Di Yi Cai Jing·2025-09-23 13:39Core Viewpoint - The market is experiencing a significant divergence between traditional "old stocks" (represented by sectors like liquor, real estate, and coal) and "new stocks" (focused on technology sectors such as AI and semiconductors), with the latter showing substantial gains while the former declines [1][3][8]. Group 1: Market Performance - As of September 23, the Shanghai Composite Index has risen by 14.02% year-to-date, with technology sectors like SW Communication and SW Electronics seeing gains of 103% and 93% respectively, while traditional sectors like SW Coal and SW Food & Beverage have declined by 1.82% and 0.78% [1][2]. - The performance of individual stocks reflects this trend, with tech stocks like Cambrian (688256.SH) doubling in price, while major liquor stocks like Kweichow Moutai (600519.SH) have seen a decline of 3.16% [3][5]. Group 2: Sector Analysis - The "new stocks" or "small stocks" have shown remarkable growth, with companies like Xinji Technology (300502.SZ) and Zhongji Xuchuang (300308.SZ) experiencing year-to-date increases of 329% and 253% respectively, driven by the AI computing wave [3][5]. - In contrast, the "old stocks" have struggled, with 16 out of 21 major liquor stocks experiencing declines, and several blue-chip stocks like Haitian Flavoring (603288.SH) and Gree Electric (000651.SZ) also showing negative performance [4][5]. Group 3: Investment Perspectives - The divide between "old stocks" and "new stocks" has sparked debates within the investment community, with traditional investors advocating for value investing based on cash flow and safety margins, while tech investors focus on growth potential and disruptive technologies [6][7]. - Current market dynamics suggest that the tech sector is seen as a trend-driven investment, supported by policies favoring AI and computing power, while traditional value investment strategies are becoming less effective, leading to extreme sector divergence [8].