July 14 — A-share resource stocks led gains: nonferrous metals and coal rallied,
with many nonferrous ETFs up >6%. Computing-power names rebounded in the
afternoon; the ChiNext index rose >3% and several communication-themed ETFs
gained >5%. Notably, during the sharp July 13 pullback, about 60 billion yuan of
bottom-fishing flowed into the market via equity ETFs, the largest single-day
inflow since April 8, 2025; broad-based ETFs tracking CSI 1000, CSI 300 and CSI
500 were heavily accumulated. Industry firms warn prior tech-growth leverage has
accumulated sizable financing positions and rising volatility has prompted some
leveraged funds to reduce exposure. On a medium-term view they say the core
bullish case for A-shares is unchanged; the current move looks like a
trading-structure correction as the market shifts from extreme structural
leadership toward style rebalancing. The AI theme remains intact; Q3 may shift
to selecting subsegments and validating earnings.
