A-shares midday | Three major indices surged and then retreated, closing higher collectively, led by AI applications and digital currency.

On September 4, the three major indices of A-shares opened higher collectively, with the Shanghai Composite Index starting up 0.34%, the Shenzhen Component Index up 0.74%, and the ChiNext Index up 0.97%. After a morning surge, the gains narrowed, resulting in a pattern of "collective index rise, widespread individual stock gains, and rapid rotation of hot topics." By the close of the morning session, the Shanghai Composite Index had risen 0.35% to 3955.85 points, the Shenzhen Component Index had increased 0.27% to 13661.39 points, and the ChiNext Index had risen 0.43% to 3326.68 points. More than 4,100 individual stocks across the market showed gains. The transaction volume of the Shanghai and Shenzhen stock exchanges for the half-day was 1.23 trillion yuan, an increase of 135.5 billion yuan compared to the previous trading day. In the morning, major funds saw net inflows into sectors such as cultural media and computing, while there were net outflows from electronics, semiconductors, and nonferrous metals; among individual stocks, Tianyu Digital Technology Group led with net purchases exceeding 1.2 billion yuan, while Inspur Electronic Information Industry faced net sales of over 900 million yuan. Market Overview In terms of gains, the AI application concept and digital currency sectors performed strongly, with the pork and real estate sectors also being active, while the securities sector showed strength during the session; on the downside, the coal sector experienced fluctuations and adjustments, with Zhengzhou Coal Industry & Electric Power hitting its daily limit down; the precious metals sector fell back, with Hunan Silver starting high but closing lower, dropping over 3%, and Hunan Gold Corporation declining over 2%; the semiconductor and computing hardware sectors also softened during the session. Overall, after opening higher, the three major indices saw gains narrow, but more than 4,100 individual stocks rose, reflecting a broad-based increase; the hotspots of the market quickly rotated, with funds flowing out of semiconductors, computing hardware, and coal towards news-driven themes such as AI applications and digital currencies, as well as sectors like breeding and real estate. Popular Sectors 1. AI Application Concepts Strengthen Collectively The AI application concept saw a collective rise, with Shanghai New Centurion Network Information Technology recording two consecutive limit ups, Heilongjiang Publishing & Media Holdings achieving five consecutive limit ups, and Shanghai Information 2 Software Inc., China Publishing & Media Holdings, and Tianyu Digital Technology Group hitting their limits. Easy Click Worldwide Network Technology rose over 13% after a temporary limit up, while BlueFocus Intelligent Communications Group increased over 7%, with the cultural media and software service sectors showing synchronized activity. Comment: On September 3, local time, OpenAI officially released its next-generation flagship model GPT-6 Astra, claiming it achieves a "generational leap," being the highest global intelligence level model and the best-aligned, capable of directly entering computer software environments to autonomously complete long-cycle, multi-step tasks such as programming, financial modeling, and creating presentations and spreadsheets; OpenAI President Brockman stated that this moment may be viewed in the future as a milestone for the arrival of AGI. 2. Digital Currency Concepts Show Active Performance Digital currency concepts showed active performance, with Shenzhen Forms Syntron Information hitting a 20% increase limit, and Beijing Cuiwei Tower, Chutian Dragon, and HyUnion Holding also reaching limit up; Lakala Payment, Yusys Technologies, and I2SOFT followed suit. Comment: On September 3, local time, Federal Reserve Governor Waller stated that if the recent trend of disinflation continues, he would tend to support keeping interest rates unchanged at the Fed's September meeting. Overnight, U.S. stocks associated with digital currency surged, with Bitcoin briefly breaking $80,000, peaking around $81,370 per coin, marking a near four-month high; furthermore, Shenzhen Forms Syntron Information's limit rise is related to the company's role as a core partner in the construction of the multilateral central bank digital currency bridge (m-CBDC Bridge) and its participation in research on several central bank digital currency cross-border application scenarios. 3. Pork Concepts Experience Fluctuating Strength Pork concepts experienced fluctuating strength, as Tech-bank Food, Shandong Teamgene Technology, and Luoniushan Co., Ltd. reached their limit ups, with Yunnan Shennong Agricultural Industry Group, Tangrenshen Group, and Leshan Giantstar Farming & Husbandry Corporation also increasing. Comment: At the end of August, driven by concentrated reductions in market supply from group pig farms and preparations by canteens for the school season, the domestic market for live pigs saw a rebound, with the national price of external three-yuan standard pigs rising from 10.61 yuan/kg to 11.09 yuan/kg, although pig prices have recently receded from peak levels; additionally, at the end of the second quarter, the number of breeding sows nationwide had been adjusted to 37.8 million, only 300,000 short of the Ministry of Agriculture and Rural Affairs' target of 37.5 million for normal stock levels, continuing the trend of capacity reduction. 4. Real Estate Sector Active Again The real estate sector became active again, with Cinda Real Estate achieving three consecutive limit ups, 5i5j Holding Group hitting five limit ups in nine days, and Guangzhou Pearl River Development Group Co., Ltd., Shenzhen Worldunion Group Incorporated, and Zhuhai Huafa Properties also showing gains. Comment: On September 3, the Shanghai Municipal Housing and Urban-rural Development Administration issued the "15th Five-Year Plan for Housing and Urban-rural Development," proposing to promote the stable and healthy development of the real estate market and to orderly advance the foundational system for real estate development, financing, and sales, as well as accelerating the improvement of the housing supply system, with plans to increase the supply of commercial housing by 25 to 28 million square meters; earlier, on August 28, multiple departments, including the central bank, financial regulators, Ministry of Housing and Urban-Rural Development, and CSRC, collectively released new policies in the real estate field, including extending the maximum term for personal housing loans to 40 years and promoting the sale of commercial housing in existing buildings, continuously catalyzing policy changes.