Tech Growth Style Rebounds Across the Board, Robot Concept Stocks Surge Again, Banking Sector Enters Adjustment Phase [Stock Market Closing Commentary]

The market experienced a volatile and divergent session throughout the day, with the three major indices showing mixed performance. The combined trading volume of the Shanghai and Shenzhen markets reached 1.17 trillion yuan, up 147.2 billion yuan from the previous session. On the futures market, market hot topics rotated rapidly, with more stocks rising than falling, and over 3,400 stocks across the market advanced. By sector, robotics concept stocks surged again, with more than 10 stocks, including Jinggong Technology, hitting the daily limit. Computing power concept stocks staged a rebound, with Hongbo Co., Ltd. and others hitting the daily limit. Huawei concept stocks were active, with Changshan Beiming hitting the daily limit. On the downside, bank stocks collectively adjusted, with Huaxia Bank falling over 8%. At the close, the Shanghai Composite Index fell 0.23%, the Shenzhen Component Index rose 0.51%, and the ChiNext Index gained 0.83%.

By Sector

In the sector, robotics concept stocks surged across the board, with Daye Co., Ltd., South China Precision, Xiangxin Technology, Nanjing Chemical Fiber, and Jinggong Technology hitting the daily limit. On the news front, the Ministry of Industry and Information Technology (MIIT) recently stated that humanoid robots are advanced carriers of artificial intelligence empowering new-type industrialization, and will promote the innovative development of the humanoid robot industry, driving the development of the artificial intelligence industry through the small entry point of humanoid robots, and empowering new-type industrialization at a high level.

From a market perspective, today's robotics speculation focused on sub-sectors such as exoskeleton robots, reducers, and motors, while the previously hottest PEEK materials showed divergence. It is expected that this round of robotics rebound will still be dominated by rotational upward movement, and opportunities for low-position catch-up can still be sought.

Computing power concept stocks staged a rebound, with Hongbo Co., Ltd. hitting the daily limit for four consecutive sessions, and Changshan Beiming, Zhewen Internet, Chaoxun Communication, and Hubei Broadcasting & Television hitting the daily limit, while Yakang Co., Ltd. and Digital China led the gains.

On the news front, the "Key Points of Work for Promoting the Healthy and High-Quality Development of the Private Economy in Beijing in 2025" was recently released. It proposed that Beijing will support private enterprises in building intelligent computing centers, and provide support to enterprises that purchase domestically controllable GPU chips for intelligent computing services based on a certain proportion of their investment.

In addition, according to the recent intensive disclosure of 2024 annual reports and 2025 first-quarter reports by listed companies, the performance of companies related to the AI computing power industry mostly showed good performance, confirming that the industry maintains a high prosperity state. After continuous consolidation, both the valuation of related stocks and the accumulation of chips have been relatively sufficient, and the repair opportunities for stocks with better performance and relatively low positions can still be followed up.

By Stock

At the stock level, the overall market's money-making effect is still slowly improving, with over 100 stocks rising more than 9% today. However, it should be noted that in the process of the alternation of old and new cycles, stocks showed a clear switch between high and low positions. Some previously high-position popular stocks have successively retreated, such as BBK, Anji Food, Tianyuan Co., Ltd., and Hongqiang Co., Ltd., all hitting the daily limit, while Maoye Commercial, the highest consecutive daily limit stock yesterday, also fell sharply after hitting the daily limit. The technology growth direction represented by TMT has strengthened again. Computing power stock Hongbo Co., Ltd. advanced to four consecutive daily limits, PEEK material concept stock Zhongxin Fluoride hit the daily limit again for five daily limits in seven sessions, and capacity targets such as Tuowei Information, Inspur Information, Wolong Electric Drive, Shuanglin Co., Ltd., and Daily Interactive also saw capital inflows. Whether these technology growth directions can continue to show continuity remains the focus of the market after the holiday.

Post-Market Analysis

Today, the market continued its volatile and divergent trend, with the three major indices ultimately showing mixed performance. However, it is worth noting that the trading volume of the two markets has increased to a certain extent compared to the previous few days, reflecting the market's confidence in the post-holiday market, and more importantly, it can be seen as a position adjustment for the future market. With the end of the April earnings season, the market's concerns about the performance of the technology sector have "landed," and the technology growth style is expected to return again. Therefore, today's two core directions of robotics and AI both showed signs of large-scale capital inflows. The feedback of the technology stock direction after the holiday may, to a certain extent, determine the overall strength of the market. If it can continue to show a money-making effect, it may attract more incremental capital inflows, and short-term speculation sentiment is expected to be more active. If it continues to fluctuate, the future market is expected to continue to rotate around the three major directions of technology growth, large consumption, and dividends, and grasping the rhythm is still key.

Market News Focus

1. China's April Manufacturing PMI at 49%, Down 1.5 Percentage Points MoM

Cailian Press, April 30. The China Federation of Logistics & Purchasing and the National Bureau of Statistics (NBS) Service Industry Survey Center today (30th) released China's Purchasing Managers' Index (PMI) for April. Affected by factors such as drastic changes in the external environment, the manufacturing PMI in April pulled back MoM, but related industries such as high-tech manufacturing continued to expand, and the production and operation of manufacturing enterprises mainly engaged in domestic sales remained generally stable. China's manufacturing PMI in April was 49%, down 1.5 percentage points MoM. From the perspective of key industries, the demand for new momentum remained stable and increased overall, and domestic market demand maintained good growth. The PMI of high-tech manufacturing in April was 51.5%, significantly higher than the overall manufacturing level, continuing a good development trend. The new orders index of consumer goods manufacturing also stood at the 50% critical point, indicating that the domestic market demand for consumer goods manufacturing was well released. From the perspective of enterprise expectations, the production and operation activity expectation index in April was 52.1%, continuing to be in the expansion territory. From the perspective of the non-manufacturing sector, the non-manufacturing sector continued to expand overall, with investment, consumption, and new momentum-related activities showing positive performance. The business activity index of the service sector in April was 50.1%, down 0.2 percentage points MoM, still above the critical point. Among them, residents' tourism and leisure-related activities performed well, and information service-related industries remained active.

2. Silicon Industry Branch: Few Transactions in the Polysilicon Spot Market This Week, Prices Gradually Loosened

Cailian Press, April 30. According to the Silicon Industry Branch of the China Nonferrous Metals Industry Association, there were few transactions in the polysilicon spot market this week, and prices gradually loosened. The transaction price range of n-type recharging polysilicon was 37,000-45,000 yuan/mt, with an average transaction price of 39,200 yuan/mt, down 2.73% MoM; the transaction price range of n-type granular polysilicon was 36,000-38,000 yuan/mt, with an average transaction price of 37,000 yuan/mt, down 2.63% MoM; the transaction price range of p-type polysilicon was 31,000-35,000 yuan/mt, with an average transaction price of 32,300 yuan/mt, down 2.12% MoM. So far, all polysilicon enterprises in production in China are basically in a state of reduced load operation. It is expected that polysilicon production in May will continue to be maintained at around 100,000 mt, but the production schedule of polysilicon enterprises this month is highly uncertain.