The market hasn't crashed, but the account is in the green. In the 3.24 trillion market situation, where did the money go?

The market has closed; today’s issue isn’t losing money, but rather losing money due to the index’s decline—The Shanghai Composite fell 0.25% to close at 4,214.49 points, the Shenzhen Component dropped 0.47%, the ChiNext Index rose 0.15%, and the STAR Market 50 increased 0.41%. The combined trading volume across the two markets reached 3.24 trillion yuan, exceeding 3 trillion yuan for five consecutive trading days. However, over 4,000 stocks in the entire market declined, more than 4,000 closed in the red, only about 1,300 advanced, with 57 hitting the daily limit up and 7 hitting the limit down (excluding ST stocks);

With a trading volume of 3.24 trillion yuan, you lost money not because you’re incapable, but because today’s market direction was not correctly chosen;

1. Who was rising today?

Optical fiber/Optical modules (the strongest main theme intraday)

Today’s most resilient sector, Tongding Interconnection hit 4 consecutive limit-ups, Zhongji Xuchuang’s stock price broke through 1,000 yuan during trading, becoming the second stock in the ChiNext Market’s history after Aimee to reach a thousand yuan, with nearly a 970% increase over the past year;
CPO concept stocks repeatedly active, Tongguang Cable surged 20% in the afternoon to hit the limit up, Dekeli rose over 10% intraday to set new highs, Kechuang Technology hit the limit up, Yuanjie Technology, XinYisheng and others followed the rally.

The logic remains unchanged: the demand for data center optical interconnects continues to expand, the optical fiber industry chain is tightly scheduled with full orders, and the sector trend is still extending.

Power grid equipment/Ultra-high voltage (defying the trend and strengthening)

The power grid equipment sector repeatedly active, Datang Power’s five consecutive limit-ups, China Power LiaoNeng trending at new highs, Dalian Electric Heating, Solar Cables, Han Cable all decisively hit the limit up, with strong intraday support. The policy of electrical synergy has been mentioned more than once, and the electricity demand gap expected for AI data centers is gradually shifting from narrative to fundamental story—From this perspective, the targets are not high priority, but the logic is not the endpoint.

Robotics (counter-trend activity)

The robotics concept showed some local highlights amid broad declines, with Baida Precision hitting the limit up, Weike Technology and Huazhi Shares rising over 10%, Jintuo Shares, Wanda Bearings, Zhongda Lide, Qin Chuan Machine Tool followed suit; the State Grid’s intelligent procurement plan has strengthened order logic, and the industry path is more stable than pure themes, with potential for repeated strength in the future.

Semiconductor equipment (mild support)

The semiconductor equipment sector showed mild positive feedback, stocks were relatively resilient, the ChiNext Semiconductor ETF rose over 3% to lead the market, Jinhaitong hit the limit up, and Xinyuan Micro rose over 12%. Some funds shifted from high-gain storage stocks to equipment, with overall orderly sector support.

CPO optical chips/copper cables high-speed connections (mood alignment)

This sector overlaps heavily with optical modules, and the sentiment mirrors the US stock market, with early morning CPO leading the rally, but overall support was moderate in the afternoon.

2. Who was falling?

The commercial aerospace sector collectively declined sharply, and themes like rare earths, AI applications, innovative drugs, and computing power leasing also weakened across the board. Related ETFs led the declines, the innovative drug sector was weak, and the intraday rebound was merely technical.

3. Intraday review

The index opened slightly higher in the morning, with optical fiber and CPO leading the rally, Zhongji Xuchuang broke through 1,000 yuan and became a market focus. But near midday, the index plunged collectively, with the Shanghai Composite once dropping 0.4%.

The style shift signals are very clear: funds are withdrawing from previously high-gain sectors like commercial aerospace, innovative drugs, and rare earths, and flowing into sectors with potential for rebound such as power grid, optical fiber, semiconductor equipment, and robotics.
After Zhongji Xuchuang stabilized above 1,000 yuan in the afternoon, funds returned to the main themes, and the number of limit-down stocks decreased in the latter half, indicating the market isn’t collapsing—just sector rotation is happening.

Trump is scheduled to visit China from May 13 to 15. After the afternoon’s external pressure eased, domestic supply chains have begun to recover, and some funds are trying to get ahead of negotiations’ details before the talks conclude in the next few days.

4. Tomorrow’s expectations

The biggest variable in tomorrow’s market is Trump’s visit to China. The direction of negotiations will directly impact the valuation expectations of the AI industry chain. Today, domestic chains already started early replenishment in the afternoon;

For optical fiber/CPO sectors, Zhongji Xuchuang holding steady above 1,000 yuan is a key observation point. Tongding Interconnection’s four consecutive limit-ups have opened the height, and within the sector, follow-up stocks will inevitably differentiate—weak ones should be left behind, strong ones should be kept, and don’t chase the laggards during the tide’s retreat;

The power grid equipment/Ultra-high voltage sector hit a complete limit-up team today. If the power sector’s support continues tomorrow, this line could become a new short-term high-low switching point;

Robotics/industrial mother machines, catalyzed by State Grid procurement orders, are shifting from theme-based to order-driven logic. After market sentiment recovers, low-level rebound may continue, so keep observing;

The sectors of commercial aerospace, rare earths, and innovative drugs, which saw volume-driven declines today, with most targets showing signs of breaking down. In the short term, at least 3 to 5 trading days of consolidation are needed—don’t rush in. Before taking a big risk, check out the stocks on the decline today;

The 3.24 trillion yuan trading volume is still in the market, but most who lost money bought at the tail end of rotation, not because the main theme changed, but because the internal structure of the main theme is reshuffling from the bottom up. Chasing highs is never scary; what’s scary is chasing at the end of a short-term cycle. The upward pace can slow down a bit—prioritize stability!