On May 11, A-shares extended gains: the Shanghai Composite Index closed at 4,225 points, up 1.08%, hitting a new high since July 2015; the ChiNext Index rose 3.5% and the STAR 50 index set a record high, with trading volume exceeding RMB 3 trillion for four consecutive days amid active market sentiment. Technology stocks were the core driver, led by AI computing, optical modules, semiconductors and new energy sectors; leaders like Innovance surged as capital focused on high-growth themes. Policy tailwinds continued: the State Council’s legislative plan advanced AI and capital market institutional building, while the PBOC maintained moderately accommodative liquidity, supporting the market. Analysts attribute A-share strength to economic recovery expectations, policy support and global tech stock linkage; momentum may persist near term, but caution is needed amid rotation and divergence risks, focusing on earnings delivery and policy implementation.