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Today, A-shares opened low and ended high, with the ChiNext Index showing the strongest performance, rising by more than 1%. The Shanghai 50 and CSI 300 rose for six consecutive days and both hit their highest level in nearly a month. The two markets traded 681.7 billion yuan.

On the market, sectors such as shipbuilding, aviation manufacturing, lithography machines, and public transportation led the gains, while sectors such as copper cable high-speed connections, metaverse, car-road-cloud, and Apple concepts led the losses.

Wind's real-time monitoring data shows that the power equipment industry received a net inflow of more than 2.5 billion yuan in main funds, and the defense industry, mechanical equipment, pharmaceuticals and biology, and public utilities received a net inflow of more than 1 billion yuan. Only a few industries such as computers and media experienced a net outflow of main funds.

Looking ahead to the future market, Guotai Junan pointed out that under the premise that the overall market confidence has not recovered significantly, the continuity of the oversold rebound of small and medium-sized stocks remains to be observed; at the same time, the current valuation of small and medium-sized indexes and targets is still at a relatively low level, and there is still a lot of room for participation after the rebound trend is confirmed. In summary, positions should be adjusted cautiously at this stage, and active participation should be taken after the rebound trend is confirmed.

Guolian Securities believes that with the disclosure of the semi-annual report performance forecast and the advance of overseas interest rate cut expectations, the market rebound may be imminent, and it is important to pay attention to style switching. According to the backtest of the latest semi-annual report forecast, the market's second-quarter earnings growth rate will not be weaker than the first quarter. The pre-announcement rate of the semi-annual report performance forecast is about 40%, which is roughly the same as the previous two years. If the interest rate cut cycle begins, domestic liquidity pressure will ease, and valuations may be gradually repaired.

In terms of hot spots, defense and military stocks strengthened across the board, and sub-sectors such as ships, aviation manufacturing, large aircraft, and military-civilian integration all rose strongly. Triangle Defense, AVIC Heavy Machinery, Huaqin Technology, and AVIC Optronics were among the top gainers. Among the top 10 ETF funds with the highest gains, 6 were related to the military industry, and all rose by more than 2%.

Recently, several departments in Shanghai jointly issued the "Several Policy Measures of Shanghai on Supporting the Development of the High-end Industrial Chain of Large Civil Aircraft and Promoting the Construction of a World-class Civil Aviation Industry Cluster", proposing that by 2026, the production capacity of domestic large civil aircraft will be greatly improved, Shanghai will have introduced and cultivated more than 60 key enterprises in the high-end industrial chain of large aircraft, the number of local supporting suppliers and cooperative units in the large aircraft industry chain will reach about 150, the new investment will reach more than 70 billion yuan, and the scale of the large aircraft industry will reach about 80 billion yuan.

Huatai Securities said that the large aircraft manufacturing industry involves a wide number of supporting enterprises, has a strong ability to drive scientific and economic development, and can effectively promote industrial upgrading in my country's aviation field. At present, the localization level of C919 large aircraft in the airborne equipment and engine links is relatively low, and the supporting proportion of foreign manufacturers and Sino-foreign joint ventures is relatively high. With the continuous construction of the airborne system sub-chain and engine sub-chain, the proportion of domestic equipment supporting and the proportion of value are expected to continue to increase, which may bring more abundant industrial investment opportunities.

Lithography machine concept stocks opened higher and closed higher today, with the sector index rising by nearly 3% at one point.

Lanying Equipment's stock price rose by 20% in just about 2 minutes after opening, approaching the highest point of the year; Shuangle shares also closed at 20%, and trading volume increased several times compared with yesterday; Jinghua Laser opened at the daily limit, and Xinyuanwei, Oriental Jiasheng, and Kaimet Gas also rose by the daily limit or more than 10%.

The Semiconductor Industry Association (SEMI) released its latest report, predicting that the total sales of semiconductor manufacturing equipment by global original equipment manufacturers will reach $109 billion in 2024, setting a new record. SEMI said that the total sales of semiconductor manufacturing equipment are expected to grow by about 17% in 2025, reaching $128 billion. The global semiconductor industry is demonstrating its strong fundamentals and growth potential to support various disruptive applications emerging from the wave of artificial intelligence.

Ping An Securities believes that at present, semiconductor manufacturing is showing signs of improvement, domestic substitution is in full swing, semiconductor equipment companies have ample orders, and the industry's upward trend is maintained. In addition, major manufacturers continue to invest in AI terminals, and chips with AI performance are constantly being introduced, which is expected to drive a new round of replacement demand.

Editor: Peng Bo

Proofreading: Yang Lilin