A-Share Market Recap | 2026-08-11 Tuesday

Data read timestamp: 2026-08-11 15:31 (Beijing time). Both the Shanghai and Shenzhen markets have closed; the data are the day's final closing values. Price, fund-flow and sector data are taken from East Money (closing basis); the limit-up / failed-limit-up ladder is taken from the East Money limit-up pool (this basis excludes ST stocks, and the difference versus the full-market snapshot basis is noted in the main text). Data NOT obtained in this issue (disclosed honestly): ① the 8/11 Dragon-Tiger List — the exchanges publish it after 18:00, and it had not yet been generated when this issue was written at 15:31, so every fund-flow conclusion in this report lacks cross-verification from seat-level data; ② northbound daily net buying — since 2024-08-19 Stock Connect has stopped disclosing this indicator, and the market-data interface now only returns quota balances, so this issue gives no northbound figure, and any claim today of "northbound net inflow of RMB X billion" is invalid.

---

0. One-Sentence Recap

Sentiment: the cooling continues, but this is not a freeze — the number of first limit-ups was halved (87→42) while the consecutive-limit-up ladder actually thickened (12→16 names) and the highest board rose from 5 to 6. That is the structure of "new themes exhausted + carry-over ladder relaying." The strongest main line was not semiconductor equipment, which the pre-market list ranked first, but pharmaceuticals, which it ranked second (a complete 6/4/3-board ladder). The pre-market test that "semiconductor equipment posts main-force net inflow for a second straight day" was explicitly falsified: only 4 of the sector's 25 constituents rose. The pre-market recommendation list hit 3/14 = 21.4%, underperforming the market's 29.2% share of advancing stocks over the same period; while the Pass list was 72.2% correct — today this pre-market issue's power to exclude far exceeded its power to select. Tone for tomorrow: pharmaceuticals enter high-level disagreement, and MLCC / passive components plus the fund-flow recovery in optical modules are two new directions — but each has only one sample, so do not repeat yesterday's mistake of "ranking a branch on a single day's fund flow."

---

1. Market Overview

1.1 Indices

• Combined Shanghai + Shenzhen turnover was RMB 2320.986 billion (excluding the BSE), down RMB 202.117 billion (−8.0%) from RMB 2523.103 billion on 8/10.
• The SSE Composite's five-day winning streak ended; the intraday high of 3966.39 exactly equalled the 8/10 close, and the index failed to turn green all session.
• The structure completely reversed versus yesterday: 8/10 was "strong index (SSE Composite +0.67%) but weak growth (ChiNext −0.73%)"; today was weak large caps (SSE 50 −1.27%) while the ChiNext Index actually closed up (+0.34%). STAR 50 at −1.63% was the weakest major index, consistent with the pullback in the semiconductor chain.

1.2 Limit-Ups / Limit-Downs and Sentiment Temperature

Basis note: the table above uses the East Money limit-up pool basis, which excludes ST stocks. On the full-market snapshot basis (including ST and the BSE), today saw 71 limit-ups (main board 60 / ChiNext 8 / STAR Market 1 / BSE 2, of which 10 were ST stocks) and 10 limit-downs (of which 5 were ST stocks); the East Money limit-down pool recorded only 1 name (北京科锐 Beijing Creative Distribution Automation, 002350). The two bases must not be mixed; all cross-day comparisons in this issue use the East Money pool basis.

• Market-wide advancers/decliners: 1615 up, 3777 down, 147 flat (5539 valid readings), an advancing share of only 29.2% — this was a broad decline day.
• Performance today of yesterday's 97 limit-up stocks: average +0.81%, median −0.84%, 41 up / 55 down, with 9 falling more than 5%. The average was pulled up by a single name, 蓝盾光电 (Landun Photoelectronics, 300862, ChiNext) at +19.99%; the negative median is the real relay money-making effect.
• Promotion rates: of yesterday's 87 first limit-ups → 12 second boards today, a first-board promotion rate of 13.8%; of yesterday's 12 names with ≥2 consecutive limit-ups → 4 advanced today, a high-level promotion rate of 33.3%.

Sentiment temperature verdict: the cooling period continues, but the structure is healthier than the aggregate. Halved first limit-ups and a 10-percentage-point drop in the seal rate are clear cooling signals; but the consecutive-limit-up ladder grew from 12 to 16 names, the highest board was pushed from 5 to 6, and names with ≥3 consecutive limit-ups rose from 3 to 4, showing that the carry-over ladder is continuing and what has dried up is the supply of new themes. This is not a "freeze" but "weak new additions + carry-over relay."

---

2. Reconciling the Pre-Market List

2.1 The Pre-Market "5 Names Most Worth Watching Today"

A new "Open→Close %" column has been added: the pre-market list is published before the open, so the earliest price actually executable is today's opening price. Looking only at "change versus the previous close" systematically overstates list quality — today's 甘李药业 (Gan & Lee, 603087) is the textbook example.

Top 5 hit rate 1/5 (20%).

2.2 Full Reconciliation of All 25 Names on the Master List

2.3 Hit Rates and Self-Critique

Four self-criticisms, each harder to hear than the last:

① The recommended group underperformed the market, and the "watch only" group outperformed the recommended group. The 14 recommendations had a 21.4% advancing rate, nearly 8 percentage points below the 29.2% market benchmark; while the 8 names labelled "watch only" had a 37.5% advancing rate, one of which, 立新能源 (Lixin Energy, 001258), even sealed a 2nd board. The pre-market ranking direction was inverted today.

② There is only one root cause: using "yesterday's single-day No. 1 main-force net inflow" as the primary basis for ranking branches, when single-day extreme fund flows mean-revert. This is not hindsight attribution — it can be checked line by line:

8 comparisons, 8 reversals or sharp convergences, without a single exception. The more extreme yesterday's inflow, the bigger today's outflow; the more extreme yesterday's outflow, the fiercer today's recovery.

③ But the pre-market "test design" was right; what was wrong was the conclusion. The pre-market issue wrote down three explicitly falsifiable verification points for semiconductor equipment — "can AMEC post net inflow for a second straight day," "北方华创 (Naura, 002371) as the leader must move," and "can semiconductor materials extend the +RMB 1.035 billion." All three returned a negative answer today, and a perfectly clear one. A list that writes its own assumptions as falsifiable propositions still has a usable methodology even when the conclusion is wrong. What must change next time is not the tests, but the act of "ranking a branch first before its tests have been met."

④ One specific, entirely avoidable omission: 洁美科技 (Jiemei Technology, 002859, SZSE main board ±10%). It appeared on line 14 of the pre-market §1 news overview ("plans to acquire 100% of 埃福思科技 Efosi Technology for RMB 915 million") and was graded B, but it never entered the stock scoring table and was never mapped to any branch. Today it rose +10.00% to limit-up, turnover RMB 1.521 billion, main-force +RMB 244 million (16.05% of turnover), and became the leading gainer of today's strongest new main line, "passive components." News that made it into the news table but not into the scoring table is news that was never read.

---

3. Verifying Today's Main Lines

3.1 Actual Outcomes of the 8 Pre-Market Branches

Did the pre-market issue identify the strongest main line? No. It ranked semiconductor equipment ahead of innovative drugs on the grounds of "branches ranked by branch strength, and its funds were No. 1 market-wide"; today the result was the No. 1 ranked branch ebbed and the No. 2 ranked branch led. The sentence the pre-market issue itself wrote in §2 — "branches are ranked by branch strength and stocks by stock strength, and the two are not consistent today; this is the point that most needs attention today" — is, in hindsight, the most valuable line in the whole issue: the stock ranking (Gan & Lee first) was right; the branch ranking (equipment first) was wrong.

3.2 Four Main Lines the Pre-Market Issue Missed Entirely

A. MLCC / passive components — the strongest new direction today

• Limit-ups: 洁美科技 (Jiemei Technology, 002859, SZSE main board ±10%) +10.00%, turnover RMB 1.521 billion; 双星新材 (Shuangxing New Material, 002585, SZSE main board ±10%) +10.04%, main-force share 49.58%; 国风新材 (Guofeng New Materials, 000859, SZSE main board ±10%) +9.97%, 2 consecutive limit-ups, turnover RMB 1.280 billion.
• Core leaders and disagreement: 风华高科 (Fenghua Advanced Technology, 000636, SZSE main board ±10%) +6.73%, turnover RMB 17.290 billion (5th market-wide), turnover rate 22.74%, main-force +RMB 744 million, sealed then broke the limit 4 times intraday; 三环集团 (CCTC, 300408, ChiNext ±20%) +2.48%, main-force +RMB 665 million, turnover RMB 11.910 billion; 达利凯普 (Dalicap, 301566, ChiNext ±20%) +13.21% (failed limit-up), 麦捷科技 (Microgate Technology, 300319, ChiNext ±20%) +7.62%, main-force +RMB 345 million.
• Driver: per a Sina Finance closing commentary citation, the market reflected that "the AI wave is driving rapid growth in MLCC demand, with major MLCC makers holding full order books and running near full capacity," with lead times on some products already stretched to 12-16 months. Sina closing commentary¹
• Stage: launch / first confirmation. Funds, limit-ups and core leaders all point the same way, and a ladder is beginning to form. But today is its day one — which is exactly where semiconductor equipment stood yesterday, and semiconductor equipment failed today.

B. Optical modules / CPO / PCB leaders — fund-flow recovery, the exact opposite of the pre-market call

• Communications network equipment & components main-force +RMB 3.435 billion, the largest industry net inflow market-wide; communications equipment +RMB 1.189 billion.
• Stocks: 新易盛 (Eoptolink, 300502, ChiNext ±20%) +3.93%, main-force +RMB 2.054 billion (2nd among all stocks market-wide); 东山精密 (Dongshan Precision, 002384, SZSE main board ±10%) +4.26%, +RMB 1.793 billion; 中际旭创 (Innolight, 300308, ChiNext ±20%) +2.59%, +RMB 1.645 billion, turnover RMB 29.959 billion (1st market-wide); 光迅科技 (Accelink, 002281, SZSE main board ±10%) +3.24%, +RMB 391 million; 锐捷网络 (Ruijie Networks, 301165, ChiNext ±20%) +5.36%; 深南电路 (Shennan Circuits, 002916, SZSE main board ±10%) +2.23%, +RMB 400 million; 科翔股份 (Kexiang, 300903, ChiNext ±20%) +7.60%, +RMB 483 million.
• The pre-market issue put "optical modules / CPO / communications equipment" first on its "not recommended to chase today" list, on the grounds that 中际旭创 (Innolight, 300308) had a net outflow of RMB 7.347 billion on 8/10 and "an outflow of that magnitude usually does not end in one day." It ended in one day, and reversed to +RMB 1.645 billion.
• ⚠️ This issue obtained no new same-day catalyst announcement or industry news for this direction; it cannot be ruled out that this is fund-flow recovery after the early-August FCC ban rumour (when Innolight's single-day turnover hit an all-time record) was digested. This is an inference, not a confirmed causal link.
• Divergence inside PCB: the printed circuit board industry as a whole was still −0.71% with main-force −RMB 1.429 billion (a sharp narrowing from −RMB 8.474 billion on 8/10), but 胜宏科技 (Victory Giant Technology, 300476, ChiNext ±20%) −4.01%, −RMB 1.045 billion, and 景旺电子 (Kinwong Electronic, 603228, SSE main board ±10%) −7.00%, offsetting the inflows into 东山精密 (Dongshan Precision, 002384), 深南电路 (Shennan Circuits, 002916) and 科翔股份 (Kexiang, 300903). The pre-market issue's "two-way, no one-directional conclusion" stance on PCB looks appropriate in hindsight.

C. Auto parts — the industry with the most limit-ups today

• 7 limit-ups (1st in the limit-up pool's industry distribution), main-force +RMB 1.376 billion (3rd-largest industry net inflow): 秦安股份 (Qin'an Machinery, 603758, SSE main board ±10%) 3 consecutive limit-ups, one-line sealed at 09:25 with a turnover rate of only 1.03%; 新泉股份 (Xinquan Automotive Trim, 603179, SSE main board ±10%) turnover RMB 1.222 billion; 斯菱智驱 (Sling Intelligent Drive, 301550, ChiNext ±20%) +20.00%, turnover RMB 1.173 billion; 福赛科技 (Fusai Technology, 301529, ChiNext ±20%) +20.00%; 北特科技 (Beite Technology, 603009, SSE main board ±10%); 朗博科技 (Langbo Technology, 603655, SSE main board ±10%); 登云股份 (Dengyun Auto-parts, 002715, SZSE main board ±10%).
• Sealing times were tightly clustered between 11:02 and 14:37, with five of the six sealing in the afternoon — this was a fund relay born intraday, not a direction present from the open. This issue obtained no unified industry-level catalyst and makes no causal attribution.
• An awkward comparison: 富维股份 (FAW Fuwei, 600742, SSE main board ±10%, RMB 3.936 billion seat nomination), which the pre-market issue Passed, was 0.00% today, and the reasons for the Pass (revenue deferred to 2027-2028, similar announcements not a first) hold up completely; yet 新泉股份 (Xinquan, 603179), also in auto parts, hit limit-up. Passing the stock was right; casually crossing off the whole chain along with it went too far.

D. Engineering consulting / construction & decoration, and the true strongest name in the memory chain

• Engineering consulting services main-force +RMB 1.336 billion, 12.33% of turnover, the highest of any industry market-wide; construction & decoration +RMB 1.153 billion.
• 太极实业 (Taiji Industry, 600667, SSE main board ±10%) +10.02% limit-up, turnover RMB 6.467 billion, main-force +RMB 1.357 billion, sealing bid RMB 343 million, turnover rate 15.29% — it was simultaneously the leading gainer of the "memory chip" concept today. Its controlled subsidiary 海太半导体 (Hitech Semiconductor) is SK Hynix's DRAM packaging-and-test joint-venture base in China, and its subsidiary 十一科技 (Shiyi Technology) is an EPC contractor for semiconductor cleanrooms, making it a direct contractor in the memory capacity-expansion chain. JRJ²
• The pre-market §7.3 wrote that "the memory upcycle is real, but its best expression in A-shares right now is not module makers and fabs, it is equipment and materials" — half right: it indeed was not module makers, but the expression that worked today was equipment installation and packaging/testing services (太极实业 Taiji Industry, 600667), not equipment manufacturing (中微公司 AMEC 688012 / 北方华创 Naura 002371).
• Other limit-ups: 甘咨询 (Gansu Engineering Consulting, 000779, SZSE main board ±10%) +10.03%, turnover rate 28.90%; 恒尚节能 (Hengshang Energy Saving, 603137, SSE main board ±10%), 豪尔赛 (Haerse Technology, 002963, SZSE main board ±10%), 宝鹰股份 (Baoying Construction, 002047, SZSE main board ±10%).

E. Two more minor main lines: oil & gas extraction +3.05% (中国海油 CNOOC 600938 +5.31%, main-force +RMB 368 million), oilfield services & engineering +1.68%; film & cinema +1.98% — 北京文化 (Beijing Culture, 000802, SZSE main board ±10%) 2 consecutive limit-ups, 华智数媒 (Huazhi Digital Media, 300426, ChiNext ±20%) +20.00%; per the Sina closing commentary, summer-season box office as of 11:00 on 8/11 reached RMB 8.741 billion, with 31 consecutive days above RMB 100 million in a single day.

---

4. Limit-Up Ladder and Height Boards

4.1 The Full Ladder

Ladder structure: 6-4-3-3-2, a continuous height range with no gap for the first time (8/10 was a gapped "5-5-3-2, with only 1 name at 3 boards"). On ladder completeness, today's structure is actually better than yesterday's, even though total limit-ups were halved.

⚠️ But the fund quality of the ladder is poor, and this cannot be papered over by "no gap": 4-board 开开实业 (Kaikai Industrial, 600272) had main-force net outflow of RMB 37 million and 3-board 哈药股份 (Harbin Pharmaceutical, 600664) main-force net outflow of RMB 194 million — both successfully promoted high-level names sealed their limit-ups while main-force funds were flowing out, meaning the sealing money came from hot-money and retail relay rather than institutions. By comparison, 6-board 百花医药 (Baihua Pharmaceutical, 600721) at +RMB 69 million and 3-board 秦安股份 (Qin'an Machinery, 603758) at +RMB 7 million were positive but tiny. "A complete ladder" and "a ladder with money behind it" are two different things, and today we only have the former.

4.2 Broken Streaks and Failed Limit-Ups

• Broken streaks: 宝鼎科技 (Baoding Technology, 002552, SZSE main board ±10%, 5 boards) touched the limit intraday then broke it, closing +4.30%, turnover RMB 3.051 billion, turnover rate 15.03% — the pre-market "5-board high-level names not recommended to chase" call got the direction right (streak broken) but the magnitude wrong (it still closed up 4.30%); 百普赛斯 (ACROBiosystems, 301080, ChiNext ±20%, 2 boards) +5.92% without sealing, turnover rate 27.23%; 先导基电 (Xiandao Jidian, 600641, SSE main board ±10%, 2 boards) −5.64%, main-force −RMB 414 million, turnover rate 16.17% — the clarification announcement as a Pass test was again validated; 招金黄金 (Zhaojin Gold, 000506, SZSE main board ±10%, 2 boards) −5.27%, having hit +10.05% limit-up at the open before falling back all day, open→close −10.05%; 毕得医药 (Bide Pharmatech, 688073, STAR Market ±20%, 2 boards) +2.02%.
• Failed-limit-up pool of 17 names, with the most broken seals at: 益生股份 (Yisheng Livestock, 002458, SZSE main board ±10%) broke 8 times, closing +5.31%; 风华高科 (Fenghua Advanced Technology, 000636) broke 4 times, closing +6.73%; 贤丰控股 (Xianfeng Holding, 002141, SZSE main board ±10%) broke 3 times, closing +2.38%; 一心堂 (Yixintang Pharmaceutical, 002727, SZSE main board ±10%) broke 2 times; 湖南白银 (Hunan Silver, 002716, SZSE main board ±10%) broke 2 times, closing +2.02%; 诚达药业 (Chengda Pharmaceuticals, 301201, ChiNext ±20%) broke 2 times, closing +9.88%.
• What the failed-limit-up pool's industry distribution signals: 4 of the 17 are in the components sector (宝鼎科技 Baoding Technology 002552, 贤丰控股 Xianfeng Holding 002141, 达利凯普 Dalicap 301566, 风华高科 Fenghua Advanced Technology 000636) — the MLCC / passive components direction already showed signs of unstable sealing on day one, and this is the disagreement signal that must be watched tomorrow.

4.3 Core Leaders (high-turnover gainers with clear identity)

⚠️ Two new listings are excluded from every main-line judgement: N 超纯 (N Chaochun, 301717) +662.24%, main-force +RMB 2.355 billion, and N 国仪-U (N Guoyi-U, 688828) +419.46%, main-force +RMB 1.341 billion, both on their first trading day; their fund flows contaminate sector statistics — the semiconductor equipment sector's −RMB 465 million reading today was precisely inflated by N 超纯 (N Chaochun, 301717)'s +RMB 2.355 billion; excluding it, the sector's true net outflow was −RMB 2.819 billion.

---

5. Fund Flows

5.1 Two Data Gaps That Must Be Stated First

1. Northbound funds: since 2024-08-19, Stock Connect has stopped disclosing daily net buy/sell amounts. The market-data interface now provides only quota balances (its "RMB 42 billion" is the daily quota cap, not an inflow amount). This issue gives no northbound figure. Any "northbound net inflow of RMB X billion" from any source today is invalid.
2. Dragon-Tiger List: the exchanges publish it after 18:00 on the day, and it had not yet been generated when this issue was written at 15:31. The fund-flow conclusions below therefore all come from main-force fund flow (tabulated by per-trade order size) and lack cross-verification from exchange seat-level data — the direction of institution-only seats and well-known hot-money branches cannot be determined today.

5.2 Industry Main-Force Fund Flows

Both ends of the industry gain table: leaders — textile & footwear manufacturing +5.83%, offline pharmacies +5.44%, inverters +3.10%, pharma R&D outsourcing +3.10%, oil & gas extraction +3.05%; laggards — tungsten −5.64%, gold −5.59%, cobalt −5.55%, nickel −5.32%, precious metals −5.05%, rare earths −4.81% (main-force at −16.03% of turnover, the most extreme market-wide), aerospace equipment −4.76%, molybdenum −4.42%, copper −4.10%.

Today's fund axis in one sentence: one-directional outflow from "non-ferrous + military + semiconductor materials" into "communications / optical modules + passive components + auto parts + engineering & construction." Non-ferrous metals alone was −RMB 13.986 billion, 1.5 times the second-placed sector (electronics, −RMB 9.089 billion).

5.3 Stock-Level Main-Force Fund Flows

Top 8 net inflows (excluding the two new listings): 新易盛 Eoptolink (300502) +RMB 2.054 billion, 东山精密 Dongshan Precision (002384) +RMB 1.793 billion, 中际旭创 Innolight (300308) +RMB 1.645 billion, 太极实业 Taiji Industry (600667) +RMB 1.357 billion, 风华高科 Fenghua Advanced Technology (000636) +RMB 744 million, 阳光电源 Sungrow (300274, ChiNext ±20%, +5.59%) +RMB 731 million, 普冉股份 Puya Semiconductor (688766, STAR Market ±20%, +2.67%) +RMB 710 million, 三环集团 CCTC (300408) +RMB 665 million.

Top 8 net outflows: 紫金矿业 Zijin Mining (601899) −RMB 1.842 billion, 中微公司 AMEC (688012) −RMB 1.539 billion, 洛阳钼业 CMOC (603993, SSE main board ±10%, −7.81%) −RMB 1.264 billion, 亨通光电 Hengtong Optic-Electric (600487, SSE main board ±10%, −3.35%) −RMB 1.084 billion, 胜宏科技 Victory Giant Technology (300476) −RMB 1.045 billion, 工业富联 Foxconn Industrial Internet (601138, SZSE main board ±10%, −4.58%) −RMB 1.035 billion, 利通电子 Litong Electronic (603629, SSE main board ±10%, −6.03%) −RMB 940 million, 国瓷材料 Sinocera Functional Material (300285, ChiNext ±20%, −4.24%) −RMB 786 million.

A comparison worth recording: 中微公司 (AMEC, 688012), No. 3 on the pre-market recommendation list, was the 2nd-largest stock-level net outflow market-wide today; 中际旭创 (Innolight, 300308), No. 1 on the pre-market "not recommended to chase" list, had the largest turnover market-wide and the 3rd-largest stock-level net inflow today. These two appearing in the same list at the same time is not a luck problem, it is a ranking-basis problem.

---

6. Outlook for Tomorrow

6.1 Main-Line Continuity Assessment

6.2 Key Names to Watch Tomorrow (observation targets only; no position or entry/exit implication)

6.3 Avoid Tomorrow

1. The entire non-ferrous metals chain (precious metals / gold / copper / tungsten / rare earths / minor metals / energy metals) — −RMB 13.986 billion in a single day, with 紫金矿业 (Zijin Mining, 601899) at −RMB 1.842 billion the largest stock-level outflow market-wide; 招金黄金 (Zhaojin Gold, 000506)'s pattern today of "limit-up at the open → −5.27% at the close" is the classic first-day-of-ebb move.
2. High-level semiconductor equipment names — 中微公司 (AMEC, 688012) −RMB 1.539 billion; only 4 of the sector's 25 constituents rose, and the leader 北方华创 (Naura, 002371) at −1.83% did not follow. Do not re-rank it until two consecutive days of net inflow appear.
3. Consecutive-limit-up names with extremely frequent broken seals — 开开实业 (Kaikai Industrial, 600272) broke 21 times, 哈药股份 (Harbin Pharmaceutical, 600664) 19 times. Sealing is not the same as being able to absorb supply; the disagreement in these two is already written on the order book.
4. Military / commercial aerospace / aerospace equipment — commercial aerospace −RMB 7.853 billion, defense & military −RMB 7.015 billion (concept basis), 中国卫星 (China Satellite, 600118) −8.12%, aerospace equipment −4.76%.
5. Lone names with extreme turnover rates — 万邦医药 (Wanbang Pharmaceutical, 301520, ChiNext ±20%) turnover rate 64.83%, limit broken 6 times; 甘咨询 (Gansu Engineering Consulting, 000779, SZSE main board ±10%) turnover rate 28.90%; 开开实业 (Kaikai Industrial, 600272) turnover rate 30.27%. High-turnover names with no ladder behind them have uncontrollable next-day volatility.
6. Power grid equipment / UHV — 北京科锐 (Beijing Creative Distribution Automation, 002350) hit limit-down today, the sector was −RMB 1.761 billion, and core leaders 中国西电 (China XD Electric, 601179) and 平高电气 (Pinggao Electric, 600312) continued not to follow. This pre-market call has now been correct two days running.

6.4 Inputs for Tomorrow Morning's Pre-Market List (the most important section)

1. [Methodology, must change] Stop using "yesterday's No. 1 single-day main-force net inflow" as the primary basis for ranking branches. Today's 8 comparisons (semiconductor equipment / semiconductor materials / components / communications equipment / Innolight / electronics / digital chip design / printed circuit boards) all reversed or sharply converged, without a single exception. Switch to: 2-3 consecutive days of same-direction net inflow, or an inflection point where outflows converge; a single-day extreme can only be a "candidate pending verification" and must not go straight into the top slot.
2. [Structure, keep] Separating "branch ranking" from "stock ranking" is right and was proven effective today (branch wrong, stock right, with 甘李药业 Gan & Lee 603087 at limit-up). But add one rule: when branch ranking and stock ranking conflict, write the conflict into the conclusion rather than letting branch ranking determine the composition of the recommendation list — 9 of today's 14 recommendations came from the branch that was called wrong.
3. [Weighting, should be added] The pre-market issue's comparative advantage is in exclusion, not selection. The Pass list was 72.2% correct, the recommendation list hit 21.4%. All three Pass tests — company clarification announcements (先导基电 Xiandao Jidian 600641 −5.64%), deferred revenue (富维股份 FAW Fuwei 600742 0.00%), and loss-making stocks / core leaders not following (power grid equipment across the board) — were again validated today. Recommendation: make the "not recommended to chase today" section thicker and give more explicit exclusion grades.
4. [Process, plug the gap] Every item in the news overview table must go through the scoring table. 洁美科技 (Jiemei Technology, 002859) hit limit-up today, and its acquisition announcement had been sitting on line 14 of §1 of the pre-market issue since last night — news that made it into the news table but not into the scoring table is news that was never read.
5. [New items pending verification today (answers needed tomorrow morning)]
   • Can passive components / MLCC main-force funds post net inflow for a second straight day (today +RMB 2.084 billion, sample 1);
   • Can communications network equipment & components post net inflow for a second straight day (today +RMB 3.435 billion, sample 1);
   • Will the −RMB 13.986 billion outflow in non-ferrous metals converge;
   • Is 百花医药 (Baihua Pharmaceutical, 600721), the pharma ladder's highest board, still standing.
6. [Event calendar for tomorrow]
   • US July CPI: released at 20:30 Beijing time on August 12 (market expects 3.4% headline year-on-year, 2.5% core) — today is a wait-and-see window ahead of the data, and tomorrow's session is still ahead of it;
   • 宇树科技 (Unitree Robotics, 688836, STAR Market) payment date August 12, with listing expected in late August, which will divert funds from the humanoid robot sector;
   • Applied Materials (AMAT) earnings on August 13, a two-way risk for semiconductor equipment — but after the equipment sector's funds turned to outflow, the weight on this catalyst should be reduced;
   • Suspension tracking: 爱丽家居 (Aili Home, 603221) suspended pending verification, 建设机械 (Shaanxi Construction Machinery, 600984) suspended for an acquisition; both need to be reassessed after resumption.

---

Data-Fetch and Failure Log (not sent to clients)

• East Money's main site push2.eastmoney.com was again unreachable from this machine (RemoteDisconnected), and akshare.stock_zh_index_spot_em() / stock_zh_index_daily_em() all failed. Continued to use the workaround found in the 8/11 pre-market run: indices, the full-market snapshot and sector fund flows all go through push2delay.eastmoney.com, which returns 200. This finding has held for two consecutive trading days; recommend hard-coding it into the data-fetch scripts under work/.
• push2delay's pz parameter is effectively capped at 100 (passing pz=200 still returns only 100 rows). The first full-market pull got only 2900 rows (mistaken for the total); paging through 59 pages was needed to get the full 5894 rows. The same applies to the sector list: the first pull got only the first 100 sectors, which made the tail of the "biggest decliners" list all positive numbers — this is a trap that silently produces wrong conclusions (it would make you think "there were no declining sectors today"). Changed to page through to the full count by total.
• The stock_zt_pool_em family (push2ex domain) works normally on this machine; the limit-up pool / failed-limit-up pool / limit-down pool / yesterday's limit-ups' performance today / strong-stock pool were all retrieved. On the same day push2 was down while push2ex and push2delay were alive — failures are per-subdomain, not site-wide, so in future do not conclude "East Money is down" just because one interface returns 502.
• The Dragon-Tiger List stock_lhb_detail_em raised TypeError: 'NoneType' object is not subscriptable — this is not an interface failure; the day's list simply had not been generated at 15:31 when this issue was written (published after 18:00). Exactly consistent with the remembered fact "the Dragon-Tiger List is not published until 18:00," so no retries were wasted this time. To get the Dragon-Tiger List, the post-close recap schedule would have to be pushed back to after 18:10.
• N 超纯 (N Chaochun, 301717) contaminating sector statistics — the single most important finding of this run. The semiconductor equipment sector's apparent main-force flow of −RMB 465 million looked like only a mild outflow; pulling the constituents one by one revealed that the new listing N 超纯 was +662.24% on its first day with main-force +RMB 2.355 billion, and excluding it, the sector's true net outflow was −RMB 2.819 billion, a 6x difference in magnitude. Quoting the sector aggregate directly would have seriously weakened today's core conclusion ("the equipment main line is falsified"). Lesson: sector-level fund flows cannot be used directly on a day with a new listing; the constituents must be checked one by one. The same applies to the other new listing that day, N 国仪-U (N Guoyi-U, 688828), at +RMB 1.341 billion.
• The basis trap in limit-up / limit-down counts: computing from the full-market snapshot gives 71 limit-ups (including 10 ST and 2 BSE names), while the East Money limit-up pool gives 58 (excluding ST). Comparing 71 against the "103 limit-ups on 8/10" quoted in the pre-market issue would produce the wrong conclusion of "only a 31% decline"; actually pulling 8/10 from the East Money pool gives 99 names (and its 87.6% seal rate matches the pre-market quote exactly), making the same-basis decline −41%. The whole issue has been standardised on the East Money pool basis, with the difference between the two bases stated explicitly in the main text.
• The limit-down pool has only 1 entry (北京科锐 Beijing Creative Distribution Automation, 002350), whereas the full-basis snapshot has 10 limit-downs (including 5 ST names). The East Money limit-down pool's basis is extremely narrow, so it must not be used to say "only 1 stock hit limit-down today"; the main text uses both bases.
• Northbound funds: no call attempted. Based on existing knowledge — since 2024-08-19 Stock Connect has stopped disclosing daily net buy/sell amounts, and the interface silently returns 0.0 or the quota cap (RMB 42 billion) — calling it would only manufacture a plausible-looking fake number. The main text instead states explicitly to clients that "this indicator is no longer disclosed," which is more valuable than leaving a blank.
• Today's 8/10→8/11 fund-flow comparison table uses the push2delay 8/10 data fetched by the pre-market issue itself, same source and same basis as today's, so the two can be subtracted directly. The pre-market issue had noted that its 8/10 fund figures differ from those quoted in the 8/10 recap (different snapshot basis); this issue uses only the push2delay series throughout and does not mix them.
• Not obtained / not adopted:
  • the 8/11 Dragon-Tiger List (a scheduling issue, not a failure);
  • a new catalyst today for the optical-module direction — searches returned only reports of the FCC ban rumour from 8/5-8/6, and no industry news dated 8/11 was found; the main text explicitly labels "recovery after rumour digestion" as an inference rather than a conclusion;
  • a unified catalyst for the 7 auto-parts limit-ups — not obtained; the main text makes no causal attribution;
  • a same-day catalyst for Taiji Industry's limit-up today — searches returned only June–July reports, so the main text states only its business's objective connection to the memory chain (海太半导体 Hitech Semiconductor / 十一科技 Shiyi Technology), and does not treat a July catalyst as today's catalyst.
• One misquote actively avoided: a search result claiming "STAR 50 closed at 2012.30" differs hugely from this machine's reading of 1709.50; after checking, it was judged to refer to a different index (something like the STAR Market Composite), so that figure was not adopted, and STAR 50 throughout this issue uses the push2delay reading for 000688 (previous close 1737.77 → close 1709.50, −1.63%), matching the Sina closing commentary's −1.63% exactly — cross-verification passed.

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