CSI 300 Falls 1.01%
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A-shares remained in a rebound-attempt phase, but major indices pulled back again this week, indicating that the repair process is still volatile. The SSE Index(000001) fell 0.56%, the CSI 300(000300) fell 1.01%, the Shenzhen Index(399001) dropped 1.81%, and ChiNext(399006) declined 2.23%, with growth segments clearly underperforming large-cap weighted names. On trading activity, final-day turnover in major indices remained below their 50-day average volumes: the SSE Index was 24.28% lower and the CSI 300 was 36.94% lower. Weekly turnover across major A-share indices also generally declined versus last week, showing insufficient follow-through capital and no effective volume-backed counterattack yet. In terms of moving-average structure, the SSE Index stayed slightly above its 20-day line by 0.42%, while the Shenzhen Index and ChiNext were also above their 20-day lines by 0.43% and 1.18%, respectively. However, all remain capped by their 50-day and 200-day moving averages, suggesting the rebound is still more of a technical repair.
External market volatility has increased. So far this week, the Nasdaq Composite(0NDQC) is down 2.48%, and the S & P 500 Index(0S&P5) is down 1.86%, reflecting the impact of rising U.S. Treasury yields and valuation pressure on tech stocks. That said, both indices are still above their 50-day and 200-day moving averages, indicating that the medium-term U.S. equity trend has not been fully broken. Meanwhile, the Hang Seng Index(HSI) rose 3.55% against the trend and is holding above its 5-day, 10-day, 20-day, 50-day, and 200-day moving averages, offering some sentiment support for China-related assets. Still, A-shares did not show a synchronized increase in risk appetite, suggesting domestic capital remains cautious.
Current policy paths in China and abroad are clearly diverging. U.S. policy remains focused on containing inflation and stabilizing financial-market expectations, but is constrained by high debt levels and geopolitical risks. China, by contrast, continues to prioritize stable growth, stronger domestic demand, and structural adjustment, while maintaining reasonably ample liquidity and promoting coordinated recovery across real estate, consumption, and technology industries.
In the U.S., latest initial jobless claims came in at 206,000, below expectations, suggesting labor-market resilience and no clear economic stall yet. This leaves the Federal Reserve with little near-term reason to pivot quickly toward easing. At the same time, U.S. EIA crude inventories rose by 4.405 million barrels. Although that increase narrowed notably from the prior reading, energy markets are still influenced by supply-demand dynamics and geopolitics. If oil prices rebound, inflation pressure could resurface. Therefore, U.S. monetary policy is still likely to remain cautious, and “higher rates for longer” remains a reality markets must face.
However, the bigger U.S. concern is no longer just growth momentum, but the fiscal and valuation pressure implied by persistently rising Treasury yields. With U.S. debt approaching USD 40 trillion, elevated long-end rates not only raise government financing costs but also suppress corporate investment, household credit demand, and U.S. equity valuations. The recent “double sell-off” in both stocks and bonds on Wall Street shows markets are increasingly worried about multiple risks: fiscal expansion, debt supply pressure, and policy swings. Combined with recurring uncertainty around tariffs, sanctions, and Middle East tensions, U.S. policy uncertainty is spilling over into global financial markets.
By comparison, China’s policy approach is more focused on “targeted force.” Total social electricity consumption in July rose 1.7% year-on-year, down from 3.7% previously, reflecting an uneven recovery and still-soft demand in some sectors and end markets. But overall economic performance in the first seven months remained stable, and new growth drivers continued to strengthen, indicating the economy is not in broad-based weakening but in a transition between old and new engines. As a result, macro policy is unlikely to revert to broad old-style stimulus; instead, it is emphasizing expectation stabilization, weak-link repair, and structural transformation.
On policy tools, the LPR has been unchanged for 15 consecutive months, and 7-day reverse repos have seen consecutive “zero net injections.” This does not signal tightening; rather, it suggests overall liquidity conditions are stable and that the central bank is placing greater emphasis on pacing and structural optimization. At the same time, the NDRC is accelerating deployment of new policy-based financial tools and supporting private investment, indicating coordinated fiscal-financial efforts to direct capital toward effective investment and weak links in the real economy. In real estate, Shanghai’s new policies and housing provident fund optimization send a clear signal of continued support for first-home and upgrade demand, helping stabilize property sentiment and household expectations. On consumption, continued policy support for county-level and services consumption suggests that boosting domestic demand is shifting from pure aggregate stimulus toward activation of broader consumption scenarios.
In addition, intensive policy rollout in areas such as satellite IoT, token economy, next-generation power grids, and oil & gas “15th Five-Year” planning indicates that China’s industrial policy is simultaneously strengthening technological innovation, digital infrastructure, and energy security. Facing external restrictions in AI and high-tech areas, China is expected to place greater emphasis on self-reliance and supply-chain resilience. Overall, the U.S. policy challenge lies in balancing growth and inflation under high-debt constraints, while China is accelerating structural upgrading on top of growth stabilization to cultivate more sustainable endogenous growth momentum.
Sector performance this week continued to show structural rotation, with capital mainly focused on low-position recovery and resource/shipping-related directions. Top-performing sectors were Mining-Gold/Silver/Gems(G1040IG.CN) up 9.55%, Transportation-Ship(G4411IG.CN) up 8.94%, and Oil&Gas-Intl Expl&Prod(G1315IG.CN) up 3.28%. Mining-Gold/Silver/Gems led gains, reflecting renewed preference for precious-metal assets amid external rate volatility and rising risk aversion, while also underscoring defensive characteristics in resources. Transportation-Ship strength suggests a phase recovery in shipping chains, influenced by freight-rate expectations, global trade rhythms, and supply-demand mismatches. Oil&Gas-Intl Expl&Prod ranking near the top is tied to crude-price volatility, energy-security expectations, and recovering oil & gas capex, indicating rising attention to upstream resources. Compared with earlier patterns favoring consumer defensives or pure thematic growth, this week’s flow tilted more toward cyclical-plus-defensive areas such as resources, energy, and transportation, though sustainability still needs volume confirmation.
The number of companies reporting earnings next week reaches 4,002, indicating the market has entered earnings season. During this phase, single-stock volatility often expands significantly, and earnings delivery, guidance changes, and valuation fit become core drivers of price performance, further increasing the importance of stock selection.
The Top 33 stocks fell 1.86% on average this week, with 12 gainers and 21 decliners, underperforming the broader indices. This suggests that high-beta names are under more visible pressure and that internal profit opportunities remain concentrated. The best performer this week was 3peak(688536), up 13.42% for the week. The company belongs to Elec-Semicondctor Fablss(G3676IG.CN), with an industry rating of 4, placing it in a leading market tier. Its RS Rating is 95, EPS Rating is 90, and O’Neil Score is 77, indicating strong advantages in both earnings growth and price performance. Its core business is R&D and sales of analog integrated circuit products, covering signal-chain and power-management analog chips, and it has entered the supply chains of multiple top-tier customers—making it a closely watched name amid domestic substitution and deeper penetration of high-end analog chips. However, its Acc/Dis Rating is B+, suggesting fund-flow strength still needs further improvement; near-term trend confirmation will depend on subsequent earnings disclosure and price-volume coordination.
From the current market setup, A-shares have not yet exited the “rebound attempt” framework. Index pullbacks remain manageable, but insufficient volume, weaker growth segments, and ongoing external rate disturbances mean the rebound still lacks stronger confirmation. If heavyweight indices can hold above the 20-day moving average and drive a pickup in turnover, market repair may continue. If earnings season delivers upside surprises in technology, communications, and high-prosperity niches, risk appetite could also improve in stages. At present, greater focus should be on stocks leading strong industries, with fundamentals aligned to earnings growth and persistently high relative strength.
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published on August 21, 2026