Renewable energy rebound draws attention. Is the rise in the ChiNext Index an opportunity or a trap? Keep an eye on trading volume in the afternoon.

Today, the A-share market showed a clear structural divergence, with the new energy sector becoming the core focus of capital. The ChiNext Index rose by 1.74% in the early trading session, with CATL’s stock price returning to the 400 yuan mark. Stocks like Penghui Energy and Sunshine Power surged over 10% intraday, driving the collective strength of segments such as photovoltaics, batteries, and phosphate chemicals. Notably, Longfei Fiber reached a new high, and concepts like titanium dioxide and cultivated diamonds became active in turn, further highlighting market enthusiasm for the new energy industry chain.

Capital flow exhibited distinct characteristics: in the early trading session, the total turnover of the two markets increased by 70.9 billion yuan compared to yesterday, but the number of advancing stocks was only slightly over 2,000. This “volume increase with a narrow scope” pattern indicates that the new capital has not spread broadly but is concentrated in the previously adjusted new energy sector. Meanwhile, previously hot sectors like military industry, semiconductors, and small metals faced selling pressure, forming a clear “see-saw effect.” Institutional analysis points out that factors such as CATL maintaining high capacity utilization and photovoltaic module prices exceeding expectations directly triggered this round of rebound.

Market participants warn of three major concerns: First, the overall valuation of the new energy sector has recovered to a high level for this stage, with some stocks rising over 30% in the short term; second, the rotation rhythm between tech stocks and new energy stocks has accelerated, with the previously leading computing hardware sector now leading the decline; third, the number of stocks hitting the daily limit has not significantly increased, indicating cautiousness among funds to chase high prices. A private equity fund manager likened the current market to a crowded market, saying, “Everyone is rushing to one stall, which makes it easy to overlook truly valuable goods nearby.”

For the afternoon trading strategy, most institutions recommend maintaining a “balanced attack and defense” stance. On one hand, avoid blindly chasing the sharply rebounded new energy stocks and closely monitor whether trading volume can continue to expand. On the other hand, for well-adjusted sectors like semiconductors and consumer electronics, wait for signs of stabilization before selectively deploying. A securities analyst pointed out, “Truly high-quality companies often reveal their investment value during market corrections, not when they are being fought over at the daily limit.”

After CATL’s stock price broke through 400 yuan, discussions about the sustainability of the new energy rally intensified. Technical investors focus on two points: whether the price can effectively break through the annual moving average resistance, and whether trading volume can stay above 1 trillion yuan. If a volume decline occurs in the afternoon, short-term technical risks should be watched carefully; if volume and price continue to rise together, this rebound may deepen. How the market will unfold still depends on further capital flow choices.