The recovery of investor confidence in high-tech companies is the main reason for the price increase of these tech stocks.

After three consecutive years of growth of less than 1%, global spending on computer-related equipment, software and services is expected to grow by 8% in 2003.

The massive influx of users was the main driver of the rising stock prices of technology companies, and will continue to support the market's healthy development in 2004.

Seven of the top ten performing stocks in the US in 2003 were technology stocks, which would be a very strong warning signal for the domestic stock market, which currently follows the lead of US stocks.

Because most of the traders at large domestic funds and securities firms are returnees from overseas, every move of the US stock market influences the operational strategies of large funds in the domestic stock market.

For example, the internet technology stocks in the "5.19" rally originated from the tech stock revolution in the US stock market; the speculation on core assets and the "Five Golden Flowers" that began in 2003 also stemmed from the return of a large amount of capital to traditional industries and defensive blue-chip stocks after the bursting of the US dot-com bubble. Although blue-chip stocks will still be the mainstream in the market this year, there will be a structural adjustment within the blue-chip sector. Speculation will shift from "deep blue" to "light blue," and some core assets will be gradually phased out, while new stocks will enter the blue-chip category. Technology stocks, such as Yahoo, eBay, and Cisco, will have the opportunity to enter the core asset category. As the market strengthens, market expectations will inevitably increase, thus lowering the requirements for price-to-earnings ratios.

As a result, the stock price will continue to rise.

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The great era has arrived, and it's time for Chen Fang to reap the rewards.