On April 20, A-shares showed volatile differentiation. The Shanghai Composite and Shenzhen Component indices rose in the early session. After an initial dip at the opening, the ChiNext Index continued to rise and has now turned positive. Computing hardware stocks were active, with liquid-cooled servers and optical communications sectors pulling up. Rare metal and chemical fiber concept stocks also strengthened. Hong Kong stocks rose slightly; both the Hang Seng Index and Hang Seng Tech Index rose in the early session, with most internet technology stocks advancing and the semiconductor sector rising.
In the bond market, treasury bond futures rose across the board. In the commodities market, domestic commodity futures showed divergence. Polysilicon surged over 5%, while crude oil and fuel oil fell.
Core Market Trends:
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A-shares: As of press time, the Shanghai Composite Index rose 0.45%, the Shenzhen Component Index rose 0.65%, and the ChiNext Index rose 0.33%.
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Hong Kong Stocks: As of press time, the Hang Seng Index rose 0.28%, and the Hang Seng Tech Index rose 0.12%.
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Bond Market: Treasury bond futures rose with volatility. As of press time, the 30-year main contract rose 0.19%, the 10-year main contract remained flat, the 5-year main contract remained flat, and the 2-year main contract fell 0.01%.
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Commodities: Domestic commodity futures showed divergence. As of press time, polysilicon rose over 5%, Shanghai silver rose 2%, lithium carbonate, glass, industrial silicon, and others rose about 1%. Shanghai copper, platinum, rubber, palladium, tin, coking coal, rebar, coke, gold, hot-rolled coil, iron ore, pulp, manganese silicate, shipping index, and others all rose. Asphalt, soybean meal, alumina, stainless steel, nickel, eggs, caustic soda, and rapeseed fell. Aluminum and methanol fell over 1%, propylene and ethylene glycol fell over 2%, and fuel oil fell over 3%.
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09:54
The Beijing Exchange 50 Index's gains expanded to 3%.
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09:46
The Beijing Exchange 50 Index rose over 2%. Kaihua Materials, Huitong New Materials, and Jikang Technology nearly hit the 20% limit-up. Chuanda New Materials, Kaitian Gas, Shuguang Digital Creation, and Hengli Drilling Tools surged sharply.
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On the news front, multiple fund companies have relaxed the share cap for Beijing Exchange 50 Index Fund products from 500 million shares to 1.5 billion shares, and several Beijing Exchange 50 Index funds have resumed large-scale subscription business.
09:40
In the morning session, computing chip concepts became active again. Bingo Software achieved three consecutive 20% limit-up moves, Rendong Holdings hit the limit-up, while ASR, Hygon Information Technology, MAXVISION, Cambricon, and others followed the rally.
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On the news front, Intel and AMD have notified customers that they will raise prices for their full range of server CPUs, with delivery cycles significantly extended. Since February, CPU prices have generally risen by 10-15%. AMD has repeatedly emphasized that its 2026 CPUs are already fully sold out, and its data center business may see an annual growth rate exceeding 60% over the next 3-5 years, with no signs of demand slowing or stopping in the short term.
09:36
Optical fiber concepts strengthened collectively. TDii hit the limit-up, while YOFC, ZTT, HTGD, and NEO followed the gain.
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On the news front, since the beginning of this year, the optical fiber industry has shown a prosperous trend of &#34;rising volume and price.&#34; A manager of an optical fiber production company in Jiangsu recently stated that in the first quarter of this year, the production and sales volume of optical fibers grew nearly five times year-on-year, and product prices rose sharply. G.657.A2 optical fiber was priced at 32 yuan per core kilometer last year, but rose to 240 yuan this year, a surge of 650%.
09:32
Liquid-cooled server concepts strengthened repeatedly. Kangsheng Shares achieved four limit-ups in seven days, while Shengyang Shares, Kerui Technology, Huaqin Technology, Chuanrun Shares, Shenling Environment, and Feirongda followed the rally.
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On the news front, institutions pointed out that the value of liquid-cooled architecture and systems varies with chip power and cabinet architecture. The GB200 and GB300 computing trays shipped in 2025 adopt a mixed cooling method of 85% liquid cooling and 15% air cooling. It is expected that the Vera Rubin NVL72 computing trays starting shipment in 2026 will adopt 100% liquid cooling, while Rubin Ultra and Feynman will have higher power. Overseas markets are expected to gradually enter the era of full liquid cooling.
09:26
The Shanghai Composite Index opened higher by 0.05%, while the ChiNext Index fell 0.57%. Super-hard materials, BC battery, cloud computing, and ultra-high voltage concept stocks strengthened, while lithium batteries, AI applications, and CPO themes weakened.
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09:21
The Hang Seng Index opened higher by 0.17%, and the Hang Seng Tech Index rose 0.34%. Kingsoft Software, JD Health, SMIC, XPeng Group, and TONGCHENG Travel led the gains. Orient Securities rose over 13% after announcing it would acquire 100% equity of Shanghai Securities.
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In the morning session, computing chip concepts became active again. Bingo Software achieved three consecutive 20% limit-up moves, Rendong Holdings hit the limit-up, while ASR, Hygon Information Technology, MAXVISION, Cambricon, and others followed the rally. Optical fiber concepts strengthened collectively; TDii hit the limit-up, with YOFC, ZTT, HTGD, and NEO following the gain

Wallstreetcn

Rendong Holdings

Hygon Information Technology

MAXVISION

Cambricon

Bingo Software

HTGD

TDii

YOFC

Fullgoal CSI Communication Equipment Thematic ETF

Guotai CSI All Share Communications Equipment ETF

Shanghai Composite rises 0.5%, Beijing Exchange 50 surges 3%, optical fiber concepts explode, AI computing power active, Hang Seng Tech Index up 0.3%, semiconductors pull up