How should we view the A-share market performance on August 6, 2025?

Banks currently lack high-quality projects for lending, as their traditional major borrowers—real estate developers and local government financing vehicles—have weakened. The newly issued guidance urges banks to vigorously support industrial upgrading and encourages them to extend more loans to manufacturing enterprises. Potential measures include fiscal interest subsidies combined with low-cost funding provided by the central bank, making loans more attractive to enterprises and thereby stimulating loan demand. The dominant theme for August, as previously noted, will largely follow U.S. equities—specifically AI computing hardware and AI applications. The guidance explicitly highlights long-term loan support for digital infrastructure such as 5G networks, industrial internet platforms, and computing centers, as well as long-term financing for critical technology breakthroughs in integrated circuits, industrial machine tools, servers, and foundational software. More notably, an OpenAI engineer posted late at night suggesting this week will be "very exciting," hinting that GPT-5 may launch imminently. Market funds are intensely focused on this possibility; if GPT-5 is indeed released, it would serve as a powerful catalyst for the AI application sector. In AI computing hardware, CPO (co-packaged optics) and PCB stocks are consolidating near highs, while liquid cooling and power supply segments have drawn fresh capital and appear relatively active. Compared with other computing hardware subsectors, liquid-cooling-related stocks remain at relatively lower valuations and price levels—making them attractive candidates for catch-up gains amid funds’ search for undervalued opportunities. Additionally, the General Office of the State Council has issued a notice stating that tuition and childcare fees for senior kindergarten classes in public kindergartens will be gradually waived; private kindergartens may offset part of these costs. This policy may eventually extend to junior and middle kindergarten classes. Fiscal support will cover not only tuition but also teachers’ salaries. The cost of waiving these fees—and earlier birth subsidy programs (approximately RMB 100 billion)—could be offset by reinstating certain temporarily suspended taxes, such as VAT on treasury bond and financial instrument interest income, or potentially future levies like taxes on overseas stock trading profits and institutional fund dividend income. We caution job seekers: avoid small fund management firms primarily focused on bonds, as they face heightened policy-related risks. The industries implicated by these two policies are likely to attract rapid buying from algorithmic (quantitative) trading strategies tomorrow. However, today’s market turnover reached a staggering RMB 1.6 trillion—a record volume. Even abundant liquidity cannot sustain simultaneous sharp rallies across all positively impacted sectors; some profit-taking after upward moves is inevitable. Therefore, investors are advised against impulsive chasing of highs. Those holding related stocks should assess both individual stock performance and overall sector strength, and act flexibly. Over the past few years, the global chemical industry has undergone deep structural adjustments and faced severe hardship. International giants such as Dow and BASF saw their share prices slashed—some nearly “ankle-cut” (down ~90%) or “waist-cut” (down ~50%). Similarly, representative A-share chemical indices peaked in 2021 and subsequently plunged close to “ankle-cut” levels at their worst; they currently hover near “waist-cut” territory. This bleak situation stems from two core factors: first, widespread overcapacity expansion in prior years led to a concentrated surge in supply far exceeding demand; second, sharp increases in key energy and raw material prices—including crude oil, coal, and natural gas—significantly raised production costs, severely compressing corporate profit margins. Yet deep corrections often sow the seeds of reversal. Currently, the adverse factors suppressing the industry are easing at the margin. Prolonged downturns have drastically reduced expansion ambitions among industry leaders, leading to more cautious capital expenditures. Meanwhile, efforts to phase out outdated capacity have intensified—helping alleviate supply glut pressures.

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Then he spoke: 'Mr. Tao Chengdao, would you be interested in transforming the world?' 3. Lin Shuyan was jolted awake by an urgent piece of music—the classic rock song 'Free Bird.' Ever since setting it as his alarm, he’d grown to dislike the track. It was his Monday team meeting reminder. A week had passed since that live-streamed cross-platform call, and the company’s senior management still hadn’t decided how to handle Lin Shuyan. For now, they’d placed him on temporary leave and banned him from any further public statements. Lin Shuyan switched off the alarm. His screen displayed '99+' unread messages—he felt a headache coming on, and briefly considered going back to sleep. His phone flashed again, delivering a new message: 'This video’s hilarious—take a look.' It was from a colleague. Lin Shuyan opened the video: a penguin avatar with an anime-style head, oddly unsettling. The penguin twitched grotesquely a few times, then suddenly shrieked in a shrill voice: 'Why did you fire your executives outright?! That’s not how you use AI! You’re supposed to fire frontline staff first, then slap the word “AI” onto your product name, declare you’ve “embraced AI,” make next quarter’s financial reports look prettier, and finally—right on schedule—sell your shares en masse and bail out! Why jump straight to firing executives?! That’s NOT how AI works—I refuse to accept it! Goo—goo! Ga—ga!!!' Lin burst out laughing at the absurdity—then, still chuckling, clicked on another video his colleague had sent: a clip from Tao Chengdao’s press conference. Just one day after Lin’s cross-platform call, Tao Intelligent announced its formal acquisition of Bowing Company and filed the relevant reports with regulatory authorities. That same evening, they held a live-streamed press conference revealing full details—including the financing plan. Lin had watched fragments of that conference intermittently. Tao Chengdao’s speech was electrifying, peppered with memorable lines. Two phrases stuck most vividly in Lin’s mind: 'History will remember this moment,' and 'The singularity has arrived—we’re boarding the train.' Regarding Bowing Company, Tao Chengdao declared he would eliminate all administrative overhead, dismiss every executive, and sell Bowing’s headquarters building. 'The companies of the future won’t need executives—this is an evolution in business models.' That, too, was one of Tao Chengdao’s declarations during the event. Thanks to that press conference, market reaction proved even more frenzied than Lin had anticipated: Bowing and Tao Intelligent’s stock prices soared, the entire market became emotionally charged, and numerous firms rushed to announce AI-driven decision-making initiatives—fearing they’d miss the party. Some merely rebranded, yet still saw their share prices skyrocket. 'So—the singularity has truly arrived? Should I buy some stock too? Would that constitute insider trading now?' Lin knew certain confidential details: the two companies had already held private talks. This acquisition was mutually beneficial, and many viewed it as an ideal exit opportunity. Its execution now hinged only on timing and procedural details. Lin recalled last night’s dream—the day he’d first joined Bowing Company, seventeen years ago. 'That day… was it sunny?' 4. It was the best of times, it was the worst of times; some ascended directly to heaven, others descended straight into hell. For Zhou Yuan, this truly was the best of times—a time when no talent would ever go unrecognized. Zhou Yuan, dubbed a 'super-individual' of the AI era, had formerly worked as a data analyst. Yet his humanities background left him ill-suited to corporate life. When AI began disrupting his industry, he chose to resign voluntarily.

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