The A-share market has recently rebounded, but smart money is flowing in only one direction, leaving many investors with nothing! Yesterday, all four major indices closed higher, with a turnover of 1.52 trillion yuan, appearing quite bullish. However, the capital flows are extremely fragmented: New Easun, Zhongji Xuchuang, and Tianfu Communication (commonly known as "Easy-to-Tianfu") saw a combined net inflow of 2.696 billion yuan, accounting for over 70% of the total net inflow into the entire telecommunications sector. In other words, all the hot money in the telecommunications sector has been poured into these three leading optical module companies. Other stocks haven't even gotten a share. This isn't a broad-based rally; it's an extreme case of capital concentration. When funds are frantically crowding into an extremely narrow sector, it's not because they're optimistic about the entire industry; it's because they're banding together for survival. The tighter they hold on, the harder they'll fall later. And sure enough, the ChiNext market plummeted today!