Shanghai and Shenzhen Markets Surpass Trillion-Yuan Turnover as AI Sector Shows Divergence

Market Overview: Signs of Volume Contraction Behind Trillion-Yuan Turnover

According to 36Kr, combined turnover on the Shanghai and Shenzhen stock exchanges surpassed the 1 trillion yuan mark. However, it is worth noting that this figure represented a contraction of nearly 120 billion yuan compared to the same period in the previous trading session, indicating a marginal cooling in market activity.

While trillion-yuan turnover remains an important benchmark for A-share market vitality, the emerging trend of volume contraction suggests that some capital is moving to the sidelines, with short-term speculative sentiment pulling back.

AI Technology Sector: Structural Divergence Continues

Since the beginning of the year, the AI sector has been one of the core themes driving the A-share market. From large language model concepts to AI application deployment and computing infrastructure, related stocks have undergone multiple rounds of sector rotation. Against today's overall market volume contraction, the AI technology sector displayed a clear pattern of divergence:

• Computing Power and Chips: Leading computing power stocks that had posted significant prior gains experienced pullbacks, as profit-taking sentiment intensified.
• AI Applications: As domestic and international large model products continue to iterate, capital remains focused on application-oriented segments such as AI office solutions, AI education, and AI healthcare.
• Robotics and Embodied Intelligence: As a key extension of AI technology, the humanoid robotics concept has maintained strong interest in recent sessions, with some stocks demonstrating relative resilience against declines.

Market Analysis: Volume Contraction Is Not Necessarily Bearish — Watch Capital Flows

From a technical perspective, trillion-yuan turnover remains at a relatively elevated level, and the volume contraction largely reflects a period of consolidation and digestion at key price levels. Industry analysts note that the core logic underpinning the current A-share market has not changed. The certainty of the AI industry trend remains strong, and short-term volume contraction may provide an opportunity for the market to build momentum for the next move.

Key factors to watch include:

1. Policy Front: Domestic support policies for the artificial intelligence industry continue to intensify, with local governments across the country rolling out AI development plans, creating a medium- to long-term policy tailwind.
2. Industry Front: The iteration of domestically developed large models is accelerating, the AI commercialization process is advancing steadily, and fundamental support is gradually strengthening.
3. Capital Front: The movements of northbound capital and institutional funds will be critical indicators for gauging the market's future direction.

Market Outlook

Although the single-day volume contraction has raised concerns among some investors, the trillion-yuan level of turnover indicates that overall market liquidity remains ample. Against the broader backdrop of the AI technology revolution, the medium- to long-term allocation value of technology growth sectors continues to be favored by most institutions. Investors are advised to focus on quality targets within the AI industry chain that demonstrate genuine earnings delivery capabilities, while avoiding the blind chasing of short-term speculative plays.