A-Share Market Recap | 2026-08-12 Wednesday

0. One-Sentence Recap

Sentiment recovered, leaning euphoric (92 limit-ups, 0 limit-downs, failed-seal rate 11.5%, market activity 74.12%); the strongest main line is optical communications / CPO / optical fiber — telecom equipment drew net main-force inflows of RMB 13.094 billion, ranking first among all industries, and it was a second consecutive day of net inflow, amplified 2.7x, exactly clearing the gate set in yesterday's recap; there is no pre-market list to reconcile today (pre-market generation did not complete, see Section 2), so this piece instead closes the loop on the 7 "next-day verification points" from yesterday's recap, hitting 3/7; tone for tomorrow: optical communications continues but needs the leaders to take the baton, pharma money has already left while the ladder has not yet broken up, and a shrinking-volume broad rally is not one to chase.

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1. Market Overview

1.1 Indices (Sina Finance, 15:00 close basis)

Multiple attempts to retrieve BSE 50 failed this time; it is left blank in this piece.

Two facts that must be read side by side:

1. Gapped down, ground higher, and everything closed near the highs. The Shanghai Composite opened low at 3933.55, bottomed at 3927.55, and closed at 3946.68 — only 3.94 points below the day's high. The ChiNext Index opened low at 3542.13, bottomed at 3540.95, and closed at 3602.08, with a full-day amplitude of 2.38%. The open was weak, the close was strong — the signature of money actively stepping in intraday.
2. But this was a shrinking-volume broad rally. Combined Shanghai and Shenzhen turnover was RMB 2,152.423 billion, down RMB 168.563 billion from yesterday's RMB 2,320.986 billion (−7.3%), the second consecutive session of shrinking volume (8/10 was RMB 2,523.103 billion). The more the indices rose, the more volume shrank, indicating that the drive came from structural reallocation of existing money rather than fresh inflows.

The style skew is unambiguous — growth strong, heavyweights weak: STAR 50 (+1.61%) > ChiNext Index (+1.49%) > CSI 1000 (+1.24%) > Shenzhen Component (+1.09%) > CSI 500 (+0.98%) > CSI 300 (+0.58%) > Shanghai Composite (+0.32%) > SSE 50 (+0.29%). That ordering decreases monotonically from small-cap growth to large-cap blue chips, with not a single crossover.

1.2 Sentiment Temperature

Judgment: a recovery leaning euphoric, but not a climax. The evidence for "strong" is hard — 0 limit-downs, advancers outnumbering decliners 3.17x, a failed-seal rate of just 11.5% (high seal quality), and yesterday's limit-up names still averaging +3.29% today (smooth relay). Three things hold back the word "climax": a second consecutive session of shrinking volume, a promotion rate of 29.3% that is neutral-to-low, and a top ladder name at only 7 consecutive limit-ups that broke its seal 11 times on the day. This is the second leg of a repair rebound, not the accelerating leg of a main advance.

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2. Pre-Market List Reconciliation — No Pre-Market List Today

Today's reports/a-share/2026-08-12.md does not exist; the pre-market list was never produced, so this piece cannot compute a pre-market recommendation hit rate. This is a process breakdown, not "there was nothing worth recommending today," and it must be recorded truthfully: the pre-market → recap loop is broken for one day.

So that accountability for the day is not lost, this section instead reconciles against the "next-day verification points" listed in Section 6 of yesterday's (8/11) recap. Those verification points were written down in black and white after yesterday's close, are falsifiable, and come due exactly today — this too is "reconcile before commenting," with no room for hindsight.

2.1 Yesterday's 7 "Next-Day Verification Points," Item by Item

Hit rate: 3 / 7 = 42.9%.

2.2 Reconciling Yesterday's "Avoid Tomorrow" List (This Half Deserves More Attention)

Of the 6 items on the avoidance list: 3 clearly wrong, 2 half right, 0 basically correct, 1 partially correct.

This is a result that must be said plainly: yesterday's avoidance list was invalid today. The reason is not hard to find — yesterday was a broad down day (Shanghai Composite −0.82%), today was a broad up day (3860 advancers, 0 limit-downs). On a day when 76% of stocks rise, any avoidance list built on "it fell yesterday / it was unstable yesterday" will fail across the board. Yesterday's report self-assessed that "the Pass list was 72.2% correct while the recommendation list hit 21.4% — the pre-market's relative edge is in exclusion, not selection." Today that lesson reversed: 3 of 6 avoidance calls wrong, versus 3 of 7 verification points right. So the real lesson is not "exclusion is stronger" or "selection is stronger," but: exclusion-type criteria work on broad down days and fail on broad up days; they are market-state dependent and cannot be inherited unconditionally.

2.3 The Methodology Rule Set Only Yesterday Got Both a Positive and a Negative Case Today

Item 1 of Section 6.4 of yesterday's recap read:

Stop treating "yesterday's largest single-day net main-force inflow" as the primary basis for ranking branches… Use instead: 2-3 consecutive days of same-direction net inflow, or an inflection point where outflows contract. A single-day extreme can only serve as a "candidate pending verification."

This rule was set only yesterday, and today it was validated in both directions:

Same day, same rule, one positive and one negative — both hold. Had yesterday used the old method (largest single-day net inflow = top branch), passive components (+2.084 billion) would have ranked first rather than telecom (+3.435 billion — the two were close but passive components had the flashier gain), and today would have been a miss. This rule should be upgraded from "suggestion" to the first hard criterion for branch ranking.

At the same time it reveals its own boundary of applicability: the rule requires "waiting for the second sample," and the price is that it necessarily misses day one. Today's semiconductor +5.450 billion is the 1st sample, and by the rule it cannot be ranked today — if it keeps flowing in tomorrow, we will have missed another day. That cost is built into the rule, not an execution error; writing it down beats explaining it after the fact.

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3. Verifying Today's Main Lines

* 炬光科技 (Focuslight Technologies, 688167) is classified under "semiconductors" by East Money, but its limit-up today was attributed to its AI optical communications business, so it appears in both the optical communications and semiconductor rows. The limit-up counts of the two branches cannot be added directly. After de-duplication, today's AI hardware chain (optical communications + PCB + semiconductors) totaled 9 limit-ups. | Real estate | Real estate +3.10%, residential development +3.41%, equal rights for renting and buying +3.67% | Only +1.153 billion | 8 limit-ups (a notable count) | Low-level stirring | Do not assign high weight: many limit-ups, but the money is only 1/11 the magnitude of telecom — sentiment spillover, not a money main line | | Pharma / innovative drugs (yesterday's strongest) | Pharmaceuticals and biotech +0.53%, medical services +0.68% | −3.440 billion (largest outflow), medical R&D outsourcing −2.376 billion, medical services −1.932 billion | 百花医药 still at 7 consecutive limit-ups, 誉衡药业, 美诺华, 浙江医药 | Ebb has begun | The ladder is intact but the money has left; wait for the top ladder name to break for confirmation | | Passive components / MLCC | Passive components +0.17% | −1.534 billion | 0 names | One-day wonder over | Ebbing | | Coal / oil and gas / power | Oil, gas and refining engineering −2.04%, oilfield services engineering −1.98%, coking coal −1.29%, coal mining −1.13%, nuclear power −1.16%, hydropower −0.68% | Coal −319 million, oilfield services engineering −286 million | 0 names | Ebbing | Avoid, completely opposite to the growth style |

3.1 Breaking Down the Strongest Main Line: Optical Communications Is "Diffusing," Not "Climaxing"

This is the one thing most in need of clarity today. Sector money and limit-up counts both point to optical communications, but the gains of the leaders and the followers diverge:

How to read it: the money is in the leaders, the elasticity is in the catch-up names. 中际旭创 took the largest turnover on the board (RMB 28.408 billion) and the largest net inflow within the sector (+2.596 billion), yet rose only 3.84%; while second- and third-tier names like 永鼎股份 and 炬光科技 sealed limit-up outright, some at 20cm. This is the classic signature of a diffusion phase — main-force positions sit in the core assets, but the wealth effect spills over to the periphery.

It means two opposite things, and both must be said:

• Bullish: a second consecutive day of net inflow, amplified 2.67x, is the shape of industrial capital rather than a hot-money relay, a more solid foundation than yesterday;
• Warning: diffusion into 20cm catch-up names usually marks the middle-to-late stage of a main line, not its start. If tomorrow is still "leaders +3%, second tier limit-up," that is divergence; to continue, the leaders themselves must accelerate.

Separately, 光迅科技 at +0.52% is clearly lagging — which shows this is not an indiscriminate sector-wide rally; the market is differentiating, and that is actually a point in its favor.

3.2 Was There an "Unexpected Main Line" Today

There was one, and yesterday explicitly flagged it for avoidance: 5 limit-ups in grid equipment (望变电气 603191, 宝光股份 600379, 风范股份 601700, 新能泰山 000720, 长城科技 603897). But the sector's net main-force flow was only −44 million, and all three core heavyweights were flat. This is the textbook "theme names rise, the sector doesn't" — the limit-up count is deceptive, the money never came in. Classified as sentiment spillover, not treated as a main line.

Note: this piece did not obtain any new industry catalyst for optical communications today. The direct trigger for the sector's move cannot be confirmed here; the known medium-term industry backdrop (1.6T shipments, optical fiber price increases, CPO commercialization) is all public information from July or earlier and cannot be treated as today's driver. At the single-stock level, the only name with a clear same-day attribution is 炬光科技, cited as its AI optical communications business, equity incentives, and brokerage ratings (Sina Finance single-stock analysis) — that is company-level, not sector-level. If this main line is to be weighted up further tomorrow, sector-level catalyst confirmation must be added.

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4. Limit-Up Ladder / Ladder Height

4.1 Ladder Structure (East Money limit-up pool, 92 names sealed at the close)

The ladder is complete (7-4-3-2-1 with no gap), but the top is very thin: below 7 consecutive it jumps straight to 4, with the 5- and 6-consecutive slots empty. The lack of stepwise continuity at the top is this ladder's most fragile point.

4.2 Limit-Up Distribution by Board (iron rule: judge limit-ups by board)

6 names at 20cm limit-up: 蓝盾光电 (300862) +19.99%, 超研股份 (301602) +19.97%, 威士顿 (301315) +19.99%, 节能铁汉 (300197) +19.79%, 炬光科技 (688167) +20.00%, 长进光子 (688635) +20.00%. 1 name at 30cm limit-up: 浩淼科技 (Haomiao Technology, 920856, BSE ±30%) +29.94%.

Here is the practical value of judging by board: under a uniform 10% basis, 节能铁汉 at +19.79% and 浩淼科技 at +29.94% would be recorded as ordinary names that "rose a lot but didn't hit the limit"; while 蓝盾光电 at +19.99% would be misread as "rose another full limit's worth after going limit-up." Limit-up count, ladder height, and failed-seal rate would all be wrong in a chain. Of today's 92 limit-ups, 7 are on a non-10% basis, or 7.6%.

4.3 Seal Quality

Largest seal orders: 蓝盾光电 (300862, ChiNext) RMB 638 million (against turnover of only RMB 68 million — an extremely tight lock), 景旺电子 (Kinwong Electronic, 603228, Shanghai main board) RMB 445 million, 永鼎股份 (600105, Shanghai main board) RMB 356 million, 云赛智联 (Yunsai Zhilian, 600602, Shanghai main board) RMB 336 million, 巨轮智能 (002031, Shenzhen main board) RMB 307 million.

Unstable seals (high failed-seal counts but still sealed at the close): 百花医药 (600721) broke 11 times, 永鼎股份 (600105) broke 7 times, 华东数控 (002248) broke 7 times, 香山股份 (Xiangshan, 002870, Shenzhen main board) broke 5 times. These four are the most likely trouble spots tomorrow — especially 百花医药 and 永鼎股份, one being the top ladder name and the other the main line's leader.

4.4 Ladder Breaks and Today's Failed Seals

Of yesterday's 58 limit-up names, only 17 went limit-up again today (promotion rate 29.3%), and 19 closed down. Largest declines: 甘咨询 (000779, Shenzhen main board) −6.36%, 华智数媒 (Huazhi Digital Media, 300426, ChiNext) −5.77%, 豪尔赛 (Haoerse, 002963, Shenzhen main board) −4.93%, 展鹏科技 (Zhanpeng Technology, 603488, Shanghai main board) −4.69%.

12 failed seals today: 省广集团 (SGA Group, 002400, Shenzhen main board) +6.08%, 瑞纳智能 (Runa Smart, 301129, ChiNext) +17.25%, 金桥信息 (Jinqiao Information, 603918, Shanghai main board) +7.54%, 引力传媒 (Gravity Media, 603598, Shanghai main board) +4.96%, 永杉锂业 (Yongshan Lithium, 603399, Shanghai main board) +6.93%, 金发拉比 (Rabbit Baby, 002762, Shenzhen main board) +3.10%, 创新医疗 (Innovative Medical, 002173, Shenzhen main board) +5.56%, 致尚科技 (Zhishang Technology, 301486, ChiNext) +11.06%, 宝莱特 (Biolight, 300246, ChiNext) +14.29%, 儒意电影 (Ruyi Film, 002739, Shenzhen main board) +6.52%, 盖世食品 (Gaishi Food, 920826, BSE) +22.25%, 飞龙股份 (Feilong, 002536, Shenzhen main board) +7.88%.

By industry, advertising and marketing had 2 (省广集团, 引力传媒) and healthcare had 2 (创新医疗, 宝莱特), with the rest one each — failed seals were scattered, not concentrated on any single main line, which is itself corroborating evidence that sentiment is not bad: no direction saw collective failure to hold the limit today.

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5. Money Flows

5.1 Northbound Flows: Disclosure Has Stopped; This Is Not "Zero Inflow"

Daily net buying via the Shanghai and Shenzhen Stock Connects has not been published since 2024-08-19. Our local interface returned "net turnover 0.00, net capital inflow 0.0" today; that is a placeholder for "not disclosed" and must not be read as "northbound net inflow of 0 today, a neutral stance." This piece gives no direction for northbound flows.

The available substitute observation is the advance/decline count among Stock Connect targets: Shanghai Connect targets 1101 up / 491 down, Shenzhen Connect targets 1381 up / 457 down — consistent with the market-wide broad rally, but this only reflects the performance of those targets and does not represent foreign capital flows.

5.2 Southbound Flows (same-day 15:00 basis)

Stock Connect (Shanghai) net outflow RMB 1.893 billion, Stock Connect (Shenzhen) net outflow RMB 709 million, for a combined net outflow of about RMB 2.602 billion; over the same period the Hang Seng Index was −0.95%.

Basis note: the "420.0" in the interface is the daily quota ceiling, not an inflow amount, and must not be taken as a money-flow reading.

5.3 Dragon-Tiger List: Not Obtained in This Piece

Dragon-Tiger List data is published after 18:00 on each trading day, and this piece was generated at 15:30, so the seat-level data has not yet been released. This section therefore cannot provide active-seat preferences, institutional-seat movements, or hot-money relay clues. This is not an interface failure, it is a mismatch between the schedule and the disclosure time (handling suggestion in Section 6.4, item 6).

5.4 Main-Force Money: Industry Level

Top net inflows (RMB billion)

Top net outflows (RMB billion): pharmaceuticals and biotech −3.440, medical R&D outsourcing −2.376, medical services −1.932, computing −1.541, passive components −1.534, chemical preparations −1.195, copper −1.171, non-ferrous metals −1.050, biological products −1.025.

In one line: today's money moved from pharma into telecom. The top three outflows are all pharma sub-industries (totaling −7.748 billion), and three of the top four inflows are telecom sub-industries (totaling +35.204 billion). This is a style rotation, not the broad money largesse of a rising-tide rally.

5.5 Main-Force Money: Single-Stock Level

Top 10 net inflows (RMB billion): 长鑫科技 (CXMT, 688825, STAR Market) +3.603, 中际旭创 (300308, ChiNext) +2.596, 新易盛 (300502, ChiNext) +1.966, 永鼎股份 (600105, Shanghai main board) +1.807, 中兴通讯 (ZTE, 000063, Shenzhen main board) +1.391, 天孚通信 (300394, ChiNext) +1.221, 生益科技 (Shengyi Technology, 600183, Shanghai main board) +1.213, 立讯精密 (Luxshare Precision, 002475, Shenzhen main board) +0.894, 兆易创新 (GigaDevice, 603986, Shanghai main board) +0.881, 东山精密 (Dongshan Precision, 002384, Shenzhen main board) +0.815.

Top 8 net outflows (RMB billion): 太极实业 (600667, Shanghai main board) −0.976, 紫光股份 (Unisplendour, 000938, Shenzhen main board) −0.819, 工业富联 (Foxconn Industrial Internet, 601138, Shanghai main board) −0.739, 风华高科 (000636, Shenzhen main board) −0.666, 拓荆科技 (Piotech, 688072, STAR Market) −0.651, 药明康德 (WuXi AppTec, 603259, Shanghai main board) −0.647, 洛阳钼业 (CMOC, 603993, Shanghai main board) −0.640, 大族激光 (Han's Laser, 002008, Shenzhen main board) −0.589.

Top 5 turnover market-wide: 中际旭创 (300308) RMB 28.408 billion, 长鑫科技 (688825) RMB 27.160 billion, 新易盛 (300502) RMB 18.752 billion, 兆易创新 (603986) RMB 18.752 billion, 东山精密 (002384) RMB 15.700 billion — all five are in the AI hardware chain.

5.6 One Distortion That Must Be Ruled Out: There Was a New Listing Today

N 杰理 (N Jieli, 920138, BSE) had its first trading day today, closing at RMB 53.26, +182.40%, turnover RMB 1.570 billion, turnover rate 82.44%. Its net main-force flow has been checked at only +48 million, which has no material effect on any of the sector money-flow rankings above, so the data in this section needs no adjustment. It is also excluded from limit-up statistics (new listings have no price limit on day one).

5.7 One Money Signal That Runs Opposite to the Gains

Every "yesterday's consecutive limit-up / limit-up" index rose sharply today while seeing net money outflows. This shows that today's gains in consecutive-limit-up names were driven by existing hot money relaying prices higher while main-force money distributed into the rally. That stands in sharp contrast to optical communications' "modest gains + large inflows" — the two kinds of rallies are entirely different in nature, and their persistence tomorrow will be entirely different too.

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6. Outlook for Tomorrow

6.1 Main-Line Continuity Assessment

6.2 Key Watchlist for Tomorrow (observation targets; implies no position or entry/exit point)

6.3 Avoid Tomorrow

1. High-flying pharma / CRO / medical services names — pharmaceuticals and biotech −3.440 billion, medical R&D outsourcing −2.376 billion, medical services −1.932 billion, occupying the top three spots on the outflow list; 药明康德 (WuXi AppTec, 603259, Shanghai main board) −647 million. The sector indices have not fallen much yet, but the money has already left — this is the first stage of the ebb, not the last.
2. The entire passive components / MLCC chain — 洁美科技 (002859, Shenzhen main board) −1.62% with a broken ladder, 风华高科 (000636, Shenzhen main board) main-force −666 million, sector −1.534 billion. The one-day wonder is confirmed; do not attempt it a second time.
3. 太极实业 (Taiji Industry, 600667, Shanghai main board ±10%) — largest net main-force outflow market-wide (−976 million), turnover rate 24.11%, still at elevated levels after yesterday's expectation of a 2nd consecutive limit-up fell through.
4. Yesterday's consecutive-limit-up names as a whole — see 5.7; every consecutive-limit-up index shows "big gains + net money outflow," the rally is driven by an existing-money relay. Especially the lone names with no main-line affiliation.
5. Names with extreme turnover and no ladder support — 万邦医药 (301520, ChiNext ±20%) turnover rate 60.02%, 开开实业 (600272, Shanghai main board) turnover rate 39.43%, 百花医药 (600721) turnover rate 34.43%, 通宇通讯 (002792, Shenzhen main board) turnover rate 27.19%.
6. Coal / oil and gas / hydropower / nuclear power — near the top of the sub-industry decliners list with net money outflows across the board, completely opposite to today's style.
7. N 杰理 (N Jieli, 920138, BSE) — first trading day +182.40%, turnover rate 82.44%; do not participate on a new listing's first day.
8. Advertising and marketing — 2 of today's 12 failed seals (省广集团 002400, 引力传媒 603598), the only theme direction with multiple failed seals; 儒意电影 (002739), also in broad media, likewise broke its seal — seal quality in that direction was weak today.

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

1. [Process, highest priority] Today's pre-market list was never produced; the loop has been broken for a day. This piece therefore cannot compute a pre-market hit rate, and there is now a gap in the continuity data. Tomorrow morning the pre-market run must be guaranteed to produce normally, otherwise pre-market quality will go unassessed for two consecutive days and the methodology overhaul accumulated over the past few days (ranking criteria, Pass grading) will lose its verification vehicle.
2. [Methodology, validated in both directions, upgraded to a hard criterion] The "2-3 consecutive days of same-direction net inflow" rule today got both a positive case (telecom +3.435 → +9.178 billion, sector breakout) and a negative case (passive components +2.084 → −1.534 billion, one-day wonder). Recommend making it the first criterion for branch ranking from tomorrow, and explicitly labeling in the report whether each branch is at the "1st sample (pending verification)" or "2nd sample (confirmed)" stage.
3. [New items pending verification (answers needed tomorrow morning)]
   • Whether telecom network equipment and components can see a 3rd consecutive day of net inflow;
   • Semiconductors' +5.450 billion is the 1st sample, and tomorrow is its criterion day — this is also the window to overturn yesterday's "semiconductor equipment is ebbing" call;
   • Whether non-ferrous metals' −1.050 billion (a 92.5% contraction from yesterday) can turn into a net inflow;
   • Whether the top ladder name 百花医药 (600721) is still standing.
4. [Criterion defect, needs correction] Exclusion-type criteria are market-state dependent. Today 3 of 6 avoidance calls were wrong, and the root cause is using broad-down-day criteria to predict a broad up day (today: 3860 advancers, 0 limit-downs). Recommend that the pre-market exclusion list explicitly distinguish two types: ① structural exclusions (sustained money outflow, heavyweights not following, negative announcements) — valid across states; ② state-dependent exclusions (many failed seals yesterday, extreme turnover yesterday) — valid only when sentiment is weakening, and should be actively down-weighted on broad up days. All 3 of today's wrong calls belong to the second type.
5. [Catalyst gap] This piece could not confirm a sector-level driver for optical communications today. Tomorrow morning's pre-market must fill this in first: ① whether any carrier centralized procurement / long-term contract pricing has landed; ② whether there are any overseas major-vendor capex or order announcements; ③ progress on FCC rules restricting imports of Chinese optical modules (this is the largest policy tail risk for this main line; its current status and date must be verified, and stale news must not be cited). With the catalyst unclear, this main line's strength score should be based primarily on money-flow criteria, not on narrative.
6. [Scheduling, change recommended] The Dragon-Tiger List is only published after 18:00, so the 15:30 recap slot can never obtain seat data. Today is yet another instance of the gap. Recommend one of two options: ① move the recap slot to after 18:30; ② keep the 15:30 main slot and add an 18:30 "Dragon-Tiger List + seats" supplementary slot. Otherwise the "Dragon-Tiger List active-seat preferences" section will be permanently empty.
7. [Event] The U.S. July CPI is released at 20:30 Beijing time on August 12 (i.e. tonight), with market expectations of 3.4% headline year-on-year and 2.5% core. Tonight's data directly affects tomorrow's opening sentiment for tech stocks and the AI hardware chain; the pre-market list must treat it as the first variable and distinguish "already priced in before the data" from "a new driver after the data."

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

Data Retrieval and Run Log (not sent to clients)

1. Root cause of today's missing pre-market list reports/a-share/2026-08-12.md does not exist. reports/run.log shows: 07:00:02 started ashare premarket, 08:30:06 terminated by TERM (the cron 90-minute timeout ceiling), and a failure alert email was sent. This is a scheduling timeout, not a skill logic problem. Recommend checking whether the pre-market skill's runtime has broken through 90 minutes due to growth in the number of sub-agents, or raising the cron timeout.

2. akshare failed broadly; a self-built channel was used to bypass it In akshare 1.18.79 this time, every interface routed through push2.eastmoney.com/api/qt/clist/get failed with ConnectionError(RemoteDisconnected), with all 6 retries dying:

• stock_zh_index_spot_em, stock_board_industry_name_em, stock_board_concept_name_em, stock_zh_a_spot_em

Root cause: that interface now resets on akshare's default UA. Requesting the same URL directly with a browser UA + Referer returns 200 immediately. A self-built /tmp/em.py (browser UA + rotation across 5 push2 hosts + 40 retries) was used to obtain all sector and single-stock data. Recommend hardening this fetcher into the repository's tooling layer rather than continuing to depend on these particular akshare interfaces.

akshare interfaces that still work (routed through push2ex or other domains): stock_zt_pool_em, stock_zt_pool_zbgc_em, stock_zt_pool_previous_em, stock_market_activity_legu, stock_zh_index_spot_sina, stock_hsgt_fund_flow_summary_em, stock_xgsglb_em.

3. Other failures

• stock_dt_pool_em does not exist as an attribute in 1.18.79 (the limit-down pool was corroborated instead with Legu's "limit-downs / true limit-downs = 0"; the conclusion is unaffected).
• stock_lhb_detail_em returned TypeError: 'NoneType' object is not subscriptable — not a failure, there is simply no data before 18:00, consistent with memory.
• The BSE 50 index (secid 0.899050) failed on all 20 retries; left blank in this piece.
• The "market-wide turnover = sum over all stocks" task timed out twice (30 pages × 200 records + retries) and was abandoned; turnover instead uses the index basis (Shanghai RMB 986.122 billion + Shenzhen RMB 1,166.301 billion = RMB 2,152.423 billion), consistent with yesterday's report basis and therefore comparable across days.

4. Two misquotations actively avoided

• A search hit stcn.com's 《 A 股三大指数集体走强 全市场成交额重回 2 万亿元上方》 ("All three A-share indices strengthen together, market-wide turnover back above RMB 2 trillion"), whose headline matched today's action closely, but verification showed it was published on 2025-12-09 and describes the 2025-12-08 session (Shanghai Composite 3924.08, 天孚通信 up nearly 19%), unrelated to today; no figures from it were used. This is an extreme case of "silent lag" — lagging by 8 months with a fully self-consistent narrative.
• Another search result claimed today had "73 limit-ups, fewer than 30% of stocks declining," inconsistent with our local closing readings (limit-up pool 92, Legu 96); judged to be midday-snapshot data and not used.

5. Data freshness cross-verified (passed) The "previous close" values returned by sina for today match yesterday's recap closing prices exactly, one by one: Shanghai Composite 3934.09, ChiNext Index 3549.16, STAR 50 1709.50, SSE 50 2929.93; and close − change = previous close is self-consistent for all four. This rules out the possibility of a "silent one-day lag."

6. New-listing contamination check performed Checking stock_xgsglb_em confirmed that N 杰理 (920138, BSE) was the only new listing today, with net main-force flow of +48 million, no material effect on sector money-flow rankings, no exclusion needed. 国仪公司 (Guoyi, 688828), 超纯应材 (Ultra Clean Materials, 301717), and 珈凯生物 (Jiakai Bio, 920165), listed on 8/11, are past their first day and do not affect today's basis.