A-shares open fast | A-shares collectively open high, Shanghai index rises by 0.29%, semiconductor, storage chips and other sectors are strong.

On May 21, the three major A-share stock indexes opened higher collectively, with the Shanghai Composite Index up 0.29% and the ChiNext Index up 1.03%. In terms of sectors, semiconductor, storage chips, and photovoltaic sectors led the gains, while oil and gas extraction, electricity, and coal sectors saw declines. Institutional Views on the Market: China Galaxy: How much more upside does the ChiNext have? China Galaxy believes that the ChiNext's medium-term upside has not been exhausted, and there is still room for further gains. However, in the short term, it is likely to switch to a new rhythm of "volatile digestion, slow bull market rise, and structural bull market." In the medium to long term, the ChiNext still has clear upside potential, as long as core performance continues to be realized, and industrial prosperity continues. The current situation is just a continuation position of a structural bull market, not the end. With continued profit release, steadily rising valuations, and continuous inflow of incremental funds, it is highly probable that the index will continue to refresh new highs and open up further upside. After hitting new highs, the excess returns at the index level will converge, and structural excess returns will become the focus. The main focus will continue to be on AI computing power, semiconductor equipment materials, high-end equipment, energy storage, innovative drugs, and other five highly prosperous sectors, capturing the rotation of sub-sectors. Founder: Science and Technology Innovation 50 hits new high again, focusing on three directions for the future market Founder stated that with the rise in overseas inflation expectations, there has been some profit-taking pressure on global indices related to AI, such as the Nasdaq, South Korea, and Japan. However, the domestic semiconductor sector has shown strength against the downward trend of A-share indices, further attracting funds from other sectors. In terms of the industry cycle, semiconductors have transitioned from earlier AI domestic chip breakthroughs to a full sector "system loop" rise, with sectors such as storage, advanced packaging, equipment, and materials taking turns to rise. It is expected that the Science and Technology Innovation Index will still have the potential for inertia rise in the short term. However, for conservative investors, as high-valued species e...