry → exhausts the dividend → growth rate declines.
Take a look at what Cathie Wood repeatedly emphasizes in 'Big Ideas 2026':This old model has become obsolete.
What's happening now is:AI is no longer just a 'tool' for a specific industry but a 'common foundation' for all technologies.
It doesn't replace other technologies but accelerates them simultaneously.
This is the essence of the 'Great Acceleration' — not a single breakthrough, but a simultaneous upgrade of the entire system.
Logic One: AI gives technology the ability to 'self-reinforce' for the first time.
In the past, technological progress relied on human experience and trial-and-error, with speed limited by human capability itself.
What AI changes is this underlying logic:
The stronger the computing power → the better the model
The better the model → the more problems it can solve
The more problems → the more data generated
The more data → further upgrades in computing power and models
It presents a Positive feedback flywheel, rather than the traditional one-way push.
Because of this, the cost of AI inference has dropped by more than 99% in just a few years, directly shifting the question from 'Can we use it?' to 'It's being used everywhere.'
Technology is beginning to break away from the 'human pace' for the first time and enter the machine pace.
Logic Two: When all technologies are integrated with AI, growth is no longer fragmented.
This is also why Ark Invest emphasizes that 'the intensity of technological convergence is accelerating.'
AI is not taking the spotlight away from energy, robotics, or biotechnology; instead, it is providing them with...

Don't look at the index first, look at the people first.
On the first trading day of 2026, Hong Kong stocks surged. At the same time — in a certain neighborhood, someone just signed a contract to sell their house at a price nearly half lower than its peak; in a chat group, someone posted at 3 a.m.: 'I can't hold on anymore, I’ve liquidated my portfolio'; and someone else, staring at the upward straight line on the K-line chart in their trading software, suddenly realized something:It turns out it’s not that the market isn’t working, it’s just that there’s no position left.
This is the most real side of the market:A rally is never a celebration, but a public execution.
Is Hong Kong so aggressive? Because it has fallen for too long.
You need to understand one thing — the trend of Hong Kong stocks in recent years,It’s not 'gradually getting worse,' but rather grinding confidenceInto powder bit by bit. By the end of the decline, even the critics fell silent. And now, what does this rebound feel like? Like someone who has been held underwater for too long, their first breath will surely be fast and intense.
Thus, you will observe:
New stocks surge without logic;
Tech stocks rebounded, regardless of earnings;
Capital flowed back in, first buying 'the least likely thing to rise.'
This isn't rationality; it's the market’s instinctive reaction.
An old player I know hardly ever opens his account. A couple of days ago, he said to me:"I don’t think it will definitely rise; I just feel like—it shouldn’t stay this cheap anymore."
Very simple. But historically, the earliest reasons for every major reversal have been this simple.
In contrast, the U.S. stock market: it has risen too successfully.
The issue with U.S. stocks isn’t whether there’s opportunity—it’s that everyone already knows how strong it is. When a market gets so strong that...

A Decade, A Hundred Thousand: More money doesn't necessarily mean real wealth.
Let’s start with a seemingly simple yet painfully poignant question: Is 100,000 yuan from ten years ago really the same as 100,000 yuan today?
On the surface, the answer is obviously 'yes.' The number hasn’t changed; it's still 100,000.
But reality often echoes an old saying—‘Year after year the flowers look the same, but each year the people are different.。”
The same goes for money.
If you had left that 100,000 in the bank ten years ago, by now, with interest, it might have grown to 120,000 or 130,000. The numbers on paper may have increased, but what you can actually buy with it may not have expanded accordingly.
Ten years ago, 100,000 yuan could cover the down payment for a house in a small city; today, it might not even be enough for renovations.
A hundred thousand yuan could cover a decent living for a family of three for a year ten years ago, but now it may barely cover daily expenses.
It's not that money hasn't increased, but ratherthe purchasing power of money is quietly shrinking.
Let’s think about it from another angle:
What would have happened if you had invested that hundred thousand in the stock market ten years ago?
Some people have been caught up in the ups and downs, ending up with their 'principal intact, but youth gone';
Others have capitalized on trends, earning returns far outpacing bank interest, even reshaping their asset structure.
The same hundred thousand yuan can lead to vastly different outcomes.
This precisely illustrates one thing—the direction of your wealth is never determined by money itself, but by your knowledge and mindset.
Global stock markets: It’s not a full-scale bull market, but rather a structural divergence.
If you only look at the index, you can easily come to a conclusion:
"The market seems pretty strong."
From a data perspective:
20...

The recent sudden surge in gold prices has elicited a similar first reaction from many: why gold again? Is it another emotional trading spree? However, if you take a slightly longer-term view, this round of gold strength is not surprising and could even be described as very 'rational.' It’s not because the market is overly optimistic, but rather because uncertainty has once again been repriced. The U.S.'s tough actions against Venezuela serve as a typical trigger point. Geopolitical conflicts haven’t disappeared; they’ve just taken on a different form. Even if this event doesn’t necessarily escalate into a full-scale war, it is enough to remind the market of one thing: rules aren’t always stable, and risks never disappear linearly. In this environment, capital naturally turns to gold, using it as a base position to hedge against various potential variables in the future.
If we only look at the short term, the U.S. dollar remains strong, and U.S. Treasury yields are not low either. But what the market truly worries about isn't 'today,' but medium- to long-term structural issues. The pressure on U.S. finances, the aftereffects of high interest rates on the economy, and the slow but ongoing trend of de-dollarization globally—these factors may not appear in the news every day, but they constantly influence asset pricing logic. The rise in gold, at its core, is not a reflection of current realities but an advance response to future uncertainties. More importantly, in today's world where AI quantification and programmatic trading are highly prevalent, stocks are increasingly calculated by models, volatility is easier to capture, and sentiment is repeatedly harvested. In such a market environment, assets like gold—which have high liquidity, strong global consensus, and cannot be fully priced by a single model—become a natural buffer for funds. Therefore, this round of gold's rise is not an emotionally driven surge but a conscious adjustment by funds reallocating their portfolios.