A-share trends are differentiated, small-cap stocks are rising significantly, chip stocks are rising in the afternoon, and Treasury bond futures are strengthening across the board

**Source: Wall Street Journal**  

**April 29, Tuesday** — A-shares fluctuated within a narrow range throughout the day, with major indices showing divergent trends. Large-cap stocks edged slightly lower, with the Shanghai Composite Index dipping by 0.05%, while small-cap stocks rose significantly, with the Wind Micro-Cap Index surging nearly 2%. Hong Kong stocks surged initially but then retreated, with the Hang Seng Tech Index maintaining gains in the afternoon after earlier rising over 2%. Government bond futures collectively advanced, with the 30-year Treasury futures contract up 0.7%.  

**A-Shares:** At the close, the Shanghai Composite Index dipped 0.05%, the Shenzhen Component Index fell 0.05%, and the ChiNext Index declined 0.13%. The Wind Micro-Cap Index jumped 1.94%.  

Market sentiment was mixed, with more stocks rising than falling—over 3,500 stocks gained across the board. The total trading volume of Shanghai and Shenzhen markets reached 1.02 trillion yuan, shrinking by over 34 billion yuan from the previous session. Sector-wise, PEEK materials surged, robotics remained active, and the semiconductor sector rallied in the afternoon. Chemicals and auto parts led gains, while the power sector saw a sharp correction.  

**Key News:** Citing *The Wall Street Journal*, *Global Times* reported that U.S. President Trump is expected to take measures to mitigate the impact of his auto tariff policy: preventing tariffs on imported cars from stacking with existing tariffs while easing tariffs on some imported auto parts for domestic manufacturing.  

**Treasury Futures:** At the close, the 30-year contract rose 0.69%, the 10-year contract gained 0.23%, the 5-year contract climbed 0.13%, and the 2-year contract inched up 0.01%.  

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### **12:05 Update**  

As of midday, Hong Kong auto stocks strengthened, with NIO up nearly 5% and Geely Auto rising over 3%. Consumer stocks led gains, with Lao Feng Xiang surging over 6% and Mixue Group up over 5%.  

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### **11:30 Update**  

Market-wise, more stocks rose than fell, with over 3,700 stocks across Shanghai, Shenzhen, and Beijing markets in positive territory. Key sectors included:  

- **PEEK materials** rallying across the board.  

- **Robotics concepts** remaining active.  

- **Chemical stocks** continuing their climb, with Xianhe Co., Dayang Biotech, and Lanfeng Biochemical among nearly 10 stocks hitting the limit-up.  

- **Power stocks** experiencing a sharp correction.  

**PEEK materials:** Jusailong, Xinhan New Materials, and Zhongxin Fluorochemicals surged by the 20% limit.  

**Robotics:** Founder Motor, Yinbaoshan New Materials, and Tianqi Lithium sealed limit-ups.  

**Power stocks:** Shaoneng Group, Leshan Electric, Xichang Electric, and Huadian Liaoneng plunged by the limit-down.  

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### **10:17 Update**  

The Hang Seng Tech Index rose 2%. NIO and Li Auto gained over 5%. Healthcare stocks led gains, with Ali Health up over 9% and WuXi AppTec rising over 7%.  

**PEEK materials sector** surged, with Fuheng New Materials, Jusailong, and Xinhan New Materials all up 20%, while Huami New Materials, Wote Advanced Materials, and Zhongxin Fluorochemicals hit limit-ups.  

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### **10:15 Update**  

Founder Motor, Tianqi Lithium, Yinbaoshan New Materials, Aoto Electronics, and New Beiyang hit limit-ups, while Zhongyan Materials surged over 10%. Daye Co., Zhaoming Technology, Fulai New Materials, Keda Group, Hanyu Group, and Hanwei Technology rose over 5%.  

**Key News:** According to the National-Local Humanoid Robotics Innovation Center, humanoid robots are expected to enter the general product category by 2026, based on projected production/sales reaching 100,000 units. By then, they will no longer be limited to specific fields but widely applicable across industries.  

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### **09:43 Update**  

The **power sector** dropped early, with Zhejiang Energy down over 9%, followed by Jilin Electric Power, Jianneng Group, Guiguan Electric, and Shenneng Co.  

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### **09:41 Update**  

**Computing power stocks** extended gains, with Hongbo Holdings hitting three consecutive limit-ups. Yitian Intelligence, Xinjin Power, Litong Electronics, Hongjing Technology, and Pingzhi Information rose over 5%.  

**Hong Kong auto stocks** mostly strengthened, with NIO up 5.5%, Li Auto up 2.7%, and Horizon Robotics up nearly 2%.  

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### **09:20 Update**  

Domestic futures were mixed:  

- **Decliners:** Containerized Freight Index (Europe) dropped over 6%, polysilicon, coking coal, synthetic rubber, fuel oil, and rapeseed meal fell over 1%, while pulp, palm oil, sugar, and soybean meal dipped nearly 1%.  

- **Gainers:** Short-staple fiber, asphalt, and gold futures rose over 1%, while iron ore and low-sulfur fuel oil (LU) climbed nearly 1%.  

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