On April 15, A-shares experienced mixed performance in morning trading, with major indices diverging. By midday, the Shanghai Composite Index rose 0.37%, while the Shenzhen Component Index fell 0.25%. The ChiNext Index, after hitting a new high since June 19, 2015, declined 0.23%, and the STAR Composite Index advanced 1.47%.
Trading volume in the Shanghai and Shenzhen markets reached 1.58 trillion yuan in the morning session, an increase of 84.4 billion yuan from the previous day. Over 2,800 stocks declined across the market.
The commercial space sector saw multiple stocks hitting the daily limit-up. *ST Guandian surged 20% for its second consecutive rally, while Hunan Boyun New Materials Co.,Ltd. secured its third straight limit-up. Shenjian Shares also rose by the daily limit, reaching a record high, and Western Materials touched the upper trading band. Satellite and aerospace ETFs performed strongly. Analysts cited three key catalysts for commercial space: the upcoming China Space Conference in Chengdu from April 23–26, expected to receive high-level support; the anticipated recovery of the Long March 10 rocket on April 28, with market expectations of significant progress; and Amazon’s 23% premium acquisition of Globalstar.
The computing power industry chain maintained strong momentum, with AI chip stocks standing out. Metax Integrated Circuits (Shanghai) Co., Ltd. surged over 13%, while Moore Threads and Yuanjie Technology each gained more than 6%. Cambricon rose nearly 5%. The CPO segment showed localized strength, with Wasung Group recording its sixth limit-up in 12 sessions and hitting a new high. Cambridge Technology touched the upper trading band, and Zhongji Innolight and Robotec both reached fresh historical highs.
In related news, Sugon unveiled China's largest AI4S computing cluster to date on April 14, marking a critical step in the country’s AI computing infrastructure.
The pharmaceutical sector continued its upward trend, with Borui Pharma jumping 20%, Haoyao Group securing its second consecutive limit-up, and Realcan, Jinling Pharma, Hisun Pharma, and Luyan Pharma all rising by the daily limit. He Yaqiong, Director of the Consumer Goods Industry Department at the Ministry of Industry and Information Technology, announced during a policy briefing that the "15th Five-Year Plan" for the pharmaceutical industry is currently being drafted.
Tourism and hotel stocks also gained, with Lijiang Tourism hitting the limit-up, followed by Xi’an Tourism, Shaanxi Tourism, and Guilin Tourism. Data from Tuniu showed that bookings for domestic packaged tours during the May Day holiday increased 10% year-on-year.
On the downside, lithium battery concepts weakened, with Haike Xinyuan falling over 10%, Furong Shares approaching the lower trading band, and Ganfeng Lithium, Shenghua Lithium, and Rongjie Shares all declining.
Hong Kong-listed technology stocks rallied across the board. As of 11:40 a.m., JD Group rose nearly 6%, while Alibaba, Baidu, and Trip.com Group each gained over 4%. Bilibili, SMIC, and JD Health advanced more than 3%. Robotics-related stocks also strengthened, with Wu Shi Vision up 16.03%, and Woan Robotics and Ubtech rising over 3%.
Looking ahead, Guotai Haitong expressed optimism that Chinese stocks may regain upward momentum. While external uncertainties may persist, the worst is likely over. Energy price impacts on global demand could continue, but China’s economic data—including investment, consumption, and PMI—have exceeded expectations this year. A rebound in PPI is supporting nominal growth recovery, and China’s robust supply chain and proactive industrial progress remain rare globally. The accelerated development of an innovation ecosystem centered on capital markets is expected to enhance A-shares' ability to attract social capital.
Guosen Securities noted that March’s market correction resembled a "thunderstorm in a bull market," with supportive policies and investor sentiment still indicating a bullish environment. Drawing parallels with historical fourth-wave adjustments, the firm suggested the correction is nearing its end, amid improving geopolitical conditions and gradual domestic economic recovery. With internal and external positives accumulating, markets are poised for an upward shift in April.
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