On April 29, the A-share market experienced volatile gains, with the Shanghai Composite Index closing above 4100 points again and the Shenzhen Component Index breaking through 15000 points. The SSE 50 Index reached its highest level in nearly one and a half months. Over 4000 stocks advanced, while trading volume slightly increased to 2.61 trillion yuan.
Sectors such as non-ferrous metals, solid-state batteries, glass fiber, and hotels & catering led the gains, while forestry, industrial gases, consumer electronics, and disperse dyes were among the decliners.
Wind real-time monitoring data showed that the power equipment sector attracted over 32.2 billion yuan in net main fund inflows, followed by non-ferrous metals with more than 22.1 billion yuan. The electronics and basic chemicals sectors each saw net inflows exceeding 10 billion yuan, while mechanical equipment and computers both attracted over 7 billion yuan. The environmental protection sector recorded net inflows for the tenth consecutive day. Among Shenwan primary industries, only the banking sector experienced a net outflow of over 300 million yuan.
In individual stocks, Shenghong Technology and Northern Rare Earth each attracted over 4 billion yuan in net main fund inflows. Tinci Materials and Sungrow Power both saw inflows exceeding 2 billion yuan, while Jiangbolong, Dongcai Technology, BYD, and Tianhua New Energy also recorded inflows of over 1 billion yuan.
Looking ahead, Debon Securities believes the A-share market lacks strong marginal drivers in May and is expected to remain volatile. Market style may become more balanced, with timing potentially outweighing direction. Sector differentiation may revolve around profit verification themes. A balanced allocation approach is recommended, with attention to potential rotation within the AI sector from high to low valuations.
Non-ferrous metal concept stocks strengthened throughout the day, with energy metals accelerating gains in the afternoon session. The sector index surged 6.98%, hitting a nearly four-year high. Yahua Group, Rongjie Shares, and Jiangte Motor all hit the daily limit in the afternoon, while Tianhua New Energy briefly touched the 20% limit-up near market close.
Sub-sectors including lithium mining, nickel metals, cobalt metals, and rare earth permanent magnets all advanced significantly on heavy volume. After the midday break, China Tungsten High-tech surged to the limit-up within approximately three minutes of trading resumption. Shenghe Resources, Tibet Summit, and Hongxing Development also quickly reached the limit-up after lunch.
Today, the Ministry of Natural Resources held a regular press conference announcing results from China's new round of mineral exploration initiatives. The ministry will enhance the coordinated system for exploration, production, supply, reserves, and sales of strategic mineral resources while strengthening security risk monitoring. Focus will remain on紧缺 strategic minerals like copper, iron, lithium, cobalt, and nickel, while consolidating the resource advantage in rare earths, tungsten, and tin.
According to Guojin Securities, cyclical sectors showed significant profit recovery characteristics in 2025, with some segments demonstrating profit growth notably outpacing revenue growth. Driven by both new energy industries and AI construction cycles, the non-ferrous metals sector is expected to maintain strong growth momentum.
The battery industry chain also rallied in the afternoon, with solid-state batteries being particularly active. The sector index reached a record high. Pengheng Energy hit the 20% limit-up within about eight minutes after afternoon trading began, while Anhui Tongguan Copper Foil Group Co.,Ltd. sealed the 20% limit-up near market close. Over 20 stocks including Unictechnology and Dynanonic either hit the limit-up or rose more than 10%.
The "Safety Requirements for Power Batteries in Electric Vehicles" will officially take effect on July 1 this year, mandating that batteries must not catch fire or explode, thereby accelerating the industry's transition toward safer solid-state batteries.
CSC Financial stated that significant industrial progress has been made in solid-state batteries, with major companies announcing production line deployments, project filings, and financing completions. The window for equipment manufacturers to secure orders and realize earnings is opening, suggesting potential volume-price growth across the产业链. The firm maintains a positive outlook on lithium battery equipment and solid-state battery sectors.
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