CSI 300 increased by 0.38%.
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The A-share market has continued its pattern of attempting a rebound amid fluctuations, with all three core indices rising. Trading volume has slightly recovered but remains sluggish. This week, the SSE Index(000001) rose by 0.56%, failing to achieve a significant breakthrough, with short-term prices still about 1.08% below the 50-day moving average. The CSI 300(000300) edged up by 0.38%, remaining approximately 15% away from its one-year high, indicating that blue-chip stocks’ performance remains weak. Investor sentiment has not significantly improved, and the index lacks strong trading volume support, raising doubts about the sustainability of the rebound.
The Shenzhen Index(399001) and the ChiNext(399006) saw gains of 1.38% and 1.74%, respectively, but both remain a considerable distance from their 50-day moving averages, suggesting that although growth stocks are showing some initiative in the rebound, structural pressures persist. In contrast, the Hang Seng Index(HSI)gained 2.74% this week, outperforming major A-share indices and standing roughly 9.56% above its 200-day moving average, with southbound capital allocation intentions potentially benefiting from favorable macroeconomic policy releases in mainland China.
On the policy front, mainland China announced the “Opinions on Implementing the Free Trade Zone Upgrade Strategy,” establishing several pilot tasks focusing on key industries such as finance, healthcare, and resource recycling, highlighting a clear direction towards high-quality opening-up development. Additionally, the central bank emphasized that the resilience of the RMB exchange rate enhances monetary policy space. Combined with industry expectations for LPR cuts in Q2, this is expected to provide medium-term support for the A-share market.
Internationally, U.S. stocks showed notable rebounds, with the Nasdaq Composite(0NDQC) and S & P 500 Index(0S&P5) rising by 5.4% and 3.83%, respectively. Market sentiment was bolstered by the preliminary April U.S. Manufacturing PMI rising to 50.7, exceeding market expectations and reinforcing economic resilience forecasts. However, the U.S. Services PMI fell back to 51.4, indicating marginal signs of demand-side slowdown, requiring ongoing attention to subsequent inflation trends and Fed statements. Furthermore, initial jobless claims in the U.S. slightly increased to 222,000 people, showing resilience in the labor market. Crude oil inventories unexpectedly increased by 2.44 million barrels, far exceeding market expectations (a decrease of 770,000 barrels), reflecting slight weakness on the demand side and raising concerns about global growth. Notably, worries over potential inflation triggered by “Trump tariffs” have intensified, leading to a reevaluation of uncertainties surrounding the U.S. economy within the year.
In terms of sectors, Consumer Prod-Specialty(G1007IG.CN) led the sectoral gains this week with an increase of 8.78%. After experiencing previous adjustments, this sector benefited from expectations of recovery in demand for high-end consumption and medical consumer goods, attracting investor attention. Certain sub-sectors like health supplements and functional foods saw strong upward movements. The Leisure-Products(G3949IG.CN)sector followed closely with a weekly gain of 7.55%. With the approach of the May Day holiday and early summer vacation spending, active consumption scenarios such as travel equipment and sports gear contributed to the rise in related stocks. TheBldg-Hand Tools(G3548IG.CN) sector rose by 7.43% this week, representing a breakout performance in a less popular sector. Benefiting from the restoration of overseas orders and post-real estate cycle demand support, coupled with order improvements among certain leading companies in the export chain, it created a short-term explosive trend.
This week, the average gain of the TOP33 reached 2.08%, with 20 stocks rising and 13 declining. This also indicates that in the current market rotation environment, structural opportunities remain dominant. Ningbo Zhenyu Tech(300953)stood out with a 24.77% surge in stock price. The company specializes in the R&D and manufacturing of precision progressive stamping dies and downstream precision components, widely used across multiple core manufacturing sectors including home appliances, new energy vehicles, and industrial control systems. Its current RS Rating stands at 97, indicating its recent stock performance far exceeds the broader market. The EPS Rating of 72 suggests strong profitability and robust growth potential. An industry rating of 111 indicates that the market’s enthusiasm and fundamental support for its sector remain attractive. Considering its O’Neil Score of 67, the stock is currently in a phase of dual resonance between technical and fundamental factors, possessing the potential for short-term sustained activity.
Overall, the current market rebound remains in its early stages, supported by policies and liquidity, but lacking consistent volume support. Hot spots rotate frequently, stock differentiation intensifies, and indices remain under considerable pressure. Next week, 3,497 companies will release earnings reports, including many leading enterprises, which will be a crucial variable in determining the market’s short-term direction. Investors are advised to pay close attention. Future market performance will depend on whether trading volumes continue to expand and how external risk factors evolve.
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published on April 25, 2025