A-shares opening express | A-shares collectively open high, Shanghai index rises by 0.46%, quantum technology, computing power and other sectors strengthen.

On May 22, the three major stock indexes of A-shares opened higher collectively, with the Shanghai Composite Index up 0.46% and the ChiNext Index up 1.2%. On the market, the quantum technology, computing power, and optical communication sectors led the gains, while the photovoltaic, liquor, and real estate sectors led the declines. Institutional outlook: Huatai Securities: The crowding in the technology sector has risen to a relatively high level, and the willingness of funds to take profits may be stronger. Huatai Securities stated that after the market surged, the crowding in the technology sector has risen to a relatively high level, with margin financing funds reaching historical highs. Last week, various types of speculative funds entered a "platform period." In addition, the willingness of portfolio funds to take profits at high levels may be stronger. Active equity-based funds showed signs of reducing their holdings in TMT in early May, and actively managed foreign funds, after a slight net inflow in the previous period, have once again experienced net outflows. China Securities Co., Ltd.: The current market differentiation is a manifestation, while the style switch is the essence. China Securities Co., Ltd. believes that the current market differentiation is a manifestation, while the style switch is the essence, and the medium-term rebound trend remains unchanged. Consolidation is a process of accumulating strength. Going forward, funds will continue to focus on high-liquidity directions such as semiconductors and the AI track. High-value themes still face adjustment pressures. In terms of operation, short-term trading needs to pay attention to increasing the frequency of fluctuations. It is recommended to avoid high-profit-taking varieties and position semiconductor, advanced packaging, AI equipment, and other certainty themes on pullbacks. Seize structural opportunities but pay attention to position control and avoid being too heavy. Industrial Securities: The current rotation intensity is still not extreme compared to previous peak market cycles. Industrial Securities believes that there is still room for the diffusion of this round of AI market, and the current rotation intensity is still not extreme compared to previous peak market cycles. Since April, the market consensus on the prosperity of computing power hardware has continued to consolidate, and the internal rotation intensity has seen convergence, driving the market upward with a consensus on main themes. However, compared to previous peak market cycles (the DeepSeek market cycle in February 2025, the computing power market cycle in October 2025, and the mid-to-late downstream market cycle in early 2026) since 2025, the current rotation intensity is not yet extreme, indicating that this round of AI market is still in a relatively healthy state of orderly internal rotation within sectors. It has not converged to a few specific directions, making the subsequent market still have a basis for internal diffusion and interpretation. This article is reproduced from "Tencent Stock Selection", edited by GMTEight: Feng Qiuyi.