Market Overview
The A-share market continues to see active trading, with the combined turnover of the Shanghai and Shenzhen exchanges exceeding 1 trillion yuan for the 154th consecutive trading day. Sector-wise, Brain-Computer Interface (BCI) and Innovative Drugs have emerged as two major themes, with related concept stocks showing collective strength. The Hong Kong market is equally vibrant, with several tech new listings surging on their debut, reflecting strong market enthusiasm for cutting-edge technologies.
Key Highlights
AI Tech Stocks Shine in Hong Kong:
- Zhipu AI (2513.HK): As the "first global large model stock," it surged over 10% on its debut, with market cap exceeding HK$56 billion. Its public offering was oversubscribed by about 1,160 times, highlighting the market's chase for the AI large model leader.
- TianShu Zhixin (9903.HK): China's first general-purpose GPU company, rose over 32% on its first day, with a market cap nearing HK$50 billion, as its technological leadership gained capital recognition.
- UBS report suggests that Chinese AI tech companies have huge growth potential, and the emergence of a trillion-dollar company is only a matter of time.
Active Thematic Investment in A-Shares:
- BCI Concept: Stimulated by news of BrainCo's large financing round, the sector remains strong. Nanjing Panda (600775.SH), Pride (002324.SZ), and Innovation Medical (002173.SZ) all recorded their 4th consecutive limit-up, while Aipeng Medical (300753.SZ) hit the 20% daily limit.
- Innovative Drug Sector: Buoyed by supportive policy signals from the National Medical Products Administration (NMPA) to facilitate "China-first launches," the sector extended gains. Bebetter (688443.SH) approached the limit-up, hitting a new post-IPO high. Yuandong Bio-tech (688513.SH), HongBo Pharm (301230.SZ) also saw significant gains.
Other Important Developments:
- Hong Kong's Financial Secretary Paul Chan expects the city's IPO fundraising this year to very likely surpass last year's, with the market progressing steadily.
- Four Chinese ministries jointly held a symposium on the power and energy storage battery industry, emphasizing the need to regulate competition and prevent overcapacity risks.
Outlook
The current market exhibits clear structural characteristics, with capital deeply exploring areas with long-term growth logic and policy support, such as AI tech (especially large models, computing power), BCI, and innovative drugs. The火爆 IPO market in Hong Kong provides an emotional reference for related sectors in A-shares. Investors may continue to focus on the technological innovation theme but should be mindful of stock differentiation risks.
This article does not constitute any investment advice. The stock market involves risks, and investment requires caution!