On May 19th, the A-share market experienced a V-shaped recovery throughout the trading session, with the STAR 50 Index surging nearly 4%. At the close, the Shanghai Composite Index rose by 0.92%, the Shenzhen Component Index increased by 0.26%, the ChiNext Index declined by 0.16%, and the STAR 50 Index gained 3.81%. The total trading volume for the Shanghai and Shenzhen markets reached 2.89 trillion yuan, a decrease of 7.4 billion yuan from the previous session.
Sector-wise, the semiconductor and chip industry chain rebounded from earlier lows, with stocks like Nac Technology Equipment, Shenghui Integrated, and Lion Microelectronics hitting the daily limit-up. The power sector continued its upward trend, with over a dozen constituent stocks, including Shanghai Electric Power and Fuling Electric Power, reaching limit-up. The power grid equipment concept fluctuated strongly, with New Electric Technology and Shangwei Co., Ltd. also hitting limit-up. The optical module concept saw a rebound, with Guangpu Co., Ltd. hitting limit-up. The PCB concept experienced a volatile rise, with Baoding Technology and Yihao New Materials hitting limit-up. The robotics concept remained strong, with Beizi Technology and Fulai New Materials among multiple stocks hitting limit-up. The computing power leasing concept continued its strength, with Nanwei Software, Jiahuan Technology, and Hongxin Electronic among others hitting limit-up. The AI application sectors, including cultural media and gaming, showed repeated activity, with Jishi Media and Fengyuzhu hitting limit-up.
On the downside, rare earth and non-ferrous metal concepts continued to adjust, with Xianglu Tungsten falling nearly 7% and Ruichen Environmental Protection dropping over 5%. Lithium mining stocks declined, with Jinyuan Co., Ltd. falling nearly 7%. The commercial aerospace concept weakened, with China Satellite and Shanghai Harbor hitting limit-down. The sports concept continued to decline, with Shuhua Sports and Yue Media hitting limit-down. Chemical stocks performed weakly, with Heyuan Gas and Zhongchuan Special Gas falling over 5%.
Looking ahead, China Securities believes the new market trend may primarily feature slow, volatile gains, unlikely to replicate the rapid, strong upward momentum seen in April and May. The investment focus remains on two core areas: high-quality sectors with stable performance and solid fundamentals, and popular themes with strong policy support. Since May, themes like commercial aerospace, domestic computing power, intelligent robotics, and power have performed well, while other themes have yet to see rotational gains. As funds gradually shift from the diverging and adjusting AI hard-tech sectors, market capital is expected to move towards lower-positioned thematic directions. Strategically, investors may focus on laying out potential varieties with lower positions, policy support, and industrial catalysts.
Galaxy Securities noted that the cloud services industry is entering an upward cycle of demand expansion and price-volume synergy. The continuous increase in token consumption corresponds to the large-scale expansion of societal AI inference demand, which is a definite positive for cloud service providers like Alibaba Cloud. As tokens become the unified value settlement unit in the intelligent era, the cloud computing business model is undergoing fundamental restructuring. The industry is gradually moving away from the traditional IaaS model of server leasing and time-based billing, fully transitioning to a MaaS intelligent service billing system centered on token consumption. This shift drives the expansion of high-margin AI service revenue for cloud providers, optimizing overall profit structures and propelling the industry into an upward cycle of demand expansion and price-volume synergy.
Guotai Haitong expressed optimism for robotics, semiconductor equipment, and commercial aerospace. It noted that domestic and international commercial aerospace launch missions are intensive, suggesting attention to opportunities in the commercial aerospace sector. Regarding robotics, Tesla's third-generation humanoid robot, Optimus V3, is expected to debut mid-year, with formal production starting between July and August 2026. Product testing is progressing steadily, with external scenario applications anticipated by 2027. Currently, several companies, including Figure AI, 1X Technologies, and Unitree Technology, have launched iterative products, though the industry overall remains in a "small-batch trial" phase. For semiconductor equipment, SMIC has raised its Q2 2026 guidance and holds an optimistic outlook for the future. Tianyue Advanced has significantly increased its SiC shipments and is positive about data center usage.
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