Track the entire lifecycle of the main Sector.
Introduction: ① The market continues to weaken, and subsequent Volume is key; a Volume of 1.5 trillion may determine the breadth of the rebound; ② Amidst continuous shrinking volume consolidation, funds flow into the Gold Sector, which can be seen as a transitional theme under chaotic market conditions; ③ Yesterday, funds flowed back into AI computing power direction, and today the market feedback is worth paying attention to; additionally, AI overall welcomes new catalysts, and further fermentation space exists in the future.
Although the market experienced a certain degree of repair yesterday afternoon, the rebound strength is still weak, and the short-term continues to follow a weak adjustment structure. Subsequent Volume remains the focus; the current Volume of 1.2 trillion is insufficient to support a comprehensive market rebound. If the Volume cannot return to around 1.5 trillion in the future, even if the market rebounds, it is highly likely to be a localized rebound.
From the market's perspective, due to the continuous shrinking volume, there has been a lack of a sufficiently sustainable hot topic recently. Therefore, some funds have chosen to flow into defensive directions. The Gold Sector has become the preferred choice, driven by overseas market recession trading and tariff panic trading, leading to new highs in spot gold prices. Yesterday, it even reached 3,120 USD/ounce during the trading session, which can also be regarded as a continuation of the previous price increase logic. Thus, Gold Stocks can still be seen as the next transitional theme in a chaotic market.
In the afternoon yesterday, funds flowed back into the AI direction. Among them, Hongjing Technology's 20CM limit-up set a historical new high, while Hang Zhou Iron & Steel, Dawei Technology, and others also hit limit-ups. Hainan China Railway, Insigma Technology, and INESA Intelligent Tech Inc., which previously had good popularity, also rebounded. As the saying goes, to untie the bell, one must tie it; after undergoing ample adjustments, concentrated capital flow back to the popular symbols is indeed beneficial for short-term sentiment recovery, hence the feedback today is also critical. From the industrial perspective, the high prosperity of the computing power direction has not changed, with recent price increases in domestic and foreign unit prices, and the concentrated bidding of large manufacturers from April to June, suggesting great breakthrough hopes for domestic manufacturers. Therefore, for the computing power direction, bid volume, price, and the performance of related companies may resonate and catalyze each other, so if the market continues to rebound, the AI computing power direction is expected to remain the focus of attention.
The AI application direction is also worth noting. Yesterday, Zhitu released a new AI smart agent, AutoGLM, which reportedly has deep research + tool calling capabilities. It can open and browse the internet like a human, accomplish industry research reports, generate travel guides, create teaching plans, programming tutorials, and other complex tasks. In fact, yesterday's market already reflected this; in the afternoon, Guangzhou Sie Consulting took the lead in hitting the limit-up, but the subsequent market attention was more drawn to the rebound of computing power stocks. It is expected that the AI application direction still has fermentation space, and attention can be paid to low-level replenishment opportunities within the sector in the future.
