On August 7th, capital flows from major institutional investors displayed a distinct divergence across A-share sectors. According to Wind data, among the 31 Shenwan first-tier industries, 15 sectors saw net capital inflows, while 16 sectors experienced net outflows.

The electronics sector was the most prominent destination for capital today, attracting a net inflow of 20.138 billion yuan, significantly higher than any other industry. Notable net inflows were also recorded in non-ferrous metals, pharmaceuticals and biotech, machinery and equipment, electrical equipment, and building materials.

Simultaneously, a divergence in capital flow emerged within the technology sector. The computer and communications industries saw net outflows of 4.976 billion yuan and 3.719 billion yuan, respectively. On an individual stock basis, Zhongji Innolight experienced a net capital outflow of 5.649 billion yuan.

Electronics Sector Attracts 20.138 Billion Yuan in Net Inflow

From the perspective of Shenwan first-tier industries, 15 sectors reported net capital inflows on August 7th, while 16 sectors reported net outflows. The sector-wise capital flows were roughly balanced in number but heavily concentrated in a few specific areas. The electronics sector led all others with a net inflow of 20.138 billion yuan, and its total turnover reached 791.473 billion yuan. The scale of net inflow into the electronics sector today exceeded the combined net inflows of the other 14 sectors that saw positive flows, highlighting a significant concentration of capital.

Following the electronics sector, the non-ferrous metals, pharmaceuticals and biotech, and machinery and equipment sectors attracted net inflows of 4.033 billion yuan, 3.786 billion yuan, and 3.137 billion yuan, respectively, ranking second through fourth. The electrical equipment and building materials sectors saw net inflows of 2.204 billion yuan and 2.079 billion yuan, respectively. These six sectors formed the main force of today's capital inflows.

Additionally, the national defense and military industry sector recorded a net inflow of 1.007 billion yuan. The basic chemicals, transportation, automotive, and building decoration sectors saw net inflows of 0.428 billion yuan, 0.306 billion yuan, 0.246 billion yuan, and 0.224 billion yuan, respectively. The banking, petroleum and petrochemical, coal, and steel sectors also experienced minor net inflows.

Capital Flow by Sector (Data Source: Wind)

On the outflow side, the computer and communications industries saw net capital outflows of 4.976 billion yuan and 3.719 billion yuan, respectively, while the media sector saw an outflow of 0.849 billion yuan. The non-bank financials, environmental protection, public utilities, and commercial trade sectors also experienced varying degrees of net outflows. Structurally, the significant capital "absorption" by the electronics sector occurred concurrently with capital outflows from the computer and communications sectors, indicating a clear divergence in trading within the technology sector.

Accelink Technologies Leads Stock-Level Inflows

At the individual stock level, an analysis of the top ten stocks by net capital inflow today reveals a clear concentration of capital towards stocks related to the electronics supply chain. Accelink Technologies Co., Ltd. led the list with a net capital inflow of 2.243 billion yuan, and its share price hit the daily upside limit. Shengyi Technology Co., Ltd. saw a net inflow of 1.646 billion yuan, with its stock price rising 12.01%. Tongguan Copper Foil Co., Ltd. attracted a net inflow of 1.467 billion yuan, and its stock price surged 16.98%, the highest gain among the top ten.

Shengyi Technology Co., Ltd. and China Rare Earth Holdings Limited recorded net capital inflows of 1.046 billion yuan and 1.009 billion yuan, respectively, with both stocks hitting their daily price limits. From the perspective of industry distribution, optical communication, printed circuit boards, and upstream materials—all part of the electronics supply chain—formed a significant portion of today's top net inflow stocks.

Top 10 Stocks by Net Capital Inflow in Shanghai and Shenzhen Markets (Data Source: Wind, excluding new listings)

Other stocks on the list also performed actively, indicating that while incremental capital was heavily concentrated in the electronics sector, it was also seeking opportunities in areas like rare earths, materials, pharmaceuticals, and new energy.

Divergence in Capital Flow for Tech Leaders Intensifies

In contrast to the generally strong performance of stocks on the net inflow list, the stock price performance of the top ten stocks by net capital outflow was mixed. Zhongji Innolight topped the net outflow list with a capital outflow of 5.649 billion yuan, and its share price fell 3.68%. Eoptolink Technology Inc., Ltd. saw a net outflow of 1.034 billion yuan, with its stock price declining 0.22%. These two optical module leaders were the most concentrated destinations for capital outflows today.

Contemporary Amperex Technology Co., Limited (CATL) and Fenghua Advanced Technology (Holding) Co., Ltd. recorded net capital outflows of 0.794 billion yuan and 0.686 billion yuan, respectively, with both stocks showing a marginal increase of 0.02%. Do-fluoride Chemicals Co., Ltd. saw a net outflow of 0.589 billion yuan, while its stock price rose 1.25%. JCET Group Co., Ltd. and Unisplendour Corporation Limited each recorded net outflows of 0.558 billion yuan, with their stock prices rising 2.48% and 0.16%, respectively.

Furthermore, ZTE Corporation saw a net capital outflow of 0.536 billion yuan, with its stock price closing flat. Hikvision Digital Technology Co., Ltd. and Midea Group Co., Ltd. recorded net outflows of 0.437 billion yuan and 0.434 billion yuan, respectively, with their stock prices falling 0.56% and 2.13%.

From an industry perspective, the net capital outflow list covered sectors such as optical modules, consumer electronics, semiconductors, communication equipment, new energy, and home appliances. However, the large outflows were primarily concentrated in a few leading technology stocks. Notably, among the top ten net outflow stocks, the majority saw their stock prices rise or remain stable while experiencing capital outflows. Stocks like CATL, Fenghua Advanced Technology, Do-fluoride Chemicals, JCET Group, and Unisplendour Corporation all posted gains, while ZTE Corporation closed flat. Today, major institutional investors did not simply withdraw from the technology sector. Instead, while increasing their allocation within the electronics industry, they rotated positions out of the computer, communications, and some previously active leading stocks. This structural divergence has become a prominent feature of the capital flow landscape.