A-share market review: Shanghai Composite Index fell by 0.19%, leading companies' performance impressive! Igniting the pharmaceutical industry race.

Today, the market is adjusting and shaking, with a clear rotation of styles. Coal, petrochemicals, and other sectors are active. The Shanghai Composite Index is relatively resilient, while the ChiNext Board and the Science and Technology Innovation Board show weaker trends. The market's total trading volume for the day is 2.5 trillion, with over 3600 stocks declining in both markets. Of note, the title of "Stock King" in A-shares changed hands for the third time today. The rare scene stars three stocks priced over a thousand yuan: Yuanjie Semiconductor Technology, Kweichow Moutai, and Cambricon. Yuanjie Semiconductor Technology initially led with better-than-expected first-quarter reports, opening high and maintaining a strong performance, with its stock price surpassing 1500 yuan at one point, firmly holding the title of the highest-priced stock in A-shares. Subsequently, Yuanjie Semiconductor Technology declined sharply, with Cambricon surging by over 4% and surpassing both Kweichow Moutai and Yuanjie Semiconductor Technology to become the "Stock King." Later, Cambricon also began to decline, Kweichow Moutai rose again and surpassed Cambricon and Yuanjie Semiconductor Technology to reclaim the title of "Stock King." At the close, Yuanjie Semiconductor Technology temporarily holds the title of A-share Stock King. In terms of market performance, the industrial gas concept has been active, with Shuifa Gas Co., Ltd. hitting daily limit up for 7 consecutive days, and Sichuan Shudao Equipment & Technology hitting the 20CM limit up. The green energy concept saw rapid gains, with Huadian Energy reaching the daily limit up for 4 consecutive days. The pharmaceutical sector also showed strong performance, with WuXi AppTec, Zhuhai Rundu Pharmaceutical, Hunan Hansen Pharmaceutical, and Tianjin Tianyao Pharmaceuticals all hitting the daily limit up. In the mining power rental concept, Guangdong Qunxing Toys Joint-stock, Three's, and Jiangsu Lettall Electronic also hit the limit up. On the downside, the non-ferrous metal sector showed weak and fluctuating performance, with Shandong Nanshan Aluminium hitting the daily limit down, and Yunnan Tin Co., Ltd., Zhuzhou Smelter Group, Chifeng Jilong Gold Mining, among others, experiencing declines. The tourism and hotel industry concept also consolidated, with Shaanxi Tourism Culture Industry Holding hitting the limit down, and Jiangsu Tianmu Lake Tourism, LiJiang YuLong Tourism, and Jinling Hotel Corporation seeing significant declines. In terms of individual stocks, there were 1698 rising stocks, 3682 declining stocks, and 130 stocks with no change in both markets. There were a total of 77 stocks hitting the daily limit up and 54 stocks hitting the daily limit down. At the close, the Shanghai Composite Index fell 0.19% to 4078.64 points, with a turnover of 1.114 trillion yuan; the Shenzhen Component Index fell 1.10% to 14830.46 points, with a turnover of 1.422 trillion yuan. The ChiNext Index fell 1.43% to 3596.71 points. Capital Flow Today, major funds focused on the securities, medical services, and navigation equipment sectors. The top stocks with major net inflows were China Greatwall Technology Group, WuXi AppTec, and Foxconn Industrial Internet. News Recap 1. Guangdong's "Five-Year Plan": Promoting the mass production of key products such as rockets and satellites The Guangdong Provincial People's Government issued the "Outline of the Fifteenth Five-Year Plan for National Economic and Social Development of Guangdong Province," which proposes to build an industrial chain for rockets, satellites, ground stations, and terminal equipment in Guangzhou, Shenzhen, Zhuhai, Yangjiang, and other places, and support the planned construction of commercial aerospace industrial parks to enhance the development level of the entire chain for the research, development, manufacturing, and operation of aerospace equipment. It aims to promote the mass production of key products such as rockets and satellites, accelerate the innovation and application scenario development of the Beidou system, and actively expand satellite applications. 2. Sungrow Power Supply: The overall installation scale of energy storage is expected to increase in the next three years, with a growth rate between 30% and 50% Sungrow Power Supply stated during a conference call on April 27 that the rise in raw material prices, such as lithium carbonate, posed challenges to project returns, although it didn't have a significant impact on small and medium-sized projects as they could quickly pass on the costs. Overall, the overall installation scale of energy storage is expected to increase over the next three years, with growth rates ranging from 30% to 50%. Market Outlook 1. Sealand: Focus on the phased return of mid-to-small theme styles in late April to May Sealand's chief analyst Zhao Yang stated that the late April to May period could see a phased return of mid-to-small theme styles. After the release of first-quarter reports, the weakening of performance factors in May could see a resurgence of high-performance factors. For investors with high turnover rates who want to participate in themes, May could be a time to focus on themes with potential catalysts and low crowding, such as military/commercial aerospace, Siasun Robot&Automation, innovative medicines, domestic computing power, etc. 2. CMSC: Continued high growth in AI computing power demand, semiconductor industry profits expected to continue to grow Demand for AI computing power continues to grow rapidly, driving the bullish sentiment in the semiconductor industry. In February, the global semiconductor sales growth rate increased to 61.8% year-on-year, with China's semiconductor sales growth rate expanding to 57.4% year-on-year. The demand for computing power is driving exponential growth in HBM, advanced packaging, and other areas, causing a continuous imbalance between supply and demand in memory chips, and prices of DDR4 and DDR5 memory continue to rise. With the acceleration of domestic chip production capacity, policy support, and capital investment, the performance of domestically produced chips is steadily improving, strengthening the level of logic control. First-quarter reports are expected to show high growth, followed by the accelerated release of AI computing power demand, price increases, and steady progress in localization processes, setting the stage for continued high growth in the semiconductor industry. 3. China Securities Co.,Ltd.: Optimistic about the implementation of AI applications and the growth of AI computing power demand China Securities Co.,Ltd. reported that OpenAI launched GPT-5.5, and DeepSeek released a preview version of DeepSeek-V4. Both GPT-5.5 and DeepSeek-V4 emphasize the ultimate compression of reasoning costs. This does not mean that computing power demand has peaked; instead, the lowering of costs per computation may lead to exponential growth in token consumption. The eruption of AI applications on the development side is expected to be positive, maintaining a long-term optimistic outlook for the North American computing power industry chain and domestic firms breaking through in AI computing power. This article is reproduced from "Tencent Stock Selection," GMTEight editor: Liu Jiayin.