A-share market opening speedpost | A-shares have weakened! The ChiNext index falls more than 1.5%, mining hardware stocks collectively adjust

On August 20th, the A-shares market was weak in the morning, with over 3200 stocks floating in red. By 9:40, the Shanghai Composite Index fell by 0.23%, the Shenzhen Component Index fell by 0.71%, and the ChiNext Index fell by 1.51%. On the market, computing power hardware stocks collectively adjusted, with CPO, liquid-cooled servers, and copper connections leading the decline. Eoptolink Technology Inc. and others fell by more than 6%. In addition, major financial, pharmaceutical, semiconductor, and defense sectors were among the top decliners. Despite the overall market decline, the photovoltaic sector showed strength, with Hunan Huamin Holdings hitting the limit up. The consumer electronics sector was active, with Kunshan Kersen Science & Technology seeing a four-day streak of gains. Looking ahead, Orient believes that the market is gradually entering a high-level consolidation phase, with the marginal positive factors diminishing. The end of August is a period of intense interim report disclosures, and the market is expected to focus back on performance, with defensive strategies becoming mainstream. Hot Sectors: 1. Active Photovoltaic Sector The photovoltaic sector was active, with Hunan Huamin Holdings hitting the limit up, and ENERGY, Changzhou Almaden, Hongyuan Green Energy, LINTON, and Triumph New Energy following suit. Institutional Views: 1. Guotai Haitong: Stock index still has room for new highs Guotai Haitong believes that the stock index still has room for new highs, and that the outlook for the Chinese stock market remains positive. The main themes include large financial institutions, quality blue chips, and emerging technologies. In terms of hardware, August will enter the traditional peak season for consumer electronics stocking, followed by the industrial catalysis of new product launches in September. In addition to AI, the domestic defense industry continues to grow in the interim report, with frequent orders for Siasun Robot & Automation. 2. China Galaxy: A new stable phase for A-shares China Galaxy believes that investors are accelerating their entry into the market, with the trend of accelerating wealth allocation to financial assets evident. With the return of market risk appetite leading to a spread of profit opportunities, capital inflows have become an important driving force for the market. With active market trading, the market is expected to rotate around the AI industry chain, "anti-inner loop," and the non-banking financial sectors. During the concentrated half-year report disclosure period, in combination with performance forecasts, focus on opportunities in the upstream non-ferrous metal industry, midstream steel, machinery equipment, power equipment sectors, as well as non-banking financial, agriculture, forestry, fisheries, and electronics industries. 3. Orient: Market gradually enters high-level consolidation phase Orient believes that with trading volume and after-hours financing balances maintained at over two trillion on Tuesday, it indicates that the market is in a relatively hot period, which also means there will be relatively large fluctuations. However, although margin financing and the scale of participating funds have increased significantly, there is still a certain gap between last year's "9.24" market and this year's post-Chinese New Year market frenzy, showing that the market has not reached extreme overheating. Overall, the market is gradually entering a high-level consolidation phase, with the marginal positive factors diminishing. The end of August is a period of intense interim report disclosures, and the market is expected to focus back on performance, with defensive strategies becoming mainstream. This article is reprinted from "Tencent Stock Selection". Editor: Jiang Yuanhua.