2026-07-18-Astronomical 2.6 Trillion Volume Long Liquidation: Core Tech Shaken Out in Giant Volatility; High-Dividend Power Sector Builds Safe Haven

📊 Market Snapshot

• Shanghai Composite (SSE): 3764.15 (-3.05%)

• Total Market Turnover: 26549.59亿

• Advance / Decline: 482 / 5000

• Limit-Up / Limit-Down / Failed Board: 33 / 192 / 10

🔍 Top 20 Stocks by Turnover

🏆 Concept Sector Analysis

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Top Gainers Within Each Sector

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💥 Limit-Up Stocks

💔 Failed Limit-Up Stocks

🚀 Dragon-Tiger Board

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⭐ Key Stock Watchlist

High-Volume Momentum Pool

Hot Limit-Up Pool

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🤖 AI Deep Analysis & Insights

🚩 Market Sentiment Diagnosis

• Phase Definition: Plunge on astronomical volume, high-level panic long liquidation phase. Today, the Shanghai Composite Index plummeted 3.05%, and the total market turnover surged to a historic high of RMB 2.65 trillion. Under such massive volume, the market experienced an extreme broad-based sell-off with a gainer-to-loser ratio of nearly 1:10 (482 gainers / 5,000 losers), and the number of limit-down stocks surged to 192. This indicates that the current drop is not a low-volume grinding decline, but rather a liquidity stampede triggered by the resonance of high-level profit-taking, institutional portfolio rebalancing, and leveraged capital.
• Sentiment Assessment: The profit-making effect has severely contracted, limited to only a very few highly crowded monster stocks and high-dividend defensive sectors. Conversely, the loss-making effect expanded explosively. The previously stellar large-capacity core technology plays (AI, semiconductors) became the hardest-hit areas of indiscriminate dumping, and the market’s high-level positioning structure has been severely damaged.

💰 Core Mainlines and Capital Flows

• Mainline Assessment:
  • Hardest-Hit Area (Distribution Mainline): AI hardware, optical modules, and semiconductor concepts represented by Zhongji Innolight (RMB 56.4 billion), Eoptolink (RMB 37.4 billion), and GigaDevice (RMB 32.1 billion). Among the top 20 stocks by turnover, tech stocks plummeted across the board or hit their limit-down thresholds, collectively draining tens of billions in liquidity. This reflects that major capital from mutual funds and hot money is conducting phased “profit-taking” and fleeing the market.
  • Defensive Mainline (Capital-Attracting Sector): The power sector surged against the market trend. Within the limit-up pool, over ten power stocks including Lixin Energy, Leshan Electric Power, Huayin Electric Power, Guiguan Electric Power, and Shenzhen Nanshan Power A hit limit-up. Against the backdrop of the plunging index and bleeding tech sector, capital rushed frantically into utilities (power) for defensive hedging, drawn by their high-dividend and stable cash flow attributes.
• Style Judgment: Market style shifted rapidly from “aggressive tech offense” to “extreme defense and micro-cap clustering.” Heavyweights failed to defend the market (large-cap stocks suffered the heaviest dumping), tech themes completely receded, and the market has lost its high-tolerance mainlines in the short term.

🪜 Consecutive Limit-Up Hierarchy and Spatial Play

• Consecutive Limit-Up Hierarchy:
  • 5-Session Limit-Up: Yunchuang-Delisted (speculation on delisting stocks, which is dead-end speculation and has no positive driving effect on the market).
  • 4-Session Limit-Up: Aiai Technology (6 limit-ups in 7 days), currently the de facto highest benchmark in the market, representing the clustered monster stock attributes of micro-cap and small-cap names.
  • 3-Session Limit-Up: Heungkong Holding (Real Estate), Zhidu Shares (Advertising), Zhejiang Meida (Kitchen Appliances).
  • 2-Session Limit-Up: Lixin Energy (Power Leader), Xingwang Yuda (Aerospace), Zhenbaodao (Traditional Chinese Medicine), Daoming Optics (Plastics).
• Failed Limit-Up Pool Analysis: The number of failed limit-ups was only 10. On the surface, the failed limit-up rate seems low, but this is because the bearish forces were too dominant; a vast number of stocks could not even touch their limit-up price, or were locked limit-down straight from negative territory (192 limit-down stocks). The failed limit-ups of Hayao (after achieving 5 limit-ups in 6 days) and Xianfeng Holding signal that the catch-up drop risk for mid-tier strong stocks is starting to be released, and capital willingness to chase rallies is extremely low.

⚡ Key Stock Movement Analysis

• GigaDevice (603986): Turnover of RMB 32.122 billion, limit-down. As a leading semiconductor design firm, its limit-down is highly bellwether in nature. After a massive prior rally, tech stocks are facing pressures from either the falsification of an industry cyclical recovery or profit-taking by major capital. This limit-down on giant volume signals the establishment of a short-term peak for the semiconductor sector.
• Dongshan Precision (002384): Turnover of RMB 26.774 billion, limit-down. Representing the Apple supply chain and core PCB segment, as a previously resilient name, its limit-down today via a catch-up decline indicates that the laggard drop of strong stocks has reached a fever pitch, with no strong sector spared.
• ZTE Corporation (000063): Turnover of RMB 12.871 billion, limit-down. As a leading equipment supplier for the three major telecom operators and a computing power infrastructure giant, ZTE’s limit-down reflects indiscriminate selling by mutual funds under a stalling market index, with large-cap tech stocks severely bleeding liquidity in the short term.

🧭 Next-Day Trading Strategy Suggestions

• Observation Points for Tomorrow:
  1. Whether large-cap tech stocks can stem their decline on shrinking volume: Monitor whether the trading volumes of Zhongji Innolight and Eoptolink tomorrow can contract to about 1/3 of today’s levels. Only volume contraction can offer a chance of stabilization.
  2. Sustainability of the power sector: Power stocks hit limit-up in batches today, representing an extreme release of risk-off sentiment. If the power sector surges and then pulls back tomorrow, one must guard against catch-up drops; if it continues to strengthen, the broader index will likely remain weak.
• Trading Stance: Wait and see, manage exposure to hedge risks. We are currently in the initial phase of a sharp drop on a giant bearish candlestick, and blindly buying the dip can easily trap investors. It is recommended to reduce overall positions to below 30%, and patiently wait for stabilization signals after the market sentiment hits freezing point.
• Specific Stock Actionable Suggestions:
  • Core Tech (e.g., Zhongji Innolight, GigaDevice): Suggest Wait-and-see. Do not blindly engage in left-side bottom fishing; patiently wait for right-side stabilization signals on rock-bottom volume.
  • High-Tier Consecutive Limit-Up Stocks (e.g., Aiai Technology): Suggest partial profit-taking / wait-and-see. Highly crowded high-level stocks could face dumping from catch-up drops at any time as the broader market tide recedes; it is not advisable to enter now.
  • Defensive Power Stocks: Suggest taking profits on rallies. Chasing high-level power plays tomorrow is not recommended; guard against safe-haven capital rotating out in reverse once the index stabilizes.

注：

1. 数据来源：AKShare。
2. 本文由AI辅助生成，旨在提供市场洞察和数据分析，非投资建议。
3. 声明：投资有风险，入市需谨慎。本文内容仅供参考，不构成任何投资建议或推荐。请根据自身情况做出独立判断。