To The Moon

Today, China's three major A-share indices delivered mixed performances, with the Shanghai Composite Index edging up 0.19%, the Shenzhen Component Index slipping 0.35%, and the ChiNext Index falling 1.00%. Combined trading volume on the Shanghai and Shenzhen exchanges reached approximately 1.84 trillion yuan, reflecting a slight contraction from the prior session. Advancers outnumbered decliners across the broader market, with more than 4,200 stocks closing higher, and small-cap microcap names displaying relatively stronger momentum. At the sector level, biotechnology and retail posted solid gains, while precious metals and semiconductor segments experienced pullbacks and consolidation. (Data source: Wind)

The market continues to show a lackluster performance: gold-related equities have pulled back noticeably, as gold prices, after a rapid three-week surge, may be facing profit-taking pressure from some investors, leading to somewhat amplified short-term volatility. From a medium-to-long-term perspective, the fundamental logic supporting a prolonged bull market for gold remains intact. Fiscal deficits, geopolitical tensions, and currency concerns are among the medium-to-long-term factors that continue to underpin gold demand. Against the backdrop of excessive money supply and the monetization of fiscal deficits, the credibility of the dollar-based system is being challenged. Combined with frequent global geopolitical turbulence driving diversification of asset reserves, demand for gold as a safe-haven asset continues to rise, and the global "de-dollarization" trend positions gold as a potential new pricing anchor. Although the technology sector showed some intraday recovery in the afternoon, it remained in a consolidative pattern. The core reasons are twofold: first, rising U.S. Treasury yields have had a relatively significant impact on growth sectors, though the U.S. Treasury Department has announced a doubling of its long-dated bond buyback program for 10-to-30-year maturities, with the key focus ahead being whether yields can effectively retreat; second, the technology sector lacks a compelling upward narrative, prompting a temporary pause at the trading level, while the market remains concerned about a slowdown in capital expenditure growth. Nevertheless, industry-side momentum continues to build, as evidenced by Yangtze Memory Technologies' update of its guidance status to "guidance acceptance," signaling an accelerated listing process. The agriculture sector continued its relatively strong performance, primarily driven by a shift in market style, low valuations in the sector, and El Ni帽o-related catalysts.

At the current juncture, the first round of recovery and rebound has largely concluded, and the market has entered a phase of second-testing lows. Simultaneously, overseas markets have also ended their staged rebound and begun a secondary pullback process. With domestic and international markets both entering adjustment windows, the key observation point ahead lies in whether the previous domestic low zone can provide effective support, which will directly determine the downside space for this round of correction. This week's core focus includes key U.S. data and events such as the fiscal plan, actual GDP levels, and Kevin Warsh's debut at the Jackson Hole annual symposium. (Data source: Wind)

In terms of operational strategy, adopting a range-bound market approach is recommended, emphasizing position control, preserving cash reserves, and seizing structural opportunities. The seesaw effect of sector rotation will persist, with funds rotating between high and low valuations across technology, consumer, and cyclical sectors. For investors seeking to capture style rebalancing opportunities while avoiding concentration risks in individual stocks or single tracks, the CSI A500 ETF (159338), which provides balanced exposure to industry leaders across sectors with greater resilience in allocation, can be considered through a phased buying approach at lower levels.

Healthcare: Leading the Market Today

Today, the healthcare sector led the market's gains, with the Medical ETF (159828) rising 2.85%, the Hang Seng Biotech ETF (520930) advancing 2.56%, the Innovative Drug ETF (517110) climbing 2.55%, and the ChiNext Medical ETF (159377) gaining 2.53%. The fundamental support at the bottom of this rally stems from interim report trading, the recovery of industry fundamentals following the clearing of previous geopolitical headwinds, and valuation re-rating driven by narratives such as AI-driven drug discovery. The core strength lies in several CDMO leaders with high earnings certainty, some of which have raised full-year guidance. Innovative drug companies have largely beaten expectations in interim reports or turned profitable, creating a Davis double-play cyclical logic for the track. A milestone breakthrough has been achieved in mRNA tumor vaccines: the most significant catalyst for the innovative drug sector recently comes from the mRNA tumor vaccine field, with Merck and Moderna jointly announcing positive Phase III clinical results for the world's first mRNA tumor therapy. This represents not only a milestone for the innovative drug and vaccine industries but also a groundbreaking advancement for the mRNA technology track since the COVID-19 vaccine era. In the Hong Kong innovative drug sector, multiple companies have already established mRNA tumor vaccine pipelines; with the successful overseas path now validated, domestic related targets have room for long-term valuation center upward shifts.

Two auxiliary themes within AI-driven drug discovery: The AI-driven drug discovery track has seen rising momentum recently, with the rally led by U.S. names such as Twist Bioscience, mapping to the upstream DNA synthesis and protein synthesis industrial chain. Several Hong Kong-listed preclinical CRO companies have recently disclosed earnings, with the track's momentum continuing and related targets performing relatively well. With the healthcare sector's solid valuations, dense catalysts in the innovative drug subsegments, and dual drivers from policy and clinical data, interested investors may consider the Hang Seng Biotech ETF (520930) and the STAR Innovative Drug ETF (589720).

Robotics: Style Rotation Benefits the Sector

Today, the Robotics ETF (159551) rose 2.06%, primarily due to a slight shift in market style, with microcap stocks performing relatively well overall. Recently, the second World Humanoid Robot Games were held in Beijing, with a substantial increase in participating teams and robots. This edition featured 51 events and over 1,300 matches, with 666 teams and 2,056 robots competing. The number of teams increased by 138% compared to the inaugural edition, and the number of robots quadrupled. The competition added multiple high-intensity events covering nine major application areas. New high-intensity competitive events such as long jump, weightlifting, tug-of-war, and table tennis were introduced, with scenarios spanning nine domains including households, hotels, and logistics. Humanoid robot scenario capabilities have significantly upgraded, with demonstrations becoming more diverse and no longer limited to pre-programmed executions. (Data source: Beijing Daily)

Additionally, after the market close yesterday, Xiaopeng's robotics business announced its first financing round, raising over $900 million, with a post-investment valuation exceeding $6.3 billion. Following the closing of this round, the Xiaopeng Group will continue to maintain controlling interest and consolidate the robotics business into its financial statements. The round was led by IDG Capital with participation from Gaorong Ventures, while Tencent and Alibaba participated as strategic investors. Domestic capital operations continue to accelerate. Domestic and international industry-side developments remain steady, with mass production drawing closer: domestically, Unitree's listing market capitalization at one point exceeded 400 billion yuan, surpassing market expectations. To a certain extent, this also indicates regulatory support for the humanoid robot industry, and the domestic supply chain is poised for valuation reshaping. However, given the small float market capitalization, short-term stock price volatility may be significant, and chasing highs is not recommended. From an overseas perspective, the current focus remains on mass production pacing. Fremont's first robot production line has entered the equipment installation phase, with industrialization progressing steadily. If mass production progress exceeds expectations or if significant breakthroughs occur at the robot "brain" level, it could reshape expectations and drive order validation and valuation recovery. The sector may still experience elevated short-term volatility, with the core observation being whether volume recovery and capital inflows can materialize. The medium-to-long-term industry logic remains intact, with the investment theme transitioning from "technology convergence" to "mass production and orders."

Interested investors may consider phased or staggered position building to smooth the impact of short-term volatility on holding costs: the Robotics ETF (159551), which offers balanced exposure to both overseas and domestic humanoid robot supply chain targets; and the Industrial Mother Machine ETF (159667), which as of June 30, 2026, had an index composition containing approximately 56% optical module and PCB equipment consumables, approximately 33% humanoid robot content, and approximately 13% tungsten ore content. Risk disclosure: Investors should fully understand the difference between regular fixed-amount investment in funds and savings methods such as zero-deposit lump-sum withdrawal. Regular fixed-amount investment is a simple and easy investment method that guides investors toward long-term investing and averaging investment costs. However, regular fixed-amount investment cannot avoid the inherent risks of fund investing, does not guarantee returns, and is not an equivalent wealth management substitute for savings. Whether equity ETFs/LOFs/linked funds, all are securities investment fund products with relatively higher expected risk and expected returns, with expected returns and expected risk levels higher than hybrid funds, bond funds, and money market funds. Fund assets invested in STAR Market and ChiNext stocks will face specific risks arising from differences in investment targets, market systems, and trading rules, and investors are advised to take note. The short-term rise/fall percentages of sectors/funds are presented solely as supplementary material for the article's analytical viewpoints, for reference only, and do not constitute a guarantee of fund performance. Short-term performance of individual stocks mentioned in the article is for reference only and does not constitute stock recommendations, nor does it constitute predictions or guarantees of fund performance. The above viewpoints are for reference only and do not constitute investment advice or commitments. If you wish to purchase related fund products, please pay attention to investor suitability management regulations, complete risk assessments in advance, and purchase fund products of a risk level matching your own risk tolerance. Funds involve risks; investment should be conducted with caution. MACD golden cross signal formed, these stocks are trending upward!