A-share market opening express | Open and "reverse face"? A-shares fluctuate and differentiate, "Bull market leader" ChiNext 50 leads adjustment

US-Iran talks are expected to heat up, leading to a significant drop in oil prices, and global stock markets climbing to historic highs, with the US dollar weakening. However, on May 26, the three major A-share indices collectively opened lower, with the Sci-Tech 50 index falling by more than 1% and the Growth Enterprise Index rising first. As of 9:40 am, the Shanghai Composite Index fell by 0.67%, the Shenzhen Component Index fell by 0.44%, and the Growth Enterprise Index rose by 0.06%. In terms of the market, the chip industry chain continued to be active, with advanced packaging leading the way, Tianshui Huatian Technology, HIIG Trinity hitting two consecutive limit-up movements, Forehope Electronic rising by more than 10%; the humanoid Siasun Robot & Automation concept was active at the opening, Beijing Capital Development hit the limit-up; the cultivated diamond concept continued to show strength, with Henan Huanghe Whirlwind touching the limit-up; the PCB concept repeatedly strengthened, with Shengyi Electronics rising by more than 10%, reaching a historical high, and the total market value exceeding 100 billion. Looking ahead, China Securities Co., Ltd. believes that in the short term, the market will likely continue to be dominated by technology and undergo structural rotation. The strong trend of the Sci-Tech 50 and the Growth Enterprise Index has not changed, and main themes such as semiconductors and computing hardware still have financial support. However, in a differentiated market, non-mainstream sectors may find it difficult to find systematic opportunities. Hot sectors: 1. The chip industry chain continues to be active The chip industry chain continues to be active, with advanced packaging leading the way, Tianshui Huatian Technology, HIIG Trinity hitting two consecutive limit-up movements, Forehope Electronic rising by more than 10%, Darbond Technology, China Chippacking Technology Co., Ltd., JCET Group Co., Ltd., and TongFu Microelectronics all following the upward trend. Comments: On the news front, Huawei officially announced the " law," which constructs a multi-level coordinated optimization system that spans from devices, circuits, chips to system levels. It is expected that by 2031, the transistor density of high-end chips based on this law will reach the same level as the 1.4-nanometer process. 2. The humanoid Siasun Robot & Automation concept is active against the trend The humanoid Siasun Robot & Automation concept was active at the opening, with Beijing Capital Development hitting the limit-up, followed by Ningbo Zhongda Leader Intelligent Transmission, Kingfa Sci. & Tech., Wolong Electric Group, and Zhejiang Changsheng Sliding Bearings. Comments: On the news front, the Shanghai Stock Exchange Listing Review Committee is scheduled to hold a meeting to review the initial public offering of Ubtech Robotics Corporation on June 1. Institutional views: China Securities Co., Ltd.: In the short term, the market is likely to continue to be dominated by technology and undergo structural rotation. Looking ahead, in the short term, the market is likely to continue to be dominated by technology and undergo structural rotation. The strong trend of the Sci-Tech 50 and the Growth Enterprise Index has not changed, and main themes such as semiconductors, computing hardware, and others still have financial support. However, in a differentiated market, non-mainstream sectors may find it difficult to find systematic opportunities. In terms of operations, it is recommended to focus on the core technological sectors, seek opportunities to increase positions during pullbacks, avoid small and medium-sized stocks without fundamental support, and pay attention to the value of hedging configurations in the unique board sectors. Recently, there has been continuous high-level profit-taking in the technology sector, so beware of short-term fluctuation risks in high-holdings. Positioning should not be too heavy. Galaxy Securities: Ciyuan becomes the value anchor of the intelligent era, and it is recommended to layout around core AI industry benefactors. The research report from Galaxy Securities states that Ciyuan has become the value anchor of the intelligent era, widely used as a settlement unit in the AI industry. From the demand side, the rapid growth of global Ciyuan calls is driving the AI industry from model iteration to commercialization and landing, which is expected to fundamentally restructure the production factors, industry logic, and business models of the media industry. The Ciyuan economy empowers the traditional content production industry and, with the addition of AIGC tools, moves towards infinite supply, potentially leading to prosperity in the content industry. It is recommended to layout around the core AI industry benefactors, focusing on: Internet giants that are stepping up their AI strategic layouts; manufacturers with leading product capabilities in AI video tools; leading companies in sub-sectors benefiting from AI applications; and large-scale model manufacturers continuously advancing in technology iterations. Huatai Securities: SpaceX's listing may boost investment sentiment in the commercial aerospace sector. According to a research report from Huatai Securities, SpaceX recently released a prospectus and plans to go public in June. The prospectus details the company's current business situation and provides an optimistic outlook for future developments, with a narrative of a $28.5 trillion market space that may strengthen the market's awareness of the development potential of the aerospace and AI industries. Huatai believes that as a global leading commercial aerospace + AI company, SpaceX's listing plan may boost investment enthusiasm and confidence in China's aerospace industry, potentially resonating in the capital markets of China and the United States. It is recommended to pay attention to investment opportunities in China's commercial aerospace sector.