On July 2, 2026, the Shanghai Composite Index closed down 2.03%, while the ChiNext Index fell 5.71%. The semiconductor and computing hardware supply chains experienced significant pullbacks, with memory chips, wafers, and CPO (Co-Packaged Optics) leading the declines. Photovoltaic, lithium battery, consumer electronics, fintech, and computing power rental concept stocks were also among the top losers. Conversely, ultra-hard materials, gold, generic drugs, and AI application themes showed strength against the broader market trend.

Influence of Global Tech Sentiment

The sentiment surrounding global technology stocks was a key transmission factor for today's market volatility. Overnight, the three major U.S. stock indices closed lower collectively, with intense internal divergence: most mega-cap tech stocks rose, but AI hardware sectors like memory chips, optical communications, and semiconductors faced heavy selling pressure, leading to a sharp drop in the Philadelphia Semiconductor Index. The market widely attributes this adjustment in the AI hardware sector to news from Meta regarding its AI computing power business, which sparked concerns about the supply-demand balance for AI computing and the future capital expenditure plans of global tech giants. Influenced by this sentiment spillover, Japanese and South Korean stock markets plummeted across the board in early trading today, with South Korea's KOSPI index triggering a circuit breaker mechanism at one point and Japan's Nikkei 225 index also weakening significantly.

Impact on A-Share Tech Sector

The transmission of external sentiment was quite evident in the A-share technology sector. Today, A-share tech directions like semiconductors and computing hardware faced pressure and adjusted downward. The Wind Semiconductor Index fell over 7%, with multiple semiconductor stocks dropping more than 10%. The computing hardware sector collectively declined, with some stocks that had seen significant gains recently hitting their daily downside limits. The semiconductor sector saw net outflows of major funds leading all sectors throughout the day. Some analysis points out that external pessimism has, to some extent, transmitted to the A-share market, lowering domestic market risk appetite. However, other institutions believe that after the sector's previous gains, sentiment-driven adjustments triggered by news represent a normal phase of digestion.

Concurrent Market Rotation

Simultaneously, the market exhibited characteristics of a style rotation. Sectors such as banking and pharmaceuticals were among the gainers, while the non-ferrous metals sector strengthened against the trend, and the precious metals sector saw net inflows of major funds. The humanoid robot concept was active, with multiple component stocks hitting their daily upside limits. The brokerage sector saw an overall correction today, with many brokerage stocks retreating to varying degrees. This pattern of "tech adjustment, financial correction, and some thematic activity" reflects a rotation of existing funds among different market directions.

Macroeconomic Context

On the macro front, the central bank conducted a 7-day reverse repurchase operation of 288.5 billion yuan today, with an operation rate of 1.40%. With 370.5 billion yuan in reverse repos maturing on the same day, the open market achieved a net withdrawal of 82 billion yuan. The policy interest rate remained stable, with liquidity management continuing to focus on precise control.

Overall Assessment

In summary, we believe the current market is in a complex phase intertwined with global tech stock sentiment volatility and internal structural rotation. The adjustment in overseas AI hardware sectors has transmitted some impact to related A-share directions through sentiment channels, but the domestic market also presents a pattern of coexisting broad stock declines and intense sector divergence. Whether the long-term industrial logic for technology and growth directions is affected still requires observing the actual changes in the capital expenditures of global tech giants and subsequent industrial fundamental data. Investors should pay attention to market volatility risks and prudently view short-term market changes in conjunction with their own risk tolerance.