Morning Review: The Shanghai Composite Index rose 1.36% in the first half of the day, with innovative medicine and space photovoltaic concept stocks collectively strengthening.

Sourced from: Xinhua Finance

Beijing, April 1, 2025 (Hu Chenxi) — On the morning of April 1, all three major A-share indexes opened higher across the board, followed by mild fluctuations. All three indexes rose by more than 1%, and the SSE STAR Market 50 Index rose by nearly 3%. In the first half of the session, trading volume on the Shanghai and Shenzhen markets totaled RMB 1.33 trillion, down RMB 3.0 billion from the previous trading day. On the trading board, the innovative drugs concept continued to show strength. Tianjin Pharmaceutical Industry Co., Ltd. achieved a fourth consecutive daily limit-up; Celegene (or Cailaiying), Run&Do Co., Ltd., and Anglicon etc. all hit the daily limit-up. The space-based solar photovoltaic concept surged quickly: Laplace hit the daily limit-up, and Guosheng Technology achieved 2 limit-ups in 3 days. The shipping concept remained active: China Merchants Line, and Jinjiang Shipping both hit limit-ups. The computing power concept stocks were also active: Oryde, Meiliyun, and Jialitu etc. hit limit-ups. On the downside, the high-speed rail track interaction sector opened higher and then weakened; Jiao Da Tiefa and Tongye Technology fell by more than 7%. The power sector weakened: Guangxi Energy hit the daily limit-down, while Huitian Thermal Power and Mindong Electric Power both fell by more than 7%.

By the midday close, the Shanghai Composite Index was at 3,944.80 points, up 1.36%, with turnover of RMB 586.6 billion; the Shenzhen Component Index was at 13,640.05 points, up 1.20%, with turnover of RMB 741.2 billion; and the ChiNext Index was at 3,222.59 points, up 1.18%, with turnover of RMB 338.3 billion.

Hot sectors

On the trading board, sectors and concept stocks such as chemical pharmaceuticals, games, photovoltaic equipment, innovative drugs, BC batteries, and ophthalmic medical services were leading in gains; sectors and concept stocks such as rail transit equipment, power, energy metals, defense equipment reorganization, and grain were leading in declines.

Institutional views

West China Securities: Copper foil is a clearly defined heavy-asset industry, and the price of copper—the key raw material—is relatively high, which results in significant cash flow occupation. Therefore, the scale of newly added production capacity in the prior period was limited. In the subsequent trend of rapid growth in demand for power + energy storage batteries, capacity supply is relatively tight, and processing fees have shown an upward trend. In addition, driven by the rapid development of AI technologies, PCB copper foil is expected to achieve large-scale volume expansion, which will further crowd out the production capacity of lithium battery copper foil. Combined with higher product performance requirements and greater process difficulty, the room for processing fees appears relatively substantial, which will help improve suppliers’ profitability.

CICC: In the future, the importance of the industry is strong, and industry and policy trends are relatively certain; its market performance may also show characteristics such as partial, phased, and thematic behavior, and clear internal differentiation. In the short-to-medium term (about one year), investors can keep an eye on progress in future industries, but most fields do not seek “immediate deployment.” At present, it is especially necessary to focus on the risk that asset prices may not match corporate development. In the long term (more than one year or longer), if as the industry develops, application routes become increasingly clear, more and more excellent companies emerge, and the competitive landscape gradually becomes defined, then investors can further identify opportunities.

CITIC Securities: The future of commercial space is a vast universe of stars and seas. Driven by the strategic value of frequency allocation and orbit protection as well as the commercial value of operational services, China’s policies are supporting the development of commercial space from both the industrial and capital-market sides. Domestic development is showing an acceleration catch-up trend. Large, reusable rockets have begun to conduct intensive first flights, and are expected to gradually break through key bottlenecks in the industry, accelerating the realization of a closed loop for the commercial space industry. After looking at the commercial space sector, investors are optimistic about its subsequent performance. In the satellite segment, the focus should be on payload overall, antennas and supporting equipment, laser communication terminals and supporting equipment, and solar wing and energy system related areas. In the rocket segment, the focus should be on engines and their 3D printing, as well as rocket body structure components. In the ground equipment segment, the focus should be on civilian terminals and phone direct-connection related areas. In the operational services segment, the focus should be on companies with scarce qualifications.

In the news

In the first quarter, national tax authorities collected more than RMB 8.4 trillion in tax and fee revenue

At a press conference held on April 1, Wang Daishu, vice minister of the State Taxation Administration, introduced that since this year began, national tax authorities have levied taxes and collected fees in accordance with laws and regulations. In the first quarter, tax and fee revenue exceeded RMB 8.4 trillion; reforms in the tax domain are being advanced in depth, and the Value-Added Tax Law and its implementation regulations are being steadily rolled out; efforts to strengthen tax compliance management and improve supervision of tax in key areas were also intensified.

The 14th China International Exhibition on Electronic Information will be held from April 9 to 11

The 14th China International Exhibition on Electronic Information (CITE 2026) will be held from April 9 to 11, 2026 at the Shenzhen Convention and Exhibition Center (Futian). The exhibition will be themed around “new technologies, new products, and new scenarios.” More than 1,200 leading enterprises and innovative teams from around the world will participate. It is expected to attract more than 70,000 professional visitors. More than 30 forum events will be held concurrently, presenting a complete ecosystem map of the electronic information industry—from underlying technologies to terminal applications. Among them, in the embodied intelligence sector, star enterprises including UBTECH Robotics, UniRise Robotics, Ziyuan Robotics, Yuejiang Robotics, and Lingxin Qiaoshou will all appear together. In addition, this exhibition will host the first AI OPC robot / hardware hackathon.

Editor: Luo Hao

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