Today, the market rebounded after hitting lows, with major A-share indices initially declining in the morning session before staging a strong recovery in the afternoon, led by technology stocks. The ChiNext Index and the STAR 50 Index both surged over 2% intraday. Sectors such as lab-grown diamonds, supercapacitors, and communication equipment led the gains. The total market turnover for the day reached 3 trillion yuan, a decrease of over 270 billion yuan compared to the previous trading day. More than 3,000 stocks advanced in the two markets. On the market front, a strong rally in hard-tech sectors like semiconductors and chips boosted market risk appetite. The optical module sector strengthened in the afternoon, with leading stocks collectively surging. Zhongji Innolight Co.,Ltd. rose nearly 7%, Eoptolink Technology Inc.,Ltd. gained over 3%, both reaching new all-time highs, while Suzhou Tfc Optical Communication Co.,Ltd. advanced over 4%. The 6G concept saw a sudden surge in the afternoon, with ZTE's A-share hitting the daily limit. The power concept continued its strong performance, with stocks like Ningbo Energy and Huadian Energy hitting the daily limit. The lab-grown diamond concept rose, with Huanghe Whirlwind and Sifangda hitting the daily limit. Upstream PCB materials such as MLCC, copper-clad laminates, copper foil, and electronic cloth all saw significant gains, with Fenghua Advanced Technology and Woge Photoelectric hitting the daily limit. Semiconductor industry chains including IGBT and power supply chips remained active, with Huadian Electronics hitting the daily limit. Coal stocks continued to climb, with Haohua Energy hitting the daily limit. On the downside, humanoid robot concepts like Yushu Robot and dexterous hands continued to decline, with Zhongma Transmission approaching the daily limit. The AI comic drama concept saw a one-day rally and subsequent drop, with Kunlun Tech leading the decline. Major financial concepts such as securities, banks, and insurance continued to trend lower. The baijiu and major consumption concepts also saw a one-day rally and subsequent drop. Looking ahead, China Securities believes the short-term market is likely to exhibit "moderate index fluctuations and accelerated style rotation." Market focus may shift from previous growth directions like AI computing power to low-position consumption, power, and semiconductor localization replacement. In terms of individual stocks, 3,018 stocks advanced, 2,365 declined, and 141 were unchanged. A total of 127 stocks hit the daily limit up, while 13 hit the daily limit down. At the close, the Shanghai Composite Index rose 0.12% to 4098.64 points, with a turnover of 1361.3 billion yuan. The Shenzhen Component Index gained 0.80% to 15861.89 points, with a turnover of 1590.9 billion yuan. The ChiNext Index rose 1.96% to 4125.07 points. In terms of fund flows, main funds focused on small metals, power, and glass fiber sectors today. Stocks such as Foxconn Industrial Internet, Yunnan Chihong Zinc & Germanium, and Fenghua Advanced Technology saw significant net inflows from main funds. Key News Recap: 1. ByteDance Reportedly Developing Custom CPUs to Meet AI Demand. According to informed sources, ByteDance is developing its own CPUs to meet its growing AI infrastructure needs. Soaring chip prices and long-term supply shortages are currently limiting the company's expansion plans. This move highlights the industry's accelerated shift toward the "inference" phase, which significantly increases demand for CPUs and has led to shortages in recent months. Sources indicate that ByteDance plans to deploy its self-developed CPUs in its own servers and data centers to support internal operations. 2. Zimbabwe Designates 14 Minerals as "Critical," Mandates State Equity Participation for Extraction. The Zimbabwean government recently issued the "Mineral Classification and Declaration," formally designating 14 minerals, including lithium, nickel, cobalt, and graphite, as "critical minerals" subject to equity and export controls. It also established the principle of the state exercising a mandatory minimum equity stake through designated special purpose vehicles (SPVs). This move is seen as emulating Indonesia's nickel industry roadmap, aiming to control the global critical mineral supply chain by banning raw ore exports, forcing foreign investment in smelter construction, and securing state equity. 3. Alibaba DAMO Academy Releases GPU Version of Solver, Breaking "Unsolvable" Billion-Variable Problem. According to an announcement on Alibaba DAMO Academy's official WeChat account, the "MindOpt" solver has officially released a GPU version. It leverages GPU parallel acceleration and introduces new algorithms to overcome the "long-tail effect" challenge. Tests on approximately 2,000 general problem instances show that MindOpt can stably solve over 99% of problem types to high precision and can support linear programming problems with billions of variables, traditionally considered "unsolvable." The solver is hailed as the "core of industrial software," responsible for complex calculations in critical areas such as power dispatch, flight scheduling, high-end manufacturing, and financial management. Market Outlook: 1. China Securities: Short-Term Market Likely to Exhibit "Moderate Index Fluctuations and Accelerated Style Rotation." Looking ahead, close attention should be paid to the substantial impact of Changxin Technology's IPO approval on the memory industry chain and whether hot money exiting high-position tech sectors will form new sustainable hotspots in consumption and power. Overall, the short-term market is likely to exhibit "moderate index fluctuations and accelerated style rotation." Market focus may shift from previous growth directions like AI computing power to low-position consumption, power, and semiconductor localization replacement. 2. East Money Securities: Technology Remains a Relatively Certain Main Theme for the Year. In a research report, Chen Guo, Chief Strategist at East Money Securities, stated that after the significant gains from the "normalization trade + earnings season rally," market divergence over structure is increasing. Some funds are seeking structural rebalancing and rotation, manifesting as a pullback in previously high-flying AI computing power sectors (optical modules, memory), with some funds opting for phased profit-taking. Chen Guo believes that from a medium-term perspective, the triple high-growth logic of AI industry capital expenditure, order fulfillment, and earnings realization remains unchanged. Coupled with the K-shaped divergence in the macroeconomy strengthening the profitability advantage of the tech sector, technology remains a relatively certain main theme for the year. It is advisable to avoid high-position themes where previous gains have been excessive and prioritize hard-core sub-sectors with high industry certainty, solid order performance, and relatively lagging previous gains. 3. Guosheng Securities: Starship V3 Maiden Flight Validates Core Capabilities, SpaceX IPO May Herald New Era for Commercial Space. The acceleration of SpaceX's IPO process and the continuous iteration of the Starship series are reshaping the competitive landscape and valuation system of the global commercial space industry. Its leading spillover effects are expected to resonate with the A-share industry chain. On the investment front, it is recommended to focus first on upstream links with high barriers and early earnings realization. Priority should be given to selecting high-quality companies deeply integrated with national satellite constellation projects, possessing irreplaceable technological barriers, with capacity reserves highly matching order backlogs, and directly benefiting from accelerated Starlink deployment.
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