I personally believe this is a reset of "valuation and position sizing," not a fundamental collapse. It's a window for buying the dip, but we haven't reached the safety zone where it has truly "fallen through."

The entire internet is discussing how Leopard Castle Securities' targeted explosive trade is seen as a conspiracy by big capital to acquire cheap, blood-stained chips, thereby dragging down the AI industry chain. But putting aside ghost stories, the fact is that it hasn't fallen through yet. The reasons are: 1. Volatility remains extremely high; for example, SOX had daily fluctuations greater than 2% on almost every trading day in July. 2. Retail investors are still throwing money into semiconductor ETFs to bottom-fish, indicating that true despair at the bottom hasn't been reached. 3. The equipment chains in Hong Kong and mainland A-shares are still undergoing valuation compression.

Therefore, this wave of slaughter targeting crowded tracks with high leverage, driven by scary stories, represents a structural opportunity. It is not advisable to go all in at once.