A-share market closing review | all three major indexes fell, technology stocks loosened their grip, Asia-Pacific markets collectively experienced a "Black Tuesday".

On June 23rd, the A-share market experienced a volatile adjustment, with the ChiNext Index and the Shenzhen Component Index opening lower. By the close of trading, the Shanghai Composite Index fell by 1.37%, the Shenzhen Component Index by 3.17%, and the ChiNext Index by 3.84%. The total turnover of the Shanghai and Shenzhen exchanges was 3.44 trillion yuan, a decrease of 296.4 billion yuan from the previous trading day. On the market, institutional holding stocks loosened, with most thematic concepts trending lower and a noticeable loss effect. Concepts in the medical industry such as innovative drugs, CROs, generic drugs, and biopharmaceuticals showed a surge against the trend. Stocks like Shandong Xinhua Pharmaceutical and Hubei Biocause Heilen Pharmaceutical hit the daily upper limit. The securities sector saw repeated activity with stocks like Changjiang and Huaan reaching the limit up. In the afternoon, the real estate sector showed strength against the trend, with Tianjin Jintou State-owned Urban Development hitting the limit for the second consecutive day, along with Bright Real Estate Group, Shenzhen Centralcon Investment Holding, and Beijing Huayuan Xinhang Holding. In terms of declines, the PCB industry chain saw a sharp drop, as well as concepts related to computing power metal. Small metals, gold and silver, rare metals, rare earth, light modules, light chips, and liquid cooling concepts all saw declines. The lithium battery concept also trended downward, along with the weak performance of the photovoltaic sector. From a comprehensive perspective, the synchronous correction of the Asia-Pacific stock markets, along with profit-taking in the technology sector at high levels, are the two main factors. The Nikkei 225 index fell by 3.55% on June 23rd, while the KOSPI index in South Korea fell by 9.99%, triggering circuit breakers twice during trading, which impacted the A-share and Hong Kong stock markets. Analysts believe that the current uptrend in "old-fashioned" stocks like innovative drugs may be a sign of a shift in investment style. However, the crowded nature of the AI sector raises questions about the potential success of a style switch. Looking ahead, Tianfu Securities believes that as June comes to a close and the semi-annual reports are released, with the market showing rising quality in price and volume, it sets a good foundation for upcoming market trends. The internal differentiation within the technology sector, the increasing speed of rotation, and the diffusion of speculative logic all indicate that the market is aware of the high overcrowding in the technology sector. Future attention should focus on changes in trading volume and the sustainability of participation in rotation sectors.