A-share midday review | What happened? The ChiNext Index "turned handsome in less than three seconds" and fell 0.46% in half a day, after previously rising by over 1%.

The first trading day after the Qingming holiday, the three major A-share indices were volatile and differentiated. The ChiNext Index fell during midday trading, after briefly rising over 1%, demonstrating what they call "handsome for only three seconds." In the morning, led by Ning Wang (new energy), the market surged forward, but was later betrayed by the pharmaceutical sector. Combined with the lack of trading volume, it resulted in a dramatic plunge resembling a high dive. By the midday close, the Shanghai Composite Index rose by 0.03%, the Shenzhen Component Index fell by 0.20%, and the ChiNext Index fell by 0.46%. The total trading volume of Shanghai and Shenzhen stock markets in the morning was 1.07 trillion yuan, an increase of 10 billion yuan from the previous trading day. On the market front, the chemical industry concept stocks such as urea, methanol, chemical fibers, dyes, and caustic soda all saw explosive gains. Stocks like Guizhou Chitianhua and Liuzhou Chemical Industry hit their daily limit. The Xinduoduo concept stocks continued to rise, with Jiangsu Fasten and Beijing Qianjing Landscape hitting the daily limit. Concepts related to the livestock industry, such as pork and poultry, rebounded, with stocks like China Animal Husbandry Industry and Zhejiang Huatong Meat Products hitting the daily limit. Agricultural concepts such as soybeans, cotton, and genetically modified organisms strengthened. HBM and storage chip concepts rebounded, with stocks like Jinan Shengquan Group Share Holding and Shenzhen Huaqiang Industry hitting the daily limit. Stocks related to upstream PCB resins surged, with Tongyu Advanced Materials and Zhejiang Wazam New Materials hitting the daily limit. Concepts related to consumer electronics and Apple strengthened, with Sichuan Furong Technology hitting the daily limit. The Science and Technology Innovation 50 index stocks rose, with Cambricon surging over 10%. Technology concepts like semiconductors and advanced packaging all showed strong performance. Concepts related to digital currency and cross-border payments continued to rise, with Beijing Cuiwei Tower hitting the daily limit. Concepts related to AI applications, coal, cement, lithium batteries, and consumer goods all rose. On the downside, stocks related to gas turbines fell, with Yantai Jereh Oilfield Services Group falling over 5%. Satellite internet concepts continued to decline. Concepts related to agile hands and humanoid robots also weakened. Concepts related to space computing power and ocean rocket recovery continued to decline. Sectors like banks, insurance, airport logistics, and the digital economy performed weakly. Looking ahead, EB SECURITIES stated that the A-share market has likely found a short-term bottom, and the market may focus on oscillation and recovery in the future. In terms of allocation, the focus may be on two main themes: "benefiting from high oil prices and earnings certainty." Reminder: The Hong Kong Stock Exchange remains closed today for the Easter holiday, with trading through the Southbound and Northbound Stock Connect suspended. Trading will resume in full on Wednesday. Popular Sectors: 1. The chemical industry sector continues to rise, with over ten constituent stocks hitting the daily limit. Companies like Dalian Chemical, Organic Silicon, and others are leading the sector. Zibo Qixiang Tengda Chemical hit the daily limit for the second time in four days, while Jiangsu Jiangnan High Polymer Fiber, Hoshine Silicon Industry, and Jiangsu Sanfame Polyester Material all hit the daily limit. 2. PCB concept stocks collectively gaining strength. PCB concepts saw a volatile surge, with Tongyu Advanced Materials and Epoxy Base Electronic Material Corporation both hitting the daily limit. 3. Livestock industry concepts rebounded. Concepts related to pork and poultry rebounded, with China Animal Husbandry Industry and Zhejiang Huatong Meat Products hitting the daily limit. Institutional viewpoints: EB SECURITIES: The A-share market may have found a short-term bottom, with future oscillation and repair likely the main trend. In terms of allocation, focus may be on the two main themes of "benefiting from high oil prices and earnings certainty": the energy sector and the tech sector. Huajin Securities: The A-share market may have bottomed out in the short term. Industry allocation: continue to allocate to quality tech and some cyclical industries on dips in the short term. CMSC: The market focus in the latter half of April will shift to industries with high first-quarter earnings growth.