The A-share market continued its rebound on August 5, with all three major indices climbing over 1%. Total trading volume reached 2.66 trillion yuan, returning above the 2.5 trillion yuan threshold for the first time in days, as more than 3,700 stocks advanced. The semiconductor chip sector swiftly reclaimed its leadership position, driving the market higher. The SSE STAR Chip ETF (589190), which boasts a low fee structure, saw its intraday gains exceed 7% before closing 5.85% higher, recording historic volume that reflects a rapid revival in sector sentiment. Meanwhile, the SSE STAR Information Technology ETF (159131), which focuses on the Hong Kong-listed chip supply chain, closed with gains exceeding 3%.

In a contrasting development, the "optical" sector, which surged the previous day, was hit by rumors. Reports suggested that the US Federal Communications Commission (FCC) is drafting measures to ban the import of new types of Chinese optical transceiver modules. Multiple major players, including the so-called "Yizhongtian" trio, responded that it is difficult to decouple the US-China AI infrastructure buildout, suggesting the actual impact of any potential ban would be limited. The ChiNext AI ETF (159363), which holds significant positions in optical module leaders, managed a resilient close after initially falling over 5% in early trading. Capital flows demonstrated strong confidence, with the fund receiving net subscriptions of 222 million units on the day, following a net inflow of 133 million yuan the previous session. AI applications also showed trading activity, with the Software Development ETF (159036) rising over 2% for its eighth consecutive gain.

Gold and Non-Ferrous Metals Break Out on Macro Tailwinds

Precious metals showed notable strength. As signs of easing tensions in the Strait of Hormuz emerged and inflation expectations receded, international gold prices rebounded to near the $4,200 mark. The Non-Ferrous Metals ETF (159876) surged 5.15% on a gap-up open, attracting net subscriptions of 47.4 million units, adding to the 127 million yuan it had already drawn in over the previous five trading sessions. China Securities Co., Ltd. noted that the global resonance of the technology theme continues, but cautioned that the sustainability of the rebound depends on whether trading volume can remain above the 2 trillion yuan mark and whether a rotation from hardware to application sectors occurs within the tech space.

Chip Sector Benefits from Dual Catalyst of Domestic and Overseas Demand

The semiconductor chip sector's resurgence was driven by a dual catalyst. Domestically, the sector was buoyed by strong earnings. Overseas, there are reports that South Korean tech giants Samsung Electronics and SK Hynix are planning to test chipmaking equipment from AMEC (Advanced Micro-Fabrication Equipment Inc. China) for potential use in their Chinese factories. This news triggered a re-evaluation of the "global expansion" thesis for Chinese equipment makers, as it validates the technical maturity of advanced domestic semiconductor equipment. AMEC shares surged over 12% on the day. The SSE STAR Chip ETF (589190) saw its trading volume explode to a historic high of 2.74 billion yuan, up 255% from the previous day, as the entire chip supply chain from materials and equipment to foundry strengthened.

AI Infrastructure Scrutinized, Market Awaits Clarity

The optical module sector, a key component of AI infrastructure, faced headwinds from policy uncertainty. Reports that a certain country is considering drafting a ban on the import of new optical transceiver modules led to massive volatility in the stock prices of leaders like Zhongji Innolight Co., Ltd. and Eoptolink Technology Inc., Ltd. The ChiNext AI ETF (159363) fund manager stated that the event is still in the rumor phase with no official documents released, and the short-term market reaction is likely more about emotional release. The manager advised patience, suggesting a wait for a clearer signal while noting that key catalysts may emerge around a scheduled high-level meeting at the end of September. The market is now closely watching the evolution of the situation, recognizing that the optical module sector has transitioned from a "simple problem" to a complex variable involving deep political expectations.

Non-Ferrous Metals: Multiple Catalysts Across Precious, Base, and Minor Metals

The non-ferrous metals sector is seeing a phase of structural repair driven by multiple macro catalysts. Gold prices rebounded as the risk of Middle East disruption eased and the Federal Reserve's monetary policy outlook appeared more favorable. For copper, the global supply deficit is expected to widen to 300,000 tons by 2026, according to ICSG data, while China's social inventory of electrolytic copper has fallen over 80% from its March peak. In the minor metals space, demand for molybdenum and germanium is rising, driven by AI and optics, while supply constraints, particularly for tungsten under strict production quotas, are strengthening the strategic value of these resources. The Non-Ferrous Metals ETF (159876) is positioned to capture the Beta of the entire sector, covering copper, aluminum, gold, lithium, and rare earths, and has seen strong capital inflows as it broke above its annual moving average.