A-shares Rebound After Early Dip; Sci-Tech Composite Index Surges Over 6%; Electronics Sector Sees Net Inflow of 89.8 Billion Yuan in Main Funds

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A-shares rebounded after an early dip today, with tech growth stocks returning to an upward channel. The Sci-Tech Composite Index surged over 6% on heavy volume to break above 2,400 points. The ChiNext Index soared more than 4% in the afternoon, breaking through the 3,900 and 4,000 point levels in succession. The Shanghai Composite Index reclaimed the 4,000 point mark, while the Shenzhen Component Index recovered 15,000 points. Turnover expanded to 2.93 trillion yuan. On the sector front, semiconductors, electronic chemicals, recent new shares, and communication equipment led the gains, while metals and energy, tourism, food and beverage, and aviation and airports were among the biggest decliners. Real-time monitoring data from Wind shows that the electronics sector attracted a staggering net inflow of 89.8 billion yuan in main funds, far exceeding the combined net inflows of all other sectors. Computers saw a net inflow of over 13.6 billion yuan, communications over 11.7 billion yuan, and machinery equipment over 7.5 billion yuan. Power equipment and pharmaceutical and biological sectors each recorded net inflows exceeding 5 billion yuan. Only a few sectors, such as food and beverage, banking, and steel, experienced slight net outflows of main funds. In terms of concept sectors, consumer electronics attracted a net inflow of over 62.8 billion yuan in main funds, the semiconductor industry over 58.9 billion yuan, and 5G applications, chips, and Huawei concepts each saw net inflows exceeding 50 billion yuan. Artificial intelligence and new funds attracted over 40 billion yuan in net inflows, while domestic innovation, big fund concepts, and Nvidia concepts drew over 30 billion yuan. Pro-cyclical sectors suffered a net outflow of over 3 billion yuan in main funds, and lithium mining and chemical products also saw net outflows exceeding 1 billion yuan. Among individual stocks, Inspur Information surged by the daily limit, attracting a net inflow of over 6.6 billion yuan in main funds. JCET received a net inflow of over 5.6 billion yuan. ZTE and Dongshan Precision each saw net inflows exceeding 4 billion yuan. Five stocks, including SMIC, Cambricon, and Montage Technology, recorded net inflows of over 3 billion yuan. Three stocks—GigaDevice, Huatian Technology, and Shenzhen Kaifa Technology—also saw net inflows exceeding 2 billion yuan. Boosted by news of the upcoming IPO of memory chip leader ChangXin Memory Technologies, chip stocks surged in the afternoon on heavy volume. Shenzhen Keda Industrial jumped by the 20% daily limit just about seven minutes after the afternoon session opened. Youyan Silicon, Aisen Semiconductor, and Aike Optoelectronics all hit the 20% upper limit in the afternoon. More than 80 stocks, including Changchuan Technology, Advanced Micro-Fabrication Equipment, and Wuxi Taiji Industry, either hit the daily limit or rose over 10%. Sub-sectors such as memory chips, advanced packaging, third-generation semiconductors, and automotive chips also surged on heavy volume, with JCET, China Wafer Level CSP, Huatian Technology, and Li'ang Microelectronics among those hitting the daily limit in batches. Four chip stocks priced above 1,000 yuan all rose sharply. Cambricon gained 8.59%, with its market value once again approaching 1 trillion yuan. Zhongji Innolight surged 5.9%, with its stock price once again surpassing Kweichow Moutai. Lianxun Instruments and Yuanjie Technology both rose over 5%. Muxi Semiconductor briefly broke through the 1,000 yuan mark during the session, signaling an imminent expansion of the thousand-yuan stock club. Looking ahead, BOC International stated that market style volatility will increase over the next month, with possible periodic style equalization. Large-cap and high-profitability stocks remain the main theme, and leading stocks with high earnings growth but moderate valuations may become the primary diffusion direction of the dominant style. However, short-term style equalization does not mean a switch in the dominant style. The main theme of high-profitability, high-valuation growth stocks remains unchanged for the year. Orient Securities pointed out that over the past week, domestic equity assets have been shifting from an excessive concentration in technology toward a more balanced approach, but it is still too early to support a full style rotation. Traditional pro-cyclical sectors have short-term recovery opportunities, but a broader market move still awaits further confirmation from fiscal and policy fronts.

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