A-share market opening express: Shanghai Composite Index fell by 0.3%, with optical communication, PCB concept stocks leading the decline.

The three major A-share stock indexes collectively opened lower, with the Shanghai Composite Index falling by 0.3% and the ChiNext Index falling by 1.01%. In terms of the market, the semiconductor, military, and CPU concept sectors led the gains, while the optical communication, PCB concept, and computing power sectors were among the top losers. Institutional Views on the Future Market: Founder: The Shanghai Composite Index's oscillation adjustment near 4100 is a normal fluctuation, focusing on commercial aerospace and general AI themes. Founder believes that there is a lot of chip accumulation near the pressure of 4200 above the Shanghai Composite Index, which is also an important resistance area at the moment. Oscillating adjustment near 4100 points is a normal fluctuation, with the market waiting for US-Iran negotiations. The short-term impact on the A-share market is limited, and the broader A-share market now has its own rhythm, with the best elasticity in technology least affected by high oil prices. Power equipment benefiting from high oil prices is still performing well. Before the end of April is a window for intensive disclosure of annual reports and quarterly reports, stocks with lower-than-expected performance face significant pressure for further correction, and funds may further concentrate on sectors and stocks with strong performance certainty. After experiencing two consecutive years of growth, the center of the A-share market is rising in 2026, with increased volatility. In terms of allocation, Founder recommends focusing on commercial aerospace and general AI themes. Soochow: The volatility of the ChiNext Index is at a historical high, with a risk of decreasing volatility, focusing on storage, optical communication, and other tracks. Soochow stated that although US-Iran negotiations have stalled and there have been conflicting signals from both sides over the weekend, overall, the US and Iran are actively engaging with each other, with a trend towards risk mitigation. Combining the current macro environment and industrial advantages, Soochow's core focus is on two medium-term themes: the broad new energy and electricity infrastructure construction, with sectors such as energy storage, wind power, photovoltaics, lithium batteries, and power grids showing good prospects; and AI-related sectors with performance support, drawing on the experience of the US semiconductor industry crossing stagflation, focusing on storage, advanced processes, optical communication, semiconductor equipment materials, and other core tracks. Orient: In the short term, the market faces a seesaw market between computing power hardware and safe-haven sectors, but there are still significant opportunities in the medium-term technology sector. Orient believes that from a technical perspective, since the low point at the end of March, the Shanghai Composite Index has risen by 300 points, marking the first intense oscillation switch between sectors during the stock index operation period, especially as it approaches the key level of 4100 points, a full turnover is needed to continue the upward trend. Therefore, Orient believes that the market will continue to oscillate upwards in the future, with the short-term target remaining around 4150 points. This article is reprinted from "Tencent Self-selected Stocks", edited by Xu Wenqiang.