A-share market opening express | A-share counterattack, Shanghai Index returns to 4000 points, Kechuang 50 rises by more than 3%! Rising price themes continue to be active.

On June 12, the three major A-share indexes collectively opened higher. As of the time of writing, the Shanghai Composite Index rose 0.95% to return to 4000 points, the Shenzhen Component Index rose 1.31%, and the ChiNext Index rose 1.77%. In terms of market performance, in the early trading session, the semiconductor equipment sector surged significantly, with Nextool Technology rising more than 15%, while Shenyang Fortune Precision Equipment, Skyverse Technology, ACM Research, and Piotech Inc. were among the top gainers. The non-ferrous metal and molybdenum concept was active, with Jinduicheng Molybdenum, Luoyang Shenglong Mining Group hitting the daily limit for two consecutive days, and Advanced Technology & Materials leading the gains, followed by CMOC Group Limited and Jinzhou Yongshan Lithium. Looking ahead, in the short term, the stabilization and warming of the market may have three resonance scenarios, including a substantial increase in index volume, no consecutive negative feedback in the science and technology direction, and a warming up of external stock markets. None of these scenarios have been realized yet, so it is advisable to continue to observe and control positions in the near term and wait for strong market signals before actively participating. In the medium term, the high prosperity trend of the AI industry is continuing. As overseas technology giants disclose their mid-year reports from mid-July to late August, the pricing logic of AI technology direction will return to fundamentals and performance-driven logic. Hot sectors 1. Strong performance in the semiconductor equipment sector In the early trading session, the semiconductor equipment sector surged significantly, with Nextool Technology rising more than 15%, and Shenyang Fortune Precision Equipment, Skyverse Technology, ACM Research, and Piotech Inc. among the top gainers. Comment: Recent news has shown that several first-tier suppliers of SK Hynix have requested price increases, with price increases ranging from 3% to 4%. SK Hynix has asked these suppliers to submit supporting materials to evaluate the price adjustment applications. 2. Active start for the non-ferrous metal and molybdenum concepts In the early trading session, the non-ferrous metal and molybdenum concepts were active, with Jinduicheng Molybdenum, Luoyang Shenglong Mining Group hitting the daily limit for two consecutive days, and Advanced Technology & Materials leading the gains, followed by CMOC Group Limited and Jinzhou Yongshan Lithium. Comment: SK Hynix has completed the production verification of 375-layer NAND flash memory and is preparing to transfer its production line to the Cheongju M15 factory. The product is expected to be officially mass-produced by the end of this year. The biggest technological highlight of this iteration is the use of molybdenum materials instead of traditional tungsten materials to make word lines. At the same scale of miniaturization, molybdenum has lower resistance and can effectively accelerate data read and write speeds. Institutional views Caisse Securities: The high prosperity trend of the AI industry continues, and pricing logic will return to fundamentals and performance-driven logic Recently, under the background of tightening expectations of the Federal Reserve's monetary policy, fluctuating geopolitical events, the "World Cup effect," and the intense IPOs of tech giants, major equity markets globally have been under pressure, and A-shares have failed to break out into an independent trend. Overall, there have been no events both domestically and internationally to boost market confidence effectively. Funds continue to be cautious, and A-shares continue to oscillate at low levels. In the short term, the stabilization and warming of the market may have three resonance scenarios, including a substantial increase in index volume, no consecutive negative feedback in the science and technology direction, and a warming up of external stock markets. None of these scenarios have been realized yet, so it is advisable to continue to observe and control positions in the near term and wait for strong market signals before actively participating. In the medium term, the high prosperity trend of the AI industry continues. As overseas tech giants disclose their mid-year reports from mid-July to late August, the pricing logic of AI technology direction will return to fundamentals and performance-driven logic. Tianfu Securities: The market's medium-term liquidity risk remains, and clarity in the market may be near the end of June Yesterday's market trend was actually centered around the pricing logic, and the market still maintained a partially benign performance. However, overall trading sentiment, on the basis of continuous shrinking trading volume, is gradually weakening and can be seen in the slackening of core stocks and high-value stocks, and profit-taking exits. One should beware of the market sentiment that might be brought on by mass sell-offs of stocks that have seen significant increases in the past, as well as the resulting further breaches in the indices. After market close, U.S. PPI data was released, hitting a three-year high once again, together with the evolving Middle East situation, potential closure of the Strait of Hormuz could further raise inflation expectations, the market's medium-term liquidity risk remains in place. With the Federal Reserve's June interest rate meeting this month, the World Cup period, and the end of the first half of the year, market clarity may be around the end of June, and it is advised to moderately lower expectations of the market. Strategically, with the late rebound in the U.S. stock market, one should observe the reflection of the overseas market on A-shares, emphasize controlling positions, reduce high-value breaking positions, take profits when needed, focus on defensive sectors, especially related ETFs that are relatively resilient, consider related value allocations appropriately, structural opportunities are still present in the market, but overall trading difficulty is high, and it might be a good time for a break. EB Securities: Market sentiment remains cautious, short-term weakness and oscillation with low trading volume may persist Given that the expectation of tightening overseas liquidity has not yet reversed, and geopolitical situations remain uncertain, market sentiment remains cautious. In the short term, weakness and oscillation with low trading volume may persist. It is necessary to wait for market sentiment to improve and for trading volume to increase significantly before considering opportunities for recovery. In terms of direction, with the rise of market risk aversion, undervalued and defensive sectors with good performance like oil and gas extraction, minor metals, and rare earth permanent magnets are resisting the market trend. Additionally, the substantial increase in industrial gas prices and further tightening of semiconductor equipment imports have led to counter-trend performances in the semiconductor chip industry chain. However, the core contradiction in the current market remains the expectation of changes in liquidity compounded by external disruptions repeatedly impacting the market, resulting in overall low risk appetite, limited sustainability in various themes. This article is a reprint from Tencent Stock Selection, GMTEight Editor: Li Fo.