Key Points of the Full Text: The resonance of internal and external factors has led to a strong start in April, with the value realization of innovative drugs overseas leading the market. In the short term, focus is on growth amidst fluctuations, while the medium to long-term slow bull pattern remains unchanged.
Today, both A-shares and Hong Kong stocks delivered a tangible &#34;strong start&#34; to investors. By the close of the morning session, the SSE Index rose by 1.36% to 3944.8 points, and the STAR 50 Index surged by 2.96%, leading the market. Nearly 4,400 stocks in the entire market rose, with a half-day trading volume reaching 1.34 trillion yuan, indicating a significant warming of market risk appetite.
Hong Kong stocks also performed strongly, with the Hang Seng Index rising by 1.97% and the Hang Seng Technology Index increasing by 1.58%.
From an industry performance perspective, in the A-share Shenwan first-level industries, the pharmaceutical and biotechnology sector ranked first with a rise of 3.43%, followed closely by beauty care, media, and electronics sectors, which rose by 2.29%, 2.19%, and 2.15%, respectively. The public utilities sector performed relatively weakly, falling by 0.33%, while the agriculture, forestry, animal husbandry, and fishery sector slightly declined by 0.01%, indicating that market funds are clearly gathering towards growth sectors.
Innovative drug concept stocks have sparked a wave of limit-ups, with Guangshengtang and Ruizhi Pharmaceutical hitting the 20% limit-up, and several stocks like Peking University Pharmaceutical and Yibai Pharmaceutical also sealing their boards. Behind this is the concentrated interpretation of the logic of global value realization of domestic innovative drugs—data shows that by 2025, the total amount of outbound licensing transactions for China's innovative drug BD will reach 135.655 billion USD, setting a historical high; the enthusiasm continues into 2026, with the total amount of outbound licensing transactions exceeding 60 billion USD as of March 27.
Domestic innovative drugs are transitioning from &#34;R&amp;D breakthroughs&#34; to &#34;global monetization,&#34; and this industrial trend has become the most consensus-driven offensive direction for funds.
The strength of technology stocks can also be traced. The components and semiconductor sectors are active, with BenChuan Intelligent and JingSai Technology rising over 10%, and Zhongjing Electronics hitting the limit-up. The driving event comes from the commercial aerospace sector: on March 30, the China Aerospace Science and Technology Corporation's &#34;Li Jian No. 2&#34; rocket successfully launched, sending multiple satellites into their designated orbits, and on the same day, its STAR board IPO was accepted. This event not only ignited the enthusiasm for buying in the related industrial chain but also reflects that the industrialization process of cutting-edge technology is accelerating.
The photovoltaic equipment sector saw fluctuations and rises due to the news that Laplace won a nearly 10 billion yuan photovoltaic project from Tesla, with Guosheng Technology and Furui Co., Ltd. hitting the limit-up, further reinforcing the marginal improvement signals in the new energy track. The activity of shipping stocks is also worth noting, with China Merchants Industry and Jinjiang Shipping both hitting the limit-up.
On the news front, U.S. President Trump stated that the U.S. might end military actions against Iran in the coming weeks, and Iranian President Pezeshkian also expressed a willingness to end the war. The phased easing of geopolitical risks has lifted a significant burden from the global market, directly boosting market risk appetite.
In contrast, previously strong-performing sectors such as high-speed rail and electricity have seen adjustments, with Shenzhou High-speed Rail falling back and Guangxi Energy hitting the limit-down. This high-low switch precisely indicates that, against the backdrop of a stabilized index, funds are actively seeking new offensive directions, with distinct structural market characteristics
In the short term, the main theme of the market in April is likely to be a period of consolidation. On one hand, although there are signs of easing in geopolitical conflicts, the subsequent developments remain uncertain, which will limit a significant increase in risk appetite; on the other hand, the uncertainty of earnings during the earnings season will also make some funds more cautious. Overall, it has become a consensus in the market that there is a bottom for the index to decline, but short-term fluctuations are inevitable. The index is likely to show a trend of oscillation and structural differentiation, making it less attractive to chase high prices. More attention should be paid to sectors with strong earnings certainty or those showing an upward turning point in prosperity.
In the medium to long term, the slow bull pattern of A-shares remains unchanged. At the macro level, in the first year of the 14th Five-Year Plan, the policy tone of stabilizing the market and promoting reform has become clearer, and the central bank's stance on maintaining ample liquidity is evident, providing a solid bottom support for the market. At the micro level, profits of industrial enterprises saw a significant year-on-year rebound from January to February, and the latest manufacturing PMI for March has also returned to the expansion range of 50.4%. The new orders index is recovering faster than the production side, indicating that demand is marginally improving, and there are signs of inventory cycle replenishment.
Despite ongoing geopolitical conflicts overseas and expectations of tightening global liquidity, the resilience of Chinese assets is becoming more evident—the completeness of domestic supply chains and the certainty of industrial upgrades have built an endogenous foundation to cope with external fluctuations. Overall, the foundation of this round of market performance remains solid, and external shocks mainly affect short-term sentiment and operational rhythm, without changing the long-term positive direction of the market.
In terms of allocation, two main lines can be developed: first, earnings certainty, focusing on sectors that are expected to exceed expectations in the first quarter report; second, industry trends, concentrating on core assets with global competitiveness, such as technological innovation (AI computing power, semiconductors) and energy security (power equipment, energy storage), maintaining strategic determination amidst fluctuations and waiting for clearer signals of market turning points.
Note: The market has risks, and investment should be cautious. The content of this article is based on publicly available information and does not constitute any investment advice

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In April, the market opened strong, with A-shares and Hong Kong stocks performing well. The SSE Index rose by 1.36%, and the STAR 50 Index surged by 2.96%. The pharmaceutical and biotechnology sector saw the highest gains, with innovative drug concept stocks triggering a wave of trading limits, indicating that market funds are gathering towards growth sectors. Technology stocks were active, with successful launches in the commercial aerospace field igniting enthusiasm in the related industrial chain, and the photovoltaic equipment sector was boosted by fluctuations in Tesla projects. Overall market risk appetite has significantly warmed, focusing on growth themes amid short-term fluctuations and corrections

腾讯新闻 - 财经

STAR 50

Minsheng Royal CSI Biotechnology Theme ETF

China Merchants CSI Biotechnology Theme ETF

ChinaAMC CSI Biotechnology Theme ETF

E Fund CSI Biotechnology Theme ETF

Fullgoal SSE Composite ETF

SSE Index

CSOP STAR 50

E Fund China Science and Technology Innovation Board 50 Component ETF

Penghua China Science and Technology Innovation Board 50 Component Enhance policies ETF

April opens with a bang! Behind the surge of innovative drugs, is a turning point approaching?