China's three major stock indexes opened higher on August 13 and then fluctuated, with heavyweight stocks lifting the indices. However, declining stocks outnumbered advancing ones, highlighting a market pattern of "indices rising, stocks broadly falling, and structural hotspots persisting." By midday close, the Shanghai Composite Index rose 0.42% to 3,963.15 points, the Shenzhen Component Index climbed 0.73% to 14,519.97 points, and the ChiNext Index gained 1.61% to 3,660.25 points. The STAR 50 Index advanced 1.90% to 1,770.03 points. Across the market, 2,287 stocks rose, 3,095 fell, and 56 hit the daily limit up, with a clear majority of stocks declining. Trading volume on the Shanghai and Shenzhen exchanges reached 1.59 trillion yuan in the morning session, up about 207.6 billion yuan from the previous session.
Market Overview
On the upside, the pharmaceutical and CRO (Contract Research Organization) sectors collectively surged, with several stocks hitting the 20% daily limit up. The computing power leasing concept extended its strength, with 城地香江 hitting a three-day limit up. The CPO (Co-packaged Optics) and optical communications sectors were active, with 天孚通信 rising over 10%. The food and beverage sector continued to be buoyant, with 皇氏集团 and 一鸣食品 both achieving a four-day limit up. The super node concept fluctuated higher, with 共进股份 hitting the limit up. On the downside, the precious metals sector collectively fell, with 招金黄金 and 湖南白银 dropping over 5%. The oil and gas sector declined, with 通源石油 falling over 5%. The real estate sector adjusted, with 中交发展 leading the declines. Overall, the divergence between the yellow and white lines (representing small-cap and large-cap stocks, respectively) was evident, with heavyweight stocks performing better. Capital flowed out of cyclical sectors like non-ferrous metals and into technology and growth sectors such as electronics, telecommunications, and semiconductors. Data showed that early-session main capital flowed into electronics, telecommunications, and semiconductor sectors, while net outflows were seen from non-ferrous metals, industrial metals, and small metals sectors, with the non-ferrous metals sector alone seeing net outflows exceeding 82 billion yuan.
Hot Sectors
1. Pharmaceutical/CRO Sectors Explode
The pharmaceutical and CRO sectors collectively surged in early trading. 南模生物, 博济医药, 万邦医药, and 近岸蛋白 all hit the 20% daily limit up, 陇神戎发 also hit the 20% limit up, 誉衡药业 achieved a 5-day, 4-limit up pattern, 亚泰集团 hit a three-day limit up, and 皓元医药, 睿智医药, 奥浦迈, and 百奥赛图 were among the top gainers. Commentary: On the news front, the strong demand for new molecule types like triple-target, oral GLP-1, cyclopeptides, and small nucleic acids, combined with the competitive advantages of Chinese companies in cost, response speed, and global delivery capabilities, suggests that externally-driven CDMO (Contract Development and Manufacturing Organization) performance is likely to continue to be realized. Meanwhile, domestic innovative drug financing is gradually recovering, biotech R&D activity is picking up, and AI-driven drug development is entering the phase of commercial closed-loop verification. Upstream segments like protein synthesis and preclinical CRO are expected to be the first to benefit. Additionally, on August 10, three innovative drug out-licensing BD deals were completed in a single day, involving companies like 百济神州, 信达生物, and 甘李药业.
2. Computing Power Leasing Concept Continues Strength
The computing power leasing concept extended its strong performance. 城地香江 hit a three-day limit up, 群兴玩具 hit the daily limit up at the open, 利通电子 hit the limit up, 立昂技术 hit the 20% limit up, and 中鼎股份, 行云科技, 宏景科技, and 鸿博股份 followed with gains. Commentary: On the news front, U.S. AI computing power leasing company Nebius reported second-quarter revenue of $582.3 million, a massive 454% year-over-year increase, with its stock price surging over 34% overnight. CoreWeave's second fiscal quarter revenue doubled to $2.58 billion, with its stock price rising over 19% overnight. It should be noted that 城地香江 announced on the evening of August 12 that its current main business is IDC investment and operations and IDC integrated solutions, and it currently has no computing power leasing-related business.
3. Food and Beverage Sector Remains Active
The food and beverage and dairy sectors continued to be active in early trading. 皇氏集团 hit a four-day limit up, 一鸣食品 also achieved a four-day limit up, 会稽山 hit the limit up, and 熊猫乳品, 百合股份, and 好想你 followed with gains. The white liquor sector fluctuated higher, with 山西汾酒 rising over 4%. Commentary: Data shows that on the day of the Start of Autumn (August 7), 瑞幸咖啡's "First Cup of Milk Tea in Autumn" sold 25 million cups, setting a single-day sales record. 蜜雪冰城 also announced that related sales refreshed its annual record. Several brokerages are optimistic about the start of a milk price uptrend. Institutions indicate that since April, loose milk prices in some regions have surged. Recently, the average raw milk price in major producing areas has bottomed out and risen, with a clear signal of a reversal for milk prices. Institutions expect supply and demand to be roughly balanced in 2026, with the supply-demand gap expected to widen again in 2027.
4. Super Node Concept Fluctuates Higher
The super node concept fluctuated higher. 共进股份 hit the daily limit up, with 华勤技术, 智微智能, 紫光股份, 星网锐捷, 锐捷网络, and 浪潮信息 following with gains. Commentary: On the news front, 阿里云's Lingjun Zhenwu M890 super node instance was officially launched on August 12, with initial sales starting in the Ulanqab region.
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