Recently, the actions of institutional investors have been quite interesting. The hot money on the Dragon and Tiger List not only covers multiple sectors such as telecommunications, military industry, AI computing power, and consumer sectors but also shows an intriguing contrast — buying heavily in declining stocks while continuing to add positions in rising targets. What does this "contrarian layout + trend-following increase" strategy reflect?

Looking at some typical cases makes it clear. China Satcom dropped sharply this week, with a 18.01% decline in share price, but institutions net bought over 1 billion yuan at this time. Why? The continued policy support for commercial aerospace catalyzes confidence in the long-term growth potential of satellite bandwidth services. Therefore, they prefer to buy against the trend during the decline, positioning in this core asset.

Conversely, Shenguang Group rose 11.09% this week, and institutions did not hesitate, net buying 785 million yuan. As an outbound marketing and AI creative service provider, the recovery of cross-border e-commerce demand and upgrades in AI marketing technology point to one direction — performance resilience through globalization strategies. China Satellite, Yonyou Network, Xinghuan Technology, and others have also adopted similar accumulation rhythms.

In the AI computing power sector, the layout by institutions appears more methodical. Providers like Hengwei Technology and Yanshan Technology, which supply computing infrastructure, have received continuous net purchases, driven by explosive demand for AI model training and inference. Although Hengwei Technology only gained 1.43% this week, institutions invested 571 million yuan, indicating their view of the long-term potential in technological barriers and order growth.

In the Xinchuang (core innovation) sector, Yonyou Network, Xinghuan Technology, and Shuaiyou Co. have attracted considerable attention. With increased policy support and corporate cloud transformation demands, institutions are optimistic about the rising penetration of these domestic replacement leaders. Shuaiyou Co. surged 21.70% this week, with net buying of 204 million yuan. Under the background of the Fourth Phase of the Golden Tax project, market expectations for customer stickiness and product iteration are becoming clearer.

The intersection of the military industry and satellite sectors is particularly noteworthy. China Satellite net bought 678 million yuan, Huqin Technology 340 million yuan, and Leike Defense 235 million yuan — although these stocks experienced significant short-term volatility (Leike Defense even fell 26.01%), institutions still chose to enter during the decline. This reflects a confident expectation of upgrades in national defense equipment and increasing satellite navigation demand.

There are also some external highlights. Wanshing Technology, Jiayuan Technology, and Lio Co. all saw substantial gains (19.64%, 18.48%, 39.41%), and institutions did not miss out, net buying 379 million yuan, 298 million yuan, and 274 million yuan respectively. This indicates that funds are not only focused on hard technology but are also capturing the resilience of offline consumption recovery and multi-sector synergistic growth. Shaanxi Tourism rose 19.65% and was net bought for 298 million yuan, reflecting opportunities in cultural tourism recovery and consumption rebound.

Overall, the fund flows on the Dragon and Tiger List this week reveal three clear main themes: investments in hard technology (satellite communication, AI computing power, Xinchuang) demonstrate long-term confidence in industrial upgrading; policy-driven sectors (military electronics, digital RMB) reflect expectations of policy certainty; and offline consumption recovery sectors seize short-term opportunities from economic restoration.

In other words, institutions did not retreat amid this wave of volatility but actively took positions. There is both a determination to layout high-growth sectors and a trading approach that resonates with short-term themes and performance. However, some stocks experienced significant short-term fluctuations, and whether subsequent capital support and performance validation can keep pace remains to be seen.