[20260728 Market Volatility Commentary]

English summary

[Celebrate] Today A-share market continued to fluctuate, with overseas liquidity expectations and concerns over AI capital return rates jointly suppressing risk appetite. At today's close, the Shanghai Composite Index, CSI 300, and ChiNext Index changed by -1.24%, -2.85%, and -7.35% respectively. Total A-share turnover was approximately 2.04 trillion RMB, down 50 billion RMB from the previous trading day; 2,601 companies rose and 2,765 fell. Current market volatility is more driven by external narratives and crowded trade adjustments, and we have not yet seen further deterioration in domestic fundamental expectations. [Firecracker] The AI trade is shifting from 'continuous capex expansion' to 'whether capital return rates can be realized'. According to Yicai, Nvidia's recently disclosed infrastructure cooperation includes a partnership with SK Group exceeding $500 billion, and plans to spend up to $250 billion to assist OpenAI in leasing computing power, reigniting market concerns over revolving financing, supplier financing, and AI investment returns. Overnight, US tech continued high-to-low switching, with storage, optical communications, and computing power all falling sharply. ...