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A trading volume of three trillion yuan and a historic surge in technology stocks have resulted in an exceptionally brutal "partial celebration." Across the entire market, more than 3,700 individual stocks were battered, with Kweichow Moutai Co., Ltd. hitting fresh lows once again. This is not a bull market in any conventional sense; it is a ruthless massacre by tech capital against traditional value investing. Veteran investors have completely capitulated today.

311.4 billion yuan! An increase of 27.7 billion! The A-share market continued its revelry within a super-sized volume exceeding three trillion yuan. The Shanghai Composite Index rose 0.4%, the ChiNext Index surged 1.56%, and the STAR 50 Index skyrocketed a staggering 4.69%!

However, this immense prosperity is, in fact, an extremely cruel "partial bull market"—astonishingly, over 3,700 stocks across the entire market were in decline.

Traditional Sectors in Full Retreat, Consumption Crowded Out by AI

In simple terms, traditional investors have completely thrown in the towel today.

The bastion of traditional value investing, Kweichow Moutai Co., Ltd., hit new lows again, and pro-cyclical sectors suffered a comprehensive rout. The capital markets are now frenetically illustrating a harsh reality: in one dimension, the economic structures of China and the United States are displaying a startlingly similar pattern.

That pattern is: while AI is experiencing frenzied development, it is actively and significantly crowding out traditional consumption, simultaneously suppressing the confidence of ordinary consumers across the board.

All the money is being sucked into technology. No one cares about the macro narrative or traditional consumption anymore.

No Spring Thaw for Property, Building Materials Are All AI

Today, a friend posted a puzzled question in a group chat: "Why have building materials stocks risen so much? Could there be some major development or policy coming for the property sector?"

The response was immediate silence after a glance at the property development sector, which continued to hit new historic lows following a brief, false spring.

Upon closer inspection of the building materials sector, it became clear that today's big gainers were not cement or aggregates at all. They were all electronic cloth and glass substrates! The so-called rebound was just another disguise.

It turns out, anything that can rise, once stripped of its outer layer, is wearing AI underneath.

Anti-Internal Competition Hammers Food Delivery, Carmakers Still Dragging Feet

Another major story today came from the internet sector.

The State Administration for Market Regulation released the "Ten Provisions on Regulating Subsidy Behaviors on Food Delivery Platforms (Draft for Comments)," striking a heavy blow against cutthroat internal competition. Meituan, Taobao Quick Purchase, and JD.com's delivery service moved in unison, successively stating their positions: resolute support, earnest study, and active cooperation.

Stop the internal competition. Really, just stop. It's high time to remove the label of a certain technology index; being constantly mocked as the "food delivery index" is frustrating enough. This is especially true when followed by a group of new car-making forces still engaged in price wars and dragging each other down...

Tech's Unbridled Rise: Can't Exactly Issue a Surrender Demand

Tonight, the speculative stocks related to electronic cloth and glass substrates finally couldn't sit still.

Multiple popular stocks, including Honghe Technology Co., Ltd., China Jushi Co., Ltd., Sinoma Science & Technology Co., Ltd., Xingsen Technology Co., Ltd., and WolGem Photoelectricity Co., Ltd., collectively issued announcements after market hours, swiftly clarifying their business operations and highlighting risks.

One stock was suspended just yesterday, and today a whole slew rushed out to warn of risks. Indeed, the rise of tech stocks in recent days has been somewhat lawless, even reminiscent of a historical figure holding power alone.

But in a market with no clear theme besides AI, what else can capital do? It can hardly follow the example of a certain strategist and issue a letter demanding surrender to the frenzied tech bulls at this moment, can it?

Risk accumulates as prices rise, yet without AI, the current A-share market might struggle to muster even this three-trillion-yuan trading volume.

In truth, this is not a comprehensive bull market at all. It is a massive tech gamble advancing over the corpses of 3,700 companies. Some are paying the bill within the three-trillion-yuan frenzy, others are suffocating at the AI feast, while the old era belonging to traditional investors is accelerating its curtain call without so much as a farewell.

Meeting adjourned!