The three major A-share indices all posted strong gains on Thursday, July 9th. At the close, the Shanghai Composite Index stood at 4036.59 points, up 1.65% from the previous day's close of 3970.88. The Shenzhen Component Index rose 3.07% to 15398.73 points, and the ChiNext Index jumped 4.49% to 4018.17 points.
The combined trading volume for the Shanghai, Shenzhen, and Beijing exchanges reached 2.93 trillion yuan, a significant increase of 349.7 billion yuan from the previous session.
However, the broad market advance was not uniform, with 2,483 stocks rising and 2,884 declining.
Honghan Investment Trading Director Liu Yan commented on the market performance, noting that while the indices rebounded on heavy volume, the fact that more stocks fell than rose indicates intense market competition and a pronounced structural divergence.
He pointed out that the overall market lacks a broad-based rally effect, while large-cap leaders in the STAR and ChiNext markets continue to show strength, reflecting that tech giants remain a high-consensus direction for capital in the current environment.
From a capital flow perspective, sector differentiation was evident. Data shows that sectors such as Electronics, Computers, and Communications led in terms of net main fund inflows, attracting 89.822 billion yuan, 13.65 billion yuan, and 11.781 billion yuan respectively, becoming the core force driving the index gains.
Conversely, sectors like Food & Beverage, Banking, and Steel experienced net outflows of 688 million yuan, 522 million yuan, and 387 million yuan.
In terms of sector performance, the Electronics and Communications sectors saw both significant fund inflows and price gains, showing a coordinated move. The Computer sector attracted substantial inflows but did not rank among the top gainers.
Specifically, the Electronics, Communications, and Conglomerates sectors rose 7.33%, 5.37%, and 3.30% respectively. Meanwhile, the Steel, Coal, and Food & Beverage sectors pulled back, falling 2.09%, 1.86%, and 1.37%.
Within Wind's thematic industries, the Semiconductor Index was particularly active, closing up 8.41% for the day. Approximately 90% of the 198 constituent stocks rose.
The sector saw a wave of limit-up gains, with stocks like Grinm Semiconductor Materials Co.,Ltd. leading the charge with 20% gains. Other notable performers included stocks approaching the 20% limit and several others hitting the 10% daily limit.
On the news front, the World Semiconductor Trade Statistics (WSTS) organization's latest forecast predicts the global semiconductor market will reach $1.51 trillion in 2026, a near 90% year-over-year increase, marking a record growth rate.
This growth is primarily driven by memory chips (+250%) and logic chips (+37%). The market size is further projected to rise to $1.9 trillion in 2027, a 26.6% increase.
Dongguan Securities research indicates that AI will remain the core investment theme for the semiconductor industry in the second half of 2026, suggesting a focus on high-growth and supply chain autonomy themes.
From the demand side, the scaling up of AI training, inference, and agent applications, coupled with continued upward revisions in capital expenditure by overseas cloud providers, is sustaining high demand for computing infrastructure.
This is driving demand for memory, CPUs, power semiconductors, and semiconductor materials, with some segments already experiencing tight supply and rising prices.
On the supply side, the push for supply chain autonomy in key areas like semiconductor equipment, high-end GPUs, memory chips, and advanced packaging continues to strengthen.
Looking ahead, AI demand is expected to remain the core driver of the semiconductor industry's upward cycle.
Looking forward, special researcher Fu Yifu stated that against the backdrop of an unchanged market structure and the approaching interim report season, the sustainability of the structural rally remains to be seen.
Whether the "earnings anchor" of the hard tech sector can effectively absorb valuation pressure will be a key test for the market ahead.
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