A-Share Market Recap | 2026-08-07 Friday

Data-basis disclosure first (please read this section before anything else)

1. Price data basis: throughout this report, A-share single-stock closing changes, turnover rates, main-force net inflows and 5-/20-day gains are all as of the 2026-08-07 close, taken from the Tencent Finance single-stock snapshot (stock_zh_a_spot_tx, 5,539 rows). The limit-up pool / unsealed-limit pool / limit-down pool / prior-day limit-up performance are taken from East Money (stock_zt_pool_em etc.). Sector changes and sector net inflows are taken from the THS (Tonghuashun) sector basis (90 sectors). Sector net inflow and single-stock main-force net inflow belong to two different bases; they cannot be added together and cannot substitute for each other.
2. Index basis: SSE Composite / SZSE Component / ChiNext Index / STAR 50 / CSI 300 are taken from the Sina index snapshot. Combined turnover of the two exchanges is Shanghai RMB 1,209.544 billion + Shenzhen RMB 1,454.876 billion = RMB 2,664.420 billion.
3. Price limits differ by board, so every stock in this report is tagged with its board: Shanghai/Shenzhen main board ±10%, ChiNext (30/301) ±20%, STAR Market (688) ±20%, BSE ±30%. Two names today are extremely easy to mis-record as limit-ups: 科翔股份 (Kexiang Technology, 300903, ChiNext) +12.45% and 胜宏科技 (Victory Giant Technology, 300476, ChiNext) +12.01% — neither hit the limit. Conversely, of the 74 limit-ups today, 9 were ChiNext and 7 were STAR Market, where a limit-up is +20% rather than +10%.
4. Items not obtained / left blank in this report:
   • Today's Dragon-Tiger List (LHB): not yet published. The exchanges disclose it after roughly 18:00; at this report's cut-off, the latest listing date available via akshare was still 2026-08-06. This report does not list today's LHB, nor does it pass off yesterday's data as today's.
   • Northbound single-day net inflow: cannot be provided. Since August 2024 the exchanges have discontinued real-time / post-close disclosure of northbound single-day net buying; this is a missing disclosure basis. The northbound net-buy value returned by the interface today was 0 (trading status 3), consistent with that missing basis — it is not "net buying of zero". The only usable substitute is the advance/decline count among constituent stocks (see Section 5).
5. One verification conclusion that must come first: the direction with the most limit-ups today was pharmaceuticals (21 names), and the two catalysts widely cited by the market — 药明康德 (WuXi AppTec, 603259) raising its full-year 2026 guidance across the board and 百济神州 (BeiGene, 688235) raising its full-year guidance — were, on verification, disclosed on 2026-08-03 and the evening of 2026-08-05 respectively; neither is news added today. See Section 3.2.

⚠️ Data-collection and implementation notes for this run (internal only):

• East Money's sector/concept-board interfaces failed broadly today: stock_board_industry_name_em returned RemoteDisconnected 6 times in a row, and stock_board_concept_name_em returned HTTP 502 (push2.eastmoney.com). Yet the stock_zt_pool_em family on the same domain worked perfectly — indicating an interface-level, not domain-level, failure. All sector data has been switched to THS stock_board_industry_summary_ths (succeeded on the first try, 90 rows). Consequence: this report's sector changes cannot be compared cell-by-cell against yesterday's pre-market East Money basis, because the THS sector classification differs from East Money's (e.g. THS puts 有研新材 (GRINM Advanced Materials) under "semiconductors", and East Money's limit-up pool also puts it under "semiconductors", but in the indium-phosphide narrative it belongs to the minor-metals chain).
• stock_zh_a_spot_em whole-market snapshot failed (RemoteDisconnected, all 5 retries dead); switched to Tencent's stock_zh_a_spot_tx (5,539 rows). This time the code column was complete (with sh/sz prefixes), unlike the 8/6 file where the whole code column was empty — that empty code was a problem with that particular day's file, not an inherent defect of the interface; do not turn it into a general conclusion.
• Units re-confirmed (I got burned on this on 8/6): in the Tencent snapshot, zsz/ltsz are in RMB 100 million, while turnover/zljlr are in RMB 10 thousand. Every "net inflow of X" in this report is derived from zljlr/10000. This time I handled the units correctly from the start and did not repeat the "field shows 0 therefore the data is corrupt" mistake.
• The LHB genuinely could not be fetched, and this is a scheduling problem, not an interface failure: stock_lhb_detail_em(20260807) raised TypeError: 'NoneType' object is not subscriptable (an empty return dereferenced downstream), and stock_lhb_detail_daily_sina raised KeyError('股票代码'). Neither is "the interface is down"; the data simply was not yet published at 15:40 — stock_lhb_stock_statistic_em returned 850 rows normally, and the maximum "latest listing date" within them is exactly 2026-08-06, which is the cleanest corroboration. The memory entry "the LHB is only published at 18:00" applied for the second time today; I suggest splitting LHB collection for the recap into a separate 18:30 catch-up step rather than retrying it inside the 15:30 main flow.
• The single most important thing to remember today: my first reaction to the "innovative-drug catalyst" was wrong, and only a line-by-line check of disclosure dates caught it. The two intraday headlines at 11:15 and 11:41 were "WuXi AppTec raises its full-year 2026 guidance across the board! The Tianhong innovative-drug ETF's underlying index jumps over 2.5%" and "BeiGene raises full-year guidance to as much as USD 6.8 billion; the GF innovative-drug ETF rises over 3% intraday", and they read exactly like catalysts added today. Traced item by item: ① WuXi AppTec's guidance-raise announcement was published on 2026-08-03 (total revenue RMB 51.3–53.0 billion → RMB 58.5–60.5 billion; continuing-operations revenue growth 18%–22% → 35%–39%), 4 days ago; ② BeiGene's was published on the evening of 2026-08-05 (A-share-basis operating revenue RMB 43.6–45.2 billion → RMB 44.9–46.2 billion), 2 days ago. Both are ETF issuers' marketing pieces restating old announcements to attribute today's price action. This is the fourth occurrence of the same class of failure as the memory entry "AI limit-up attribution pieces stitch in old announcements" — and this time it was stitched onto the strongest main line of the day. Had I taken it at face value, this report would have stated the factual error "today's innovative-drug move was driven by guidance raises" and would have overestimated its continuation into tomorrow. → Process assertion (written down for the second time): for any "earnings / guidance / announcement"-type catalyst used to explain the day's price action, the disclosure date must be checked before citing it; ETF marketing pieces are a high-frequency source of this error, and they have an incentive to write old announcements up as today's good news.
• Another unit trap I had to flag to myself, and nearly fell into again today: the search-returned summary of BeiGene's guidance was written as "from 63-65 billion USD to 66-68 billion USD" — this is the tenfold-magnitude error of translating "亿元/亿美元" literally as billion; copying it would have produced the absurd figure of USD 68 billion of annual revenue for BeiGene (about RMB 490 billion). Back-check: the upper bound of the company's A-share-basis full-year revenue guidance is RMB 46.2 billion, consistent in magnitude with "USD 6.8 billion (about RMB 49 billion)" and off by 10× from "USD 68 billion". The memory entry english-summary-billion-yi-tenfold-error saved the day for the second time. The body of this report uses the RMB basis from the company's A-share announcement throughout and does not cite figures from English summaries.
• The pre-market Pass list was broadly wrong-footed today (10 of 19 misjudged, including 5 limit-ups), and the root cause is not bad single-stock analysis but a missing dimension: the intraday environment. Not one of the pre-market fundamental refutations of 通宇通讯 (Tongyu Communication), 宝鼎科技 (Baoding Technology), 和远气体 (Heyuan Gas), 有研新材 (GRINM Advanced Materials) and 依顿电子 (Ellington Electronics) was overturned today — the companies are still the same companies, the clarification announcements are still the same announcements. What changed was the environment: today was a broad-rally day that opened lower and ran higher, with combined turnover of RMB 2.66 trillion (an expansion of roughly RMB 135 billion), 2,856 advancers, and every index up more than 1%; every extended name found a bid. A "fundamental refutation" predicts medium-term direction, and it was used as a next-day up/down prediction. The pre-market line "clarification announcement + extended position + large seal order = the classic setup for a gap-up-then-fade the next day" is an assertion with no stated conditions; today all six clarification names closed higher and two hit the limit — a complete miss. → Process assertion: the Pass list must explicitly state that it means "not recommended for purchase", not "predicted to fall", and must state an environmental condition pre-market — "if the indices rally broadly and limit-ups exceed 70, this list may rise along with the market, in which case the correctness standard becomes 'underperforms its sector' rather than 'falls'". Otherwise every broad-rally day will systematically score the recap as wrong (or worse: the standard gets quietly softened to avoid admitting error).
• The reversal in 长电科技 (JCET Group, 600584) directly refutes the observation method added pre-market. Yesterday's recap and this morning's pre-market had just listed "very large main-force net inflow + deep 20-day decline" as a pattern of funds building positions against the trend, and named 长电科技 specifically (8/6 net inflow of RMB 2.297 billion, No. 1 market-wide). Today it had a main-force net outflow of RMB 1.099 billion (the second-largest outflow market-wide), with the share price up only +2.48%. A single day of net inflow is not evidence of position-building. From the same batch, 胜宏科技 (Victory Giant Technology, 300476) was +12.01% today with a net inflow of RMB 1.631 billion (two consecutive days of large inflow) and did deliver. → This indicator must be changed to "two consecutive days of net inflow", and a single-day No. 1 ranking cannot be used as evidence of strength. This goes into tomorrow morning's pre-market; do not wait to hit it again.
• Second consecutive day of the "sector basis and single-stock basis point in opposite directions" pattern: today the components sector rose +6.45% (No. 2 market-wide) yet showed a net outflow of RMB 1.786 billion on the THS sector basis, while inside that same sector 生益科技 (Shengyi Technology, 600183) had +RMB 1.93 billion, 沪电股份 (WUS Printed Circuit, 002463) +RMB 957 million and 胜宏科技 (Victory Giant Technology, 300476) +RMB 1.631 billion. Having recurred on both 8/6 and 8/7, this can now be confirmed as the norm rather than an anomaly — it is a structural feature of A-shares' leader concentration, not a data conflict. I suggest no longer treating it as a "contradiction" in the body text, and simply reading it as "the sector reading reflects small- and mid-caps, the single-stock reading reflects the leaders".
• Third consecutive day of missing a main line pre-market: the 8/5 recap missed coal and semiconductor packaging/testing; the 8/6 pre-market added coal but missed packaging/testing again; today's pre-market mentioned the main line behind 21 pharmaceutical limit-ups exactly 0 times. But responsibility must be apportioned: both cited catalysts for pharma today did in fact predate the pre-market time window (8/3, 8/5), making this "available but not scanned" rather than "unavailable" — WuXi AppTec's 8/3 guidance raise was entirely findable pre-market, and the pre-market scan basis is "the 08-06 15:00 → 08-07 07:20 newsflash stream", a window design that inherently misses interim-report catalysts disclosed 3–5 days earlier but not yet fully priced. This is not an execution failure; it is a structural blind spot of the collection window. I suggest adding a separate pre-market scan pool for "interim results / guidance raises disclosed in the last 5 trading days where the share price has not followed" — which is precisely the same logic used in this 8/7 pre-market to give 源杰科技 (Yuanjie Semiconductor) and 锡业股份 (Yunnan Tin) high expectation-gap scores. The logic was applied correctly at the single-stock level and never turned into a sector scan.
• Search engines worked normally on same-day content today (unlike the cross-day failures on 8/6 and in the early hours of 8/7); stock_info_global_em pulled 200 items covering the 08-07 10:36 → 15:34 newsflash stream, the best quality available, and is the primary news source for this report. The recommendation "use the newsflash stream rather than search for overnight news" still stands, but search is usable in the post-close window.

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0. One-Sentence Recap

Sentiment temperature: warming, leaning euphoric, but with a broken height ladder. All three major indices opened lower and closed higher across the board (SSE Composite +1.02%, SZSE Component +1.42%, ChiNext Index +1.35%, STAR 50 +2.51%); combined turnover of RMB 2,664.4 billion expanded by roughly RMB 135 billion versus yesterday and stayed above RMB 2 trillion for a 10th consecutive session, with 2,856 advancers against 2,536 decliners. But limit-ups came in at 74 (79 yesterday), unsealed limits at 26, the unseal rate rose to 26.0% (from 20.2%), limit-downs rose to 4 (from 1), and the highest streak collapsed from 10 consecutive limit-ups to 4 — the indices are rising, the money-making effect is broadening, and the height ladder is caving in.

Today's strongest main line was the one the pre-market never wrote about at all: pharmaceuticals. Medical services +8.34% (No. 1 market-wide), biologics +6.42%, chemical pharma +4.40%, and 21 pharmaceutical limit-ups made it the largest sector market-wide; 博腾股份 (Porton Pharma Solutions, 300363, ChiNext) +20.02%, 义翘神州 (Sino Biological, 301047, ChiNext) +20.00%, 昭衍新药 (JOINN Laboratories, 603127, main board) limit-up on RMB 2.89 billion of turnover. But after verification this report must point out: the two widely cited catalysts (WuXi AppTec's guidance raise, BeiGene's guidance raise) were disclosed on 8/3 and 8/5 respectively, and there was not one new primary catalyst today — this is a flow-driven main line, not a news-driven one.

The most accurate pre-market call was AI-server PCB/CCL, and it played out exactly along the "healthy pattern" written pre-market. The components sector rose +6.45% (No. 2 market-wide) with 11 limit-ups; CCL leader 生益科技 (Shengyi Technology, 600183, main board) hit the limit on RMB 10.73 billion of turnover, 景旺电子 (Kinwong Electronic, 603228, main board) posted 2 consecutive limit-ups, 一博科技 (Yibo Technology, 301366, ChiNext) +20.00%; the pre-market top picks 沪电股份 (WUS Printed Circuit, 002463, main board) +7.40%, 生益电子 (Shengyi Electronics, 688183, STAR Market) +9.78% and 深南电路 (Shennan Circuits, 002916, main board) +8.09% — the criterion set pre-market was "a quality rotation is confirmed when genuine-earnings names lead", and today all three genuine-earnings names surged, so the criterion holds.

Pre-market list hit summary: all 6 names on the recommendation list closed higher and 5 clearly outperformed the CSI 300 (hit rate 5/6), but 10 of the 19 Pass-list names were misjudged, 5 of them limit-ups. These are not two contradictory results but two sides of the same thing: today was a broad-rally day; "this stock's fundamentals are weak" was right, and "therefore it will fall tomorrow" was wrong. See Section 2 for the post-mortem.

Tomorrow's tone: the main lines are there, the height is not. PCB/CCL has genuine earnings + fresh research + sustained flows — continuation; copper/cobalt has a hard commodity-side constraint (LME copper at an all-time high) — continuation; pharma lacks a same-day catalyst and its first-limit names are all 20cm large caps — divergence; coal's ebb is confirmed; the 4-streak ladder (5 names) is the single biggest negative for tomorrow — yesterday's 4-streak and 5-streak names (3 in total) averaged −7.33% and −4.39% today respectively; the attrition rate on high-streak names has been steadily extreme all week.

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1. Market Overview

Limit-up distribution by board: main board 58, ChiNext 9, STAR Market 7.

Sentiment read: warming, leaning euphoric, but the structure is deteriorating. Three things hold simultaneously and none can be read alone:

• Breadth is improving: every index up more than 1%, turnover expanding, 2,856 advancers, STAR 50 leading at +2.51% — a textbook risk-appetite recovery day.
• Height is deteriorating: the unseal rate rose from 20.2% to 26.0%, limit-downs from 1 to 4, and the highest streak snapped straight from 10 to 4. 爱丽家居 (Aili Home Furnishing, 603221, main board) managed only +0.12% today after 10 consecutive limit-ups (streak broken), 豪尔赛 (Howlight, 002963, main board) −4.39% after 5, 风范股份 (Fengfan Power Equipment, 601700, main board) hit the limit-down at −10.06% after 4, and 欣天科技 (Xintian Technology, 300615, ChiNext) −4.61% on 35.14% turnover after 4.
• Follow-through is deteriorating: of yesterday's 79 limit-ups, only 13 hit the limit again today, a promotion rate of 16.5%; 34 (43.0%) closed outright red. Yesterday's limit-ups averaged +1.21% today with a median of only +0.14% — a near-zero median means half of yesterday's limit-up names made no money today.

One-line characterization: today was a "breadth day", not a "height day". Money was willing to buy but unwilling to chase the relay, willing to play first limit-ups but not consecutive ones. The implication for tomorrow: theme rotation will be fast, and playing the core names of a main line is safer than playing ladder promotion.

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2. Pre-Market List Reconciliation

2.1 Recommendation list (Section 9 ① "the 5 most worth watching today", 6 names in total)

Recommendation-list hit rate: 6/6 all closed higher; on the basis of "outperformed the CSI 300 (+0.93%) with the right direction", 5/6 = 83.3% (源杰科技 at +1.69% outperformed but by an insufficient margin, counted as partially delivered).

2.2 Other key names from the full list (Section 3 full single-stock list)

2.3 Pass-list reconciliation (the section of this report most worth reading)

Pass-list hit rate: 9/19 = 47.4% (definition of "right": fell today, broke its streak, or lagged its sector clearly). Of the misses, 5 hit the limit and 1 rose 12.45% — these are outright errors.

2.4 Hit-rate summary and post-mortem

One-line post-mortem: what was called right was "what to buy"; what was called wrong was "what will fall" — and today those two things were treated as one and the same.

The right calls: names with genuine interim-report earnings, not extended in price, and with an industry catalyst still fermenting on the day (沪电股份, 生益电子, 深南电路, 华友钴业, 洛阳钼业). The criterion applied to them pre-market was "earnings already landed + small gain yesterday + valuation not extreme", and that criterion held up completely today. The PCB group especially: the pre-market explicitly wrote the criterion "a healthy pattern = genuine-earnings names leading", and today's tape followed exactly that pattern.

The wrong calls were concentrated in the Pass list, and the error mode is highly consistent: "fundamentally refuted" was translated directly into "will fall the next day". 通宇通讯, 宝鼎科技, 和远气体, 有研新材 and 依顿电子 all hit the limit today — yet not one of their fundamental conclusions was overturned: 通宇通讯 really has no NVIDIA contract, 有研新材 really did announce "no indium-phosphide-related products or technology at present", and 依顿电子's Q1 really was −67.60%. What changed was the environment, not the facts. With combined turnover of RMB 2.66 trillion today, 2,856 advancers and every index up more than 1%, on a broad-rally day like this "no fundamentals" is not a reason to fall.

The pre-market line "clarification announcement + extended position + large seal order = the classic setup for a gap-up-then-fade the next day" was an assertion with no stated conditions, and it missed completely today — all six clarification names (通宇通讯, 欧莱新材, 博杰股份, 宝鼎科技, 科翔股份, 江钨装备) closed higher today, two of them at the limit. This call has to be admitted as wrong today, rather than described as "right in direction, just early".

Three concrete fixes for the next pre-market:

1. The Pass list must state its semantics explicitly: Pass = not recommended for purchase, not equal to a prediction of decline. And the environmental condition must be written in pre-market — "if the indices rally broadly and limit-ups exceed 70, this list may rise along with the market, in which case the correctness standard becomes 'underperforms its sector' rather than 'falls'". Recomputed on an "underperforms its sector" basis today, 和远气体 (chemical products +?) and 有研新材 (semiconductors +3.37%) would still be misses, but at least the standard would have been set beforehand rather than changed afterwards.
2. The pre-market must add a separate scan pool for "interim results / guidance raises disclosed in the last 5 trading days where the share price has not followed". The two catalysts behind today's pharma main line were disclosed on 8/3 and 8/5, both outside the pre-market's "08-06 15:00 → 08-07 07:20" newsflash window — a window design that inherently misses interim-report catalysts disclosed 3–5 days earlier and not yet priced. The irony is that the pre-market's high "expectation gap" scores for 源杰科技 and 锡业股份 used exactly this logic ("the disclosure date has passed but the price has not moved"); it was simply applied to single stocks and never turned into a sector scan.
3. The "main-force net inflow TOP20 + deep 20-day decline" indicator added yesterday was refuted by itself today and must be changed to "two consecutive days of net inflow". 长电科技 (JCET Group, 600584, main board) had the No. 1 net inflow market-wide on 8/6 at RMB 2.297 billion, and today a net outflow of RMB 1.099 billion (second-largest outflow market-wide) with the share price up only +2.48%; whereas 胜宏科技 (Victory Giant Technology, 300476, ChiNext) from the same batch had large inflows two days running (8/6 +RMB 890 million, today +RMB 1.631 billion) and rose +12.01% today. A single-day No. 1 ranking is not strength; continuity is.

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3. Verification of Today's Main Lines

3.1 Item-by-item reconciliation of the pre-market branches

Did the pre-market identify the strongest main line? — It got the second-strongest right and the strongest wrong.

• Right: PCB/CCL was ranked 2 pre-market and was today's leading main line with the most solid industrial logic, and it moved exactly along the "healthy pattern" written pre-market (genuine-earnings names leading).
• Wrong: indium phosphide / optical chips was ranked 1 pre-market, and the branch did rise, but what rose were the two names explicitly excluded pre-market (云南锗业 at 4 consecutive limit-ups, 有研新材 at 3), while the pre-market top pick 源杰科技 rose only 1.69% all day. The pre-market picked 源杰科技 on "cleanest earnings delivery"; the market picked 云南锗业 on "greatest thematic elasticity" — today the market did not sort by fundamentals.
• Missed: pharmaceuticals had the most limit-ups market-wide today (21 names) and was mentioned 0 times in the entire pre-market (see 3.2).

3.2 Unexpected main lines missed pre-market

① Pharma / innovative drugs / CRO — most limit-ups today, and no catalyst added on the day

Representative names (all board-tagged): 博腾股份 (Porton Pharma Solutions, 300363, ChiNext) +20.02%, 义翘神州 (Sino Biological, 301047, ChiNext) +20.00%, 百普赛斯 (ACRO Biosystems, 301080, ChiNext) +20.00%, 近岸蛋白 (Novoprotein, 688137, STAR Market) +20.01%, 毕得医药 (Bide Pharmatech, 688073, STAR Market) +20.01%, 南模生物 (Shanghai Model Organisms, 688265, STAR Market) +20.00%, 药康生物 (GemPharmatech, 688046, STAR Market) +19.99%, 泓博医药 (Hongbo Medical Technology, 301230, ChiNext) +19.99%, 昭衍新药 (JOINN Laboratories, 603127, main board) limit-up on RMB 2.89 billion turnover, 凯莱英 (Asymchem Laboratories, 002821, main board) limit-up on RMB 1.8 billion turnover, 哈药股份 (Harbin Pharmaceutical, 600664, main board) limit-up on RMB 1.81 billion turnover, 普洛药业 (Apeloa Pharmaceutical, 000739, main board) limit-up, 珍宝岛 (Zhenbao Pharmaceutical, 603567, main board) limit-up, 恒瑞医药 (Jiangsu Hengrui Pharmaceuticals, 600276, main board) +4.82% (net inflow RMB 949 million), 药明康德 (WuXi AppTec, 603259, main board) +8.49% (net inflow RMB 925 million).

⚠️ The single most important sentence in this section: this main line had no new primary catalyst today.

The two "catalysts" cited repeatedly intraday have the following verified publication dates:

• 药明康德 (WuXi AppTec, 603259) raises full-year 2026 guidance across the board: total revenue raised from RMB 51.3–53.0 billion to RMB 58.5–60.5 billion, continuing-operations revenue growth raised from 18%–22% to 35%–39%; H1 revenue RMB 28.897 billion (+38.93%), net profit attributable to parent RMB 11.08 billion (+29.43%). Disclosure date 2026-08-03 (Sina Finance¹, NBD²) — 4 days ago, not today's news.
• 百济神州 (BeiGene, 688235, STAR Market) raises full-year guidance: A-share-basis operating revenue raised from RMB 43.6–45.2 billion to RMB 44.9–46.2 billion; H1 net profit attributable to parent RMB 3.271 billion, +627.1% year on year. Disclosure date: evening of 2026-08-05 (Securities Times³) — 2 days ago, not today's news.

The two related headlines at 11:15 and 11:41 today are ETF issuers' marketing pieces restating old announcements to attribute the day's price action. This is the same class of problem as the recurring "attribution pieces stitching in old announcements", and in tomorrow's outlook it must be priced as a "flow-driven main line" rather than a "news-driven main line" — the continuation criteria for the two are entirely different.

② Semiconductors — sector net inflow of RMB 10.229 billion today, No. 1 market-wide, and with genuinely new same-day data

Semiconductors +3.37% with 4 limit-ups (有研新材 3rd consecutive, 锴威特 (Kaiweite Semiconductor, 688693, STAR Market) +19.99% 2nd consecutive, 先导基电 (Xiandao Base Electronics, 600641, main board) limit-up). A same-day primary catalyst does exist and it is hard data: at 10:53 the General Administration of Customs published cumulative January–July integrated-circuit exports of USD 216 billion, +99.5% year on year; July exports were +23.9% and imports +27.5% year on year, with semiconductor exports by value nearly doubling year on year (Xinhuanet⁴, Sina Finance⁵).

The memory chain gave the answer the pre-market had set up for. The pre-market wrote "watch whether it opens lower and runs higher or opens lower and stays lower — the former means the bad news is exhausted", and today was unambiguously open-lower-run-higher: 兆易创新 (GigaDevice Semiconductor, 603986, main board) +8.32% on turnover of RMB 30.52 billion with a net inflow of RMB 1.97 billion; 江波龙 (Longsys Electronics, 301308, ChiNext) +5.53% (+RMB 581 million), 佰维存储 (Biwin Storage Technology, 688525, STAR Market) +5.13% (+RMB 571 million), 德明利 (Demingli Electronics, 001309, main board) +4.10% (+RMB 531 million). The overnight bad news of Western Digital −13% and SK Hynix −5% was fully digested — the pre-market's observation framework was right here; it just failed to name the corresponding tickers.

③ Splitting inside the optical-module chain — the structure most worth writing down today

On the same industry chain, upstream optical devices were bought in size while the downstream optical-module leader was sold in size. 中际旭创's RMB 54.67 billion of single-day turnover paired with RMB 5.639 billion of net outflow is the most violent single episode of disagreement market-wide today. This structure was not anticipated pre-market at all, and its implication for tomorrow matters more than any single name: if money is migrating along the chain from "optical modules → optical devices/PCB/CCL", then what to watch tomorrow is upstream, not downstream.

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4. Limit-Up Ladder / High-Streak Names

Highest streak: 4 consecutive limit-ups, 5 names (yesterday's high was 10):

3 consecutive: 2 names — 和远气体 (Heyuan Gas, 002971, main board), 有研新材 (GRINM Advanced Materials, 600206, main board, turnover RMB 4.29 billion). 2 consecutive: 6 names — 景旺电子 (Kinwong Electronic, 603228, main board), 方正科技 (Founder Technology, 600601, main board, sealed after being unsealed 13 times), 通宇通讯 (Tongyu Communication, 002792, main board), 武汉凡谷 (Wuhan Fingu Electronic, 002194, main board), 锴威特 (Kaiweite Semiconductor, 688693, STAR Market), 开开实业 (Kaikai Industry, 600272, main board). First limit-ups: 61 names, 82.4% of the 74 limit-ups.

Promotion by prior-day streak (yesterday's 79 limit-ups → today):

This table is the clearest risk map of the day: 3 boards is the sweet spot (55.6% promotion rate, +5.03% average gain), and 4 boards and above is the guillotine (0 promotions, −7.3% average). A first-board promotion rate of only 10.5% means the win rate on playing first limit-ups is extremely low.

Core names (recognizable names with large turnover that rose):

• 生益科技 (Shengyi Technology, 600183, main board) limit-up, turnover RMB 10.73 billion, net inflow RMB 1.93 billion — the core name of the CCL main line and the most recognizable name market-wide
• 光迅科技 (Accelink Technologies, 002281, main board) limit-up, turnover RMB 13.29 billion, net inflow RMB 2.241 billion — core name in optical devices
• 兆易创新 (GigaDevice Semiconductor, 603986, main board) +8.32%, turnover RMB 30.52 billion, net inflow RMB 1.97 billion — core name in memory
• 胜宏科技 (Victory Giant Technology, 300476, ChiNext) +12.01% (no limit-up), turnover RMB 19.75 billion, net inflow RMB 1.631 billion — core name in PCB, two consecutive days of large net inflow
• 昭衍新药 (JOINN Laboratories, 603127, main board) limit-up, turnover RMB 2.89 billion — core name in pharma

Streak breaks and unsealed limits:

• 爱丽家居 (Aili Home Furnishing, 603221, main board) broke its 10-limit-up streak, up only +0.12% today on a 13.91% turnover rate with a main-force net outflow of RMB 61 million — the end of this cycle's highest-streak name.
• 26 names unsealed, an unseal rate of 26.0%. The most brutal cases: 中京电子 (Zhongjing Electronic, 002579, main board) unsealed 11 times, closing +8.76%; 鹏鼎控股 (Avary Holding, 002938, main board) unsealed 13 times, closing +8.06%; 德福科技 (Defu Technology, 301511, ChiNext) unsealed 8 times, closing +16.21%; 中材科技 (Sinoma Science & Technology, 002080, main board) unsealed 7 times, closing +9.78%; 中国巨石 (China Jushi, 600176, main board) unsealed 7 times, closing +8.83%.
• Unsealing was highly concentrated in components and fiberglass (中京电子, 鹏鼎控股, 金安国纪 (Jin'an Guoji Technology), 贤丰控股 (Xianfeng Holdings) are components; 中国巨石, 中材科技, 宏和科技 (Honghe Technology) are fiberglass) — which shows that although the PCB/CCL main line was strong today, signs of failing follow-through have already appeared inside it.
• 4 limit-downs: 恒银科技 (Hengyin Financial Technology, 603106, main board), 大晟文化 (Dasheng Culture, 600892, main board), 风范股份 (Fengfan Power Equipment, 601700, main board), 甘咨询 (Gansu Engineering Consulting, 000779, main board). Of these, 风范股份 was a 4-board name yesterday and 大晟文化 a 3-board name — extended names went straight from unsealing to the limit-down.

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5. Fund Flows

5.1 Northbound funds: disclosure basis missing; this report provides no net-inflow figure

Since August 2024 the exchanges have discontinued real-time / post-close disclosure of northbound single-day net buying. The "net buy value" returned today for the Shanghai and Shenzhen Stock Connect channels was 0.00 (trading status 3), which is a symptom of the missing disclosure basis, not "net buying of zero"; this report substitutes no other data for it.

The only usable substitute is the advance/decline count among constituent stocks: Shanghai Connect names 858 up / 740 down, Shenzhen Connect names 1,019 up / 812 down — broadly in line with the whole market's "2,856 up / 2,536 down", showing no excess performance or excess selling pressure in foreign-accessible names.

Southbound is available: Southbound Stock Connect (Shanghai) net selling of RMB 55 million, Southbound Stock Connect (Shenzhen) net selling of RMB 721 million.

5.2 Dragon-Tiger List: not yet published today

The exchanges disclose LHB details after roughly 18:00; at this report's cut-off (15:40) the latest listing date available was still 2026-08-06. This report lists no LHB data for today and does not substitute yesterday's data. Tomorrow's pre-market needs to catch up on today's LHB, focusing on the seat structure behind 云南锗业 (002428) at 4 consecutive limit-ups, 有研新材 (600206) at 3, and behind 光迅科技 (002281) and 生益科技 (600183).

5.3 Main-force funds (single-stock basis, Tencent snapshot)

Largest net inflows:

Largest net outflows:

5.4 Sector net inflows (THS sector basis)

Largest inflows: semiconductors +RMB 10.229 billion (No. 1 market-wide), chemical pharma +RMB 7.513 billion, medical services +RMB 5.03 billion, industrial metals +RMB 4.696 billion, precious metals +RMB 3.178 billion, biologics +RMB 2.492 billion, consumer electronics +RMB 1.746 billion.

Largest outflows: software development −RMB 3.278 billion, banks −RMB 3.106 billion, IT services −RMB 2.993 billion, telecom equipment −RMB 1.926 billion, construction & decoration −RMB 1.892 billion, securities −RMB 1.867 billion, telecom services −RMB 1.861 billion, components −RMB 1.786 billion.

⚠️ One basis inversion that must be named, and this is the second consecutive day of the same pattern: the components sector rose +6.45% today (No. 2 market-wide) with 11 limit-ups, yet showed a net outflow of RMB 1.786 billion on the sector basis; while within that same sector, 生益科技 had +RMB 1.93 billion, 胜宏科技 +RMB 1.631 billion and 沪电股份 +RMB 957 million.

Having recurred on both 8/6 and 8/7, this can be confirmed not as a data conflict but as a structural norm of A-shares' leader concentration: the sector reading reflects small- and mid-caps being sold, the single-stock reading reflects the leaders being bought. The rule laid down in yesterday's recap holds again today — when picking names in sectors like this, you must go down to single-stock flows and cannot use the sector reading as a substitute.

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6. Tomorrow's Outlook

① Continuation calls on tomorrow's main lines

② Key watch list for tomorrow

③ Avoid tomorrow

1. The 4-board ladder (all 5 names) — 云南锗业 (002428, main board), 沃格光电 (603773, main board), 汇绿生态 (001267, main board), 百花医药 (600721, main board), 宝鼎科技 (002552, main board). Today's own data is the criterion: yesterday's two 4-board names averaged −7.33% today (one of them limit-down), yesterday's single 5-board name −4.39%, and yesterday's single 10-board name broke its streak. The attrition rate on high-streak names has been steadily extreme all week. Among them 汇绿生态 was unsealed 7 times before finally sealing today, making it the most fragile name on the ladder.
2. The WF6 concept names (all except 中船特气) — 和远气体 (002971, main board) at 3 boards, 多氟多 (002407, main board) with a 27.60% turnover rate today against RMB 590 million of net outflow, 中巨芯-U (688549, STAR Market) with a 27.27% turnover rate against RMB 139 million of net outflow. High turnover rate + main-force net outflow = distribution, the clearest single set of signals the tape gave today. One thing must be said alongside this: 中船特气 (688146, STAR Market) had a 17.43% turnover rate today against RMB 100 million of net outflow — even the name with the hardest earnings is being sold — so the pre-market "watch only" conclusion remains valid for it.
3. Downstream optical modules — 中际旭创 (300308, ChiNext) with a single-day net outflow of RMB 5.639 billion, 新易盛 (300502, ChiNext) at −RMB 1.016 billion. Until the chain migration is confirmed, downstream is an ATM for the money.
4. Coal — already ebbing; 辽宁能源 (600758, main board) −4.09%, 郑州煤电 (600121, main board) −6.10%. The one exception is 昊华能源 (601101, main board): its +6.13% today came from its own results (H1 +65.68%) rather than the sector, so it should still be treated as a single stock rather than a sector play tomorrow.
5. Software development / gaming / IT services — software development was −1.29% today (worst market-wide) with RMB 3.278 billion of net outflow; of the 4 limit-downs, 恒银科技 (603106, main board) and 大晟文化 (600892, main board) come from these two directions. In a sustained ebb, do not bottom-fish.
6. Lone survivors and unseal-heavy areas — of today's 26 unsealed names, components and fiberglass account for 8; if tomorrow only the leader in the PCB main line stays sealed while the followers all go red, that is a signal the main line has topped.

④ Input notes for tomorrow morning's pre-market list

1. A separate scan pool for "interim results / guidance raises disclosed in the last 5 trading days where the share price has not fully followed" must be added. The two catalysts behind today's pharma main line were disclosed on 8/3 and 8/5, both outside the pre-market's "prior day 15:00 → same day 07:20" newsflash window. This is a structural blind spot of the collection window, not an execution slip; it must be patched with a new scan pool and cannot be left to human memory.
2. Change the "main-force net inflow TOP20" indicator to "two consecutive days of net inflow". 长电科技 (600584) was No. 1 market-wide yesterday and had the second-largest outflow market-wide today; a single-day No. 1 ranking is not strength. Tomorrow morning should take the intersection of "net inflow on both 8/6 and 8/7"; 胜宏科技 (300476) and 沪电股份 (002463) are samples inside that intersection.
3. The Pass list must explicitly state its semantics and environmental condition: Pass = not recommended for purchase ≠ predicted to fall; and state beforehand that "if the indices rally broadly and limit-ups exceed 70, the correctness standard becomes underperforming its sector". Today 10 of the 19 Pass names were misjudged and 5 hit the limit, and the root cause is that this was never written down.
4. Tomorrow morning must catch up on today's Dragon-Tiger List (published after roughly 18:00), focusing on: whether the seats behind 云南锗业 (002428) at 4 boards, 有研新材 (600206) at 3 boards and 和远气体 (002971) at 3 boards are hot-money relays, and whether 光迅科技 (002281) and 生益科技 (600183) saw buying from institution-only seats — the latter distinguishes "thematic speculation" from "institutional accumulation" and directly determines which logic the PCB main line should be treated with tomorrow.
5. One question must be verified first thing tomorrow: how many of the 21 pharma limit-ups post a second consecutive limit-up. This is a flow-driven main line with no new catalyst, and the number of consecutive limit-ups is its only credible continuation indicator.
6. List the "downstream optical modules → upstream optical devices/PCB" fund migration as the top structure to watch tomorrow. 中际旭创 at −RMB 5.639 billion versus 光迅科技 at +RMB 2.241 billion is the largest opposing pair market-wide today, and if it continues tomorrow, the stock-selection centre of gravity for the entire AI hardware chain has to move upstream.

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⚠️ Risk warning: this recap is post-close information organization and observation only and does not constitute investment advice. Data may differ in timeliness or basis; please rely on exchange/company disclosures, and do not use this directly as a trading basis.