A-shares encounter adjustments again: The Shanghai Composite Index loses and regains 3900 points, with 'Electric' and 'Sky' becoming safe havens at the Beijing Stock Exchange.

Today, A-shares welcomed another adjustment, with the Shanghai Composite Index losing and regaining the integer mark of 3900 points, and over 4300 stocks in the market turned red, while the 'Electric' (power infrastructure), 'Sky' (aerospace-related), and the Beijing Stock Exchange sector went against the trend and strengthened, becoming the core direction for capital to seek safety.

1. Market Overview: Interest rate cut becomes a 'negative', with the entire market in a broad decline.

The Federal Reserve's interest rate cut was initially a positive, but today A-shares neither opened high nor surged, but instead fluctuated downward throughout the day. The selling pressure mainly came from the leading funds in the market—under the background of large funds dumping stocks, retail investors could only be passively pressured. Market sentiment can be described as 'ice-cold', with all three major indices closing in the red, with no exceptions.

Index Performance:

The Shanghai Composite Index fell by 0.7%, once again losing the 3900 points that it had struggled to hold;

The Shenzhen Component Index and the ChiNext Index fell even more, down 1.27% and 1.41% respectively, weakening in tandem with the Shanghai Composite Index in the afternoon. The support effect of heavyweight stocks like Ning Wang from the morning session completely failed.

Individual Stocks and Funds:

Individual stocks showed a 'sea of green', with over 4300 stocks declining, and the median change was -1.66%, with most individual stocks falling far more than the indices, showing significant losses;

Domestic leading funds net sold nearly 86 billion, a rare scale, reflecting the strong risk aversion sentiment of large funds;

The total turnover of the two markets was 1.86 trillion, an increase of nearly 80 billion from yesterday. The 'volume drop' trend usually indicates strong selling pressure and is not a positive signal.

Sentiment and Themes:

Market sentiment has dropped to freezing point, with thematic concepts nearly 'completely defeated': yesterday's active sectors (retail, liquor, food and beverage), AI applications (marketing, comics, Sora), computing hardware (optical modules, liquid cooling) either experienced a 'one-day tour' or continued to adjust today; traditional sectors like real estate, brokerages, semiconductors, and agriculture continued to be sluggish; local stocks in Fujian even staged a 'limit down wave', becoming the prominent downward trend in the market.

2. Market Highlights: 'Electric', 'Sky', and the Beijing Stock Exchange stand out against the trend.

Against the backdrop of a broad market decline, three major directions strengthened against the trend, becoming a 'safe haven' for capital:

1. The 'Sky' concept remains hot.

Sectors related to 'Sky', such as satellite internet, commercial space, and space computing, continued strong momentum, with over ten stocks like Tongguang Cable and Galaxy Electronics hitting the daily limit. The core catalyst came from Musk confirming that SpaceX will IPO next year, further boosting the market's heat and capital attention on the sector.

2. 'Electric' power infrastructure takes the lead.

Sectors related to 'Electric', including grid equipment, ultra-high voltage, AI electricity, and nuclear power, performed strongly, with stocks like Zhongchao Holdings hitting the daily limit; cutting-edge electric concepts like superconductors and nuclear fusion also rose in sync. The direct driving factor was that GE Vernova, a leading U.S. electrical equipment company, raised its performance expectations due to a surge in electricity demand driven by large data center construction, igniting investment enthusiasm in the A-share power infrastructure sector.

3. The Beijing Stock Exchange shines alone.

The Beijing Stock Exchange 50 Index rose nearly 4% against the trend today, with a maximum intraday increase close to 7%, showing exceptionally bright performance; Tianli Composite and Chicheng Co. even achieved a 30CM limit up. Essentially, this is when the main board and ChiNext are sluggish, prompting some funds to turn to the Beijing Stock Exchange for 'gold mining'—its small size and high elasticity characteristics are amplified in a volatile market, forming a clear 'seesaw effect' with the main board, without any special supportive news for the Beijing Stock Exchange.

Moreover, the new stock 'Giant' Moer Thread continues its soaring trend: listed for only 5 days, it rose nearly 30% today, with stock prices breaking through 900 yuan and market capitalization exceeding 400 billion, though the high valuation also makes the market nervous.

3. News: Changing expectations for interest rate cuts, electricity demand becomes the new main line.

1. The Federal Reserve's interest rate cut occurred, but expectations turned 'hawkish'.

Last night, the Federal Reserve cut rates by 25 basis points as expected, but the dot plot indicates that there may be only one rate cut in 2026, this statement leans more toward 'tightening' than the previously expected 'dovish', raising concerns among some funds about the future degree of easing—after the interest rate cut benefits are realized, subsequent expectations have actually turned worse, putting indirect pressure on A-shares.

2. Strengthened expectations for electricity demand.

The news of GE Vernova raising performance expectations directly confirms the driving effect of global data center construction on electricity demand, reinforcing market confidence in the long-term prosperity of electricity infrastructure, becoming the core catalyst for today's strength in electric stocks.

4. Summary: In a weak pattern, structural differentiation becomes the main tone.

Today's market is a typical 'high open low walk + volume broad decline', sentiment has dropped to freezing point, with large funds flowing out and volume declines showing increased divergence between bulls and bears, with the bears temporarily occupying the advantage.

The current market overall is weak, and structural differentiation is extremely serious: capital is concentrated in 'Electric' (power infrastructure), 'Sky' (aerospace), and the Beijing Stock Exchange sector huddling together for warmth, while other sectors have almost all become 'disaster areas'.

Going forward, two key points need to be monitored: one is whether these three strong directions can continue to withstand selling pressure and maintain heat; the other is whether the overall market volume and sentiment can stabilize. Today's bowl of 'big noodles' has indeed put pressure on many investors.