Market Overview: Volatile Indices, Heavy Volume
China's A-share major indices fluctuated and closed lower today. The Shanghai Composite Index fell 0.26% to 4,101 points, the Shenzhen Component Index dropped 0.18%, and the ChiNext Index declined 0.20%. Notably, the total market turnover reached 3.06 trillion yuan, an increase of 118 billion yuan from the previous session, indicating intense capital competition and growing divergence.
Sector Rotation: AI Retreats, Semiconductors Surge
The market showed significant structural divergence. Previously hot AI application concepts continued their sharp correction for the second consecutive day, with sectors like Sora, Kimi, and ZhiPu AI leading the decline. Stocks such as Xinhuanet(603888.SH) and People.cn(603000.SH) hit the跌停 limit. Online education and short-video concept stocks also followed suit.
On the other hand, the semiconductor sector exploded across the board, stimulated by TSMC(TSM.N)'s better-than-expected earnings. Sub-sectors like memory chips, silicon carbide, and automotive chips led the gains. Stocks including GigaDevice(603986.SH), Tongfu Microelectronics(002156.SZ), Wuxi Taiji Industry(600667.SH), and **Nexchip(688362.SH)**涨停. CPO concepts and humanoid robotics also saw active performance.
Capital Flow: Broad-based ETFs See Significant Volume Surge
In the afternoon, broad-based ETFs tracking indices like the CSI 300 and CSI 1000 continued to see heavy volume. Notably, the turnover of the ChinaAMC CSI 300 ETF exceeded 22 billion yuan, setting a new historical record. This may reflect that some capital is rebalancing or positioning through ETFs amid high-level market volatility, suggesting a potential style rebalancing.
Outlook: Structural Opportunities and Risks Coexist
Daiwa's report suggests that A-shares are not yet in a bubble phase, but the "spring rally" may have arrived early, with the market potentially moving towards a "slow bull." While current market trading is active, sector rotation is accelerating. Investors should be cautious about profit-taking pressure in sectors that have seen significant gains. Hard-tech sectors like semiconductors, catalyzed by strong earnings, may become the short-term focus of capital.
This article does not constitute any investment advice. The stock market involves risks, and investment requires caution!