The market experienced a day of volatile adjustments, with the ChiNext Index leading the losses. The total trading volume on the Shanghai and Shenzhen stock exchanges reached 998.9 billion yuan, a decrease of 11 billion yuan from the previous trading day. On the futures market, market hot topics were rather scattered, with the number of rising and falling stocks being roughly equal. In terms of sectors, pesticide and chemical stocks surged in the afternoon, with multiple stocks such as China Agri-United hitting the daily limit. New consumption stocks collectively strengthened, with the beverage and IP economy sectors leading the gains, and multiple stocks such as Juneyao Health hitting the daily limit. Pharmaceutical stocks also surged temporarily, with Hwasun Pharmaceutical hitting the daily limit. On the downside, robot concept stocks adjusted, with multiple stocks such as Lead Harmonic Drives falling more than 5%. By the close, the Shanghai Composite Index fell 0.18%, the Shenzhen Component Index fell 0.61%, and the ChiNext Index fell 0.68%. Sector-wise Among the sectors, new consumption concept stocks became active again, with food and beverage concept stocks leading the gains. Multiple stocks such as Kuaijishan, Quanyangquan, Jinfeng Liquor, Youyou Food, Jiaoda Angli, and Xiwang Food hit the daily limit. Pacific Securities believes that consumption channels and habits for mass-market products have changed, with discount stores, snack variety stores, membership supermarkets, and other channels that offer cost-effectiveness, efficiency, and careful product selection becoming mainstream. According to disclosed data, both Mingming Henmang and Wanchen Group have reached 14,000 stores each. Meanwhile, Sam's Club plans to open eight new stores by 2025, bringing the total to 60, and expand into third-tier cities. Traditional supermarket chain Yonghui is also accelerating its restructuring and transformation. From a category perspective, emotional consumption, cost-effectiveness, and health have gradually become key factors for the success of major products. Kuaijishan has launched rice wine sparkling water, while Bairun shares have introduced a new cost-effective blended whisky product to meet the low-alcohol and low-threshold drinking needs of young consumers. Therefore, more attention should be paid to new consumption stocks or segments such as snacks, new beverages, and health concepts in the future. Pesticide stocks surged rapidly in the afternoon, with multiple stocks such as Sinoflag, Hailir, Guangxin Agrochemical, Lier Chemical, and Meibang shares hitting the daily limit. On the news front, an explosion occurred in a workshop of Shandong Gaomi Youdao Chemical, drawing market attention to substitute enterprises for pesticide products led by chlorantraniliprole. In a recent research report, Kaiyuan Chemical stated that disruptions in overseas glyphosate capacity supply, coupled with anti-cut-throat competition efforts in the domestic glyphosate industry, will help improve the competitive landscape and enhance the market share of leading companies. This is expected to strengthen the bargaining power of glyphosate producers in the industry chain and improve their sustained profitability. Additionally, after a prolonged period of consolidation, glyphosate stocks have shown obvious valuation advantages, which can also be seen as an attempt by funds to rotate between high and low valuations amid hot topic rotations. However, after the collective surge, there may be some differentiation, with a focus on active front-runners with good trends. Individual Stocks Perspective In terms of individual stocks, short-term sentiment continued to improve today, with all 10 consecutive limit-up stocks from the previous trading session closing in the green, boasting an impressive 80% advancement rate. Additionally, previously popular stocks such as Three Gorges A, Zhongchao Holdings, Suzhou Longjie, and Youfu Co. also attracted capital inflows and hit the limit-up. Currently, the clustering of high-momentum stocks has played a positive role in boosting overall market sentiment and partially improved the sustainability of hot themes. However, the broader market has yet to stop falling and stabilize, and at the current level, there isn't sufficient incremental capital to absorb these high-momentum stocks. Should the clustering loosen further, it could lead to a second wave of short-term sentiment ebbing. Another point to note is the persistent weakness in some tech heavyweights recently. For instance, Cambricon dropped over 5% today, while Xinyisheng, Huadian Power, Sanhua Intelligent Control, and Zhongji Innolight also showed signs of high-volume declines. As traditionally high-beta sectors, tech stocks serve as a barometer for market sentiment. For the market to genuinely strengthen, tech stocks may remain an unavoidable direction during any rebound. Market Outlook The market adjusted with volatility throughout the day, with the three major indices closing slightly lower again, and the total trading volume falling below 100 billion. From an index perspective, if the market fails to reclaim the 5-day moving average, the short-term outlook remains a downward consolidation structure. However, from a thematic speculation angle, short-term market activity persists. High-momentum stocks in recent hot themes like controlled nuclear fusion, new consumption, and innovative pharmaceuticals mostly maintained favorable profit effects, validating the view that "structural opportunities still exist in the short-term market under capital clustering." Yet, it's worth noting that these themes have accumulated significant profit-taking pressure after repeated plays. Should short-term sentiment weaken again due to prolonged index adjustments, caution is warranted against potential further declines in high-momentum clustered stocks. Market Highlights 1. State Council Anti-Monopoly and Anti-Unfair Competition Committee Expert Advisory Group Holds Meeting: Comprehensive Crackdown on "Cut-Throat Competition" Caixin, May 27 — The plenary meeting of the State Council Anti-Monopoly and Anti-Unfair Competition Committee Expert Advisory Group was held in Beijing. Meng Yang, member of the Party Leadership Group and Deputy Director of the State Administration for Market Regulation, attended and delivered a speech. Luo Wen, Secretary of the Party Leadership Group, Director of the State Administration for Market Regulation, and Deputy Director of the Committee, emphasized that the expert advisory group must firmly adhere to the correct political direction, focus on new challenges in fair competition governance, conduct forward-looking and targeted research, provide robust support for the Committee's decision-making, and contribute to building a unified national market and promoting high-quality development. The meeting emphasized the need to closely focus on the work arrangements of the committee, and key tasks such as accelerating the construction of a unified national market, comprehensively addressing "cut-throat competition", and strengthening competition supervision and law enforcement. It urged active commitment and proactive action to better fulfill the responsibilities of the expert advisory group and contribute wisdom and strength to enhancing the capacity for fair competition governance and maintaining a fair and competitive market order. Wang Tiehan, the Anti-Monopoly Commissioner of the State Administration for Market Regulation, chaired the meeting. 2. Several wealth management subsidiaries of banks are applying to join the Insurance Asset Management Association of China Cailian Press, May 27 - Cailian Press reporters have confirmed from multiple sources that several wealth management subsidiaries of banks are currently applying for membership in the Insurance Asset Management Association of China, and some institutions have already completed the membership application process. Several executives from wealth management subsidiaries revealed to reporters that, as planned, all wealth management subsidiaries of banks will join the Insurance Asset Management Association of China. Subsequently, the Insurance Asset Management Association of China is expected to be renamed, becoming an industry self-regulatory organization covering the entire banking and insurance asset management industry.

The market experienced a volatile and divergent session throughout the day, with the three major indices showing mixed performance. The combined trading volume of the Shanghai and Shenzhen markets reached 1.17 trillion yuan, up 147.2 billion yuan from the previous session. On the futures market, market hot topics rotated rapidly, with more stocks rising than falling, and over 3,400 stocks across the market advanced. By sector, robotics concept stocks surged again, with more than 10 stocks, including Jinggong Technology, hitting the daily limit. Computing power concept stocks staged a rebound, with Hongbo Co., Ltd. and others hitting the daily limit. Huawei concept stocks were active, with Changshan Beiming hitting the daily limit. On the downside, bank stocks collectively adjusted, with Huaxia Bank falling over 8%. At the close, the Shanghai Composite Index fell 0.23%, the Shenzhen Component Index rose 0.51%, and the ChiNext Index gained 0.83%. By Sector In the sector, robotics concept stocks surged across the board, with Daye Co., Ltd., South China Precision, Xiangxin Technology, Nanjing Chemical Fiber, and Jinggong Technology hitting the daily limit. On the news front, the Ministry of Industry and Information Technology (MIIT) recently stated that humanoid robots are advanced carriers of artificial intelligence empowering new-type industrialization, and will promote the innovative development of the humanoid robot industry, driving the development of the artificial intelligence industry through the small entry point of humanoid robots, and empowering new-type industrialization at a high level. From a market perspective, today's robotics speculation focused on sub-sectors such as exoskeleton robots, reducers, and motors, while the previously hottest PEEK materials showed divergence. It is expected that this round of robotics rebound will still be dominated by rotational upward movement, and opportunities for low-position catch-up can still be sought. Computing power concept stocks staged a rebound, with Hongbo Co., Ltd. hitting the daily limit for four consecutive sessions, and Changshan Beiming, Zhewen Internet, Chaoxun Communication, and Hubei Broadcasting & Television hitting the daily limit, while Yakang Co., Ltd. and Digital China led the gains. On the news front, the "Key Points of Work for Promoting the Healthy and High-Quality Development of the Private Economy in Beijing in 2025" was recently released. It proposed that Beijing will support private enterprises in building intelligent computing centers, and provide support to enterprises that purchase domestically controllable GPU chips for intelligent computing services based on a certain proportion of their investment. In addition, according to the recent intensive disclosure of 2024 annual reports and 2025 first-quarter reports by listed companies, the performance of companies related to the AI computing power industry mostly showed good performance, confirming that the industry maintains a high prosperity state. After continuous consolidation, both the valuation of related stocks and the accumulation of chips have been relatively sufficient, and the repair opportunities for stocks with better performance and relatively low positions can still be followed up. By Stock At the stock level, the overall market's money-making effect is still slowly improving, with over 100 stocks rising more than 9% today. However, it should be noted that in the process of the alternation of old and new cycles, stocks showed a clear switch between high and low positions. Some previously high-position popular stocks have successively retreated, such as BBK, Anji Food, Tianyuan Co., Ltd., and Hongqiang Co., Ltd., all hitting the daily limit, while Maoye Commercial, the highest consecutive daily limit stock yesterday, also fell sharply after hitting the daily limit. The technology growth direction represented by TMT has strengthened again. Computing power stock Hongbo Co., Ltd. advanced to four consecutive daily limits, PEEK material concept stock Zhongxin Fluoride hit the daily limit again for five daily limits in seven sessions, and capacity targets such as Tuowei Information, Inspur Information, Wolong Electric Drive, Shuanglin Co., Ltd., and Daily Interactive also saw capital inflows. Whether these technology growth directions can continue to show continuity remains the focus of the market after the holiday. Post-Market Analysis Today, the market continued its volatile and divergent trend, with the three major indices ultimately showing mixed performance. However, it is worth noting that the trading volume of the two markets has increased to a certain extent compared to the previous few days, reflecting the market's confidence in the post-holiday market, and more importantly, it can be seen as a position adjustment for the future market. With the end of the April earnings season, the market's concerns about the performance of the technology sector have "landed," and the technology growth style is expected to return again. Therefore, today's two core directions of robotics and AI both showed signs of large-scale capital inflows. The feedback of the technology stock direction after the holiday may, to a certain extent, determine the overall strength of the market. If it can continue to show a money-making effect, it may attract more incremental capital inflows, and short-term speculation sentiment is expected to be more active. If it continues to fluctuate, the future market is expected to continue to rotate around the three major directions of technology growth, large consumption, and dividends, and grasping the rhythm is still key. Market News Focus 1. China's April Manufacturing PMI at 49%, Down 1.5 Percentage Points MoM Cailian Press, April 30. The China Federation of Logistics & Purchasing and the National Bureau of Statistics (NBS) Service Industry Survey Center today (30th) released China's Purchasing Managers' Index (PMI) for April. Affected by factors such as drastic changes in the external environment, the manufacturing PMI in April pulled back MoM, but related industries such as high-tech manufacturing continued to expand, and the production and operation of manufacturing enterprises mainly engaged in domestic sales remained generally stable. China's manufacturing PMI in April was 49%, down 1.5 percentage points MoM. From the perspective of key industries, the demand for new momentum remained stable and increased overall, and domestic market demand maintained good growth. The PMI of high-tech manufacturing in April was 51.5%, significantly higher than the overall manufacturing level, continuing a good development trend. The new orders index of consumer goods manufacturing also stood at the 50% critical point, indicating that the domestic market demand for consumer goods manufacturing was well released. From the perspective of enterprise expectations, the production and operation activity expectation index in April was 52.1%, continuing to be in the expansion territory. From the perspective of the non-manufacturing sector, the non-manufacturing sector continued to expand overall, with investment, consumption, and new momentum-related activities showing positive performance. The business activity index of the service sector in April was 50.1%, down 0.2 percentage points MoM, still above the critical point. Among them, residents' tourism and leisure-related activities performed well, and information service-related industries remained active. 2. Silicon Industry Branch: Few Transactions in the Polysilicon Spot Market This Week, Prices Gradually Loosened Cailian Press, April 30. According to the Silicon Industry Branch of the China Nonferrous Metals Industry Association, there were few transactions in the polysilicon spot market this week, and prices gradually loosened. The transaction price range of n-type recharging polysilicon was 37,000-45,000 yuan/mt, with an average transaction price of 39,200 yuan/mt, down 2.73% MoM; the transaction price range of n-type granular polysilicon was 36,000-38,000 yuan/mt, with an average transaction price of 37,000 yuan/mt, down 2.63% MoM; the transaction price range of p-type polysilicon was 31,000-35,000 yuan/mt, with an average transaction price of 32,300 yuan/mt, down 2.12% MoM. So far, all polysilicon enterprises in production in China are basically in a state of reduced load operation. It is expected that polysilicon production in May will continue to be maintained at around 100,000 mt, but the production schedule of polysilicon enterprises this month is highly uncertain.

The market jumped initially and then pulled back throughout the day, with the three major indices showing mixed changes. Among the stocks that hit the upper limit yesterday, only 3 advanced, while 2 hit the lower limit. The total turnover of the Shanghai and Shenzhen markets reached 1.11 trillion yuan, up 4.55 billion yuan from the previous trading day. On the futures market, the hot topics were scattered, with more stocks rising than falling, and over 2,800 stocks gaining across the market. By sector, power stocks collectively surged, with more than 10 stocks, including Xichang Electric Power, hitting the upper limit. Computing power stocks rebounded, with Tuowei Information hitting the upper limit. The unified market concept stocks once surged, with Changlian Shares hitting the upper limit. On the downside, high-position stocks fell sharply again, with Guofang Group and others hitting the lower limit. At the close, the Shanghai Composite Index fell 0.07%, the Shenzhen Component Index rose 0.39%, and the ChiNext Index rose 0.59%. By Sector On the sector front, the power sector continued its strong performance, with Jiuzhou Group, Huayin Electric Power, Changyuan Electric Power, Hunan Development, Xichang Electric Power, Mingxing Electric Power, and Shaoneng Shares all hitting the upper limit. On the news front, data released today by the National Energy Administration showed that in Q1 this year, China's wind and PV power generation added a combined 74.33 million kW of new installations, bringing the cumulative installed capacity to 1.482 billion kW, surpassing thermal power for the first time. Institutional research reports pointed out that with the introduction of new energy market entry policies, the industry is expected to see four positive developments: stabilization of expected returns, improvement of existing projects, increase in new scale, and resumption of mergers and acquisitions, as well as increased industry concentration. It is recommended to focus on leading enterprises and regional targets with poor or rapidly declining electricity prices. However, it should be noted that the current leading power stocks are relatively speculative, and with the overall sector's full-scale breakout today, some mid-to-lower-tier stocks also showed accelerated gains, which could be seen as a short-term climax signal. It is expected that the divergence in the power sector will intensify next week. The tourism sector strengthened again, with Tianfu Culture & Tourism and Three Gorges Tourism hitting the upper limit, while Zhongxin Tourism, Xi'an Tourism, Guilin Tourism, and Nanjing Commercial Tourism led the gains. On the news front, as the Labour Day holiday approaches, the tourism market continues to heat up. Since this week, online hotel and flight searches have surged significantly, marking the arrival of the booking peak for the Labour Day holiday. Data shows that as of now, the number of bookings for domestic travel during the Labour Day holiday has more than doubled YoY. Among them, the booking increases for self-driving tours, independent travel, and group tours are particularly significant. In addition, the core businesses of online travel platforms, such as hotels and tickets, have seen increases of over 70%. Against the backdrop of rising expectations for policies to expand domestic demand, the market expects service consumption to be one of the key supported directions. The cultural and tourism industry, with its large capacity, wide range, high resilience, and strong driving force, is expected to stand out in the internal rotation of consumption after a short-term correction in the previous days. In the future, attention can still be paid to the low-absorption opportunities of potential beneficiaries in the industry chain, such as hotels, scenic spots, and OTAs. Computing power stocks rebounded, with Tuowei Information, Hongbo Shares, and Tianyu Digital hitting the upper limit, while Maixinlin, Hongjing Technology, and Yunsai Zhilian led the gains. On the news front, Shenzhen released "Striving to Take the Lead and Be a Pioneer in Promoting New Industrialization," stating that it will accelerate the planning and construction of general computing power, intelligent computing power, and supercomputing power around the three elements of artificial intelligence computing power, algorithms, and data, and support enterprises in using computing power, models, and corpora resources at low cost. Tianfeng Securities stated that domestic computing power remains highly prosperous, with a surge in demand for computing power leasing and intelligent computing centers. In 2022, China's intelligent computing power scale was 259.9 EFLOPS, and it is expected to reach 1,117.4 EFLOPS in 2027, with a five-year compound growth rate of 33.9%. High-end computing power resources are scarce, and computing power leasing has a high return rate. In addition, computing power stocks have experienced a long period of consolidation, and the previously high congestion has been basically alleviated. In the future, attention will be paid to whether there are new event-driven catalysts to drive the repair expectations in this direction. By Stock At the stock level, high-position stocks fell sharply again, with Guofang Group, Lifang Pharmaceutical, Shuangcheng Pharmaceutical, Guoguang Chain, and Youfu Shares all hitting the lower limit. In addition, stocks such as Anji Food, Zhongxin Fluoride Materials, and Tianbao Infrastructure also showed obvious pullbacks after hitting the upper limit during the session. As of today's close, the advancement rate of consecutive limit-up stocks was only 20%, with only 3 stocks remaining at 3 consecutive limit-ups or more. As emphasized yesterday, the one-day return of high-position popular stocks does not mean that short-term risks have been completely resolved. Especially in the current environment of existing game play, market divergence remains large, leading to intensified short-term fluctuations in high targets. It is worth noting that the consecutive limit-up speculation has not completely receded. Tianyuan Shares and BBK both advanced to 6 consecutive limit-ups, and it is expected that some high-position stocks will still fluctuate under their influence, but the overall short-term sentiment is still more inclined to recede. Therefore, it is still necessary to remain cautious at this stage and wait for the market to determine a new leading theme with better continuity. Post-Market Analysis Today, the market jumped initially and then pulled back slightly throughout the day, with the three major indices showing mixed changes. At the stock level, although more stocks ultimately rose than fell, the distribution of market hot topics was still scattered and lacked sufficient continuity. The sharp decline in high-position stocks also caused short-term sentiment to weaken again. Overall, the market is still viewed as a weak consolidation pattern. Part of the reason is that the current period is the end of the annual report and Q1 earnings disclosure, and some companies with disappointing or explosive earnings may be announced intensively in the near future. On the other hand, the approach of the Labour Day holiday has also caused the recent market to be somewhat affected by the long holiday effect. Therefore, at this time period, most funds still choose to wait and see, so patience is required to wait for the arrival of the market turning point. Market News Focus 1. The Political Bureau of the CPC Central Committee: Accelerate the Implementation of More Proactive and Effective Macro Policies, and Timely RRR and Interest Rate Cuts Cailian Press, April 25th, the Political Bureau of the CPC Central Committee held a meeting, emphasizing the need to accelerate the implementation of more proactive and effective macro policies, make good use of more proactive fiscal policies and moderately loose monetary policies. Accelerate the issuance and use of local government special bonds and ultra-long-term special treasury bonds. Secure the bottom line of the "three guarantees" at the grassroots level. Timely RRR and interest rate cuts, maintain ample liquidity, and increase support for the real economy. Create new structural monetary policy tools, establish new-type policy financial tools, support technological innovation, expand consumption, and stabilize foreign trade. Strengthen the consistency of policy orientation. 2. The Political Bureau of the CPC Central Committee: Continuously Consolidate the Stable Situation of the Real Estate Market, and Continuously Stabilize and Activate the Capital Market Cailian Press, April 25th, the Political Bureau of the CPC Central Committee held a meeting, pointing out the need to continue to make efforts to prevent and resolve risks in key areas. Continue to implement the local government debt resolution package policy, and accelerate the resolution of local government arrears to enterprises. Strengthen the implementation of urban renewal actions, and promote the renovation of urban villages and dilapidated houses in an orderly manner. Accelerate the construction of a new model for real estate development, increase the supply of high-quality housing, optimize the policy for the acquisition of existing commercial housing, and continuously consolidate the stable situation of the real estate market. Continuously stabilize and activate the capital market.

The market fluctuated and diverged throughout the day, with the three major indices showing mixed performance. The Shanghai Composite Index briefly surpassed 3,300 points. High-positioned stocks were favored by capital, with Guofang Group achieving 12 out of 13 daily limits, and Hongbaoli hitting 5 out of 6 daily limits. The total trading volume for the day in the Shanghai and Shenzhen markets was 109 billion yuan, an increase of 48.6 billion yuan from the previous trading day. In terms of the futures market, market hot topics rapidly rotated, with the number of rising and falling stocks being roughly equal. From a sector perspective, logistics and unified large market concept stocks collectively strengthened, with multiple stocks including Huapengfei hitting the daily limit. Cross-border payment concept stocks rose, with Qingdao Jinwang and others hitting the daily limit. Pesticide and fertilizer concept stocks were active, with Zhongnong United hitting the daily limit. On the downside, computing power concept stocks adjusted, with Sinnet dropping over 5%. Sectors such as logistics, cross-border payments, pesticides, and agriculture led the gains, while sectors like robotics, computing power, liquid-cooled servers, and tourism lagged. At the close, the Shanghai Composite Index rose 0.25%, the Shenzhen Component Index fell 0.36%, and the ChiNext Index dropped 0.82%. In terms of sectors Cross-border payment concept stocks led the gains, with Xincheng Technology, Lakala, Qingdao Jinwang, Ubox, Zhongyou Capital, Jida Zhengyuan, and other individual stocks hitting the daily limit. On the news front, four departments, including the central bank, jointly issued the "Action Plan to Further Enhance the Convenience of Cross-Border Financial Services in the Shanghai International Financial Center." It pointed out that the functionality and global network coverage of the Cross-Border Interbank Payment System (CIPS) should be enhanced. The cross-border clearing company will strengthen collaboration with financial institutions to improve service levels for companies going abroad. According to Huaxi Securities, the US government's "reciprocal tariff" policy may drive the transformation of global cross-border payments from globalization to regionalization, promoting diversification of the payment system. This, to some extent, accelerates the development of the CIPS, and in the medium and long term, it will push the industry towards compliance, regionalization, and technology-driven transformation. Unified large market and logistics sectors strengthened again, with Huapengfei, Dongfang Chuangye, Shengyibao, Wanlin Logistics, Bonded Technology, and Bubugao among the individual stocks hitting the daily limit. With frequent adjustments in tariff policies in the global trade landscape, some companies will reassess their supply chain layouts, aiming to reduce costs and improve efficiency. Meanwhile, the adjustment of tariff policies has, to some extent, suppressed the competitiveness of some imported goods, creating a broader market space for domestic supply chain enterprises. Unified large market concept stocks may transition from thematic speculation to performance validation. From a market perspective, the strengthening of the unified large market concept can be seen as an extension of the cross-border payment concept. On the other hand, as the consumer sector once again experienced differentiation, funds chose to flow back into the previously consolidated large market (logistics) direction. It is expected to show a rotational upward trend with the consumer sector in future market conditions. Pharmaceutical stocks have also shown strong continuity recently. Zensun Pharmaceutical, Huasen Pharmaceutical, and Fuji Lai hit the daily limit, while Baili Tianheng, Nuocheng Jianhua, Xinuowe, and BeiGene reached new historical highs. Reagent Biology, Fudan Zhangjiang, and Microelectrophysiology also saw significant gains. On the news front, the American Association for Cancer Research (AACR) annual meeting will be held in Chicago from April 25 to April 30. As one of the largest cancer research conferences globally, the AACR annual meeting is a key platform for showcasing the latest research results in the field of cancer. However, it is worth noting that there is still a noticeable divergence within the pharmaceutical sector, and subsequent attention should focus on the few core targets with higher activity at the forefront. In terms of individual stocks At the individual stock level, the recent "carousel" style rotation continued, with the sector effect of hot topics gradually decreasing. On the other hand, short-term active funds accelerated their concentration in high-profile stocks. For example, today, Guofang Group achieved 12 out of 13 daily limits, Hongbaoli hit 5 out of 6 daily limits, Anji Food hit 6 consecutive daily limits, Leshan Power, Youfood, Zhongqi New Materials, and Yalian Machinery also hit the daily limit. Although the sectors and reasons for the rise of these stocks vary, they all received capital favor, reflecting that in the context of poor overall market continuity, high-level clustering becomes the only choice for obtaining excess returns. However, such high-profile speculative sentiment is not stable, and once the loss effect begins to spread, it may trigger a collective capital exodus. Market outlook Today, the market continued to fluctuate and diverge, with the three major indices showing mixed performance. The Shanghai Composite Index was relatively strong, briefly surpassing 3,300 points, and maintained its upward momentum along the 5-day moving average. The downward gap left earlier is about to be filled. However, it is important to note that since the rebound on April 8, short-term profits have already been substantial. Additionally, the Shanghai Composite Index still faces the dual challenge of downward-moving averages and previous trapped positions. Without additional capital inflows, it will be difficult to break through upwards. From a market perspective, current market hot topics are rapidly and disorderly rotating, with poor continuity in various themes. In the absence of better options, funds showed signs of accelerating clustering in high-profile stocks in the afternoon. After the short-term climax, related stocks may face further differentiation tomorrow, and the risk of a downturn when high-level clustering disintegrates must be guarded against. Market highlights 1. The competition events for the first Embodied Intelligence Robot Sports Meet were announced, with representatives from Unitree, Xiaomi, and others participating in topic discussions. According to the Science and Technology Innovation Board Daily, the first Embodied Intelligence Robot Sports Meet will be held in Wuxi City's Huishan District from April 24 to 26. Today, it was learned that the event includes an opening ceremony, competitive and application matches, and thematic meetings. The competitive matches include speed running, cross-country running, football, basketball, and dance; the application matches include transportation, intelligent grasping, and indoor rescue. During the promotion of the Wuxi (Huishan) Humanoid Robot Industrial Park, representatives from Unitree, Xiaomi, and Leju Robotics will participate, discussing key technological bottlenecks and breakthrough paths for humanoid robots, as well as the in-depth exploration and implementation difficulties of humanoid robot application scenarios. 2. Shenzhen launched the first "Cross-Border E-Commerce Insurance," providing credit support for domestic purchase on credit in cross-border e-commerce. According to a report by Cailian Press on April 22, six institutions in the Shenzhen property insurance industry jointly issued the first "Cross-Border E-Commerce Insurance" guarantee insurance. The "Cross-Border E-Commerce Insurance" provides insurance coverage for accounts payable in domestic purchases by Shenzhen's compliant cross-border e-commerce companies, with a policy period of one year. Currently, six insurance institutions in Shenzhen, including PICC Property & Casualty, Ping An Property & Casualty, China Life Property & Casualty, CPIC Property & Casualty, Taiping Property & Casualty, and Dajia Property & Casualty, form the co-insurance body for this product.

The market bottomed out and rebounded throughout the day, with the Shanghai Composite Index leading the gains, and the BSE 50 Index surged over 10%. The total turnover of the Shanghai and Shenzhen markets reached 170 billion yuan, an increase of 74 billion yuan compared to the previous trading day. In the futures market, stocks generally rose, with over 4,500 stocks advancing across the market, and nearly 300 stocks hitting the daily limit or rising over 10%. By sector, military stocks collectively surged, with over 20 stocks such as Northern Long Dragon hitting the daily limit. Consumer stocks rebounded, with the duty-free sector leading the gains, and over 10 stocks including China Tourism Group Duty Free hitting the daily limit. Port and unified market concept stocks were active, with Chongqing Port and others hitting the daily limit. By sector, military, duty-free, port, and semiconductor sectors led the gains, while banking and insurance sectors were among the few decliners. At the close, the Shanghai Composite Index rose 1.31%, the Shenzhen Component Index rose 1.22%, and the ChiNext Index rose 0.98%. By sector, military stocks led the gains, with stocks such as Aero Engine Corporation of China, Excelsior Nickel Cobalt, Northern Long Dragon, China Shipbuilding Industry Corporation Emergency Equipment, China North Industries Group Corporation Limited, Inner Mongolia First Machinery Group, and AECC Aviation Power hitting the daily limit. AVIC Securities pointed out that 2025 is the final year of the 14th Five-Year Plan, and demand in some areas, such as aerospace, is being released intensively, especially in sectors like aerospace defense. With downstream manufacturers taking orders, demand is gradually being released upstream in the industry chain. Most military electronics companies are in the upstream of the military industry and will benefit first as the industry reaches a turning point. It is expected that the new era military industry will have better asset quality, newer growth tracks, larger business scale, and higher market ceilings, and the valuation system of the military industry will also be reshaped, enjoying newer and higher premiums. The consumer sector remained active, with the duty-free concept experiencing a full-line surge in the afternoon, and stocks such as China Tourism Group Duty Free, Zhongbai Group, Wangfujing Group, Eurasia Group, Hainan Development, and Caissa Tosun hitting the daily limit. On the news front, the State Taxation Administration issued an announcement on promoting the "buy and refund" service for overseas tourists, clarifying that the service will be promoted nationwide starting from the 8th. Port and unified market concept stocks also strengthened during the session, with Chongqing Port, Lianyungang, Xiamen Port, Jinjiang Shipping, and Zhuhai Port hitting the daily limit. On the news front, according to Hangzhou Customs statistics, in Q1, the Zhejiang China-Europe Railway transported a total of 63,000 TEUs of import and export goods, up 4% YoY. The Zhejiang China-Europe Railway currently operates 25 routes, covering about 50 countries and regions in Asia and Europe and over 160 cities. From a market perspective, it is widely expected that the tariff policy game may accelerate the implementation of domestic demand policies, and the consumer sector, after a long period of consolidation, has a relatively obvious valuation advantage. It is expected that the domestic circulation direction represented by consumption will continue to attract capital inflows, and subsequent attention should be paid to the low-level catch-up opportunities emerging from the rotation of hot topics. At the individual stock level, short-term sentiment further improved today, with over 4,500 stocks advancing across the market, and nearly 300 stocks hitting the daily limit or rising over 10%. Among the stocks that rose more than three boards yesterday, only Xiangjia Co., Ltd. showed negative feedback, while almost all others advanced, with Hasense, Fuda Alloy, and Tairui Co., Ltd. performing dramatic intraday reversals. From the distribution of stocks hitting the daily limit, the domestic circulation direction represented by consumption and agriculture remains the core hot spot in the market. Among them, Xinsai Co., Ltd., Lianyungang, Guofang Group, and Aili Home Furnishing all achieved four consecutive daily limits, while the duty-free leader China Tourism Group Duty Free also hit the daily limit in the afternoon. On the other hand, the self-controllable direction represented by military and semiconductor chips also performed actively, with core popular stocks such as Unigroup Guoxin, China Great Wall hitting the daily limit, and Cambricon, Zhenhua Technology, and Jingjia Micro also leading the gains. If there is no sustained incremental capital in the future, it is expected that these two directions will continue in the form of rotational fluctuations, so mastering the rhythm remains key. Today, the market bottomed out and rebounded, eventually showing a broad-based rally with increased volume, with all three major indices closing in the green, and the BSE 50 surging over 10%, with turnover also rising to 170 billion yuan. Another positive phenomenon is that the number of stocks hitting the daily limit or falling over 10% has decreased to less than 10 today, and the continuous repair of the loss effect can also be seen as an important signal of stabilization. However, it should be noted that after two consecutive days of volume repair, the short-term market is once again facing a critical period. If it can effectively stand above the high of Monday's solid bearish line near 3,218 tomorrow, with the gradual filling of the gap, the market is still expected to continue the current strong rebound. On the contrary, if it encounters pressure and pulls back again, it should still be viewed as a structure of consolidation, but with the bearish sentiment being fully released earlier, even if the short-term market falls into adjustment again, there is still expected to be strong momentum to take over, and some structural opportunities can still be found in the rotation of hot topics. Market News Focus: 1. In the past three days, 111 A-share listed companies have announced share buybacks, involving a maximum amount of 67.1 billion yuan. Caixin, April 8th - This week, the A-share market experienced a significant adjustment. Based on the recognition of the long-term development prospects of China's capital market and the investment value of the companies themselves, many A-share listed companies have announced share buybacks or repurchases. According to Caixin statistics, since April 7th, 111 listed companies have announced share buybacks, of which 86 companies have disclosed specific buyback amounts, involving funds of 37.44-67.137 billion yuan. Specifically, CATL plans to repurchase 4-8 billion yuan, Kweichow Moutai plans to repurchase 3-6 billion yuan, PetroChina plans to increase holdings by 2.8-5.6 billion yuan, Sinopec plans to increase holdings by 2-3 billion yuan, XCMG plans to repurchase 1.8-3.6 billion yuan, Luxshare Precision plans to repurchase 1-2 billion yuan, and Midea Group plans to repurchase 1.5-3 billion yuan. 2. Xiao Lu from the Ministry of Commerce: China will work with more trading partners to inject stable forces into global trade growth. Caixin, April 9th - Xiao Lu, Deputy Director of the Foreign Trade Department of the Ministry of Commerce, stated at a press conference on April 9th that China's foreign trade has the confidence and strength to face various risks and challenges. Xiao Lu said that the confidence mainly comes from the solid foundation of foreign trade, the abundant new momentum, and the important "magic weapon" of "opening up". Xiao Lu pointed out that in 2024, China's goods import and export crossed two trillion-level steps, reaching 4.3 trillion yuan, and the international export market share remained stable and advanced, expected to reach around 14.7%. The vast number of foreign trade enterprises are the most solid foundation of China's foreign trade. Xiao Lu said that China's door will only open wider, and China will firmly practice true multilateralism, firmly maintain the global trade order, and work with more trading partners to achieve win-win results and inject more stability into global trade growth.

The market experienced a downward trend throughout the day, with the ChiNext Index leading the decline. Consumer electronics and stocks with high export ratios collectively suffered heavy losses, with Luxshare Precision and Goertek among the stocks that hit the daily limit down. The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion yuan, an increase of 163.1 billion yuan compared to the previous trading day. On the futures market, market hot topics were relatively scattered, with more stocks falling than rising, and over 3,100 stocks declining across the market. From a sector perspective, veterinary drug concept stocks surged against the trend, with Jinhe Biotechnology and others hitting the daily limit up. Logistics and unified market concept stocks showed strength, with Zhongchuang Logistics hitting the daily limit up. Consumer stocks were active, with Dalian Sunasia hitting the daily limit up. At the close, the Shanghai Composite Index fell 0.24%, the Shenzhen Component Index dropped 1.4%, and the ChiNext Index declined 1.86%. In terms of sectors, veterinary drugs led the gains, with core stock Huisheng Biotechnology rising over 10% again, up more than 170% in eight days. Additionally, Yongshun Biology, Haili Biology, Weilan Biology, and Jinhe Biology all hit the daily limit up. According to data from the China Veterinary Drug Association, in Q1 2025, the capacity of top-tier enterprise tylosin was reduced by over 40%, inventory turnover days dropped sharply from 45 days to 5 days, and the supply cycle extended to late June, directly leading to a significant reduction in the supply of tylosin tartrate. Recently, the price of tylosin tartrate reached 290 yuan/kg, hitting a two-year high. Additionally, it is worth noting that funds began to spread to other chemical directions in the afternoon, with Hongbaoli, Shandong Haihua, and Zhongyida all showing unusual movements in the late trading session. It is evident that the price increases in cyclical and chemical sectors remain a logic recognized by funds in the overall weak market environment, and opportunities for individual stock catch-ups can still be found along the "price increase line." Logistics and unified market concept stocks showed strength, with Zhongchuang Logistics, Wanlin Logistics, Tianshun Co., Changjiu Logistics, and Feilida all hitting the daily limit up. According to news, the General Office of the CPC Central Committee and the State Council issued the "Opinions on Improving the Price Governance Mechanism," which mentioned creating an orderly competitive market environment and abolishing price policies that hinder the construction of a unified national market and fair competition. China's logistics market has recently shown strong growth momentum. Data shows that in the first two months of this year, China's total social logistics reached 56.3 trillion yuan, up 5.3% YoY. Additionally, the number of supply chain contract orders from key logistics enterprises maintained rapid growth, indicating continuous optimization of logistics demand structure and accelerated collaborative transformation between producers and logistics enterprises. Overall, China's logistics market size is continuously expanding, showing a good development trend. Consumer stocks were also active, with tourism and retail sectors leading the gains. Dalian Sunasia, Lingnan Holdings, Yonghui Superstores, and Guofang Group all hit the daily limit up. According to news, the "Action Plan to Boost Consumption" issued by the General Office of the CPC Central Committee and the State Council, along with this year's more proactive fiscal policy, requires "leveraging the guiding role of fiscal policy," combining consumption promotion with improving people's livelihoods and addressing shortcomings. Institutions believe that the release of the "Action Plan to Boost Consumption" injects momentum into short-term consumption recovery from both supply and demand sides, laying the foundation for long-term structural upgrades and consolidating the main engine of economic growth. Additionally, the overall valuation level of consumer stocks remains relatively low, with their allocation value gradually becoming prominent. Subsequent attention can be prioritized on companies with better performance disclosures. From an individual stock perspective, stocks with high export ratios (going global) suffered heavy losses, with Jiangxin Home Furnishing, Sailun Tire, Great Star, CFMOTO, and Yinduo all hitting the daily limit down. The closely related consumer electronics sector also led the decline, with core stocks Luxshare Precision and Goertek both hitting the daily limit down. Additionally, core stocks with export logic such as PCB and CPO also saw significant declines. However, it is worth noting that today's sharp declines in related stocks more reflect the concentrated release of negative sentiment, and the substantive impact on their performance still requires further evaluation. Short-term theme speculation continues to be sluggish, with Kaimeite Gas's late-session plunge leaving Zhongqi New Materials as the only stock with more than two consecutive limit-ups. However, Huisheng Biotechnology's continuous positive feedback may indicate that the relatively independent price increase logic still holds high appeal for short-term active funds. Additionally, the unified market and consumer sectors also showed strength against the trend today. It is expected that with the continuous fermentation of public opinion during the holiday, market attention to these two directions may further increase, and there may be opportunities for individual stocks to stand out in the future. Affected by overseas news disturbances, the market continued to consolidate today, with all three major indices closing lower. However, the Shanghai Composite Index showed considerable resilience supported by consumer and dividend stocks, and the number of stocks hitting the daily limit up increased compared to yesterday. Although the overall market has not yet shown clear signs of stabilizing, after experiencing continuous low-volume consolidation, the downward momentum at the current level is relatively small, so there is no need to be overly pessimistic about the future. Patiently waiting for the full digestion of negative market sentiment, there may still be some recovery expectations. From a futures market perspective, as the market remains in a weak consolidation structure, overall risk appetite is still low, so low-position defensive sectors have received more attention from funds. Additionally, with the continuous disclosure of annual and Q1 reports, stocks or industries with performance exceeding expectations may also usher in structural opportunities. Market News Focus: 1. Ministry of Commerce: China is willing to exchange views with the US on important issues in the economic and trade fields. On April 3, the Ministry of Commerce held a regular press conference. When asked about the meeting plans of the China-US economic and trade teams, Ministry of Commerce spokesperson He Yadong stated that on March 26, He Lifeng, the Chinese lead of the China-US economic and trade team and Vice Premier of the State Council, had a video call with US Trade Representative Greer at the request. China has issued a press release. The economic and trade departments of China and the US have maintained communication. China is willing to exchange views with the US on important issues in the economic and trade fields and resolve respective concerns through equal dialogue and consultation. 2. Ministry of Commerce: Accelerating the implementation of foreign investment pilot projects in cloud computing, biotechnology, etc. On April 3, Ministry of Commerce spokesperson He Yadong stated that the Ministry of Commerce will further expand opening-up, accelerate the implementation of foreign investment pilot projects in cloud computing, biotechnology, and wholly foreign-owned hospitals, leverage the role of open platforms such as pilot free trade zones and national service industry opening-up pilots, promote the expansion of open pilots in telecommunications and medical fields, steadily and orderly expand independent opening-up in education and culture, promote the revision and reduction of the negative list for market access, and continue to clean up hidden barriers outside the negative list for foreign investment access, ensuring "both access and operation."

The market jumped initially and then pulled back throughout the day, with the three major indices showing mixed changes. The total turnover of the Shanghai and Shenzhen markets reached 1.13 trillion yuan, shrinking by 89.3 billion yuan compared to the previous trading day. On the futures market, the hot topics were relatively scattered, with more stocks rising than falling, and over 3,800 stocks across the market gaining. Sector-wise, pharmaceutical stocks collectively strengthened, with innovative drugs leading the gains, and stocks like Harlsan and others hitting the limit-up. Controlled nuclear fusion concept stocks surged again, with Hefei Forging Intelligent and others hitting the limit-up. Power stocks were active, with Lixin New Energy and others hitting the limit-up. On the downside, fintech concept stocks declined in the afternoon, with Compass dropping over 8%. Sectors like controlled nuclear fusion, innovative drugs, traditional Chinese medicine, and power led the gains, while humanoid robots, computing power, software development, and fintech led the declines. At the close, the Shanghai Composite Index rose 0.38%, the Shenzhen Component Index fell 0.01%, and the ChiNext Index fell 0.09%. Sector-wise On the sector front, pharmaceutical stocks led the gains, with stocks like Duorui Pharmaceutical, Harlsan, Rendu Pharmaceutical, Lukang Pharmaceutical, Luoxin Pharmaceutical, and Hehua Pharmaceutical hitting the limit-up. Recent policy news in the medical and pharmaceutical sectors has been continuous: 1) Yesterday, the State-owned Assets Supervision and Administration Commission encouraged state-owned enterprises to conduct mergers and acquisitions in fields like biopharmaceuticals; 2) The Comprehensive Department of the National Medical Products Administration recently solicited public opinions on measures to optimize life cycle regulation and support the innovative development of high-end medical devices; 3) The National Healthcare Security Administration held a seminar to optimize centralized drug procurement, with market expectations that the meeting may advance detailed rules for optimizing drug procurement. Xiangcai Securities believes that the construction of a diversified payment mechanism for domestic innovative drugs is progressing steadily, and 2025 is expected to be a turning year for policy implementation. First, the first version of the Class C medical insurance catalog is expected to be released within the year, and second, new measures to improve drug pricing mechanisms and further support innovative drugs are expected to be implemented, deepening the full-chain support for innovative drug policies. From a market perspective, pharmaceutical stocks are relatively low in their own hierarchy, with relatively sufficient chip accumulation. Combined with the aforementioned positive news catalysts, they have been repeatedly active in the recent futures market. However, it should be noted that today's strength in pharmaceutical stocks did not attract enough incremental funds, and the impact on market sentiment was relatively limited. Therefore, as of now, pharmaceutical stocks are still viewed as a hot topic rotation theme. Controlled nuclear fusion concept stocks also strengthened, with stocks like Zhongzhou Special Materials, Hefei Forging Intelligent, Lanshi Heavy Equipment, and Hailu Heavy Industry hitting the limit-up. Stocks like Guoguang Electric, China Nuclear Engineering, Snowman, and Baoli Electric led the gains. On the news front, reporters recently learned from China National Nuclear Corporation that the new-generation artificial sun "China Circulation III" has achieved a breakthrough in both nuclear and electron temperatures exceeding 100 million degrees for the first time, with a significant leap in comprehensive parameters, marking a major progress in China's controlled nuclear fusion technology. Additionally, it is reported that since the beginning of this year, the tender work for projects of companies like Fusion New Energy (Anhui) and the Institute of Plasma Physics of the Chinese Academy of Sciences has entered an accelerated phase, with cumulative tenders exceeding 46. CITIC Securities pointed out in a recent research report that the controlled nuclear fusion industry still has a strong cognitive and expectation gap. The market generally believes that the industry's realization is relatively distant, but a large number of orders will enter a concentrated realization period, and there may be potential top-level industry design or support fund expectations. Additionally, the fusion industry has a high business overlap with third-generation nuclear power and military material companies, with clear performance growth and reasonable valuations in the nuclear power and military material industries. A large number of companies are expected to see a resonance of performance and valuation in the future. In the period of sentiment repair, the direction of active strengthening is expected to continue to receive short-term active funds' favor. Stock-wise From the stock level, short-term sentiment slightly warmed up today, with the number of limit-up and consecutive limit-up stocks slightly increasing compared to yesterday. Among them, the controlled nuclear fusion concept exploded across the board, with core target Hefei Forging Intelligent hitting 5 limit-ups in 7 days, and Lanshi Heavy Equipment hitting 3 limit-ups in 6 days, while relatively back-row stocks like China Nuclear Engineering and Guoguang Electric further strengthened during today's session. The biopharmaceutical direction was active again, with Huisheng Biological completing a reversal and recording 3 limit-ups in 5 days, and stocks like Hehua Pharmaceutical and Jinhe Biological also hitting the limit-up. However, pharmaceutical stocks mostly showed a trend-based upward pattern, and subsequent opportunities for low absorption of some highly active stocks can still be noted. Chemical stocks also saw some capital return, with Hongbaoli performing a "ground-to-sky limit-up," and stocks like Huarong Chemical and Huide Technology hitting the limit-up. However, as a previous high-profile target, Zhongyida failed to reverse the nuclear and still ended with a limit-down, indicating that the market still has significant divergence in this direction. The lithography machine concept also showed partial activity, with Kaimeite Gas advancing to 4 limit-ups (the highest consecutive limit-up stock), Xinlai Yingcai also rising over 10%, and Guofeng New Materials hitting the limit-up again. Overall, in a market environment of存量博弈, the various hot topics are likely to continue the震荡轮动态势, so the market feedback of the core stocks of the aforementioned popular themes may to some extent reflect the strength of the theme on the day, and can also be regarded as an important reference for intraday response. Post-market analysis Today, the market jumped initially and then pulled back throughout the day, with the three major indices showing mixed changes, and the volume shrinking again compared to yesterday. Currently, the indices are still suppressed by the 5-day line, with the ChiNext Index even pulling back and ending slightly lower after rising over 1% during the session. This shows that the market's wait-and-see sentiment is still relatively strong, and the subsequent structure is likely to continue震荡筑底. From the perspective of the futures market, the problem of poor continuity of hot topics has not improved. The computing power direction, which rebounded in resonance with the indices yesterday afternoon, fell into differentiation and consolidation again today. Even the leading pharmaceutical and controlled nuclear fusion concepts today still saw many stocks炸板回落 in the afternoon. Therefore, to truly achieve a转强 in the post-market, in addition to the increase in volume, there is an urgent need for a hot topic that can continuously form positive feedback,重塑短线的做多信心. Market news focus 1. Three departments: Promote the pilot of科技金融政策, support insurance companies to initiate the establishment of私募证券基金 to invest in the stock market and hold for the long term Caixin, April 1st, the General Office of the National Financial Regulatory Administration, the General Office of the Ministry of Science and Technology, and the General Office of the National Development and Reform Commission issued the "Implementation Plan for High-Quality Development of科技金融 in the Banking and Insurance Industry," promoting the pilot of科技金融政策. The equity investment pilot of financial asset investment companies will be expanded in an orderly manner to regions with strong economic strength, a large number of科技企业, significant R&D investment, and active equity investment, supporting qualified commercial banks to initiate the establishment of financial asset investment companies. Deepen the pilot reform of long-term investment of insurance funds, support insurance companies to initiate the establishment of私募证券基金, invest in the stock market and hold for the long term. Carry out the pilot of科技企业并购贷款, study the expansion of pilot banks, regions, and enterprises, support科技企业, especially "chain leader" enterprises, to conduct industrial integration, and畅通资本循环. Carry out the comprehensive pilot of知识产权金融生态, develop知识产权金融业务, and study the expansion of the internal evaluation pilot of知识产权. 2. Three departments: In the next 5 years, the banking and insurance industry will accelerate the construction of financial service systems and mechanisms compatible with科技创新 Caixin, April 1st, the General Office of the National Financial Regulatory Administration, the General Office of the Ministry of Science and Technology, and the General Office of the National Development and Reform Commission issued the "Implementation Plan for High-Quality Development of科技金融 in the Banking and Insurance Industry." In the next 5 years, the banking and insurance industry will accelerate the construction of financial service systems and mechanisms compatible with科技创新, gradually健全科技金融制度, improve professional service mechanisms, product systems, professional capabilities, and risk control capabilities, continuously develop the external ecosystem, expand, improve, and enhance科技信贷 and科技保险, provide more precise, high-quality, and efficient financial guarantees for key areas and weak links of科技创新, and accelerate the realization of high-quality development of科技金融.

The market experienced a volatile adjustment throughout the day, with the ChiNext Index leading the decline. The combined turnover of the Shanghai and Shenzhen markets reached 1.22 trillion yuan, an increase of 102.6 billion yuan compared to the previous trading day. On the futures market, market hotspots were relatively scattered, with more stocks falling than rising, and over 4,000 stocks declining across the market. In terms of sectors, computing power concept stocks rebounded, with Hangzhou Iron & Steel Co., Ltd. hitting the daily limit. Gold stocks remained active, with Hengxing Technology hitting the daily limit. Newly listed stocks strengthened against the trend, with C Huaye surging 36.96% at one point, triggering a temporary halt. On the downside, PV concept stocks performed weakly, with Junda Co., Ltd. hitting the daily limit. At the close, the Shanghai Composite Index fell 0.46%, the Shenzhen Component Index fell 0.97%, and the ChiNext Index fell 1.15%. In terms of sectors, gold stocks rose against the trend, with Western Gold hitting the daily limit again, and Chifeng Gold, Xiaocheng Technology, and ST Zhongrun leading the gains. On the news front, spot gold in London rose 0.94% to $3,084.33 per ounce last Friday, and COMEX gold futures rose 0.88% to $3,118, both continuing to hit record highs. Spot gold continued to rise on Monday, refreshing the record high to $3,120 per ounce. CITIC Securities' research report pointed out that the recent record high in gold prices was mainly driven by overseas market recession trading and tariff panic trading. Considering factors such as inflation, growth, tariffs, and geopolitics, the current gold market is far from over. From a market perspective, with other hotspots weakening, gold has gained favor due to its relatively independent logic and certain defensive attributes. Before the overall weak environment reverses, related stocks may still have opportunities for repeated activity. Computing power stocks rebounded in the afternoon, with Hongjing Technology hitting the 20CM daily limit to set a new record high. Hangzhou Iron & Steel Co., Ltd., Hengrun Co., Ltd., and Dawei Technology hit the daily limit, while Zheda Wangxin, Hainan Huatie, and Yunsai Zhilian led the gains. On the news front, Shenzhen issued the first batch of "Training Vouchers" on March 29, which will promote the doubling and expansion of existing intelligent computing power centers and build a batch of domestic intelligent computing power centers. Xingye Securities' strategy team believes that most directions in the AI industry chain have seen a significant easing of congestion, but in April, which focuses more on performance, it is important to find directions with strong internal performance certainty and cost-effectiveness. From a market perspective, the AI computing power direction has experienced a long period of consolidation, with relatively sufficient chip sedimentation. After the market collectively fell in the morning, short-term sentiment had reached a freezing point, so some began to try low absorption and return in the afternoon. In this context, the market feedback of computing power stocks tomorrow is crucial. If they can strengthen further, the overall market sentiment is expected to gradually warm up. At the individual stock level, short-term sentiment remained relatively weak today. On one hand, over 4,000 stocks across the market closed in the red, with more than 60 stocks falling over 9%. On the other hand, the number of stocks hitting the daily limit was still only over 30, with only Rongtai Health and Kaimeite Gas remaining above the 3-board level. However, the collective rebound of AI computing power stocks in the afternoon could be seen as a positive signal of sentiment warming. Among them, Hongjing Technology hit the 20CM daily limit to set a new record high, Hangzhou Iron & Steel Co., Ltd. and Dawei Technology hit the daily limit, and the diesel generator concept also saw a recovery, with Weichai Heavy Machinery leading the daily limit and Ketai Power Supply rising over 10%. In addition, the end-side direction also performed well, with Espressif Systems, Rockchip, and Quectel Communications showing strong performance. If AI, as a high-popularity market direction, can strengthen first, the market may sound the counterattack horn. It is also worth noting that the once-popular bull stock Huijin Technology hit the daily limit today. The company released a revised earnings forecast, expecting the lowest of total profit, net profit, and net profit after deducting non-recurring gains and losses for 2024 to be negative, and revenue after deduction to be less than 100 million yuan. With the arrival of the April earnings season, the risk of listed companies' earnings bombs is also a key point to guard against recently. Today, the market continued its weak adjustment, with all three major indices closing lower, and the trading volume of the two markets remained around 1.2 trillion yuan. However, in the short term, after the previous continuous volume shrinkage adjustment, the short-term risks of previous thematic hotspots have been relatively fully released. Therefore, when short-term sentiment reached a freezing point, the market still showed some momentum in the afternoon driven by computing power stocks, which could be seen as a positive signal. However, for the market to truly strengthen, it still needs to quickly stand above the 5-day line with volume. In addition, the direction of AI computing power tomorrow is also crucial. If it can form positive feedback, it will naturally help attract more funds to enter the market for recovery, and short-term sentiment will gradually warm up. On the contrary, if it weakens again, it will undoubtedly deal another blow to market confidence. At that time, it is advisable to remain cautious and patiently wait for a direction that can resonate with the index before following. 1. Hubei Sets Prices for Brain-Computer Interface Medical Services, a National First Caixin, March 31 - The Hubei Provincial Medical Insurance Bureau released the national first price for brain-computer interface medical services on March 31, marking the entry of this cutting-edge technology into the field of people's livelihood. Among them, the cost of invasive brain-computer interface implantation is 6,552 yuan per time, the cost of invasive brain-computer interface removal is 3,139 yuan per time, and the cost of non-invasive brain-computer interface adaptation is 966 yuan per time. 2. MIIT: Focus on Key Areas Such as Artificial Intelligence and Key Software to Cultivate a Batch of Innovation Achievement Transformation Platforms Caixin, March 31 - The State Council Information Office held a press conference today on the 8th Digital China Construction Summit. Wang Yanqing, Director of the Information Technology Development Department of the Ministry of Industry and Information Technology, stated that they will promote original digital technology research, focus on key areas such as artificial intelligence, key software, and industrial internet, deepen the integration of technological innovation and industrial innovation, cultivate a batch of innovation achievement transformation platforms, help the industrialization of scientific and technological achievements, and continuously improve the independent innovation capability of digital technology. They will implement the digital industry high-quality enterprise cultivation project, establish a multi-level, phased, and progressive enterprise cultivation system, cultivate a batch of ecologically dominant enterprises with industrial chain control, carry out digital industry cluster gradient cultivation actions, further leverage industrial agglomeration advantages, and create a batch of internationally competitive digital industry clusters.

The market fluctuated rangebound throughout the day, with the three major indices dropping slightly. The total trading volume of the Shanghai and Shenzhen markets reached 1.15 trillion yuan, a decrease of 104 billion yuan compared to the previous trading day. On the futures market, market hot topics were relatively scattered, with more stocks rising than falling, and over 3,500 stocks across the market advanced. Sector-wise, cyclical stocks such as chemicals and chicken farming collectively strengthened, with stocks like Hailide hitting the limit-up. The robotics and industrial machine sectors were active, with stocks like Qinchuan Machine Tool hitting the limit-up. PV concept stocks rebounded, with Yijing Optoelectronics hitting the limit-up. On the downside, bank stocks adjusted, with China Merchants Bank falling over 5%. At the close, the Shanghai Composite Index fell 0.04%, the Shenzhen Component Index fell 0.05%, and the ChiNext Index fell 0.26%. Sector-wise In the sector, chemical stocks remained active, with stocks like Zhongyida, Hailide, Jianbang Shares, Jiangtian Chemical, and Yuanli Technology hitting the limit-up, while Huafon Microfiber, Huilong New Materials, and Quanwei Technology led the gains. On the news front, prices of various chemical products including silicone, titanium dioxide, DMF, urea, and solid methionine have recently shown an upward trend. On the demand side, with the gradual emergence of policy stimulus effects and the strengthening momentum of the end-user industry recovery in 2025, the potential of domestic demand is expected to be fully unleashed. Tianfeng Securities stated in a recent research report that as the chemical cycle may have reached a relative bottom, the following three directions can be focused on: 1) industries dominated by stable demand and supply logic (e.g., refrigerants, phosphorus chemicals, titanium dioxide); 2) industries dominated by stable supply and demand logic (e.g., MDI, civil explosives, pesticides); 3) industries with dual marginal improvements in supply and demand (e.g., silicone). The breeding industry also strengthened, with stocks like Xiaoming Shares, Xiangjia Shares, and Jingji Zhinong hitting the limit-up, while Minhe Shares, Zhongmu Shares, and Yisheng Shares led the gains. On the news front, the UN Food and Agriculture Organization stated that the spread of H5N1 has reached an "unprecedented" scale, leading to the death of hundreds of millions of poultry globally; the domestic white-feather broiler industry chain has recovered, with the prices of chicks and live chickens rebounding 30% from the low point a month ago. Essentially, the surge in the breeding industry today was directly catalyzed by price increases. Against the backdrop of continuous market volume shrinkage and no obvious leading core, it is expected that funds will still seek low-position catch-up opportunities around the price increase logic. The robotics sector rebounded today, with stocks like Meili Technology, Lixing Shares, and Dayang Motor hitting the limit-up, while Sanfeng Intelligence, Wolong Electric Drive, Xiangming Intelligence, and Best led the gains. On the news front, the second China Embodied Intelligence Conference will be held in Beijing, and the China Artificial Intelligence Society's Embodied Intelligence White Paper will be released. Minsheng Securities believes that humanoid robots integrate advanced technologies such as artificial intelligence, high-end manufacturing, and new materials, and are expected to become disruptive products following computers, smartphones, and NEVs, profoundly changing human production and lifestyle and reshaping the global industrial development landscape. Currently, humanoid robot technology is accelerating, becoming a new highland for technological competition, a new track for future industries, and a new engine for economic development. Stock-wise From the stock level, short-term theme speculation has rebounded today, with the deep-sea technology concept repeatedly active, with Sun Cable and Youfu Shares both advancing to the 4th consecutive limit-up, while Dalian Heavy Industries hit the limit-up in the late session, recording 5 limit-ups in 6 days. Additionally, Shenkai Shares and Juli Rigging also saw a return of funds. Overall, the deep-sea technology concept remains the most continuous theme recently, and before the core leading stocks recede, low-sip arbitrage opportunities can still be sought in the market rotation. The robotics concept rebounded, with Nanfang Precision advancing further to 6 limit-ups in 7 days, and the trend core stock Meili Technology hitting the limit-up today, while Wolong Electric Drive also rose over 9%. As one of the previous core main lines, robotics has a high linkage with short-term sentiment, and whether it can continue to attract fund return remains one of the key points for subsequent market observation. Additionally, although the AI computing power direction has slightly recovered, the strength is still relatively weak, and the repair of the core stocks' loss effect in this direction cannot be ignored for the market to regain strength. Post-market analysis Today, the three major indices fluctuated rangebound throughout the day, eventually closing slightly lower, with the volume further shrinking to below 1.2 trillion yuan. However, the loss effect of stocks decreased compared to yesterday, with over 3,500 stocks rising across the market, and the number of stocks falling over 9% reduced to 10, while the number of limit-ups also increased compared to yesterday. After the previous continuous adjustments, short-term signs of stopping the decline have appeared, but judging from today's repair strength, it is still relatively weak, and the indices still need to quickly stand above the 5-day line with volume for confirmation. Additionally, the continuity of various themes is still relatively poor, often experiencing a round of pulse in the session before fluctuating and pulling back. Therefore, from the market dimension, to regain strength, it is still necessary to determine the core theme that resonates with the indices, thereby further mobilizing the market's bullish sentiment. Today, short-term sentiment rebounded significantly, with the sentiment indicator fluctuating and rising to the active zone. Market news focus 1. Shanghai: By 2027, the city's intelligent computing cloud industry scale aims to exceed 200 billion yuan Cailian Press, March 26th, "Shanghai's Implementation Opinions on Promoting the Innovative Development of the Intelligent Computing Cloud Industry (2025-2027)" was released, proposing that by 2027, the city's intelligent computing cloud industry scale aims to exceed 200 billion yuan, and an ecological system with cloud-edge-terminal collaboration and a complete industry chain will be basically formed. The intelligent computing scale aims to reach 200 EFLOPS, with self-controllable computing power accounting for over 70%; to build several comprehensive intelligent computing cloud platforms and a batch of vertical intelligent computing cloud platforms, forming a number of intelligent computing cloud benchmark applications; to cultivate 1-2 strategic enterprises and 20 high-growth enterprises, attracting domestic and overseas leading cloud vendors to expand investment in Shanghai. 2. TSMC accelerates advanced packaging capacity expansion, expects SoIC production to double to 10,000 this year "Science and Technology Innovation Board Daily" 26th, TSMC is accelerating its advanced packaging capacity expansion in Taiwan, China, with both the AP8 and AP7 factories advancing their equipment installation timetables. The former is committed to expanding CoWoS capacity, expected to start equipment installation as early as April 2025, and may start mass production in H2; the latter's task is to increase SoIC technology production, originally scheduled for equipment installation at the end of 2025, now advanced to August, with SoIC production expected to double to 10,000 this year, and to double again in 2026. (MoneyDJ)

The market experienced a volatile adjustment throughout the day, with the three major indices dropping slightly. The total trading volume of the Shanghai and Shenzhen stock markets reached 1.26 trillion yuan, a decrease of 192.5 billion yuan compared to the previous trading day. On the futures market, the hot topics were scattered, with more stocks declining than rising, and over 2,700 stocks falling across the market. In terms of sectors, controllable nuclear fusion concept stocks surged against the trend, with more than 10 stocks, including Lanzhou LS Heavy Equipment, hitting the daily limit. Cyclical sectors such as chemicals performed actively, with stocks like Shandong Haihua also hitting the daily limit. On the downside, computing power concept stocks continued to adjust, with Capital Online falling over 19%. Deep-sea technology concept stocks also adjusted, with Zhongke Haixun hitting the 20CM daily limit. At the close, the Shanghai Composite Index fell 0.00%, the Shenzhen Component Index fell 0.43%, and the ChiNext Index fell 0.33%. In terms of sectors On the sector front, controllable nuclear fusion concept stocks exploded across the board, with more than 10 stocks, including Hahan Huatong, Zhongzhou Special Materials, Jiusheng Electric, Hailu Heavy Industry, Hongxun Technology, Hefei Forging & Press Intelligence, and Baoli Electric, hitting the daily limit. On the news front, recent institutional research reports pointed out that the tender process for controllable nuclear fusion projects has accelerated. Since 2025, companies such as Fusion New Energy and the Institute of Plasma Physics of the Chinese Academy of Sciences have conducted intensive tenders, with a cumulative total of about 46 procurement projects. Key materials and equipment links in the controllable nuclear fusion industry chain are expected to benefit from the order demand during the accelerated construction phase of domestic and overseas devices, and may start to show revenue scale from this year. With downstream projects being tendered one after another, the industry will transition from the thematic stage to a stage driven by both fundamentals and industrial progress. However, it should be noted that in the context of continuous volume contraction, the continuity of short-term hot topics in the recent period has often been relatively poor. After the full-scale explosion of the controllable nuclear fusion concept today, it is expected that related stocks may experience some differentiation. Chemical stocks became active again, with Zhongyida hitting the daily limit for the 6th time in 12 days, and stocks like Jiangtian Chemical, Shandong Haihua, Hongbaoli, Quartz Corp, Lubei Chemical, and Hongxing Development also hitting the daily limit. The recent strength of chemical stocks mainly benefited from the price increase logic, directly improving the industry's profit expectations. Coupled with the support of raw material costs forming a price transmission mechanism, the bargaining power of producers has been substantially enhanced. The continuous inflow of main funds indicates institutional recognition of the industry's inflection point, and they will be the first to benefit during the cost transfer process. Considering the approaching traditional peak demand season in Q2, the market has strong expectations for the performance realization after the price increase. Power and coal sectors also strengthened, with stocks like Huayang Co., Jiangsu New Energy, and Dayou Energy hitting the daily limit, and stocks like Mingxing Electric, Jiawei New Energy, Guangxi Energy, Ningbo Energy, and Huaihe Energy leading the gains. GF Securities released a research report stating that the stabilization and catalytic signals of the utilities sector have appeared simultaneously. The unexpected drop in coal prices and the release of hydropower storage have driven the reversal of thermal and hydropower performance expectations. Coupled with the intensive implementation of high-dividend strategies and market value management plans, the sector's allocation value has become prominent. From the overall market perspective, after a long period of adjustment, the valuation of cyclical sectors is at a historical low, with a high safety margin. As the market's risk appetite continues to decline, it is reasonable for funds to shift from high-tech stocks to low cyclical stocks for "high-low switching." It is expected that cyclical stocks will still be active as a transitional direction in the subsequent futures market. In terms of individual stocks From the perspective of individual stocks, high-level themes have all entered adjustment, and the market's consecutive board height has dropped to 3 boards. Among them, the divergence of deep-sea technology direction stocks has intensified, with Sun Cable and Youfu Co. successfully advancing. Although the front-line core stocks Dalian Heavy Industry and Shaoyang Hydraulics broke the board, they still closed in the red, while Yaxing Anchor Chain suffered a daily limit drop, and Haiguo Co. fell over 10%. However, overall, some funds still hold optimistic expectations for the deep-sea technology direction and retain short-term active positions. If short-term sentiment recovers in the future, this theme is expected to become active again. On the other hand, the two major core themes of computing power and robotics continued to recede. Computing power stocks opened low and closed low throughout the day, with Capital Online falling over 19%, and stocks like Zheda Wangxin, Dawei Technology, and Hangzhou Iron & Steel hitting the daily limit, while Cambricon fell over 6%. As for the robotics concept, it attempted a counterattack in the morning session driven by the rebound of Southern Precision's daily limit, but it fell again with the plunge of the popular stock Shuanglin Co. (closing down over 12%, after rising over 9% intraday). Additionally, stocks like Yuandong Transmission, Yuhuan CNC, and Qijing Machinery hit the daily limit again. However, after continuous sharp declines and adjustments, these two directions may see partial recovery and repair in the future, and it will be important to focus on which segments or individual stocks will strengthen first. Post-market analysis Today, the market continued its volatile adjustment, with the trading volume further shrinking to less than 1.3 trillion yuan. In terms of the index dimension, the 5-day line will be the first to watch. Before effectively standing above it, the short-term weak consolidation structure of volatile decline is likely to continue. On the other hand, although the overall decline of the indices today was not significant, the loss-making effect of individual stocks was still evident. At the close, more than 80 stocks fell over 9%, with the two major core themes of robotics and AI computing power becoming the main force of the market's decline. Therefore, for the market to truly stop falling and stabilize, the repair of the loss-making effect of the previous high-level popular sectors is still key, meaning one or two highly recognizable popular stocks need to emerge to boost short-term sentiment. From the perspective of market style, the short-term has entered a stage of style rebalancing. The technology growth sector is under pressure due to high valuations, and funds are shifting to defensive sectors, with high-dividend yield assets performing steadily. With the continuous implementation of domestic macro-control and growth-promoting policies, the future market is expected to switch between technology, defensive dividends, and consumption recovery, and seizing structural opportunities remains key. Short-term sentiment remains relatively weak, with the sentiment indicator fluctuating near the low zone throughout the day. Market news focus 1. Unit price of 77,409 yuan/m², Hangzhou's land price record was refreshed again Cailian Press, March 25th, Hangzhou today auctioned 4 residential plots, with a total auction area of 85,154 m² and a starting auction price of 6.683 billion yuan. Ultimately, all 4 plots were sold at a premium, with Greentown and Jieli Real Estate each winning 1 plot, and Binjiang Group winning 2 plots, totaling 10.153 billion yuan. Among them, the BJ030102-25 plot in Xixing Unit was won by Binjiang after 72 rounds of bidding for 5.203 billion yuan, with a transaction floor price of 77,409 yuan/m² after deducting the kindergarten construction area, and a premium rate of 69.86%. The transaction unit price of this plot once again refreshed the record for residential land transaction floor price in Hangzhou. Note: On January 24th this year, Binjiang Group won the GS0201-R21-05 plot in Hangzhou's Hushu Unit for a transaction floor price of 64,834 yuan/m² and a premium rate of 71.25%, refreshing the unit price record at that time. 2. Alibaba's Joseph Tsai: Began to see bubbles in AI data center construction, many US data center investment announcements are "repetitive" Cailian Press, March 25th, Alibaba Group's Chairman Joseph Tsai stated at the HSBC Global Investment Summit held in Hong Kong that he began to see signs of bubbles in AI data center construction. Many data center investment announcements in the US are "repetitive" or overlapping. Alibaba's employee count has hit bottom and will "restart and rehire." The company will provide reasonable returns to shareholders through dividends.