Hexun Investment Advisor Su Ligang: Two market details, there are some issues

Today, let’s talk about two details in the market’s order book. According to Su Lihgang, an investment adviser at Hexun, the first is that today’s market upturn is happening under a backdrop where the broader environment is also rising. The way the index is moving today actually has a very obvious detail: although the index looks strong at first glance, it’s not truly strong.

Mainly, it shows a few points. First, the number of daily limit-up boards today isn’t high. Second, today’s board-rejection rate is still very high. Third, the limit-up stocks that rebounded on a back-turn from yesterday didn’t have any premium today—there’s no follow-through. Third, it’s the trading volume today. So although it looks strong today, in reality it’s not strong. And today, the broader market also filled the gap. In this situation, with the premise that even after the gap is repaired it’s still not strong, is there any expectation of a pullback? It also means that within the repair structure, the market may still have further cycles of confirmation. So we make our position clear: at this level, if the index rises, we really can’t get carried away. But on the other hand, if it falls, don’t panic. This is the viewpoint we’ve repeatedly emphasized recently.

But really, these aren’t the most important part. What’s important is that we need to look at another detail in today’s trading: today’s “innovative drugs” are able to attract a lot of people. Lao Su has also been talking about innovative drugs recently, right? We’ll tell everyone about the “volume expansion signal.” Innovative drugs have been showing unusual movements continuously for several days. But you’ll notice that today, innovative drugs seem like a limit-up wave—yet there are also hidden tricks here, and there are some issues.

We can look at the front-runners. For the ones that did relatively well in the past two days, today they’re actually a bit off, right? Look at Leader One: it staged again with installments yesterday; today it continues staging with installments. Then Leader Two: it hit the limit-up today but also got rejected—it was that it took Leader One’s position yesterday, and today it still got rejected; it didn’t manage to hold the board. On the contrary, which ones appeared as limit-ups during today’s limit-up wave? They’re the low-position first boards—the ones that hadn’t performed well in the past two days, but today suddenly pulled off a hand move. What does that indicate? It indicates that the overall market’s “leading-figure” effect, this kind of chasing-rally effect, is still not strong.

So now, has everyone noticed this overall condition? Even if right now there are some sectors that can enter our line of sight—whether it’s satellite navigation and space discussed earlier, or involving lithium batteries or innovative drugs, or AI computing and data centers—you look at today’s AI computing and data center leader too: it’s also hitting limit-up, but it’s very clearly not strong. So overall, have you noticed what it is now? It’s rotation. In the rotation rhythm, besides the leaders, most of the other products can only be bought on dips for short-term spreads, and we also have to lower our expectations.

（责任编辑：邵晓慧 ）

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