On December 11, the market experienced a volatile adjustment, with the Shanghai Composite Index opening higher but closing lower, while the ChiNext Index surged before retreating, having briefly risen over 1%. By the close, the Shanghai Composite fell 0.7%, the Shenzhen Component Index dropped 1.27%, and the ChiNext Index declined 1.41%.
Leading gainers included commercial aerospace and newly listed stocks, while sectors like Fujian and real estate lagged. Nearly 4,400 stocks fell across the market, with combined turnover in Shanghai and Shenzhen reaching 1.86 trillion yuan, up 78.6 billion yuan from the previous session.
The newly crowned "King of Moores" in A-shares, Moore Thread, surged to 941.08 yuan today after hitting a high of 797.97 yuan yesterday, pushing its market cap above 440 billion yuan. Some investors argue that its dazzling rally is "sucking blood" from the tech sector and even the broader market.
Even strong performers like the CPO sector’s "Yi Zhongtian" retreated today, closing lower, while other tech heavyweights like Cambricon and SMIC on the STAR Market also underperformed. However, short-term speculative funds and long-term institutional trends represent different investment styles, so comparisons or forced attributions are unnecessary.
Key observations from today’s turnover rankings: 1. Tech stocks still dominated the top spots but were mostly in the red. 2. Moore Thread’s 12.4 billion yuan turnover was insufficient to absorb funds released from other large-cap stocks.
Today also marked the last trading day for Moore Thread’s "C" designation, with the 20% daily price limit resuming on Friday, explaining the short-term frenzy. Newly listed stocks and Beijing Exchange-listed shares also rallied against the broader downtrend, likely buoyed by Moore Thread’s momentum.
As for the broader market weakness, it reflects a natural correction after yesterday’s late-session rebound, or an "expected consolidation." Real estate stocks, which drove yesterday’s rebound, reversed sharply today, while retail also gave up gains. Hainan concept stocks fared slightly better but still surrendered half their gains.
The Wind All-A Index and average stock prices showed only marginal declines from yesterday’s lows, suggesting the market remains in a mid-week pullback phase. Whether the rebound resumes tomorrow, as it did last week, remains to be seen.
Today’s standout sectors included non-metallic and metal new materials, boosted by surges in Beijing Exchange-listed stocks like Tianli Composite (920576), which spans multiple themes like controlled nuclear fusion, commercial aerospace, and nuclear power. Analysts note the market remains in a consolidation phase, offering opportunities to accumulate core sector stocks on dips.
Wind power equipment, energy storage, photovoltaic equipment, and controlled nuclear fusion also drew attention amid reports of sustained activity in power infrastructure, driven by overseas expansion and AI-driven electricity demand. Grid equipment is transitioning from "traditional infrastructure" to "core digital economy assets," with AI’s power needs and grid upgrades supporting long-term growth.
Guosheng Securities highlighted that market-based pricing for renewables could slow expansion in oversupplied regions while stabilizing returns in areas with better absorption capacity, particularly favoring wind power. Deepening power market reforms and expanding spot markets may widen peak-valley price gaps, enhancing energy storage’s investment appeal.
Commercial aerospace saw multiple catalysts: - China successfully launched nine satellites, including the UAE’s 813 satellite, on December 10. - The country’s first energy-focused satellite, Dianjian-1, equipped with X-band SAR for all-weather observation, was unveiled. - LandSpace’s VP Zhang Jingru noted its 600+ suppliers span 90+ cities, with 70% being private firms. Its Wuxi assembly base aims for 2026 operations.
Disclaimer: This content is for informational purposes only and does not constitute investment advice.
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