The trend of A-shares is differentiated, bank stocks are falling across the board to drag down the market, Hengke Index closed up more than 1%, Xiaomi exploded, and Treasury bond futures rose and fell

Source: Wall Street Insights

On Wednesday, April 30, the A-share market showed a divided trend throughout the day. Large-cap stocks adjusted, with the Shanghai Composite Index closing down 0.2%. Small-cap stocks performed prominently. The ChiNext Index once rose by more than 1% during the session, and the North China 50 Index rose by nearly 3%. Bank stocks fell across the board, dragging down the broader market, while sectors such as robotics, computing power, and consumer electronics were active. The Hong Kong stock market fluctuated and strengthened, with the Hang Seng Tech Index rising by more than 1%, and the Xiaomi-related stocks fully erupted. The treasury bond futures showed mixed results, with the main 30-year futures contract falling by 0.1%.

In the A-share market: As of the close, the Shanghai Composite Index fell by 0.23%, the Shenzhen Component Index rose by 0.51%, and the ChiNext Index rose by 0.83%. The North China 50 Index rose by 2.96%.

On the market surface, more stocks rose than fell, with over 3,400 stocks in the entire market rising. In terms of sectors, the robotics concept stocks erupted again. More than a dozen stocks such as Nanfang Precision, Xiangxin Technology, Nanjing Chemical Fiber, etc.涨停 (rose by the daily limit). The computing power concept stocks continued their strength, with Hongbo Co., Ltd., Chuanrun Co., Ltd., Hubei Radio and Television, etc. hitting the daily limit. Bank stocks declined, with Huaxia Bank falling by more than 8%.

In terms of news, according to CCTV News, affected by factors such as the drastic changes in the external environment, the manufacturing purchasing managers' index in April declined compared to the previous month. The manufacturing purchasing managers' index in China in April was 49%, a decrease of 1.5 percentage points compared to the previous month. The non-manufacturing PMI was 50.4, with the previous value being 50.8, still above the threshold, indicating that the non-manufacturing sector continued to expand.

In the Hong Kong stock market: As of the close, the Hang Seng Index rose by 0.51%, and the Hang Seng Tech Index rose by 1.35%. AI concept stocks were active, while domestic bank stocks collectively declined. In terms of individual stocks, Chow Tai Fook rose by more than 8% leading the blue chips. Laopu Gold closed down 5.33%.

In the consumer stock sector, Mixue Group fell by 3.08%, and Pop Mart fell by more than 2%. As previously mentioned by Wall Street Insights, after the company's stock price reached a new high, an unnamed major shareholder of Pop Mart sold approximately 4.1 million shares through block trades at a price of HK$192.95 per share, at a discount of about 2.5% compared to the closing price on Tuesday, cashing out US$101 million.

In the bond market: The closing performance of treasury bond futures was divided. The main 30-year contract fell by 0.12%, the 10-year main contract fell by 0.06%, the 5-year main contract rose by 0.05%, and the 2-year main contract rose by 0.04%.

In the commodity market: Most domestic commodity futures closed down. Crude oil fell by more than 3%, glass fell by nearly 3%, and alumina, rapeseed meal, pulp, and fuel oil fell by more than 2%. Eggs, methanol, BR rubber, soda ash, and industrial silicon fell by more than 1%. In terms of gains, urea rose by more than 6%, the container shipping Europe route rose by more than 3%, and caustic soda rose by more than 2%.

Bank stocks fell across the board, with Huaxia Bank falling by more than 8%

Today, bank stocks collectively corrected. As of the close, Huaxia Bank fell by more than 8%, leading the decline in the sector. Bank of Beijing, Shanghai Rural Commercial Bank, Industrial and Commercial Bank of China, China Construction Bank, etc. followed the decline.

Domestic bank stocks in the Hong Kong stock market also collectively declined. Industrial and Commercial Bank of China closed down 2.92%, China Construction Bank closed down 2.86%, and Agricultural Bank of China fell by 1.44%.

In terms of news, judging from the recently announced first-quarter reports, Huaxia Bank's net profit in the first quarter of 2025 decreased by 14.04% year-on-year; China Construction Bank's net profit in the first quarter decreased by 3.99% year-on-year; Industrial and Commercial Bank of China's net profit in the first quarter decreased by 3.99% year-on-year; Bank of China's net profit in the first quarter decreased by 2.90% year-on-year; China Merchants Bank's net profit in the first quarter decreased by 2.08% year-on-year; and Postal Savings Bank of China's net profit in the first quarter decreased by 2.62% year-on-year.

Some analysts pointed out that with the obvious differentiation in the first-quarter performance, the market's expectations for the bank sector may begin to weaken.

The Xiaomi-related stocks fully erupted

Today, the Xiaomi-related stocks fully erupted. As of the close, Xiaomi Group rose by 5.27%, closing at HK$48.95 per share, with a trading volume of over HK$11.8 billion. Kingsoft Cloud once soared by more than 18% during the session and closed up 14.2%.

At the same time, the cloud computing sector in the Hong Kong stock market continued to rise. As of the close, Kingdee International rose by 6.81%, China Software International rose by 3.56%, and Alibaba rose by 2.17%.

In terms of news, as previously mentioned by Wall Street Insights, on April 30, Xiaomi launched the open-source large model MiMo, which focuses on reasoning ability. With only a parameter scale of 7B, it surpassed OpenAI's closed-source model o1-mini and Alibaba's QwQ with a scale of 32B in mathematical reasoning and code competition evaluations. According to Xiaomi, the core issue explored at the birth of Xiaomi MiMo was to stimulate the model's reasoning potential. This model links pre-training to post-training, comprehensively improving reasoning ability.

The competition in AI at home and abroad is becoming increasingly intense. This week, Alibaba released Qwen 3 first, and then Musk announced Grok 3.5. On Tuesday local time, Musk said on the social platform X that next week, the early beta version of Grok 3.5 will be released only to SuperGrok subscribers. Just the day before, Alibaba released and open-sourced the Tongyi Qianwen 3.0 (Qwen3) series of models and said that it can be comparable to the performance of DeepSeek in many aspects such as mathematics and programming.

Western Securities pointed out that the improvement of AI large model capabilities and the reduction of usage costs are the main themes. Multimodality may gradually become the standard configuration of future basic models, further driving the demand for computing power. The gap in large model capabilities at home and abroad is narrowing, domestic computing power chips continue to evolve, and domestic leading Internet companies are increasing their Capex investments, laying the foundation for the breakthrough of domestic AI.

The humanoid robot concept stocks rose sharply, and the computing power concept continued its strength

The humanoid robot concept stocks erupted again. Hongchang Technology rose by 20% hitting the daily limit, and Xinzhi Group, Nanjing Chemical Fiber, Xiangxin Technology, Xinxing Equipment, Jinggong Technology rose by the daily limit.

The computing power concept stocks continued their strength, with Hongbo Co., Ltd., Chuanrun Co., Ltd., Hubei Radio and Television, etc. hitting the daily limit.

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