STAR Market and ChiNext plunge while banks and baijiu lead gains, seesaw effect persists

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On July 28, the STAR Market and ChiNext board tumbled again, while blue chips such as banks and baijiu stocks rose against the market, extending the seesaw effect. The STAR 50 Index dropped 6.33%, the ChiNext Index fell 7.35%, and the Shanghai Composite Index slipped 1.16% to close at 3,813 points. Combined turnover across Shanghai, Shenzhen, and Beijing reached 2.04 trillion yuan. Industrial and Commercial Bank of China gained 3.1%, and Kweichow Moutai rose 2.37%. Pan Jun, investment manager at Cheese Fund, said sectors like AI hardware and semiconductors saw sharp pullbacks. He expects the AI hardware industry trend is not over, but the broad rally driven by valuation expansion may have passed, and the market will enter a phase of earnings verification and leader differentiation. Li Qian, investment advisor at Guangzhou Yuesheng Wealth Management, believes funds are rotating out of tech stocks into banks and baijiu to seek safety, and short-term defensive rotation may continue. Yu Fenghui, advisor at the Hong Kong Stock 100 Research Center, said the AI hardware rally has entered a period of separating substance from hype through earnings verification, blue-chip momentum has conditions to persist, and the market seesaw effect will strengthen.

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