Market Overview - The A-share market experienced a high and then a pullback, with the Shanghai Composite Index reaching a nearly 10-year high and the North Star 50 hitting an all-time high [1] - The Shenzhen Composite Index and the ChiNext Index both surpassed their high points from October 8 of the previous year [1] - The total trading volume for the Shanghai and Shenzhen markets was 2.76 trillion, an increase of 519.6 billion compared to the previous trading day, marking a new high for the year [1][6] Sector Performance - Market hotspots were concentrated in AI hardware and large financial sectors, with over 4,000 stocks rising [1] - Financial stocks, including brokerage and fintech, saw significant gains, with companies like Zhihui and Tonghuashun reaching new historical highs [1] - AI hardware stocks, particularly liquid cooling servers, experienced a strong surge, with over 20 stocks hitting the daily limit [1] - Rare earth permanent magnet stocks were also active, with companies like Northern Rare Earth hitting the daily limit [1][2] Index Performance - By the end of the trading day, the Shanghai Composite Index rose by 0.85%, the Shenzhen Composite Index increased by 1.73%, and the ChiNext Index climbed by 2.84% [3]

Market Performance - The Shanghai Composite Index reached a nearly 10-year high, while the North Stock 50 hit a historical peak, and both the Shenzhen Component Index and the ChiNext Index surpassed their high points from October 8 of the previous year [1][2] - The Shanghai Composite Index rose by 0.85%, the Shenzhen Component Index increased by 1.73%, and the ChiNext Index gained 2.84% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 2.76 trillion yuan, an increase of 519.6 billion yuan compared to the previous trading day, marking a new high for the year [1][4] Sector Performance - Market hotspots were concentrated in AI hardware and large financial sectors, with over 4,000 stocks rising [2][3] - Financial stocks, including brokerage and fintech, saw significant gains, with companies like Zhihui and Tonghuashun reaching new historical highs [2] - AI hardware stocks, such as liquid-cooled servers, experienced a strong surge, with over 20 stocks hitting the daily limit [2] - Rare earth permanent magnet stocks were also active, with companies like Northern Rare Earth hitting the daily limit [3] Market Statistics - The market saw 4,037 stocks rise, 1,222 stocks fall, and 165 stocks remain unchanged [5] - There were 122 stocks that hit the daily limit, while only 2 stocks faced a daily decline [5]

中经实习记者 孙小琴 记者 夏欣 北京报道 （编辑：夏欣 审核：何莎莎 校对：颜京宁） 从板块来看，券商、金融科技股维持强势，指南针两连板续创历史新高。液冷服务器等AI硬件股持续 爆发，强瑞技术等多股涨停。影视股表现活跃，华策影视等涨停。板块方面，影视、液冷服务器、 CPO、金融科技等板块涨幅居前，煤炭等少数板块下跌。截至上午收盘，沪指涨1.18%，深成指涨 2.25%，创业板指涨3.63%。 8月18日，市场早盘高开高走，沪指创近十年新高，北证50指数创历史新高。沪深两市半日成交额1.72 万亿元，较上个交易日放量4114亿元。盘面上热点集中在AI硬件和大金融方向，个股涨多跌少，全市 场近4500只个股上涨。 ...

Market Performance - A-shares continued to rise, with the Shanghai Composite Index reaching a nearly 10-year high and the North Stock Exchange 50 Index hitting an all-time high [1] - As of the midday close, the Shanghai Composite Index increased by 1.18% to 3740.50 points, the Shenzhen Component Index rose by 2.25% to 11896.38 points, and the ChiNext Index surged by 3.63% to 2626.29 points [1] Trading Volume and Market Capitalization - The trading volume in the Shanghai and Shenzhen markets reached 1.75 trillion yuan, an increase of 419.6 billion yuan compared to the previous trading day [2] - The total market capitalization of A-shares surpassed 100 trillion yuan for the first time, reaching a historical high [2] Leading Stocks - Industrial and Commercial Bank of China (ICBC) ranked first in market capitalization at 2.68 trillion yuan, followed by Agricultural Bank of China at 2.41 trillion yuan [2] - Other notable companies with market capitalizations exceeding 1 trillion yuan include Kweichow Moutai, China Construction Bank, and CATL [2] Insurance Investment Trends - The scale of insurance capital investment in stocks reached a new high, with the total investment balance exceeding 36 trillion yuan, reflecting a year-on-year growth of 17.4% [4] - The proportion of stock investments by life insurance and property insurance companies has been continuously increasing [4] Investor Activity - The number of new individual investor accounts opened in July reached 1.96 million, a nearly 71% increase year-on-year [4] - The net inflow of "small single" funds increased by 39% month-on-month, indicating strong participation from individual investors [4] Market Sentiment and Policy Impact - Current market sentiment is described as "hot," with significant capital migration from fixed-income products to the stock market [4][5] - The recent market rally is attributed to policy support and the emergence of new growth drivers, rather than an improvement in macroeconomic expectations [5]

Core Points - A-shares reached a historic milestone with a total market capitalization exceeding 100 trillion yuan for the first time, marking a significant achievement in the A-share market [1][2] - The Shanghai Composite Index hit a nearly 10-year high, while the ChiNext Index surpassed its previous high from October 8, 2024, indicating strong market performance [1][2] - The trading volume in the Shanghai and Shenzhen markets was substantial, with a half-day turnover of 1.72 trillion yuan, an increase of 411.4 billion yuan compared to the previous trading day [1] Market Performance - The Shanghai Composite Index rose by 1.18% to 3740.50, the Shenzhen Component Index increased by 2.25% to 11896.38, and the ChiNext Index surged by 3.63% to 2626.29 [2] - Other indices such as the CSI 300 and CSI 500 also showed positive movements, with increases of 1.50% and 1.96% respectively [2] Sector Performance - Key sectors that performed well included film and television, liquid cooling servers, CPO (Chip-on-Board), and financial technology, while coal and a few other sectors experienced declines [3][4] - Specific stocks within the liquid cooling server sector saw a rise of 7.97%, indicating strong investor interest in this area [4]

Market Overview - The A-share market opened high on August 18, with the Shanghai Composite Index reaching a nearly 10-year high and the North Stock Exchange 50 Index hitting a historical peak [1] - The half-day trading volume in A-shares reached 1.75 trillion yuan, an increase of 419.688 billion yuan compared to the previous trading day [1][8] - By midday, the Shanghai Composite Index rose by 1.18%, the Shenzhen Component Index increased by 2.25%, and the ChiNext Index surged by 3.63% [1] Sector Performance - Strong performance was noted in the brokerage and fintech sectors, with AI hardware stocks like liquid-cooled servers experiencing significant gains [5] - The film and television sector also showed active performance, with stocks like Huace Film & TV hitting the daily limit [5] - The top-performing sectors included film and television, liquid-cooled servers, CPO, and fintech, while a few sectors like coal saw declines [5] Notable Stocks - The stock of stock trading software surged over 13%, with notable increases in companies such as Zhinanzhen (20% increase), Tonghuashun (15.74% increase), and Wealth Trend (14.55% increase) [7] - Agricultural Bank of China led the A-share market with a market capitalization of 2.19 trillion yuan, followed by Industrial and Commercial Bank of China at 2.02 trillion yuan [8] Investment Insights - Investment firms are focusing on three main opportunities: the value reassessment of quality Chinese assets, the globalization of advantageous Chinese industries, and technological innovation with domestic substitution [9] - The market sentiment is warming, as indicated by the increase in trading volume and margin financing balance [8]

Market Performance - The Shanghai Composite Index rose by 1.18%, reaching a 10-year high, while the ChiNext Index surged by 3.63%, surpassing last year's peak [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 17,467 billion, an increase of 4,196 billion compared to the previous day [1] - Over 4,400 stocks in the market experienced an increase [1] Sector Highlights - AI hardware sectors, including liquid-cooled servers, copper-clad laminates, and CPO, reached new historical highs [1] - The financial technology concept continued to see explosive growth, with strong rebounds in rare earth and short drama concepts [1] ETF Performance - AI hardware ETFs, such as Southern, Da Cheng, Hua Bao, and Hua Xia, saw increases of 6.43%, 6.4%, 6.36%, and 6.2% respectively [5] - Film and television concept stocks also experienced gains, with Silver Hua Fund and Guotai Fund ETFs rising by 6.36% and 5.89% respectively [5] - The financial technology ETF from Hua Bao Fund increased by 5.93% [5] - The Sci-Tech Growth ETF experienced a decline of 4.18% [5] - Long-term government bond ETFs saw a decrease, with the 30-year bond ETFs from Boshi dropping by 1.2% and 1.16% [5] - Precious metals sector adjusted, with gold stock ETFs declining by approximately 0.98% to 0.95% [5]

Group 1 - The A-share market opened high and continued to rise, with the Shanghai Composite Index reaching a nearly 10-year high and the ChiNext Index breaking through the high of October 8, 2024, while the North Securities 50 Index hit an all-time high [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.72 trillion yuan, an increase of 411.4 billion yuan compared to the previous trading day, indicating strong market activity [1] - The market saw a concentration of hot sectors in AI hardware and large financials, with nearly 4,500 stocks rising across the market [1] Group 2 - From a sector perspective, brokerage and fintech stocks maintained strong performance, with the Zhinanzhen stock achieving consecutive gains and setting new historical highs [3] - AI hardware stocks, such as liquid-cooled servers, continued to surge, with multiple stocks like Strong瑞技术 hitting the daily limit [3] - The film and television sector was also active, with stocks like Huace Film & TV reaching the daily limit, while sectors like coal experienced declines [3] - By the end of trading, the Shanghai Composite Index rose by 1.18%, the Shenzhen Component Index increased by 2.25%, and the ChiNext Index surged by 3.63% [3]

Market Overview - The market opened strongly on August 18, with the Shanghai Composite Index reaching a nearly 10-year high and the North Star 50 Index hitting a historical peak [1] - By midday, the Shanghai Composite Index rose by 1.18%, the Shenzhen Component Index increased by 2.25%, and the ChiNext Index surged by 3.63% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.72 trillion yuan, an increase of 411.4 billion yuan compared to the previous trading day [1][7] Index Performance - Shanghai Composite Index: 3740.50, up 1.18% [2] - Shenzhen Component Index: 11896.38, up 2.25% [2] - North Star 50 Index: 1544.06, up 4.59% [2] - ChiNext Index: 2626.29, up 3.63% [2] Sector Performance - Key sectors showing strong performance included AI hardware, financial technology, and film and television [3] - Stocks related to liquid cooling servers and AI hardware experienced significant gains, with multiple stocks hitting the daily limit [2][3] - The film and television sector was also active, with companies like Huace Film & TV reaching the daily limit [2] Market Sentiment - The overall market sentiment was positive, with nearly 4500 stocks rising, while only 816 stocks declined [5] - The market heat index was recorded at 76, indicating strong investor interest [6]

Investment Rating - The report maintains a "Positive" outlook on the non-ferrous and steel industries [5]. Core Viewpoints - The report emphasizes the importance of new non-ferrous materials in accelerating applications in AI hardware, highlighting that the market has not fully priced in the use of non-ferrous metals in AI [12][13]. - The demand for liquid cooling technology is expected to grow significantly due to the limitations of air cooling systems, with copper and aluminum being key materials for heat transfer [13]. - The report forecasts a substantial increase in the market for metal soft magnetic materials driven by the explosive growth in AI computing power, with AI server shipments projected to rise significantly [14]. Summary by Sections Non-Ferrous Metals - The report highlights the increasing demand for liquid cooling solutions in AI hardware, with copper and aluminum being essential materials due to their thermal conductivity [13]. - It notes that the next generation of AI computing cards will adopt full liquid cooling solutions, further driving demand for these metals [13]. - The report identifies potential investment opportunities in companies like Huafeng Aluminum (601702) and Platinum New Materials (300811) due to their strategic positioning in the market [13][14]. Steel Industry - The report discusses the short-term fluctuations in steel profitability under the "anti-involution" policy, with expectations for stabilization and recovery in the medium term [15]. - It notes a decrease in rebar consumption, with a reported 190 million tons consumed this week, reflecting a 9.89% week-on-week decline [15][20]. - The report indicates that steel prices are expected to rise in the future, supported by the "anti-involution" policy [32]. New Energy Metals - The report states that lithium production in July 2025 saw a significant year-on-year increase of 28.33%, indicating strong supply growth in the new energy sector [39]. - It highlights the high growth in the production and sales of new energy vehicles, with a 24.11% year-on-year increase in production in June 2025 [43]. - The report mentions rising prices for lithium, cobalt, and nickel, with lithium carbonate prices reaching 83,000 yuan per ton, reflecting an 18.57% week-on-week increase [48][49]. Industrial Metals - The report notes that global refined copper production increased by 2.88% year-on-year in May 2025, although supply growth is not keeping pace with demand [57][59]. - It highlights a significant rise in the import volume of scrap copper, which increased by 19.05% month-on-month in June 2025 [61].