Market Overview: Indices Retreat After Early Gains, High Turnover Sustained
The A-share market showed a pattern of rising then falling today. Boosted by sectors like semiconductors in the morning, trading was active, with the Shanghai and Shenzhen bourses seeing turnover exceed 2 trillion yuan for the 7th consecutive session. However, sentiment shifted sharply in the afternoon. The three major A-share indices collectively turned negative, with sectors like software services and retail leading the decline. Nearly 3,100 stocks fell. The Hang Seng Tech Index also dropped over 2%, indicating a cooling in overall risk appetite.
Sector Focus: Sharp Divergence Within Tech, "Strong Chips vs. Weak Brain" Pattern
The market's structural characteristics were pronounced:
- Semiconductor memory chips emerged as the strongest theme. Stimulated by news of planned significant price hikes by Samsung and SK Hynix and Nvidia CEO Jensen Huang's emphasis on AI's memory demand, the STAR Semiconductor ETF (588170) surged up to 7%. Further positive catalysts included Micron's accelerated HBM4 expansion and Piper Sandler raising its target price to $400.
- Brain-computer interface (BCI) concepts suffered a severe setback, plunging in the afternoon with multiple stocks down over 10%. The direct trigger was several companies issuing announcements to clarify or highlight risks, stating that related businesses are still in early stages or not yet operational, quickly cooling speculative fervor.
- Precious metals faced pressure, with spot silver and gold prices falling significantly during the day, weighing on related A-share sectors.
Outlook: Monitor Sustainability of Main Themes, Beware of Sentiment Retreat
Citi's view on copper—bullish short-term but warning of a possible peak in January—might provide a footnote to the current exuberant resource and tech rally: market momentum could wane without new catalysts. The strength in semiconductor memory is based on solid industry logic and earnings expectations, but short-term gains are substantial, warranting attention to fund support. Pure concept speculation is rapidly retreating amid regulatory scrutiny and company clarifications, and investors should be wary of related risks.
This article does not constitute any investment advice. The stock market involves risks, and investing requires caution!