On Wednesday morning, A-shares surged and then retreated, with the three major indices fluctuating at high levels. By the close of the morning session, the Shanghai Composite Index fell by 0.18%, closing at 4084.54 points; the Shenzhen Component Index rose by 0.39%, closing at 15735.6 points; the ChiNext Index remained flat, closing at 4103.01 points; the CSI 300 rose by 0.11%, closing at 4889.69 points; and the STAR 50 rose by 1.01%, closing at 1776.26 points.

The total transaction volume of the Shanghai and Shenzhen markets reached 1.95 trillion yuan, a decrease of about 0.98 billion yuan compared to the previous trading day. The market showed a mixed performance, with over 4000 stocks declining.

The PCB concept surged again, with more than 10 constituent stocks hitting the daily limit. Hongchang Electronics had 5 limit-ups in 7 days, Huazheng New Materials achieved 3 consecutive limit-ups, and Shenzhen South Circuit hit the limit, reaching a historical high.

The glass substrate (core stock) concept continued its strong performance, with Qibin Group achieving 3 consecutive limit-ups, and BOE A, Medike, and Rainbow Shares hitting the limit.

The supercapacitor (core stock) concept saw a sudden rise, with Haixing Shares achieving 3 consecutive limit-ups, and Aihua Group and Tongfeng Electronics hitting the limit.

The "Old Deng" consumer sector (core stock) experienced fluctuations and adjustments, with tourism and film (core stock) sectors leading the declines, as Tianfu Cultural Tourism, Caesar Travel, and Bainaqiancheng all fell sharply.

In terms of news, the 2026 Lujiazui Forum opened today, with Central Bank Governor Pan Gongsheng stating that efforts will be made to promote medium- and long-term investments in the stock and bond markets.

CSRC Chairman Wu Qing stated that China's capital market has withstood significant risk tests, with resilience and risk resistance capabilities continuously improving; the reform of the STAR Market will be advanced in an orderly manner, expanding the application scope of the fifth set of standards to the artificial intelligence field; strong support will be provided for mergers and acquisitions and refinancing of listed companies, as well as for eligible Hong Kong-listed companies to list domestically; efforts will be made to cultivate and grow patient capital, guiding pension funds, insurance funds, and others to increase equity investment; support will be given for the launch of active ETFs on the Shanghai and Shenzhen exchanges; and strict investigations and penalties will be imposed on illegal activities such as market manipulation, insider trading, and exploiting technology for hype.

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