Sou Hu Cai Jing·2025-09-11 12:39Core Viewpoint - The recent fluctuations in the A-share market have been influenced by strong performances in specific sectors, particularly driven by significant earnings reports from major companies like Oracle, which has boosted investor confidence in the computing power sector [1][2]. Market Performance - On September 11, the A-share market saw a significant surge, with the ChiNext Index rising by 5.15% to 3053.75 points, marking its highest level since January 2022. The Shenzhen Component Index increased by 3.23% to 12979.89 points, while the Shanghai Composite Index rose by 1.65% to 3875.31 points [1]. - The surge was primarily concentrated in sectors such as CPO, PCB, and semiconductors, with over 20 stocks hitting the daily limit [1]. Company Earnings - Oracle reported a staggering 359% year-on-year increase in its unfulfilled performance obligations, reaching $455 billion. This news led to a 35.95% increase in its stock price [1]. - The company's cloud infrastructure revenue reached $3.3 billion in the last quarter, reflecting a 55% year-on-year growth, with expectations to reach $18 billion by fiscal year 2026, a nearly 77% increase from $10.3 billion in fiscal year 2025 [2]. Investment Sentiment - Despite the positive market trends, there are concerns about potential volatility due to profit-taking and macroeconomic uncertainties. The market has shown signs of overheating, with a rapid increase in margin trading balances [3][4]. - The investment community remains optimistic about the medium-term outlook, supported by demand-side policies in areas like fertility, consumption, and infrastructure, alongside improving financial data [3][4]. Sector Focus - Investment strategies are shifting towards sectors with potential for fundamental improvement, such as technology, innovative pharmaceuticals, and non-bank financials. The focus is on companies with strong future earnings prospects [8][9]. - The AI sector is highlighted as a key area of interest, with both domestic and international developments presenting opportunities for growth [9]. Risk Considerations - Structural economic risks, market valuation risks, and uncertainties surrounding international policies, particularly regarding the Federal Reserve's actions, are noted as potential challenges [5][6][7].