Global stock markets mostly weakened in the afternoon session. Japan's Nikkei 225 pared gains from a 1% rise in the morning to close up less than 0.4%, while South Korea's index also narrowed its advance from 3.5% to finish under 2%. The A-share market displayed defensive characteristics, with dividend-paying stocks and pharmaceutical shares strengthening, while the ChiNext board weakened overall, and declining stocks outnumbered gainers. In commodities, crude oil stabilized and rebounded after last night's sharp decline, while gold and other commodities collectively weakened. Meanwhile, U.S. and European stock futures also showed signs of fatigue. So, what has caused market risk appetite to weaken again? On the news front, the U.S. Central Command announced on the 14th local time that it had completely severed Iran's maritime import and export trade. Former President Trump stated that he was not considering extending the ceasefire with Iran because he deemed it unnecessary.
On the market, the pharmaceutical sector bucked the trend and rose. Harbin Pharmaceutical Group Co.,Ltd. hit its second consecutive limit-up, while Tianjin Tianyao Pharmaceuticals Co.,Ltd., Brightgene Bio-Medical Technology Co.,Ltd., Jinling Pharmaceutical Company Limited, and Luyan Pharma Co.,Ltd. all surged by the daily limit. The commercial aerospace concept was active, with Anhui Shenjian New Materials Co.,Ltd. hitting a limit-up to reach a new historical high, and Hunan Valin Wire&Cable Co.,Ltd. also rising by the limit. On the downside, the lithium battery concept collectively adjusted. Shandong Hi-Tech Spring Material Technology Co.,Ltd. fell over 12%, Sunvim Group Co.,Ltd. dropped by the daily limit, and Jiangsu Hsc New Energy Materials Co.,Ltd. declined more than 8%. The computing hardware sector surged initially then pulled back, with Shenzhen Sdg Information Co.,Ltd., Eoptolink Technology Inc.,Ltd., and Henan Shijia Photons Technology Co.,Ltd. all retreating. The memory chip concept weakened, with Dawei股份 touching the跌停 limit.
Looking ahead, Orient Securities stated that the market trend remains healthy and the rebound will continue, advising focus on sectors with strong earnings realization and high景气度. By individual stocks, 1,841 companies advanced, 3,541 declined, and 120 were unchanged across the two exchanges. Sixty-eight stocks hit the upper limit, while 15 fell by the lower limit. At the close, the Shanghai Composite Index rose 0.01% to 4027.21 points, with a turnover of 1028.9 billion yuan. The Shenzhen Component Index fell 0.97% to 14498.45 points, with a turnover of 1372.6 billion yuan. The ChiNext Index dropped 1.22% to 3514.96 points.
In terms of fund flows, main funds focused on抢筹 the power grid equipment, chemical pharmaceuticals, and military electronics sectors today. Stocks with significant net main inflows included Cambridge Technology, Sichuan Changhong, and Anhui Shenjian New Materials Co.,Ltd..
Key News Recap: 1. Trump stated there is no need to extend the ceasefire with Iran, saying he believes the next two days will be "very interesting." 2. The Ministry of Industry and Information Technology is currently formulating the "15th Five-Year Plan" for the pharmaceutical industry, focusing on accelerating the development of "innovative medicine," "inclusive medicine," "digital-intelligent medicine," and "open medicine." 3. Flying Moutai prices rose across the board. The wholesale price for a 2026原箱 was reported at 1,665 yuan per bottle, up 5 yuan from the previous day.
Post-Market Analysis: 1. Huaxi Securities Co.,Ltd.: After significant gains, adopt a cautious approach. If policy support remains solid and the computing power theme continues, the market could replicate the sustained rebound seen in October 2015. If geopolitical disturbances intensify or the main theme weakens, the market movement might resemble the rebound followed by a pullback seen in March 2022. 2. Huaxi Securities Co.,Ltd.: Bullish on the high景气度 trend of the lithium battery industry chain. Following a relatively slow season, domestic new energy vehicle sales recovered significantly in March with rapid sequential growth. Subsequent new model launches and enhancing cost-performance advantages are expected to drive sales growth, boosting mid- and upstream production schedules. Strong energy storage demand and increasing battery capacity per vehicle are driving a new expansion cycle for the lithium battery chain, boosting demand for upstream materials. Prices are expected to recover and rise with downstream volume growth, potentially leading to simultaneous increases in volume, price, and profit across segments. Sectors with limited prior capacity expansion may gradually face tight supply, supporting potential increases in processing fees, particularly in capital-intensive segments with improving product structures like copper foil and separators.
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