Recent data from financial data aggregator DataBao reveals that over the past week (July 17-23), the total margin balance on A-shares has continued to decline, reaching a new low of 2,688.861 billion yuan. During this period, A-share margin financing funds showed a persistent net repayment trend, with the total amount hitting 144.78 billion yuan.
Breaking down by sector, the electronics industry saw the highest net repayment of margin financing, standing at a substantial 50.683 billion yuan. The machinery equipment, communications, and electrical equipment sectors also recorded net repayments exceeding 10 billion yuan, totaling 13.708 billion, 12.431 billion, and 10.953 billion yuan, respectively. Additionally, the basic chemicals, non-ferrous metals, and computer sectors had net repayments of over 6 billion yuan each. The only sector to see net buying was coal, with a modest inflow of 177 million yuan.
On the individual stock level, 30 companies saw net margin buying exceeding 100 million yuan over the past week. Cambridge Technology (603083.SH) and Tongfu Microelectronics (002156.SZ) took the top two spots, with net buying amounts of 440 million yuan and 313 million yuan, respectively. Following them were Xiechuang Data (300857.SZ), Hua Hong Semiconductor (688347.SH), SigmaStar Technology (301536.SZ), and Rockchip (603893.SH), each with net buying figures exceeding 200 million yuan.
Cambridge Technology expects its net profit attributable to the parent company for the first half of the year to range between 310 million and 359 million yuan, a year-on-year increase of 156.65% to 197.18%. The company attributed this growth to the significant expansion of its high-speed optical module business, which has seen strong market demand leading to a sharp increase in orders. Timely shipments have supported a substantial year-on-year increase in shipment value, while a shift in product structure has driven a notable improvement in gross profit margins.
Tongfu Microelectronics expects its net profit attributable to the parent for the first half of the year to be between 1.6 billion and 1.8 billion yuan, a year-on-year increase of 288.26% to 336.80%. The company noted that in the first half of 2026, the semiconductor industry experienced strong growth, driven by demand from AI computing infrastructure, a recovering memory market, and accelerated domestic substitution. The company's proactive approach, improved capacity utilization, and increased revenue, particularly from mid-to-high-end products, contributed to these results. Enhanced management and cost control also significantly improved overall profitability.
Several stocks in the chip design, manufacturing, and packaging and testing sectors received net buying from margin financing, including SigmaStar Technology, Rockchip, VeriSilicon (688521.SH), Allwinner Technology (300458.SZ), Hua Hong Semiconductor, and Tongfu Microelectronics. Additionally, gaming giant Giant Network (002558.SZ) and precious metals leader Shandong Gold (600547.SH) also attracted interest from margin traders.
On the other side of the ledger, 47 stocks saw net financing repayments exceeding 500 million yuan. Victory Giant Technology (300476.SZ), Shenzhen Techwinsemi Technology (001309.SZ), and Biwin Storage Technology (688525.SH) ranked in the top three, each with net repayments of over 2 billion yuan. Following them were Eoptolink Technology (300502.SZ), Cambricon Technologies (688256.SH), GigaDevice Semiconductor (603986.SH), Tianfu Communication (300394.SZ), Dongshan Precision Manufacturing (002384.SZ), Huagong Tech (000988.SZ), and Zhongji Innolight (300308.SZ), each with net repayments exceeding 1.5 billion yuan.
By sector, several optical module concept stocks, such as Eoptolink Technology, Tianfu Communication, Dongshan Precision Manufacturing, Zhongji Innolight, and Accelink Technologies (002281.SZ), all suffered net repayments from margin financing, with amounts exceeding 1 billion yuan each. Concurrently, the CPO (Co-packaged Optics) index has been in a continuous decline over the past month (since June 25), with a cumulative drop of over 30%.
Despite this, institutions remain optimistic about the outlook for the optical module sector. As AI chips continue to iterate and upgrade, data center optical modules are accelerating their evolution from 800G to 1.6T and 3.2T. According to data from LightCounting, the global Ethernet optical module market size is expected to reach 26.084 billion US dollars in 2026, with the penetration rate of 800G and 1.6T optical modules increasing by 53.67 percentage points compared to 2023. With the continued volume release of high-speed optical modules, 3.2T products are also entering the industrial introduction phase. The agency forecasts that the global 3.2T optical module market size could reach 1.396 billion US dollars by 2028, further expanding to 24 billion US dollars by 2031.
In another major A-share theme, memory concept stocks continued to face net repayments from margin financing. Shenzhen Techwinsemi Technology, Biwin Storage Technology, Cambricon Technologies, GigaDevice Semiconductor, Montage Technology (688008.SH), and Longsys Electronics (301308.SZ) were all on the list.
On July 27, Changxin Technology (688825.SH) is scheduled to list on the Shanghai Stock Exchange's STAR Market. Based on revenue in the first quarter of 2026, the company holds an 8% global market share, making it the fourth-largest DRAM manufacturer. Sinolink Securities (600109.SH) pointed out that each major cycle in the memory industry is triggered by new technologies driving product upgrades and innovation. With AI driving increased demand, we are now at the beginning of a new memory super-cycle. The brokerage firm is optimistic about the long-term and substantial demand pull for storage following the implementation of models and applications.
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