A-share opening express | ChiNext shows resilience and turns red, "Ning Wang" stock price hits a new high! Can A-shares stand on their own amid the global asset "slaughter"?

The weekend peace talks between the US and Iran were declared a failure, and Trump immediately announced a blockade of the Strait of Hormuz. On Monday, global markets experienced intense fluctuations, with oil and gas prices soaring and stock markets in Japan, South Korea, and US futures all falling. On April 13, the A-share market opened under pressure, with the ChiNext Index and the Shenzhen Component Index turning red one after the other. The leading lithium battery company Contemporary Amperex Technology reached a historic high in A shares, reaching a peak of 425 yuan/share, with a total market value of nearly 2 trillion yuan. As of 9:42, the Shanghai Composite Index fell by 0.26%, the Shenzhen Component Index rose by 0.22%, and the ChiNext Index rose by 0.67%. According to market strategy analysts, the announcement of the blockade will have a clear impact on recent risk assets. Elias Haddad, Global Market Strategy Director at Brown Brothers Harriman, stated that Trump's announcement of a blockade on the Strait of Hormuz is expected to reignite market risk aversion this week. In terms of response strategies, Donghai Securities stated that in the context of high oil prices, overseas demand may be affected, but the premium of the integrity of the domestic manufacturing supply chain may be enhanced. It is recommended to focus on domestic independent technologies (such as computing power under security guarantees, new energy, etc.), service consumption (such as domestic tourism), and innovative drugs (such as AI applications, BD transactions); in the chemical industry, attention should be paid to targets with increased concentration in fibers, dyes, agrochemicals, and improved balance sheets. In the market, the concept of liquid-cooled servers repeatedly strengthened, with Shanghai Xinpeng Industry rising for three consecutive days, and Zhe Jiang Kangsheng rising for two consecutive days. Local stocks from Fujian were active at the opening, with Zhongfu Straits approaching the daily limit, and Strait Innovation Internet rising by over 6%. The concept of CPO rose, with Raisecom Technology hitting the daily limit, and Henan Shijia Photons Technology rising by over 8% to a historical high; most of the fiber optic concept stocks opened lower, with Sichuan Huiyuan Optical Communications hitting the daily limit and Jiangsu Fasten falling by over 7%. Popular sectors: 1. The concept of liquid-cooled servers repeatedly strengthened, with Shanghai Xinpeng Industry rising for three consecutive days, and Zhe Jiang Kangsheng rising for two consecutive days, along with Shenyu Communication Technology Inc., Guangdong Shenling Environmental Systems, ShenZhen QiangRui Precision Technology, and Guangdong Suqun New Material. Commentary: On April 16, 2026, the fourth Data Center Liquid Cooling Technology Conference will be held in Shenzhen. The conference will focus on key topics such as the construction of a full-stack liquid cooling ecosystem, 800V high-voltage DC power supply architecture, and AI chip thermal design. According to Sealand's estimates, the overall liquid cooling market size for data centers in 2026 is expected to reach $16.5 billion (about 116.2 billion RMB), with a CAGR of about 59% from 2025 to 2026. Institutional views: BOC International: Winning in the main line at the entanglement impasse When faced with new variables, the market often encounters significant difficulties in adaptation and is unable to break free from the same constraint of finding a solution, causing asset pricing to fall into an unsolvable narrative noise and overlook the main line with continuous pricing power. The technology sector has continued to hit new highs under the triple resonance of industrial trends, performance expectations, and capital pricing, while the market is still engaged in high-frequency debates over the situation in the Middle East. This itself indicates that many investors are still stuck in the old framework of explaining everything with geopolitical risks and covering everything with grand uncertainty while ignoring the real mainline with sustainable pricing power, which is not in the Middle East but in technology. For A shares, the key variables determining the medium-term direction may not be geopolitical events that are constantly disrupting in the short term and are difficult to form stable trading conclusions, but rather whether the technological industry trends are still strengthening, the industrial mapping is still spreading, and whether market risk preferences are still willing to pay a premium for "certain prosperity growth." In a sense, the continuous new highs in technology are the answer themselves. Huajin Securities: How will the bottom oscillation play out? Currently, A shares may have bottomed out in the short term, with a continuation of a slightly strong bottom oscillation trend. Industry allocation: Short-term focus on technology, including parts of the cyclicals. (1) Short-term outstanding technology and some cyclical industries may be relatively advantageous. First, reviewing history, industries with policy support and upward industrial trends tend to be relatively advantageous during bottom oscillations. Second, based on historical data, industries with outstanding performance and relatively low valuations tend to perform relatively well during second or third bottoming attempts. Third, in the current context, short-term outstanding technology and some cyclical industries may be relatively advantageous: Firstly, we may be in a period of bottom oscillation in the short term, where industries with policy and industrial trends trending upwards are advantageous, with the direction of policy support for technology innovation and anti-involvement pointing to technology and cyclicals, the demand for AI driving AI hardware prosperity may continue to rise, and the rise in commodity prices related to chemicals and non-ferrous metals may also lead to continued improvement in the prosperity of some cyclical industries; Secondly, even if there is a second bottom in the short term, outstanding technology and some cyclical industries may still be relatively advantageous, as the performance growth of sectors such as transportation, non-ferrous metals, TMT, and utilities in the first quarter may be relatively high. (2) Growing sectors such as power equipment, media, and automobiles have relatively low PEG ratios, while value sectors such as non-bank financials, food and beverages, agriculture, forestry, animal husbandry, and fisheries have low valuations. (3) Short-term recommendations for continued low allocations include: sectors with upward policy and industrial trends in communications (AI hardware), electronics (AI hardware, semiconductors), new electricity (AI electricity, energy storage), non-ferrous metals, chemicals, innovative drugs, military industry (commercial aerospace), as well as sectors with potentially improved fundamentals and room for growth such as securities firms, consumption (food and beverages, social services, retail trade). Donghai Securities: The premium on the integrity of the domestic manufacturing supply chain may be enhanced under the backdrop of high oil prices Under the backdrop of high oil prices, overseas demand may be affected, but the premium on the integrity of the domestic manufacturing supply chain may be enhanced. It is recommended to focus on domestic independent technologies (such as computing power under security guarantees, new energy, etc.), service consumption (such as domestic tourism), and innovative drugs (such as AI applications, BD transactions); in the chemical industry, attention should be paid to targets with increased concentration in fibers, dyes, agrochemicals, and improved balance sheets. This article is reprinted from "Tencent Stock Picks", edited by GMTEight: Jiang Yuanhua.