Datayes·2025-07-31 11:14Core Viewpoint - The A-share market experienced a significant adjustment, with all three major indices closing down over 1%, attributed to various factors including the Federal Reserve's stance on interest rates and economic indicators [1][2]. Market Performance - The A-share market saw the Shanghai Composite Index drop by 1.18%, the Shenzhen Component Index by 1.73%, and the ChiNext Index by 1.66%. The total trading volume in the Shanghai and Shenzhen markets reached 1.962 trillion yuan, an increase of 90.84 billion yuan from the previous day [10]. - Over 4,200 stocks declined, while 51 stocks hit the daily limit up, with the strongest performers in the liquid cooling server sector, including a 20% increase in Sisen New Materials [10]. Sector Highlights - The liquid cooling sector showed strong performance, with significant revenue growth reported by VIT, which achieved a net sales figure of $2.638 billion, a year-on-year increase of 35%, and raised its revenue forecast for 2025 [10]. - The assisted reproductive sector also performed well, with stocks like Gongtong Pharmaceutical and Anke Bio hitting the daily limit up, supported by new government policies aimed at enhancing reproductive support [10]. Economic Indicators - The July PMI data indicated a decline, with the official manufacturing PMI at 49.3, down 0.4 percentage points from the previous month. The non-manufacturing PMI was at 50.1, also down 0.4 percentage points [8]. - The price indices for major raw materials showed an increase, with the purchasing price index rising to 51.5%, marking the first time it exceeded the critical point since March [8]. Investment Trends - The AI hardware sector saw positive movement, particularly in liquid cooling technologies, despite some downward pressure from regulatory news affecting Nvidia's supply chain [5]. - Major companies like Meta and Microsoft reported better-than-expected earnings, with Meta projecting total expenditures between $66 billion and $72 billion for 2025, and Microsoft reporting a 27% increase in capital expenditures to $24.2 billion [6]. Fund Flow Dynamics - There was a net outflow of 77.283 billion yuan from major funds, with the largest outflow occurring in the non-ferrous metals sector [16]. - Northbound trading totaled 256.7 billion yuan, with significant transactions in stocks like Heng Rui Pharmaceutical and Guizhou Moutai [20].