A-shares opened higher and extended gains during the early session on April 10, with the ChiNext Index surging over 3% at one point, breaking through previous highs to reach its highest level in nearly four and a half years. The Shenzhen Component Index reclaimed the 14,000-point mark, while the Shanghai Composite Index fluctuated around the 4,000-point level. More than 4,400 stocks advanced, with trading volume remaining stable.
Sectors including securities, new energy, glass fiber, and consumer electronics led the gains, while sports, precious metals, shipping ports, and liquor declined.
Securities stocks rallied across the board in the morning, with the sector index opening higher and rising over 5% on heavy volume. Trading volume within the first 20 minutes of the session exceeded the full-day volume from the previous day. All stocks in the sector traded in positive territory, with Hatou Co. touching the limit-up. Citic Securities, East Money Information, Changjiang Securities, and GF Securities were among the top gainers.
Citic Securities released a preliminary earnings report for the first quarter of 2026, showing operating revenue of 23.2 billion yuan, a year-on-year increase of 30.37%, and net profit of 10.2 billion yuan, up 53.09% year-on-year. Both revenue and net profit growth accelerated compared to the 2025 growth rates.
Benefiting from improved market conditions, the entire securities industry exhibited rapid growth last year. According to recent statistics from the Securities Association of China, the combined operating revenue of 150 securities companies reached 541.171 billion yuan in 2025, a year-on-year increase of 19.95%. Combined net profit amounted to 219.439 billion yuan, up 31.20% year-on-year.
Listed securities companies significantly outperformed the industry average. Wind data shows that, so far, 30 out of 50 listed brokers have disclosed their 2025 results, with all reporting rare positive net profit growth. Thirteen companies saw net profit increases exceeding 50%, with Guolian Minsheng, Xiangcai Co., and Guotai Haitong posting growth rates of 405.49%, 325.15%, and 113.52%, respectively.
Furthermore, following Citic Securities and Guotai Haitong, Huatai Securities became the third broker with total assets exceeding one trillion yuan. As of the end of 2025, Huatai Securities' total assets reached 1,077.348 billion yuan, a year-on-year increase of 32.31%.
AVIC Securities noted that brokerage businesses benefited from expanded market trading volumes, leading to steady growth in commission income. Margin lending interest income contributed significantly more, while proprietary trading operations capitalized on the recovery in equity markets by optimizing investment portfolios, resulting in a substantial boost to investment returns, which became the core driver of securities firms' performance growth.
The new energy sector also rose collectively in the morning, led by battery-related stocks. The battery sub-index surged over 5% during the session with heavy volume, with half-day turnover exceeding the previous day's full-day volume. Lijia Technology hit the 30% limit-up, Xinyuren soared to a 20% limit-up in just about 8 minutes, and Gotion High-Tech Co.,Ltd. also reached its limit-up in approximately 6 minutes.
Sub-sectors such as photovoltaic equipment, power battery recycling, lithium mining, and solid-state batteries also advanced strongly. Oujing Technology, Haomei New Material, China Dynamics, and Runeng Technology were among the many stocks that hit limit-up.
Wind real-time monitoring data showed that, as of the midday close, the battery sub-sector under the Shenwan secondary industry classification saw net inflows of over 12.8 billion yuan in main funds. Photovoltaic equipment attracted net inflows of over 3 billion yuan, energy metals saw over 1.5 billion yuan, and wind power equipment received over 600 million yuan.
On the news front, yesterday, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the State Administration for Market Regulation, and the National Energy Administration jointly held a symposium with enterprises in the power and energy storage battery industry to discuss measures for standardizing competition order within the sector.
The meeting emphasized the importance and urgency of addressing "internalized" competition, firmly opposing unreasonable and unfair competitive practices to maintain a healthy and orderly market environment.
Attendees were urged to consolidate and deepen efforts to standardize industrial competition, leverage inter-departmental coordination mechanisms, and continuously advance work on capacity early-warning and adjustment, regulating price competition, shortening supplier payment terms, strengthening product quality supervision, combating intellectual property infringement, and managing "externalized internal competition." The meeting also called for standardized guidance on local investment promotion activities to coordinately promote high-quality industry development.
China Merchants Securities pointed out that power equipment (including batteries, photovoltaic equipment, and wind power equipment) is one of the manufacturing sectors with export advantages. Geopolitical conflicts have heightened considerations for national energy security worldwide. Furthermore, benefiting from the construction of a new energy system domestically and the recovery in global new energy demand amid high oil prices, related new energy sectors are expected to achieve excess returns.
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