- The three main indices of China's A-shares demonstrated a significant divergence in trends, with the ChiNext Index closing up 1.43%, reaching a new high in nearly 11 years, while the Shanghai Composite Index dipped slightly by 0.1%. The total market turnover expanded by 97.9 billion yuan from the previous trading day to 2.45 trillion yuan.
- The sectors of artificial intelligence and computing power hardware surged, led by the Communication ETF Guotai (515880:CH), which rose 4.91% to top the market. Meanwhile, the Communication ETFs of Fuguo (159583:CH) and Huaxia (515050:CH) recorded gains of 4.50% and 4.30%, respectively, as significant funds flowed into infrastructure fields such as Co-Packaged Optics (CPO) and Printed Circuit Boards (PCB).
- The pharmaceutical and consumer sectors faced collective pressure, with the Pharmaceutical ETF Yifangda (512010:CH) dropping 2.92% and the Innovative Drug ETF Yinhua (159992:CH) falling 2.30%. This reflects an acceleration of institutional funds switching positions from long-term defensive assets to high-flex technology growth styles in a stock game environment.
Micro Data Mapping of Computing Power Infrastructure
Capital flows indicate that the computing hardware industry chain is undergoing intense chip revaluation. With the upward revision of capital expenditure expectations for computing power driven by global model iterations, A-share related optical communication modules, fiber optics, and semiconductor equipment suppliers have become core holdings in the context of ample liquidity. The high-volume rises of the Communication ETF Guotai and related 5G industry funds confirm institutional investors' pursuit of certainty in first-quarter performance realization. If subsequent capital expenditure guidance from leading overseas tech companies continues to exceed expectations, the valuation center of the domestic computing power supply chain may further increase.
Valuation Adjustment Logic of the Pharmaceutical Sector
In stark contrast to the strong performance of technology stocks, the pharmaceutical and innovative drug industry chains face significant selling pressure. Several core pharmaceutical ETFs have fallen by more than 2%, reflecting the need for short-term profit-taking and hinting at concerns over the profit cycle of pharmaceutical companies. In the current macro environment, the high capital consumption attribute of pharmaceutical research and development puts it at a relative disadvantage in liquidity reallocation. The innovative drug sector may need to wait for more precise clinical data catalysts or a marginal warming signal of industry policies to regain upward momentum.
Observations on Capital Flow and Market Sentiment
The total market turnover exceeded 2.45 trillion yuan, with more than 2,300 stocks rising, indicating that overall risk appetite remains high. The slight dip in the Shanghai Composite Index masks the high enthusiasm in the Shenzhen and Beijing exchanges, with the BeiZheng 50 Index surging 4.77% in a single day, highlighting the liquidity premium of small to medium-sized growth stocks. This extremely differentiated market structure requires institutional investors to maintain high positions while executing more precise sector rotation operations. Changes in volume over the coming trading days will be a key indicator of whether the growth style can continue to dominate the market.
