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On April 1st, the three major A-share indices opened higher collectively. The market fluctuated after the opening, and the trading volume did not effectively expand. After a brief surge in the afternoon, it retreated, and the gains slightly narrowed.
From the market perspective, pharmaceutical and biotechnology stocks surged, with CRO and innovative drug sectors rising sharply; the computing hardware industry chain strengthened, led by CPO and GPU sectors; AI applications, computing leasing, semiconductors, robotics, and consumer electronics themes were active. The power and lithium mining sectors adjusted.
By the close, the SSE Composite Index rose 1.46%, closing at 3948.55 points; the STAR 50 Index rose 3.33%, closing at 1298.2 points; the Shenzhen Component Index rose 1.7%, closing at 13706.52 points; the ChiNext Index rose 1.96%, closing at 3247.52 points.
According to Wind statistics, a total of 4492 stocks rose in the two markets and the Beijing Stock Exchange, while 881 stocks fell, and 115 stocks closed flat.
The total trading volume of the Shanghai and Shenzhen markets was 20,125 billion yuan, an increase of 20 billion yuan compared to the previous trading day's 19,925 billion yuan. Among them, the Shanghai market traded 8,973 billion yuan, an increase of 5.4 billion yuan from the previous trading day's 8,919 billion yuan, while the Shenzhen market traded 11,152 billion yuan.
According to Great Wisdom VIP, there were 119 stocks in the two markets and the Beijing Stock Exchange with a rise of over 9%, and 15 stocks with a decline of over 9%.
Pharmaceutical and biotechnology stocks surged significantly, while oil and petrochemical stocks turned down at the close
In terms of sectors, pharmaceutical and biotechnology stocks surged significantly, with nearly 30 stocks including Ruizhi Pharmaceutical (300149), Guangshengtang (300436), Aidi Pharmaceutical (688488), Yifang Biotechnology (688382), and Kangtuo Medical (688314) hitting the daily limit or rising over 10%. Changcheng Guorui Securities recommends focusing on: 1. Innovative drug companies with core technology platforms, differentiated pipeline layouts, global cooperation potential, and continuous data readout expectations, especially quality targets expected to achieve positive catalysts at important academic conferences such as AACR; 2. The CXO/CDMO industry chain direction benefiting from marginal recovery in overseas R&amp;D demand and order improvement; 3. Innovative devices and related sub-sectors with continuous realization capabilities under the background of policy support, accelerated results transformation, and ongoing domestic substitution.
The semiconductor sector performed prominently, with Laplace (688726), Chipone (688521), Juguang Technology (688167), Changguang Huaxin (688048), and Pairui (300831) hitting the daily limit or rising over 10%, while Zhaoyi Innovation (603986) and Jinghe Integration (688249) rose over 6%.
The non-ferrous metals sector fluctuated at high levels, with Lidong New Materials (603937) hitting the daily limit, and Longci Technology (300835), Shengtun Mining (600711), Haixing Co., Ltd. (603115), and Yongjie New Materials (603271) rising over 6%, while Luoyang Molybdenum (603993) and Tunan Co., Ltd. (300855) rose over 4%
Power stocks fell, and the utility sector declined against the market trend, with Guangxi Energy (600310) and Huitian Thermal Power (000692) hitting the daily limit down, while Huadian Energy (600726), Zhongmin Energy (600163), and ShenNan Electric A (000037) dropped over 7%.
The agriculture, forestry, animal husbandry, and fishery sectors performed poorly, with Jingji Zhino (000048) hitting the daily limit down, and Lude Technology (688156), Andeli (605198), and Pingtan Development (000592) falling over 4%.
Oil and petrochemical stocks turned down towards the end of the trading session, with Zhongman Petroleum (603619), Tongyuan Petroleum (300164), Beiken Energy (002828), Lanyan Holdings (000968), China National Offshore Oil Corporation (600938), and Qianeng Hengxin (300191) dropping over 2%.
The market's pricing anchor is expected to gradually penetrate emotional disturbances
Galaxy Securities stated that the evolution of the conflict between the U.S. and Israel still carries significant uncertainty, and the suppression of global risk assets is unlikely to dissipate in the short term. Before the conflict's trajectory becomes clear, combined with the tightening global liquidity environment brought about by rising inflation expectations, the global equity market is likely to continue exhibiting high volatility, with A-shares primarily undergoing oscillatory digestion. However, under external uncertainties, domestic certainty advantages are highlighted, strongly supporting the resilience of the A-share market. The main lines of energy security, self-control, and industrial upgrading are clear, possessing stronger defensive attributes and cost-effectiveness for allocation. As annual and quarterly reports are disclosed, sectors with high performance certainty and continuously improving prosperity will become the core focus of capital. In terms of allocation, the medium to long term still favors the dual main lines of technology sector industrial drive and cyclical sector price increase clues.
According to Guan Tao, the global chief economist of Bank of China Securities, global central banks are caught in a dilemma between &#34;stabilizing growth&#34; and &#34;controlling inflation.&#34; &#34;From the perspective of financial asset pricing, the current global asset prices are mainly priced against inflation shocks, while ignoring the impact of high energy costs on economic growth. If the market shifts to a recession trade later, the safe-haven allocation value of bonds will become prominent, equity assets will face profit revision pressure, and commodity prices will be under pressure due to shrinking demand,&#34; Guan said.
Cao Liulong, chief strategy analyst at Western Securities, believes that investment in the technology sector is an inevitable trend, but after experiencing sustained gains, merely having a &#34;concept narrative&#34; may not be enough to impress investors, who will raise their demands for improvements in the fundamentals of technology companies and their ability to generate &#34;real money&#34; income.
&#34;The long-term nature of the conflict will export 'stagflation-type' institutional costs globally. For asset pricing, this means that the valuation models based on low interest rates, globalization, and efficiency that have prevailed over the past twenty years are undergoing systematic re-evaluation,&#34; said Tian Lihui, director of the Financial Development Research Institute at Nankai University. &#34;The core advantage of Chinese assets in the current global turmoil lies in their provision of 'dislocated space' in the macro cycle and 'certainty anchor points' at the institutional level.&#34; Tian Lihui stated that when major Western economies are deeply mired in the dilemma of combating inflation and recession, China possesses an independent monetary policy cycle and a more relaxed fiscal stimulus space, which allows Chinese assets to avoid extreme suppression from the global high interest rate environment
Wang Han, Chief Economist of Industrial Securities and Co-Director of the Institute of Economic and Financial Research, stated that for asset allocation in the second quarter, strategically, the A-shares should not be overly pessimistic, as there is clear support. Tactically, it is necessary to face the intensifying market volatility and adhere to a contrarian operation approach. The capital market inherently dislikes risk, and A-shares are particularly sensitive to this.
Huatai Securities indicated that looking ahead, there are external geopolitical variables and internal &#34;pre-holiday effects&#34; suppressing trading activity, which puts pressure on trading volume. However, from a cross-month perspective, as A-shares enter a period of intensive earnings disclosures in April, the market's pricing anchor is expected to gradually penetrate emotional disturbances and return to fundamental verification. In terms of allocation, it is recommended to moderately focus on coal, electricity chains, and chemical raw materials that may benefit from high oil prices and have pricing power, while using low-level essential consumer goods as a base

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On April 1st, the three major A-share indices all rose, with the pharmaceutical and biotechnology sector performing outstandingly, and the CRO and innovative drug directions seeing significant increases. The SSE Composite Index rose by 1.46%, and the STAR 50 Index increased by 3.33%. The total transaction amount reached 2.0125 trillion yuan, an increase of 20 billion yuan compared to the previous day. Among pharmaceutical and biotechnology stocks, nearly 30 stocks hit the daily limit or rose more than 10%. Changcheng Guorui Securities recommends focusing on innovative drug companies with core technologies and the CXO/CDMO industry chain. The semiconductor sector also performed strongly

腾讯新闻 - 财经

E Fund China Science and Technology Innovation Board 50 Component ETF

ICBCCS SSE Science and Technology Innovation Board 50 ETF

GF Fund SSE Science and Technology Innovation Board 50 ETF

ChinaAMC SSE Science and Technology Innovation Board 50 ETF

SSE Index

STAR 50

ChinaAMC China 50 ETF

All three major A-share indices rose by over 1%, the pharmaceutical and biotechnology sector surged significantly, with more than 4,400 stocks in the green