The Shanghai Composite Index rose and fell slightly higher than 0.03%, Electricity and Banks were active, Hengke Index fell 2%, Biopharma stocks strengthened against the trend, and Treasury futures fell across the board

On Thursday, April 24, the A-share market fluctuated and consolidated throughout the day. The three major stock indexes showed mixed results. The Shanghai Composite Index once surged above 3,300 points and then fluctuated and declined, closing up slightly by 0.03%. Sectors such as the pet economy, power, and banking were active. Both the Hang Seng Index and the Hang Seng Tech Index in Hong Kong stocks declined, continuing the downward trend in the afternoon. The Hang Seng Index fell nearly 2%. Bio-pharmaceutical stocks strengthened against the trend. Most of the treasury bond futures turned down in the afternoon. Domestic commodities closed with mixed results, and the container shipping route to Europe dropped by more than 9%.

In terms of news: The "Negative List for Market Access (2025 Edition)" was released to the public on the 24th, and China's market access restrictions have been further relaxed. Compared with the 2022 edition list previously implemented, the number of items in the "Negative List for Market Access (2025 Edition)" has been reduced from 117 to 106. The number of specific national management measures under these items has been reduced from 486 to 469, a decrease of 17; the number of local management measures has been reduced from 36 to 20, a decrease of 16.

Ping An Securities pointed out that the short-term equity market is still in the period of fluctuation and consolidation. Supported by domestic policy support and the resilience of domestic demand, it is expected to maintain an advantage relative to overseas markets; in the medium term, scientific and technological revolutions such as AI will continue to lead a new round of great power competition, and the logic of scientific and technological competition and self-control remains unchanged. Dongguan Securities stated that in the second quarter, domestic macro policies will enter a period of concentrated implementation. Policies will focus on key areas such as "stimulating consumption, stabilizing the real estate market, stabilizing the stock market, and promoting private enterprises." Through policy coordination, the domestic large cycle will be smoothed. The high-level meeting in April will be an important observation window for the introduction of incremental policies.

A-shares: As of the close, the Shanghai Composite Index rose slightly by 0.03%, the Shenzhen Component Index fell by 0.58%, and the ChiNext Index fell by 0.68%. The Beijing Stock Exchange 50 Index dropped sharply today, closing down 3.44%.

On the market surface, there were more declining stocks than rising ones. Over 3,800 stocks in the Shanghai, Shenzhen, and Beijing stock markets were in the red. PEEK materials soared in the afternoon, and the banking sector rose in the afternoon. The stock prices of the Industrial and Commercial Bank of China, the Agricultural Bank of China, and the Bank of China reached record highs. Many high-position stocks showed a reverse wrapping trend at the end of the session. Anji Food and Guofang Group both achieved a "floor-to-ceiling" performance. In terms of sectors, pet consumption, power, innovative drugs and other sectors led the increase, while newly listed stocks, the Internet, computing power and other sectors led the decline.

Bond Market: Treasury bond futures turned down in the afternoon and closed lower across the board. Among them, the main contract of the 30-year bond fell by 0.08%, the main contract of the 10-year bond fell by 0.09%, the main contract of the 5-year bond fell by 0.11%, and the main contract of the 2-year bond fell by 0.05%.

Commodities: Domestic commodity futures closed with mixed results. Polysilicon, rapeseed meal, soda ash, and peanuts rose by more than 2%, and coke, BR rubber, alumina, and soybeans rose by more than 1%. In terms of declines, the container shipping route to Europe dropped by more than 9%, Shanghai gold dropped by more than 2%, and live pigs, red dates, eggs, and fuel oil dropped by more than 1%.

【13:09】

Bank stocks in the afternoon fluctuated and rose. Industrial and Commercial Bank of China and Agricultural Bank of China rose by more than 2%, and their stock prices continued to reach record highs. Bank of China rose nearly 2%, and its stock price also continued to reach a new high. Qilu Bank, Xiamen Bank, Bank of China, China Construction Bank, etc. were among the top gainers.

In terms of news, the first-quarter operation "report cards" of A-share listed banks in 2025 are being successively disclosed. Many banks achieved both revenue and net profit growth in the first quarter. From the perspective of the performance of the asset side, the listed banks that have disclosed data maintained a steady expansion trend in credit lending in the first quarter.

【12:05】

As of the close of the morning session, the Hang Seng Index fell by 1.21%; the Hang Seng Tech Index fell by 2.04%. Technology stocks led the decline. JD.com fell by 5.29%, Meituan fell by 4.85%, Kuaishou fell by 3.57%, and Hua Hong Semiconductor fell by 3.72%.

The Hang Seng Biotechnology Index rose against the market trend, rising by more than 1% at the close of the morning session. Kangfang Biotech rose by 5.8%; Chia Tai Tianqing Pharmaceutical Group Co., Ltd. rose by 4.47%.

【11:33】

A-shares: As of the close of the morning session, the Shanghai Composite Index fell by 0.10%, the Shenzhen Component Index fell by 0.66%, and the ChiNext Index fell by 0.68%.

On the market surface, there were more declining stocks than rising ones. Over 4,100 stocks in the Shanghai, Shenzhen, and Beijing stock markets were in the red. In terms of sectors, power stocks rose, the pet consumption concept strengthened during the session, and newly listed stocks, computing power and other sectors led the decline.

Among power stocks, Hunan Huayin Electric Power Co., Ltd., Xichang Electric Power Co., Ltd., Chenzhou Electric International Co., Ltd., etc. rose by the daily limit. Shaoneng Co., Ltd., Guangxi Energy Co., Ltd., Leshan Electric Power Co., Ltd., Changyuan Electric Power Co., Ltd., etc. followed the rise.

Among the AI computing power sector, Runze Technology Co., Ltd., Shanghai Fudan Microelectronics Group Co., Ltd., Qingyun Technology Co., Ltd., etc. were among the top decliners. Among them, Runze Technology Co., Ltd. fell by more than 10%.

Treasury Bond Futures: As of the close of the morning session, the main contract of the 30-year bond rose by 0.35%, the main contract of the 10-year bond rose by 0.11%, the main contract of the 30-year bond rose by 0.04%, and the main contract of the 30-year bond rose by 0.01%.

【11:07】

The Beijing Stock Exchange 50 Index fell by more than 3%. Among the 265 stocks on the Beijing Stock Exchange, there were less than 30 rising stocks. Kober Group Co., Ltd., Guangxia Huaneng Co., Ltd., Kaifa Technology Co., Ltd. fell by more than 10%.

【10:59】

The decline of the Hong Kong Hang Seng Index expanded to 1%. The Hang Seng Tech Index fell nearly 2%. Technology stocks led the decline. JD.com and Meituan fell by more than 4% and 3% respectively.

In terms of news, on April 24, Wall Street Insights learned from informed sources that the daily order volume of JD.com's takeout has exceeded 10 million. On April 15, JD.com announced that the takeout order volume exceeded 5 million orders, which means that the takeout order volume of JD.com doubled within 9 days.

【10:39】

The pet consumption concept in A-shares continued to rise. Tianyuan Pet Products Co., Ltd. and Yuanfei Pet Products Co., Ltd. both rose by the daily limit. Zhongchong Co., Ltd. was previously closed at the daily limit. Lusi Co., Ltd. rose by more than 20%. Jinhe Biotechnology Co., Ltd., Guibao Pet Products Co., Ltd., Haoyue Nursing Products Co., Ltd., Petpal Co., Ltd., etc. were among the top gainers.

【09:47】

Innovative drugs rose in the early trading session. Jinkaishengke Co., Ltd., Hehua Co., Ltd., Lingkang Pharmaceutical Co., Ltd. rose by the daily limit. Asymchem Laboratories (Tianjin) Inc. was close to the daily limit. Maiwei Biotechnology Co., Ltd., Haofan Biotechnology Co., Ltd., Rongchang Biotechnology Co., Ltd., Luoxin Pharmaceutical Co., Ltd., etc. rose by more than 5%.

【09:38】

A-shares: The Shanghai Composite Index opened 0.04% lower, the Shenzhen Component Index opened 0.02% lower, the ChiNext Index opened 0.15% lower. Sectors such as innovative drugs led the increase, and sector indexes such as securities IT, propylene oxide, and dairy milk powder led the decline.

Hong Kong Stocks: The Hang Seng Index opened 0.19% lower, at 22,030.15 points; the Hang Seng Tech Index fell 0.08%. Horizon Robotics Inc. fell nearly 15%, Meituan and JD.com fell by more than 1%; NIO Inc. rose by more than 3%, Xiaopeng Motor Co., Ltd., Xiaomi Corporation, etc. rose by more than 1%.

Treasury Bond Futures: Treasury bond futures opened. The main contract of the 30-year bond rose by 0.21%, the main contract of the 10-year bond rose by 0.05%, the main contract of the 5-year bond rose by 0.03%, and the main contract of the 2-year bond rose by 0.02%.

Commodity futures opened. The main contracts of Shanghai gold, LU fuel oil, and crude oil fell by more than 2%, and fuel oil and caustic soda fell by more than 1%. Rapeseed meal, Shanghai silver, coke, soda ash, coking coal, Shanghai tin, soybeans, and cotton yarn rose by more than 1%.

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