The Shanghai Composite Index closed slightly lower, electricity stocks exploded collectively, Treasury bond futures strengthened in the afternoon, Hengke Index rose 1%, Horizon Robot rose more than 5%.

Source: Wall Street Insights

On Friday, April 25, A-shares fluctuated and declined in the afternoon session. The trends of the three major indices diverged. The Shanghai Composite Index once fell, and the decline of the ChiNext Index narrowed to around 0.5%. Power stocks collectively surged, with nearly 10 stocks in the sector hitting the daily limit. Real estate stocks rose sharply at first but then declined, and their decline expanded in the afternoon. The gains of Hong Kong stocks narrowed in the afternoon. The Hang Seng Technology Index rose by 1%, having once risen by more than 2% earlier. Treasury bond futures rose in the afternoon, with the main contract of the 30-year bond rising by 0.4%.

In terms of news: According to a report by Xinhua News Agency, the Political Bureau of the Central Committee of the Communist Party of China held a meeting on April 25 to analyze and study the current economic situation and economic work. The meeting pointed out that more active and effective macro policies should be implemented promptly, making full use of a more proactive fiscal policy and a moderately loose monetary policy. Incremental reserve policies should be introduced in a timely manner according to changes in the situation, and extraordinary counter-cyclical adjustments should be strengthened.

A-shares: As of the close, the Shanghai Composite Index slightly fell by 0.07%, the Shenzhen Component Index rose by [the specific percentage was not given in the text], and the ChiNext Index rose by [the specific percentage was not given in the text].

On the market surface, there were more rising stocks than falling stocks. Over 2,800 stocks in the Shanghai, Shenzhen and Beijing stock markets were in the green. In terms of sectors, power stocks collectively surged. Nearly 10 stocks such as Hunan Development Group Co., Ltd. and Mingxing Electric Power Co., Ltd. hit the daily limit. Real estate stocks rose sharply at first but then declined, and they dropped rapidly in the afternoon. Pharmaceutical stocks were adjusted across the board. Jiangsu Wuzhong Co., Ltd. and Lifang Pharmaceutical Co., Ltd. hit the daily limit of decline. Sectors such as petrochemicals, communication equipment and power led the gains, while sectors such as pharmaceuticals and precious metals led the declines.

Bond market: Most treasury bond futures closed higher. The main contract of the 30-year bond rose by 0.28%, the main contract of the 10-year bond rose by 0.06%, the main contract of the 5-year bond remained unchanged, and the main contract of the 2-year bond fell by 0.04%.

【14:17】

The Shanghai Composite Index turned to decline in the afternoon and is currently quoted at 3,293.77 points, down 0.11%.

【14:10】

The real estate sector dropped rapidly in the afternoon and has now turned to a decline of 0.16%, having once risen by nearly 3% earlier.

【14:02】

The decline of the gold sectors in both A-shares and H-shares expanded in the afternoon. Western Gold Co., Ltd. in A-shares once fell by more than 5%; Wanguo Gold Group in H-shares fell by more than 5%.

In terms of news, during the Asian trading session on April 25, spot gold continued its correction trend and broke below the $3,300 mark. Affected by the expectations of tariff easing, risk sentiment heated up, suppressing the trend of safe-haven gold.

CITIC Futures believes that in the short term, the US has a relatively high call for trade negotiations, and market risk appetite has rebounded. Moreover, Trump's pressure on the Federal Reserve has eased, and the independence of the Federal Reserve has been temporarily maintained. The upward movement of gold prices may be weak in the short term.

【13:50】

Treasury bond futures rose during the session. The increase of the main contract of the 30-year bond expanded to 0.4%. The main contract of the 10-year bond rose by 0.18%, the main contract of the 5-year bond rose by 0.14%, and the main contract of the 2-year bond rose by 0.06%.

【12:05】

Hong Kong stocks: As of the midday close, the Hang Seng Index rose by 1.36%, and the Hang Seng Technology Index rose by 1.87%, having once risen by more than 2% during the session.

Real estate stocks and technology stocks were active. Among them, Golden Wheel Tiandi Holdings Co., Ltd. soared by more than 43%, Longfor Group Holdings Limited soared by more than 6%, Horizon Robotics rose by more than 7%, and NIO Inc. rose by 6%. Hua Hong Semiconductor Limited fell by more than 4%.

【11:35】

A-shares: As of the midday close, the Shanghai Composite Index stood above the 3,300-point mark again, rising by 0.15%. The Shenzhen Component Index rose by 0.87%, and the ChiNext Index rose by 1.07%.

On the market surface, there were more rising stocks than falling stocks. Over 3,800 stocks across the market rose. The half-day trading volume of the Shanghai and Shenzhen stock markets was 719 billion yuan, a decrease of 40 billion yuan compared to the previous trading day. In terms of sectors, real estate stocks rebounded collectively, consumer stocks such as tourism and retail were active, and pharmaceutical stocks underwent adjustments. Sectors such as petrochemicals, real estate, communication equipment, catering and tourism led the gains, while sectors such as banks and pharmaceuticals declined.

Among real estate stocks, Nanguo Real Estate Co., Ltd., Yukaifa Co., Ltd., and Dalong Real Estate Co., Ltd. hit the daily limit. Consumer stocks such as tourism and retail were active, and Tianfu Culture and Tourism Co., Ltd., Three Gorges Tourism Group Co., Ltd., and Central China Department Store Co., Ltd. hit the daily limit.

【11:07】

The ChiNext Index rose by more than 1%, the Shanghai Composite Index rose by 0.08%, and the Shenzhen Component Index rose by 0.80%. Real estate, power, tourism hotels, computing power and other sectors led the gains. There were nearly 3,700 rising stocks in the Shanghai, Shenzhen and Beijing stock markets.

The concept of computing power leasing continued to rise. Tuowei Information Co., Ltd. hit the daily limit. Previously, Hongbo Co., Ltd., Tianyu Digital Technology Co., Ltd. hit the daily limit, and Hongjing Technology Co., Ltd., Yunsaizhilian Co., Ltd., Maixinlin Technology Co., Ltd., Parallel Technology Co., Ltd., Tongniu Information Co., Ltd., and UCloud Technology Co., Ltd. all rose by more than 5%.

【11:11】

Hong Kong stocks continued to rise. The increase of the Hang Seng Technology Index expanded to 2%. Horizon Robotics, NIO Inc., and Lenovo Group Limited rose by more than 5%.

【10:23】

The increase of the Hang Seng Index in Hong Kong expanded to 1%. Real estate stocks rose. Longfor Group Holdings Limited rose by more than 7%, and China Resources Land Limited rose by more than 4%.

【10:05】

Real estate stocks in Hong Kong rose collectively. Golden Wheel Tiandi Holdings Co., Ltd. rose by more than 40%, Gemdale Commercial Properties Limited rose by nearly 20%, R&F Properties Limited rose by more than 10%, and Sunac China Holdings Limited rose by nearly 8%.

In terms of news, Citigroup analysts Griffin Chan and Cindy Li wrote in a report released on April 23: "We believe that now is a good time to accumulate positions in China's real estate industry within the next two years. Asset turnover and pricing will continue to improve, and ROE (return on equity) will also increase accordingly." The analysts said that after China's senior officials urged officials to step up efforts to cultivate the real estate market, they expect the high-level meeting at the end of April to bring "positive support." Although April is a slow season for new housing sales, given the previous positive housing replenishment, the outlook for June is optimistic.

Recently, various regions have introduced policies to boost consumption, all of which have included stabilizing the property market in the policy framework. Multiple departments such as the Qingdao Housing and Urban-Rural Development Bureau and the Qingdao Finance Bureau have issued documents such as the "Work Plan (Trial) for Implementing the 'Trading Old Houses for New Ones' in Qingdao to Promote Consumption in the Housing Sector" and the "Notice on Several Measures to Further Promote the Stable and Healthy Development of the Real Estate Market." The "Implementation Plan for Boosting Consumption in Guizhou Province (Draft for Soliciting Opinions)" announced by the Development and Reform Commission of Guizhou Province on April 18 mentioned optimizing the supply regulation of the real estate market.

Citic Securities believes that with the increase in external uncertainties, policies to expand domestic demand will gradually be intensified, and the real estate sector will be an important part of the policy framework for boosting consumption. Its importance is reflected not only in consumption directly or indirectly related to housing, but also in the significant impact of the housing price wealth effect on residents' income confidence and consumption willingness. It is expected that national policies will be introduced in April and May. Development enterprises with strong product capabilities and enterprises holding high-quality operating assets have investment value.

【09:59】

The Hang Seng China Mainland Real Estate Index rose by more than 2%.

【09:50】

A-shares: As of the time of writing. The Shanghai Composite Index fell by 0.06%, the Shenzhen Component Index rose by 0.11%, and the ChiNext Index rose by 0.24%.

In terms of sectors, the power sector was active in the early trading. Huayin Electric Power Co., Ltd. and Xichang Electric Power Co., Ltd. achieved two consecutive daily limits. Huadian Liaoning Energy Co., Ltd. hit the daily limit, and Jiuzhou Group Co., Ltd., Huadian Energy Co., Ltd., Chenzhou Electric International Co., Ltd., Leshan Electric Power Co., Ltd., etc. followed the rise.

In the early trading, the real estate sector rose rapidly. Nanguo Real Estate Co., Ltd. and Yukaifa Co., Ltd. hit the daily limit. Tianbao Infrastructure Co., Ltd. challenged the daily limit, and Wolong Real Estate Group Co., Ltd., 5i5j Real Estate Co., Ltd., and Worldunion Properties Consultancy Co., Ltd., etc. followed the rise.

Hong Kong stocks: As of the time of writing, the Hang Seng Index rose by 0.55%, and the Hang Seng Technology Index rose by 0.31%. Semiconductor stocks led the decline, and Hua Hong Semiconductor Limited fell by more than 7%.

【09:30】

Bond market: Treasury bond futures opened. The main contract of the 30-year bond rose by 0.05%, the main contract of the 10-year bond rose by 0.04%, the main contract of the 5-year bond fell by 0.01%, and the main contract of the 2-year bond rose by 0.01%.

Commodities: Commodity futures opened. The main contract of container shipping on the Europe route fell by more than 3%, and styrene and glass fell by more than 1%. Shanghai gold, Shanghai zinc, Shanghai tin, crude oil, palm oil, and LU fuel oil rose by more than 1%.

【09:20】

The Hang Seng Index opened 0.78% higher, and the Hang Seng Technology Index rose by 1.25%. NIO Inc. rose by more than 6%, NetEase, Inc. and Bilibili Inc. rose by more than 4%, and Alibaba Group Holding Limited, Baidu, Inc. and others rose by more than 2%.

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