With recent regulatory tightening and the phased liquidation of institutional ticket chips, the A-share market may be approaching a turning point. The purely speculative models that have been prevalent this year, such as topic speculation, demon stock speculation, and continuous board speculation, may be coming to an end. If everyone hasn't realized this, there could be significant losses. Today, the number of stocks hitting the limit down reached 17, which is a new high in recent memory.

Today, the A-share market was stronger than yesterday, with the three major indices turning red. The total turnover in the two markets surged to 0.96 trillion, and the Northbound capital had a small net purchase of 460 million yuan. Although not much, this is the third consecutive day of buying, which is a positive signal. However, today, more than 3,700 individual stocks fell, and many retail investors who are still obsessed with hitting the board and speculating on topics suffered huge losses. In the past, such a two-eight market usually saw the rise of heavyweight stocks, but today's heavyweight sectors of the Shanghai Composite Index - finance, consumption, and the heavyweight sectors of the ChiNext Index - new energy, did not rise much. In fact, today only the AI concept sector performed prominently, and small caps, especially micro-cap stocks, plummeted.

We have previously analyzed with everyone that due to the lack of incremental funds and institutions being deeply involved in redemption crises, institutions have lost their pricing power, and speculative capital dominates the market, leading to rampant speculation and speculation in A-shares, while value investment is neglected. At least there was some logic in speculating on AI in the first half of the year, but after October, "speculating on zodiac signs," "speculating on numbers," and "speculating on mahjong" were purely speculative. A typical example is that the Wind micro-cap stock index soared nearly 50% against the backdrop of the A-share bear market, showing a big bull market.

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However, today the Wind micro-cap stock index plummeted nearly 3%. In recent days, there has been a lot of talk in the industry about the Shanghai and Shenzhen stock exchanges strengthening regulation. Wenyi Technology and Zhongwen Online both hit the limit down due to regulation, and yesterday's short play concept demon stock Tianwei Vision was regulated, and today it was pressed to the limit down at the opening. With the increase in regulatory intensity, speculative capital should be cautious, after all, no one wants to eat the limit down.

Of course, this does not mean that the topic speculation style is over, as long as it does not touch the red line of regulation. Today's AI surge also has elements of topic speculation, but at least it is not that kind of pure chip game.

Let's look at today's heavy news:

On December 6, Google officially launched the new large language model Gemini 1.0, and released Ultra, Pro, and Nano three different versions for different scenarios. The Ultra version of Gemini 1.0 has surpassed GPT-4 in many capabilities and has become the first model to surpass human experts on MMLU (Massive Multitask Language Understanding).

On December 7, AMD officially launched the new MI300 series AI chips, including the MI300A and MI300X chips, with performance up to 8 times that of the MI250X, and training performance comparable to the H100 chip.

Last night, AMD surged nearly 10%, and Google surged more than 5%, driving a new wave of AI, and AI multimodality continues to ferment. Today, the A-share related concept sectors have seen a surge in limit-up stocks. In particular, the CPO sector has once again seen the prosperity of the first half of the year, with stocks such as Tianfu Communication, Bochuang Technology, Zhongji Xu Chuang, and Tai Chen Guang all rising more than 10%.This time, Google has introduced the OCS optical switch, which has changed the existing IDC network structure. Additionally, AIPC is also quite popular. Coming to the A-share market is for learning, and everyone can take the weekend to study.

Then, the market has been waiting for the Politburo meeting. The meeting pointed out that next year, it is necessary to adhere to the principle of seeking progress while maintaining stability, using progress to promote stability, and establishing before breaking. It is important to strengthen the counter-cyclical and cross-cyclical adjustments of macro policies, and continue to implement proactive fiscal policies and prudent monetary policies. The proactive fiscal policy should moderately increase its strength and improve quality and efficiency, while the prudent monetary policy should be flexible and appropriate, and precise and effective. It is necessary to enhance the consistency of macro policy orientations and strengthen economic propaganda and public opinion guidance. Overall, the tone is relatively positive, and specific economic policies will have to wait for the economic work conference.

Finally, let's take a look at the market. As of the close, the Shanghai Composite Index rose by 0.11%, the ChiNext Index rose by 0.80%, the Hong Kong Hang Seng Index slightly fell by 0.07%, and the Hang Seng Technology Index fell by 0.38%.

Looking at the industries, the sectors of communications, electronics, computers, pharmaceuticals and biotechnology, and petroleum and petrochemicals led the gains, while agriculture, forestry, animal husbandry, textiles and apparel, real estate, commercial retail, and integrated industries led the declines.