The three major indices jumped initially and then pulled back with mixed changes. Market hot topics rotated rapidly, and funds accelerated their clustering around high-profile stocks. [Stock Market Closing Review]

The market fluctuated and diverged throughout the day, with the three major indices showing mixed performance. The Shanghai Composite Index briefly surpassed 3,300 points. High-positioned stocks were favored by capital, with Guofang Group achieving 12 out of 13 daily limits, and Hongbaoli hitting 5 out of 6 daily limits. The total trading volume for the day in the Shanghai and Shenzhen markets was 109 billion yuan, an increase of 48.6 billion yuan from the previous trading day. In terms of the futures market, market hot topics rapidly rotated, with the number of rising and falling stocks being roughly equal. From a sector perspective, logistics and unified large market concept stocks collectively strengthened, with multiple stocks including Huapengfei hitting the daily limit. Cross-border payment concept stocks rose, with Qingdao Jinwang and others hitting the daily limit. Pesticide and fertilizer concept stocks were active, with Zhongnong United hitting the daily limit. On the downside, computing power concept stocks adjusted, with Sinnet dropping over 5%. Sectors such as logistics, cross-border payments, pesticides, and agriculture led the gains, while sectors like robotics, computing power, liquid-cooled servers, and tourism lagged. At the close, the Shanghai Composite Index rose 0.25%, the Shenzhen Component Index fell 0.36%, and the ChiNext Index dropped 0.82%.

In terms of sectors

Cross-border payment concept stocks led the gains, with Xincheng Technology, Lakala, Qingdao Jinwang, Ubox, Zhongyou Capital, Jida Zhengyuan, and other individual stocks hitting the daily limit.

On the news front, four departments, including the central bank, jointly issued the "Action Plan to Further Enhance the Convenience of Cross-Border Financial Services in the Shanghai International Financial Center." It pointed out that the functionality and global network coverage of the Cross-Border Interbank Payment System (CIPS) should be enhanced. The cross-border clearing company will strengthen collaboration with financial institutions to improve service levels for companies going abroad.

According to Huaxi Securities, the US government's "reciprocal tariff" policy may drive the transformation of global cross-border payments from globalization to regionalization, promoting diversification of the payment system. This, to some extent, accelerates the development of the CIPS, and in the medium and long term, it will push the industry towards compliance, regionalization, and technology-driven transformation.

Unified large market and logistics sectors strengthened again, with Huapengfei, Dongfang Chuangye, Shengyibao, Wanlin Logistics, Bonded Technology, and Bubugao among the individual stocks hitting the daily limit.

With frequent adjustments in tariff policies in the global trade landscape, some companies will reassess their supply chain layouts, aiming to reduce costs and improve efficiency. Meanwhile, the adjustment of tariff policies has, to some extent, suppressed the competitiveness of some imported goods, creating a broader market space for domestic supply chain enterprises. Unified large market concept stocks may transition from thematic speculation to performance validation.

From a market perspective, the strengthening of the unified large market concept can be seen as an extension of the cross-border payment concept. On the other hand, as the consumer sector once again experienced differentiation, funds chose to flow back into the previously consolidated large market (logistics) direction. It is expected to show a rotational upward trend with the consumer sector in future market conditions.

Pharmaceutical stocks have also shown strong continuity recently. Zensun Pharmaceutical, Huasen Pharmaceutical, and Fuji Lai hit the daily limit, while Baili Tianheng, Nuocheng Jianhua, Xinuowe, and BeiGene reached new historical highs. Reagent Biology, Fudan Zhangjiang, and Microelectrophysiology also saw significant gains.

On the news front, the American Association for Cancer Research (AACR) annual meeting will be held in Chicago from April 25 to April 30. As one of the largest cancer research conferences globally, the AACR annual meeting is a key platform for showcasing the latest research results in the field of cancer. However, it is worth noting that there is still a noticeable divergence within the pharmaceutical sector, and subsequent attention should focus on the few core targets with higher activity at the forefront.

In terms of individual stocks

At the individual stock level, the recent "carousel" style rotation continued, with the sector effect of hot topics gradually decreasing. On the other hand, short-term active funds accelerated their concentration in high-profile stocks. For example, today, Guofang Group achieved 12 out of 13 daily limits, Hongbaoli hit 5 out of 6 daily limits, Anji Food hit 6 consecutive daily limits, Leshan Power, Youfood, Zhongqi New Materials, and Yalian Machinery also hit the daily limit. Although the sectors and reasons for the rise of these stocks vary, they all received capital favor, reflecting that in the context of poor overall market continuity, high-level clustering becomes the only choice for obtaining excess returns. However, such high-profile speculative sentiment is not stable, and once the loss effect begins to spread, it may trigger a collective capital exodus.

Market outlook

Today, the market continued to fluctuate and diverge, with the three major indices showing mixed performance. The Shanghai Composite Index was relatively strong, briefly surpassing 3,300 points, and maintained its upward momentum along the 5-day moving average. The downward gap left earlier is about to be filled. However, it is important to note that since the rebound on April 8, short-term profits have already been substantial. Additionally, the Shanghai Composite Index still faces the dual challenge of downward-moving averages and previous trapped positions. Without additional capital inflows, it will be difficult to break through upwards. From a market perspective, current market hot topics are rapidly and disorderly rotating, with poor continuity in various themes. In the absence of better options, funds showed signs of accelerating clustering in high-profile stocks in the afternoon. After the short-term climax, related stocks may face further differentiation tomorrow, and the risk of a downturn when high-level clustering disintegrates must be guarded against.

Market highlights

1. The competition events for the first Embodied Intelligence Robot Sports Meet were announced, with representatives from Unitree, Xiaomi, and others participating in topic discussions. According to the Science and Technology Innovation Board Daily, the first Embodied Intelligence Robot Sports Meet will be held in Wuxi City's Huishan District from April 24 to 26. Today, it was learned that the event includes an opening ceremony, competitive and application matches, and thematic meetings. The competitive matches include speed running, cross-country running, football, basketball, and dance; the application matches include transportation, intelligent grasping, and indoor rescue. During the promotion of the Wuxi (Huishan) Humanoid Robot Industrial Park, representatives from Unitree, Xiaomi, and Leju Robotics will participate, discussing key technological bottlenecks and breakthrough paths for humanoid robots, as well as the in-depth exploration and implementation difficulties of humanoid robot application scenarios.

2. Shenzhen launched the first "Cross-Border E-Commerce Insurance," providing credit support for domestic purchase on credit in cross-border e-commerce. According to a report by Cailian Press on April 22, six institutions in the Shenzhen property insurance industry jointly issued the first "Cross-Border E-Commerce Insurance" guarantee insurance. The "Cross-Border E-Commerce Insurance" provides insurance coverage for accounts payable in domestic purchases by Shenzhen's compliant cross-border e-commerce companies, with a policy period of one year. Currently, six insurance institutions in Shenzhen, including PICC Property & Casualty, Ping An Property & Casualty, China Life Property & Casualty, CPIC Property & Casualty, Taiping Property & Casualty, and Dajia Property & Casualty, form the co-insurance body for this product.