On April 22nd, both stock market indices opened low and fluctuated throughout the day. The Shanghai Composite Index closed at 3,044.6 points, down 0.67%, the Shenzhen Component Index closed at 9,239.14 points, down 0.43%, and the ChiNext Index closed at 1,750.46 points, down 0.32%.
In terms of sectors, cyclical stocks experienced a collective correction, with petroleum, coal, banking, gold, and machinery sectors all declining, and the CPO, solid-state battery, and low-altitude economy concepts performing poorly. In contrast, the military informatization concept showed strength against the trend, with general consumer stocks recovering, the breeding sector showing strength throughout the day, and tourism, liquor, and pharmaceutical stocks performing well.
Specifically, the military sector showed strength against the trend. By the close, Morningstar Aviation, Guanxiang Technology, CSSC Emergency, and Gao Ling Information all hit the 20% daily limit up, while more than ten stocks including Qiyi Two, China Northern Hi-Tech, Fogo Electronics, and Aerospace Changfeng were capped, with Tianhe Defense, Shengnan Technology, and others rising more than 10%.
The pork sector led the gains, with Lihua Shares surging over 11%, Xiangjia Shares hitting the daily limit up, and Dongrui Shares, Shennong Group, Tiankang Biological, Xinwufeng, and Huatong Shares all rising to varying degrees.
The gold sector fell across the board, with Xiaocheng Technology dropping over 11%, Zhongrun Resources hitting the daily limit down, and China Gold falling over 7%. In terms of gold prices, the spot gold price fell by 1.6%, and the Shanghai gold futures main contract fell nearly 2%.
**Capital Flow**
Wind data shows that Northbound capital had a small net purchase of 1.389 billion yuan throughout the day, with Shanghai-Shenzhen Stock Connect purchasing 908 million yuan and Shenzhen-Hong Kong Stock Connect purchasing 481 million yuan.
Mainstream capital continued to flow into the food and beverage, pharmaceutical and biological, national defense and military, electronics, computer, and agriculture, forestry, animal husbandry, and fisheries sectors at the end of the day, while it flowed out of the banking, petroleum and petrochemical, automotive, coal, architectural decoration, and basic chemical sectors.
Specific to individual stocks, Kweichow Moutai, Zhongji Xu Chuang, and Chun Guang Technology received net inflows of 1.248 billion yuan, 383 million yuan, and 314 million yuan, respectively.
On the net outflow side, Wanfeng Auto, China National Offshore Oil Corporation, and Zijin Mining were sold off for 1.499 billion yuan, 529 million yuan, and 482 million yuan, respectively.【Institutional Views】
Huatai Securities: The risk appetite in A-shares has entered a consolidation phase. It is recommended to increase the allocation of dividends (switching between high and low dividend sectors such as banks and petrochemicals), while grasping two major clues: exports and capacity reduction.
Kaiyuan Securities: The coal sector is expected to reach a starting point for redeployment. This round of investment combines high dividends with cyclical flexibility, which is likely to attract more capital allocation than the previous round. The investment logic of cyclical flexibility in coal stocks will re-emerge. Currently, both thermal coal and coking coal prices have bottomed out and rebounded, and it is judged that they will remain in an upward channel. With the continuous improvement of supply and demand fundamentals, both types of coal will still have upward flexibility, and the potential for price increases is significant.
Orient Securities: The solid-state battery material system has been fully optimized, and there are many potential opportunities in the industry chain. The electrolyte is a key innovation point for solid-state batteries; the positive and negative electrode materials are evolving towards high performance, opening up the application space for high-nickel ternary, silicon-based anodes, and even lithium metal anodes; packaging often adopts a soft package route, which is expected to increase the demand for aluminum-plastic film. Recently, there have been continuous catalysts for solid-state batteries, and the emergence of phased opportunities during the industrialization process is optimistic.