我行我素 | 谈股论金

Core Viewpoint - A-shares experienced a collective rise, with the Shanghai Composite Index reaching a new high for the year, driven by positive market sentiment following the extension of US-China trade negotiations [2][3][7] Market Performance - The Shanghai Composite Index rose by 0.50% to close at 3665.92 points, while the Shenzhen Component increased by 0.53% to 11351.63 points. The ChiNext Index saw a rise of 1.24%, closing at 2409.40 points, and the STAR 50 Index rose by 1.91% to 1069.81 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 188.15 billion, an increase of 54.5 billion compared to the previous day [2] Sector Analysis - The semiconductor sector saw significant gains, particularly driven by news related to DeepSeek-R2 and adjustments in financing for Cambrian [3] - Cambrian's stock surged approximately 20%, reaching 848.88 yuan per share, marking a new high [3] - Other stocks in the semiconductor sector, such as New Yisheng, Zhongji Xuchuang, Inspur Information, and China Greatwall, also experienced substantial capital inflows [4] - In contrast, the new energy sector faced a decline, particularly in lithium mining, with Tianqi experiencing a brief rebound before the overall sector adjusted downwards [4] Individual Stock Performance - The ratio of declining to rising stocks was approximately 3:2, with over 3500 stocks declining in the morning session [5] - The insurance sector in Hong Kong saw a resurgence, with China Pacific Insurance rising nearly 6% and New China Life Insurance increasing by about 4% [5] Valuation Insights - A notable observation is that A-shares should be approximately 25% higher than H-shares due to a 20% tax issue, indicating an implied support level for A-shares [6] - Some key stocks, such as Ningde Times, China Merchants Bank, and Hengrui Medicine, have seen their H-share prices exceed A-share prices, indicating a potential valuation discrepancy [6] Index Proximity to Previous Highs - The Shanghai Composite Index is just a few points away from its previous high of 3674 points, suggesting a potential breakthrough is imminent [7] - The Shenzhen Component is approximately 4.5% away from its previous high of 11864 points, while the ChiNext Index is about 7% below its previous high of 2576 points [6][7]