On April 22, A-shares opened lower but climbed higher, experiencing a unilateral, volatile, and volume-driven surge. The Shanghai Composite Index reclaimed the 4100-point level, the ChiNext Index repeatedly hit fresh 11-year highs, the ChiNext Composite Index刷新ed a historical peak, and the Shenzhen Component Index continued to set new阶段性 highs. At the close, the Shanghai Composite Index was up 0.52% at 4100 points, the Shenzhen Component Index rose 1.30%, the ChiNext Index advanced 1.73%, and the ChiNext Composite Index gained 1.43%. The combined turnover for the Shanghai and Shenzhen markets reached 2.6 trillion yuan, an increase of 151.2 billion yuan from the previous session. In terms of individual stocks, over 2,900 stocks advanced, with more than 60 hitting the daily upside limit.
Market activity on Wednesday featured a "chasing light" theme, with online commentators noting, "Buy stocks with 'light' in their name!" The CPO, optical fiber, and optical communication sectors experienced a full-scale breakout. According to reports, stocks containing the character for "light" in their names, such as Changguang Huaxin, Woge Photoelectric, Shijia Photon, Hengdong Guang, Hengtong Optic-Electric, and Changfei Optical Fiber, saw significant gains, with their intraday prices all reaching record highs. Institutions indicated that by 2026, the optical module industry chain will enter a prosperous cycle of rising volumes and prices, heralding the "first year of high-speed optical module commercialization." Within this industrial wave, domestic manufacturers are poised for a new round of opportunities, with attention recommended on three key areas: optical module manufacturers represented by Zhongji Innolight Co.,Ltd.;稀缺 upstream core component suppliers like optical chip makers represented by Yuanjie Technology; and high-barrier segments such as testing and coupling equipment, often referred to as the "shovel sellers."
Furthermore, the computing power rental concept continued to strengthen. Xiechuang Data touched the 20% daily limit, Hongjing Technology rose over 15%, both hitting new historical highs, while Hanggang股份 sealed a limit-up. The semiconductor sector also performed strongly, with Luwei Photoelectric, Xiandao Jidian, and others hitting limit-ups, while Qiangyi Gufen and Xinyuan Gufen followed with gains. On the decline, the film and cinema concept stocks collectively adjusted, with Guangxian Media, Bona Film Group, and Xingfu Lanhai experiencing declines. Additionally, tourism and banking stocks were among the top decliners.
Looking ahead, Guotai Haitong Securities stated that the upward momentum of the Chinese stock market is far from over, and it is expected to reach new highs. In terms of allocation, emerging technology is the main theme, but value stocks will also have their day.
**Hot Sectors:**
1. **CPO Concept Strengthens Again:** The CPO concept surged once more, with Changguang Huaxin, San'an Optoelectronics, Hengtong Optic-Electric, and Dongshan Precision批量 hitting the daily limit. *Commentary: According to the latest research from TrendForce, the global market for AI-specific optical transceiver modules is entering a phase of rapid growth. The market size is estimated to expand from $16.5 billion in 2025 to $26 billion in 2026, a year-on-year increase of over 57%.*
2. **Optical Fiber, Optical Communication Concepts Active Again:** The optical fiber concept was活跃 again, with Yongding Gufen hitting a limit-up and setting a new historical high. Photoelectric股份, Yunnan Germanium, and others涨停, while Changfei Optical Fiber and Xinyisheng followed with gains. *Commentary: Since the beginning of the year, the optical fiber industry has shown a prosperous trend of "rising product volume and price." A responsible person from a fiber optic manufacturer in Jiangsu recently stated that fiber optic production and sales in the first quarter increased nearly fivefold year-on-year, with product prices also rising significantly. For example, G.657.A2 fiber rose from 32 yuan per core kilometer last year to 240 yuan this year, a 650% increase. CRU predicts global fiber demand will climb to 880 million core kilometers by 2027.*
3. **Semiconductor Stocks Lead Gains:** The semiconductor sector performed strongly, with Luwei Photoelectric, Xiandao Jidian, and others涨停, while Qiangyi Gufen and Xinyuan Gufen followed suit. *Commentary: SEMI (International Semiconductor Industry Association) pointed out that driven by AI computing power and the global digital economy, the global semiconductor industry is witnessing a historic moment. The era of a trillion-dollar semiconductor market, originally expected by 2030, is anticipated to arrive early by the end of 2026.*
**Institutional Views:**
**Guotai Haitong Securities: Chinese Stock Market's Upward Momentum Far From Over** Looking forward, the upward momentum of the Chinese stock market is far from over, and it is expected to reach new highs. Firstly, post-"924" in 2024, concerns about "internal worries" have diminished; the overseas disturbances anticipated around 2026 also represent an important turning point, reflecting the advantages of Chinese industry. Whether in technological progress or manufacturing going global, the international community will re-evaluate and reassess Chinese assets. Secondly, with the emergence of risk boundaries and constraints, market anxieties have eased, and the downward revision of expectations has basically ended, allowing the market to return to its endogenous development logic. Recent acceleration in a new round of capital market reforms implies a policy stance aimed at consolidating the stable and improving trend of the capital market. The clarification of the bottom is expected to strengthen the rise in social asset management demand and the influx of incremental funds against the backdrop of declining risk-free returns. Thirdly, with fiscal stimulus front-loaded and inflationary pressures warming up in 2026, traditional industries are gradually stabilizing; facing huge market demand and the significant computing power gap with the US, investment in China's emerging industries will also accelerate; additionally, China's competitive manufacturing sector is going global, with the emergence of multinational companies and improving ROE, leading to potential upward revisions in China's growth expectations for 2026. The Chinese stock market will not stop here; maintain confidence. In terms of allocation, emerging technology is the main theme, but value will also have its spring.
**Huang Yanmin, Director of Oriental Securities Research Institute: "Barbell" Strategy Has Ended; Future A-Share Opportunities Lie in Mid-Cap Blue Chips** Huang Yanmin stated that the barbell strategy prevalent in November and December of last year has reached its end, and the low-volatility, high-dividend play has concluded. Future A-share investment opportunities are not at the extremes but in mid-cap blue chips. Huang Yanmin indicated that "this year is the year of mid-cap blue chips," with a focus on cyclical and manufacturing sectors, following the rhythm of "cyclicals first, then manufacturing" – the cyclical rally is mostly over, and the market is currently in the transition phase from cyclicals to manufacturing. Therefore, the next focus should be on manufacturing, including new energy, military industry, machinery equipment, and exports. Within new energy, energy storage and nuclear fusion have seen high valuations; he specifically recommended wind and solar power generation, as well as power transmission and transformation. Regarding AI, Huang Yanmin believes no significant bubble has appeared so far, as neither corporate nor investment ends have seen severe leveraging; the next step is to watch for performance delivery, gradually separating the real from the fake.
**Zhongtai Securities: Medium-Term, No Systemic Risk of Significant Decline in A-Shares** A Zhongtai Securities research report stated that while global equity markets continue their risk-on sentiment, the probability of a "fast bull" market appearing in A-shares remains low. The ongoing repair of market risk appetite is mainly supported by the挤出 of geopolitical risk premiums, validation of high景气度 in the AI industry chain, and resilience in Chinese and US economic data. Looking ahead, the environment of极度 abundant liquidity is not a steady state; domestic short-term interest rates are low, and the room for US dollar depreciation is limited. Medium-term, there is no systemic risk of a significant decline in the A-share market, but the probability of a "fast bull" market is not high. The recommendation is to "control position sizing, prioritize structure."
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