A-shares rally in the afternoon: Shanghai Composite up 1.79%, ChiNext surges 7.05%

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China's three major A-share indices opened higher on July 21, then plunged sharply before staging a dramatic rebound, with gains widening further in the afternoon. At the close, the Shanghai Composite Index rose 1.79% to 3,864.37, the Shenzhen Component Index jumped 4.81% to 14,264.29, and the ChiNext Index soared 7.05% to 3,685.97. Combined turnover on the Shanghai and Shenzhen exchanges reached 2.9571 trillion yuan, an increase of 254.9 billion yuan from the previous trading day. Semiconductor and computing hardware supply chain stocks staged a fierce counterattack, with many hitting their daily upper limits. In the semiconductor sector alone, over 80 stocks surged by the daily limit or gained more than 10%, while in the electronics sector, over 150 stocks did the same. Meanwhile, sectors such as oil and petrochemicals, coal, and banking were among the biggest laggards. Most institutions believe the market may continue to consolidate and rotate structurally in the short term, but medium- to long-term allocation value is becoming prominent.

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