Major A-share indices closed higher on May 6th. The Shanghai Composite Index rose 1.17%, the Shenzhen Component Index gained 2.33%, the ChiNext Index advanced 2.75%, and the STAR Market Composite Index climbed 3.75%. The STAR 50 Index surged over 9% intraday, approaching its historical high. The ChiNext Index broke through the 3,800-point level, setting a new 10-year high. Its largest constituent stock, CATL, rose nearly 7% during the session to a fresh record high, ultimately closing up over 5%. Nearly 3,900 stocks gained in the market, with over 100 hitting the daily upside limit. The combined turnover on the Shanghai and Shenzhen exchanges exceeded 3.2 trillion yuan, marking the highest level in three months.
From a sector perspective, semiconductors and the computing hardware supply chain experienced a significant rally. The computing power leasing concept saw a wave of limit-up gains, with over ten constituent stocks hitting their daily ceilings. Litong Electronics achieved its third limit-up in four days, while Dawei Technology, Dongyangguang, and Meili Cloud also surged by the 10% limit. The computing power chip concept rose rapidly, with Haiguang Information touching the 20% limit-up to set a new historical high. China Great Wall and Hesheng New Materials also reached their 10% daily limits. Cambricon rose over 14% intraday, briefly breaking through the 1,900 yuan per share barrier to set a new record, before closing with a 7.36% gain.
A-share memory chip stocks collectively strengthened. By the close, Shenzhen Longsys Electronics Co.,Ltd. and Netac Technology surged by the 20% limit. Dapu Micro gained over 19%, while Purain Shares and Biwin Storage rose more than 17%. Montage Technology advanced over 14%, with Shangluo Electronics and Shannon芯创 both up over 11%. China Electric, Cheng Bang, Tongfu Microelectronics, Guanghe Technology, Gigadevice Semiconductor Inc., Yingxin Development, Demingli, and Hangjin Technology all hit the 10% daily limit.
The commercial aerospace concept was also active, with Western Materials and Runbei Aerospace both securing their second consecutive limit-up days. The copper foil sector moved higher, with Defu Technology and Taijin New Energy rising by the 20% limit, and Hailiang shares hitting the 10% limit. The battery sector continued its upward trend in the afternoon session. CATL gained over 5% after rising nearly 7% intraday to a new peak. Rongbai Technology rose nearly 10%, while Fengyuan shares and Weilann Lithium芯 hit the daily limit.
On the downside, oil and gas stocks collectively adjusted. Zhongman Petroleum, CNOOC, and Keli shares declined. This movement followed a drop in international oil prices on May 6th, with both WTI crude and ICE Brent crude falling nearly 2%.
Most Hong Kong-listed technology stocks traded higher, with Baidu and Semiconductor Manufacturing International Corporation (SMIC) both rising over 5%. Semiconductor and chip stocks also posted significant gains. By 15:13, Huahong Semiconductor was up nearly 9%, Montage Technology gained nearly 15%, GigaDevice jumped over 12%, and Tianshu Zhixin advanced nearly 4%.
According to analysis from Guojin Securities, a golden era for domestic computing power has begun, where usable computing power itself is the most critical asset amid supply constraints. Since the beginning of the year, CPU, cloud services, and computing power leasing have all entered a price increase cycle, indicating widespread inflation across the computing power chain and validating the depth of the shortage amid exploding demand. For domestic chips, major manufacturers are accelerating adaptations, driven by explosive demand and improving supply. For domestic server racks, shipments of super nodes are enhancing both the competitive landscape and profit margins for ODM assembly manufacturers. In cloud computing, model invocations are inflating demand, with token usage explosions prompting major cloud providers to prioritize price hikes, which third-party providers are following. For computing power leasing, usable computing power is the core scarce asset, and the commercial ROI for leasing providers is accelerating under the dual confirmation of demand explosion and accelerating performance. For AIDC, capital expenditures from major domestic and international manufacturers have significantly increased, with expectations for the computing power supply chain to enter a price increase cycle as supply diversifies.
Huayuan Securities holds a similar view, stating that domestic AI large models are entering a period of accelerated development, which is expected to drive growth in the market size and penetration rate of domestic computing power. The firm remains optimistic about the high growth prospects of the domestic computing power sector and recommends focusing on opportunities in related areas such as domestic chips, CPUs, ODM manufacturers, IDCs, and components.