A-share Opening Dispatch | All three major indices opened lower, precious metals rose more than 4% against the trend, communication semiconductors under pressure

On August 6, the Shanghai Composite Index opened down 0.37% at 3864.27 points, the Shenzhen Component Index opened down 1.15% at 13981.44 points, the ChiNext Index opened down 1.78% at 3472.15 points, and the STAR 50 opened down 2.51% at 1651.11 points. By 9:34 AM, a total of 2107 stocks rose, 3101 stocks fell, and 330 stocks were flat across the two markets and the Beijing Stock Exchange. The sectors with the largest gains include precious metals, jewelry, industrial metals, minor metals, aerospace equipment, and coal mining; while the sectors with the largest losses include telecommunications, electronics, power equipment, pharmaceuticals and biotechnology, comprehensive, and construction materials. Market Situation On August 6, all three major A-share indexes opened lower. The technology sector, which led gains in the previous trading day, saw profit taking at the open, with the STAR 50 and ChiNext Index experiencing larger declines. The precious metals sector benefited from an overnight surge in gold prices, opening up 3.81% to lead the market, with industrial metals and minor metals also strengthening. The jewelry sector rose significantly due to the positive impact of gold prices. Telecommunications and electronics sectors led the declines, with relevant stocks in optical modules continuing the adjustment trend from the previous trading day. On August 5, the transaction volume of the Shanghai and Shenzhen markets reached 2.68 trillion yuan, a recent high, and the trading volume at today's open may see a decline. Overnight News Brief U.S. stocks mixed, ADP employment at a new low for the year: On August 5, the Dow Jones Industrial Average rose 0.49% to reach a new high, while the Nasdaq fell 0.83% and the S&P 500 dropped 0.17%. U.S. ADP employment in July increased by only 44,000, the lowest for the year, and CME interest rate futures point to a 58.4% probability of a rate cut in September. Spot gold rose 4.16% in a single day, reaching $4247 per ounce. The U.S. and Iran made positive progress on maritime arrangements in the Strait of Hormuz, with WTI crude oil closing down 0.91% at $75.08 per barrel. Central Bank injects 200 billion, mandatory national standards for autonomous driving released: On August 5, the central bank conducted a 500 billion yuan three-month reverse repurchase operation, realizing a net injection of 200 billion yuan after offsetting 300 billion yuan maturing. The mandatory national standard for "Safety Requirements for Autonomous Driving Systems in Intelligent Connected Vehicles" has been officially released and is set to be implemented on July 1, 2027, establishing a unified safety access baseline for L3 and L4 level autonomous driving products. Revision of integrated circuit protection regulations, central bank Shanghai deployment for the second half of the year: The revised "Regulations on the Protection of Layout Designs of Integrated Circuits" has undergone its first major revision in more than 20 years and is expected to be implemented in October, significantly strengthening intellectual property protection for the chip industry. The Shanghai headquarters of the central bank held a work meeting for the second half of the year, deploying a solid implementation of a moderately loose monetary policy and promoting the effectiveness of the bond market's "technology board" in Shanghai. Market Outlook Today, the market showed structural differentiation after a broad rally in the previous trading day. The technology sector opened lower, while energy metals and precious metals continued to perform strongly, exhibiting a "high-low switch" characteristic. The significantly lower-than-expected overnight ADP employment data in the U.S. further cooled expectations for Fed interest rate hikes, and coupled with the temporary navigational arrangements reached between the U.S. and Iran in the Strait of Hormuz and the retreat of WTI crude oil from high levels, the marginal improvement in the external macro environment provides some support for A-shares. Institutional consensus leans towards a short-term market potentially entering a phase of oscillation and structural rebalancing, with the key window for a trend rebound awaiting the mid-August earnings disclosures and catalysts such as Nvidia's earnings report to materialize. In terms of allocation, segments with high performance visibility such as cloud and platform, semiconductor equipment, and PCB/optical modules are receiving more attention from institutions, as the trend allocation logic for the AI industry is shifting from "investment scale" to "revenue realization." The central bank continues to inject medium-to-long-term liquidity through reverse repos, maintaining a sufficient liquidity environment; however, whether the market's trading volume can be sustained after the significant levels of the previous trading day will be a key variable for short-term direction.