On April 20, A-shares experienced mixed trading with divergent trends. The Shanghai Composite Index and Shenzhen Component Index advanced in early trading, while the ChiNext Index initially declined before steadily climbing into positive territory. Hardware stocks related to computing power were active, with sectors like liquid cooling servers and optical communications seeing gains. Concept stocks in rare metals and chemical fibers also strengthened. In Hong Kong, markets edged higher as the Hang Seng Index and Hang Seng Tech Index both opened stronger. Most technology and internet stocks rose, alongside an advancing semiconductor sector.
In bond markets, treasury futures recorded gains across the board. Commodity futures in China showed a split performance, with polysilicon surging over 5%, while crude oil and fuel oil declined.
**Key Market Movements as of Writing:**
A-Shares: The Shanghai Composite Index rose 0.45%, the Shenzhen Component Index increased 0.65%, and the ChiNext Index gained 0.33%.
Hong Kong Stocks: The Hang Seng Index advanced 0.28%, and the Hang Seng Tech Index added 0.12%.
Bond Market: Treasury futures oscillated higher. The 30-year main contract was up 0.19%, while the 10-year and 5-year main contracts were flat. The 2-year main contract dipped 0.01%.
Commodities: Domestic commodity futures were mixed. Polysilicon jumped over 5%, Shanghai silver rose 2%, and lithium carbonate, glass, and industrial silicon each gained 1%. Increases were also seen in Shanghai copper, platinum, rubber, palladium, Shanghai tin, coking coal, rebar, coke, Shanghai gold, hot-rolled coil, iron ore, pulp, manganese silicon, and the containerized freight index. Decliners included asphalt, soybean meal, alumina, stainless steel, Shanghai nickel, eggs, caustic soda, and rapeseed. Shanghai aluminum and methanol fell over 1%, while propylene, ethylene glycol, and crude oil dropped over 2%, and fuel oil slumped more than 3%.
**09:54** The Beijing 50 Index expanded its gains to 3%.
**09:46** The Beijing 50 Index rose over 2%. Kaihua Materials, Huitong New Materials, and Jikang Technology surged nearly 20%. Chuanda New Materials, Kaitian Gas, Shuguang Shuchuang, Hengli Drilling Tools, and others also climbed sharply.
On the news front, several fund companies have increased the share limit for their Beijing 50 Index fund products from 500 million shares to 1.5 billion shares, with multiple Beijing 50 Index funds resuming large-amount subscription services.
**09:40** Computing power chip concepts were active again in early trading. Pingo Advanced Materials hit the 20% limit-up for the third consecutive session, Rendong Holdings reached the daily limit-up, and Aojie Technology, Haiguang Information, Shengsheng Technology, Cambricon, among others, followed with gains.
The catalyst was news that Intel and AMD have notified customers of price increases across their entire server CPU product lines, coupled with significantly extended delivery cycles. Since February, CPU prices have generally risen 10-15%. AMD has repeatedly emphasized that its 2026 CPUs are completely sold out, projecting an annual growth rate potentially exceeding 60% for its data center business over the next 3-5 years, with no signs of near-term demand slowing or stopping.
**09:36** Fiber optic concepts collectively strengthened. Tongding Interconnection hit the limit-up, while Changfei Fiber, Zhongtian Technology, Hengtong Optic-Electric, and Photoelectric股份 followed suit.
Supporting this move, the fiber optic industry has shown a robust "volume and price rising together" trend this year. A manager from a Jiangsu-based fiber optic producer recently stated that first-quarter production and sales volume increased nearly fivefold year-over-year, accompanied by significant price hikes. The price for G.657.A2 fiber rose from 32 yuan per core kilometer last year to 240 yuan this year, a surge of 650%.
**09:32** The liquid cooling server concept repeatedly strengthened. Kangsheng Holdings achieved its fourth limit-up in seven sessions. Shengyang股份, Kery Technology, Huaqin Technology, Chuanneng股份, Shenling Environment, and Feirongda also advanced.
According to institutional analysis, the value of liquid cooling architectures and systems varies with chip power and rack design. The GB200 and GB300 computing trays slated for 2025 shipment will utilize an 85% liquid cooling and 15% air cooling hybrid system. The Vera Rubin NVL72 computing tray, expected to begin shipments in 2026, will adopt 100% liquid cooling. Furthermore, the Rubin Ultra and Feynman models are anticipated to have even higher power requirements, potentially leading overseas markets gradually into a full liquid cooling era.
**09:26** The Shanghai Composite Index opened 0.05% higher, while the ChiNext Index started down 0.57%. Superhard materials, BC battery, cloud computing, and UHV concept stocks strengthened, whereas lithium battery, AI application, and CPO themes weakened.
**09:21** The Hang Seng Index opened 0.17% higher, and the Hang Seng Tech Index started up 0.34%. Kingsoft, JD Health, SMIC, XPeng Group, and Tongcheng Travel were among the top gainers. Oriental Securities surged over 13% after announcing plans to acquire 100% of Shanghai Securities.
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