<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OR3paR4Iho-rN3FwUiNJFgwxYcmVww88E4PFcnfn6EvekAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OR3paR4Iho-rN3FwUiNJFgwxYcmVww88E4PFcnfn6EvekAA/641"/>
This report (chinatimes.net.cn) reporter Shuai Kecong reported from Beijing
On April 16, 2026, the three major A-share indices collectively closed higher, with the Shenzhen Component Index rising over 2%, reaching a new high in more than 4 years; the ChiNext Index surged over 3%, hitting a new high in over ten years. Over the past 8 trading days, the cumulative increase of the ChiNext Index has exceeded 15%.
Behind the soaring ChiNext Index, its largest weighted stock, CATL, has seen its stock price and performance rise simultaneously, with a total market value surpassing 2 trillion yuan, ranking third in A-shares, ahead of giants like PetroChina and Kweichow Moutai.
Looking ahead, institutions are generally optimistic, believing that as the US-Iran conflict eases, market logic is returning to fundamentals. Tan Zhiming, fund manager at Jinxin Fund, analyzed to the &#34;Huaxia Times&#34; reporter that late April is the final stage for the disclosure of annual reports and quarterly reports, and is a key window for the concentration of performance &#34;landmines&#34; and &#34;surprises.&#34; In the current market environment, the strategic focus should indeed shift from &#34;thematic speculation&#34; to &#34;performance supremacy,&#34; selecting stocks of quality companies with solid fundamentals and high growth certainty.
Net inflow of over 10 billion in the computing power sector
On April 16, the three major A-share indices opened high and rose, collectively closing at the day's high, with the ChiNext Index surging past the 3600-point mark for the first time since June 2015.
As of the close that day, the Shanghai Composite Index rose 0.7%, closing at 4055.55 points; the Shenzhen Component Index rose 2.05%, closing at 14796.33 points; the ChiNext Index rose 3.17%, closing at 3626.27 points. In addition, the CSI 300 Index rose 1.1%, the Northbound 50 Index rose 1.34%, and the Sci-Tech Innovation 50 Index rose 1.13%.
The total trading volume of A-shares for the day was approximately 2.36 trillion yuan, a decrease of 74.5 billion yuan from the previous day, marking the seventh consecutive trading day with a trading volume exceeding 2 trillion yuan.
On the market, most of the 31 Shenwan first-level industry sectors rose, with only the petroleum and petrochemical, banking, and pharmaceutical and biological sectors slightly declining, with declines of 0.67%, 0.35%, and 0.11%, respectively; the communication, comprehensive, and non-ferrous metal sectors led the gains, rising 3.97%, 3.6%, and 2.83%, respectively. A total of 4293 stocks in the market rose, with 88 stocks hitting the daily limit; 1072 stocks fell, with 9 stocks hitting the daily limit.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OdmUB9kJ5-mRfLZ7DYa0JMdLSim3YpyxoAyKgCc-kvNtEAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OdmUB9kJ5-mRfLZ7DYa0JMdLSim3YpyxoAyKgCc-kvNtEAA/641"/>
From the perspective of major capital flows, the top three concept sectors with net inflows were computing power concept, battery technology, and big data, with net inflows of 11.538 billion yuan, 9.290 billion yuan, and 7.960 billion yuan, respectively; the top three concept sectors with net outflows were commercial aerospace, military-civilian integration, and military industry, with net outflows of 4.725 billion yuan, 2.821 billion yuan, and 2.659 billion yuan, respectively
Why is the computing power concept once again attracting capital? Tan Zhiwei pointed out that with the accelerated implementation of applications such as AI agents, multimodal large models, and AI programming, AI is transitioning from the &#34;training era&#34; to the &#34;inference era.&#34; The new applications consume computing power far exceeding that of traditional text inference. According to a report from CITIC Research Institute, the weekly consumption of tokens has risen from 2.1 trillion to 24.5 trillion over the past year, with a 280% increase in weekly token consumption since 2026.
At the same time, the U.S. export control policy against China has banned the sale of flagship chips like NVIDIA's H100, and exports of H200 and others to China have also been subject to strict restrictions. This has led to extremely low spot inventory of high-end computing power cards domestically, with leading computing service providers having a rental rate exceeding 90%, resulting in a &#34;hard-to-find card&#34; situation in the market. Domestic AI chips are accelerating development, but there is still a gap in single-card performance, cluster efficiency, and especially in software ecosystems compared to international leading levels. With strong demand and tight supply, many major domestic companies raised prices in March and April, ushering in a new pattern of simultaneous volume and price increases in the computing power leasing industry.
CATL's stock price hits a record high
It is noteworthy that CATL's stock price closed up over 5%, reaching 453.98 yuan per share, setting a new historical high, with the latest market value surpassing 2 trillion yuan, reaching 2.07 trillion yuan.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O3j3s5Q2jXb_N-jDQ_pCgjFCD0mI784q3mxfHpHyLvDq4AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O3j3s5Q2jXb_N-jDQ_pCgjFCD0mI784q3mxfHpHyLvDq4AA/641"/>
According to Wind data, CATL's stock price has accumulated a rise of over 23% this year, and its market value has surpassed giants like China Petroleum and Kweichow Moutai, ranking third in A-shares, only behind Agricultural Bank of China and Industrial and Commercial Bank of China.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OTrMG797SeyveZf27qY4lIoA2HttbYpSTwIEGArUHtDSkAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OTrMG797SeyveZf27qY4lIoA2HttbYpSTwIEGArUHtDSkAA/641"/>
Recently, behind the significant rise of the ChiNext index, CATL has played an indispensable role. As the largest weighted stock in the ChiNext index, CATL's influence on the index's weight ratio is as high as 19.72%, meaning that for every 5% increase in CATL's stock price, the ChiNext index can rise by about 1%.
The surge in CATL's stock price is mainly due to the substantial growth in the company's performance. On the evening of April 15, CATL disclosed its Q1 2026 report, with quarterly operating revenue reaching 129.131 billion yuan, a significant year-on-year increase of 52.45%, setting a new historical high; the net profit attributable to shareholders of the listed company reached 20.738 billion yuan, a year-on-year increase of 48.52%.
Guotai Junan Securities' research report stated that as a global leader in lithium batteries, CATL benefits from accelerated expansion and technological breakthroughs. It is expected to maintain steady growth despite price increases in the midstream and challenges from geopolitical conflicts. With the explosion of demand for energy storage and commercial vehicles, combined with breakthroughs in new technologies such as sodium batteries and solid-state batteries, the company's performance is expected to continue to surpass previous highs, with net profits attributable to the parent company projected to reach 103 billion, 127.7 billion, and 157.2 billion yuan in 2026, 2027, and 2028, respectively
Need to Pay More Attention to Performance Growth Logic
Recently, with the ceasefire between the U.S. and Iran and the commencement of negotiations, global stock markets have reversed their previous downturn and generally welcomed a recovery trend. In the early hours of April 16 in Beijing, U.S. stocks closed on Wednesday with both the S&amp;P 500 Index and the Nasdaq Index reaching all-time highs; the Japanese and South Korean stock markets have also basically recovered all losses since the U.S.-Iran conflict.
Li Yanjun, a senior investment advisor at GF Securities, analyzed that the strong upward movement in the A-share market today is a result of the dual positive resonance formed by &#34;the cooling of external geopolitical risks&#34; and &#34;internal economic data exceeding expectations.&#34; Overnight news indicated that the U.S. and Iran are close to reaching a framework agreement to end the conflict, and there are signs of easing in the navigation situation in the Strait of Hormuz. This development directly led to a drop in international oil prices and a significant cooling of global risk aversion. Additionally, this morning, the National Bureau of Statistics released macroeconomic data for the first quarter that comprehensively exceeded expectations. Among them, the GDP in the first quarter grew by 5.0% year-on-year, accelerating by 0.5 percentage points compared to the fourth quarter of the previous year, achieving a good start.
He believes that in the short term, as the core external risks that have suppressed the market show substantial easing, market risk appetite is expected to continue to recover. Coupled with the support of a &#34;good start&#34; in the first quarter economy, the Shanghai Composite Index is expected to launch an offensive above 4,000 points, with market style clearly leaning towards technology growth lines with clear industrial trends and significant performance elasticity. Attention should be paid to the final outcome of the U.S.-Iran negotiations and the intensive disclosure of first-quarter reports from listed companies.
The strategy team at Guotai Junan Securities stated in their research report that the ceasefire and negotiations between the U.S. and Iran imply concerns about inflation from the U.S. side and Iran's desire to maintain neutrality in the international community, with the boundaries of geopolitical risks gradually becoming clearer. The situation will still fluctuate, but the most pessimistic period is expected to have passed.
They believe that the impact of energy prices on global demand may continue to exist, but China's growth logic is key to breaking the narrative of stagflation. Since the beginning of the year, China's investment, consumption, and PMI economic data have been better than expected, and the rebound in PPI has driven nominal growth recovery. From a broader perspective, China's stable economic and social environment, complete supply chain system, and proactive industrial progress are also rare in global comparisons.
Currently, the A-share market is in a period of intensive financial report disclosures. Guotai Junan Securities believes that A-shares typically exhibit a significant &#34;earnings report effect&#34; during the earnings disclosure period, meaning that the impact of earnings growth on stock prices is significantly higher than in other months, particularly in April. Therefore, after the overall index rebounds from overselling, future investments need to pay more attention to growth logic and performance changes

300750

03750

399006

159915

159956

The three major A-share indices collectively closed higher, with the ChiNext index soaring over 3%, reaching a new high in more than a decade, with a cumulative increase of over 15%. CATL's market capitalization surpassed 2 trillion yuan, ranking third in A-shares. Institutions are generally optimistic, believing that market logic is returning to fundamentals, and strategies should shift towards companies with strong performance. On April 16, the trading volume of A-shares was approximately 2.36 trillion yuan, with most of the 31 industries rising, and the computing power sector saw a net inflow of over 10 billion yuan

腾讯新闻 - 财经

CATL

ChiNext

E Fund GEM ETF

CCB Principal ChiNext Composite ETF

A surge of over 15% in 8 days! ChiNext hits a new high in over a decade, and CATL's market value surpasses 2 trillion yuan