- On Thursday, the A-share market exhibited extremely structured liquidity characteristics, with the total market turnover increasing by 150.3 billion yuan from the previous trading day to 2.7592 trillion yuan. The STAR 50 Index surged 5.19%, significantly outperforming the main board and the ChiNext Index.
- Cambrian (688256.SH), a key computational power stock, hit the 20% daily price limit, re-establishing its leading market position on the STAR Market. This directly boosted net value growth by over 6% for ETFs related to Sci-Tech chips, AI, and chip design.
- There was a dramatic reversal in market risk appetite, with funds flowing out from gold stock ETFs, dividend quality ETFs, and overseas biotech passive tools, and instead concentrating heavily into the high-beta semiconductor and artificial intelligence industry chains.
Structural Liquidity and Broad-Based Index Divergence
Against the backdrop of a massive 2.75 trillion yuan turnover, the performance of the three major A-share indices showed significant divergence. The Shanghai Composite Index slightly rose by 0.11%, while the Shenzhen Component Index and the ChiNext Index fell by 0.09% and 0.27%, respectively. This index divergence indicates that incremental market funds were not widely balanced but were instead narrowly focused on leveraging into core assets in the STAR Market, which have expectations of technological breakthroughs and policy support. The independent rise of the STAR 50 Index highlights that, in the current macroeconomic environment, the weight of pricing power on high-elasticity technology sectors is systematically increasing.
Valuation Restructuring of Core Computational Assets
The achievement of the price limit increase by Cambrian and its return to a high market capitalization position on the STAR Market is a key anchor point for the ongoing semiconductor trend. As a representative company of domestic AI computational chips, its price movement is seen by the market as a forward-looking indicator for the domestic GPU substitution process. Driven by this leading stock, GF Sci-Tech Chip ETF rose over 6.5%, while Bosera Sci-Tech AI ETF and CSL Semiconductor Chip Design ETF both gained over 6%. The sweeping actions by institutional funds across the integrated circuit industry chain reflect a shift in the valuation model of domestic computational infrastructure from cyclical manufacturing to strategic growth under the expectation of increased uncertainty in overseas hardware computational power supply.
Resonance of Leverage Funds and Passive Allocation
The broad-based strength in the STAR Market was propelled not only by actively managed funds but also by the resonance effect of passive ETF funds and refinancing leverage. The general rise of GF Integrated Circuit ETF, Southern Semiconductor ETF, and CMB Semiconductor Equipment ETF indicates that off-market allocation funds are seizing chip industry chain opportunities through basket tools. When large passive purchase funds flow into leading stocks with relatively concentrated liquidity on the STAR Market, it can easily trigger nonlinear price increases within the day, forcing short positions to cover and quantitative trend-following strategies to chase gains, further amplifying the market’s intraday volatility.
Outflow from Safe-Haven and Defensive Assets
In contrast to the strong performance of tech stocks, there was a notable marginal outflow of funds from previously active safe-haven assets and dividend strategies. Gold stock ETFs fell by 1.92%, and ICBC’s Hong Kong Dividend ETF and CMB’s Dividend Quality ETF both retreated simultaneously. This phenomenon suggests that at the early stage of establishing credit easing expectations and the main line of technological growth, absolute return funds tend to reduce defensive positions in their investment portfolios. Meanwhile, the decline of overseas market ETFs, such as E Fund's Brazil ETF dropping by 2.41% and Huatai-Pinebridge’s Nasdaq Biotech ETF lowering, also hints that domestic investors are reallocating capital back to domestic tech assets with relative valuation advantages and policy catalysts. If this capital rotation continues, a new round of rebalancing between growth and value styles may be on the horizon in the A-share market.
