On May 13th, the three major A-share indices opened lower but closed higher. The ChiNext Index surged over 2.6%, breaking through the 4,000-point level.
Today's market rebound, with the ChiNext Index gaining over 2.6%, resulted from the convergence of multiple factors. The ongoing visit of former U.S. President Trump to China, during which NVIDIA CEO Jensen Huang was invited to accompany him, signaled a pragmatic shift in U.S.-China semiconductor dialogue. This development boosted risk appetite in technology sectors such as memory chips and AI computing power, leading to significant gains in related leading stocks. Domestically, April's CPI and PPI data indicated stable price levels and easing price pressures, creating a macro environment supportive of growth stocks. As earlier geopolitical concerns subsided, foreign capital showed signs of returning. Under these combined catalysts, the ChiNext Index, with its strong growth attributes, emerged as a leading performer.
Unexpectedly high U.S. inflation data for April introduced new external constraints. The latest figures show U.S. CPI rose 3.8% year-over-year, with core CPI up 2.8%, both exceeding market expectations. This persistent inflation reinforces expectations that the Federal Reserve will maintain a tight monetary policy, reducing the likelihood of rate cuts this year to near zero while increasing the probability of hikes. Rising U.S. Treasury yields may pressure the valuations of global technology and growth stocks. However, for the A-share market, the core drivers of the AI industry chain remain domestic industrial momentum and policy support. The pragmatic interaction between the U.S. and China in the computing power sector has, for now, offset some of the impact from external liquidity tightening. Nevertheless, risks from oil price transmission and potential inflation resurgence warrant attention.
Looking ahead, the market's rapid ascent driven by multiple catalysts has pushed indices like the STAR 50 to historically high levels. Investors should be cautious of increased volatility due to rising trading concentration. While the AI industry enjoys mid-term fundamental support, valuations in some segments appear elevated, potentially accumulating pressure for technical adjustments as investors take profits. Concurrently, higher-than-expected U.S. inflation may exacerbate external uncertainties, and the trajectory of ongoing U.S.-China negotiations remains fluid. Investors are advised to remain rational, avoid chasing rallies blindly, and consider a balanced allocation focused on leading companies with solid earnings delivery capabilities. Close monitoring of external liquidity shifts and policy signals is recommended to navigate potential high-level volatility risks.
Data source: Wind, as of May 13, 2026. Funds carry risks; investment requires caution. Fund managers are committed to managing and utilizing fund assets with honesty, diligence, and responsibility but do not guarantee fund profitability or specific returns. Past performance of a fund does not indicate its future results.
Comments