603986

📌 Can we keep the music playing and keep the dancing going?

🍖 Chopper said:
Although this message was just released today, the headline itself doesn’t provide any specific data—it’s more like a question driven by market sentiment. Given that today’s A-shares are broadly in the green and the SSE Composite Index rose 1.79%, many people are now feeling uneasy: how long can this rebound last?

I think sentiment in the short term is indeed somewhat optimistic. ETF net inflows exceeded 200 billion yuan and buybacks totaled 15.4 billion yuan, which suggests institutional funds are propping things up—at least it doesn’t look like retail investors are just randomly buying. But the problem is that the ChiNext Index rose 7.05% and the Shenzhen Component Index rose 4.81%. With gains like that, it’s hard to sustain—those who chase may easily get caught in a pullback. For example, a chip stock like Zhaoyi Innovation (603986): the募集资金投DRAM project is a long-term positive, but if it has run up too much in the short term, it faces pressure to correct.

The risk is this: a rapid rally driven by sentiment. Once trading volume can’t keep up, it can easily turn into a short-term high. For companies in the storage-chip space, you can compare Beijing Junzheng (300223). They’re in the same sector, but with different business focuses. Zhaoyi Innovation leans more toward MCU and NOR Flash, while Beijing Junzheng also has exposure to DRAM—but the upside and market elasticity differ. If sentiment fades, Zhaoyi Innovation may face greater liquidity pressure.

#603986 #300223 #A股

📌 A-share market suffers its worst drop of the year; 176 stocks including Ziguang Chuangxin hit the daily limit, experts deliver in-depth analysis on the spot: don’t be bearish on the 3,900-point level—buying brokerages now is like buying banks in 2005; a surge of 6-fold within two years, or could history repeat

🍖 Chopper says:
Today the A-share market fell pretty hard. The SSE Composite Index (000001.SH) is likely around the 3,200 mark. Tech stocks are the worst hit—Ziguang Chuangxin (603986) even went straight to the daily limit.

This round is mainly driven by the selloff in the U.S. stock market’s AI/data-center/compute stocks, plus quantitative funds dumping shares—sentiment is really poor.

The expert says not to worry about the 3,900-point level and compares brokerages to banks back in 2005. That sounds a bit overly optimistic. The brokerage industry’s earnings are still very dependent on market conditions, unlike banks’ high growth back then. In the short term, an oversold rebound may be possible, but to rise 6-fold over two years would require a full-blown bull market. The fundamentals don’t really support that right now.

Risk warning: Don’t rush in just because of the expert’s call to “buy the dip.” Tech stocks are volatile and may need some time to churn. Compare with a peer in the same sector—Beifang Huachuang (002371). It also fell a lot today, but as an equipment leader, its downside resilience is somewhat better, since its earnings outlook has a bit more certainty. If you truly want to bet on a rebound, prioritize names with earnings support—don’t touch pure concept stocks.

#000001 #603986 #002371 #A-share

📌 A-shares continue to adjust: Hang Seng Tech Index rises nearly 5%. Interim report performance will become the key stock-selection anchor in the near term

🍖 Chopper says:
The Hang Seng Tech Index is up nearly 5% this round, which suggests tech stocks in Hong Kong are rallying strongly, but A-shares are still grinding through a bottom. For individual investors, the most direct impact is on the technology funds or stocks you hold—such as a chip ETF or the Hong Kong tech ETF (513180). Today, they may claw back some losses. The phrase “interim report performance will be the core anchor” basically means: don’t blindly chase concepts—check whether the company is actually making money.

As for specific sectors, I’m particularly interested in memory chips. For example, companies like $GalaxyCore (603986) have seen improving earnings expectations recently as AI demand picks up, but the stock price is still down by about 40% from its high point. By contrast, within the same space, $Beijing Junzheng (300223) has also fallen a lot, but it focuses more on automotive-grade storage, which may make it more resilient across the cycle. Still, risks need to be stated clearly: market sentiment is fragile right now. If the interim report misses expectations, the sell-off will be just as ruthless—don’t let your position size get too heavy.

#513180 #603986 #300223 #A股