Research Institute Yunxiang Evening Stock Market Macro Analysis:

⌛️April 21, 2026
✅Closing overview | Initially suppressed then rebound, slight increase
1. Major Market Indices:
The three major indices all opened lower, fluctuated and declined in the early trading session, with the ChiNext Index once falling more than 1.5%. In the afternoon, driven by sectors such as electricity and CPO, it quickly surged and turned positive. By the close, there was a slight increase.
The total trading volume of the two markets was about 2.41 trillion yuan, shrinking by approximately 170 billion yuan compared to the previous trading day. Over 3,400 stocks in the market declined, with a clear pattern of more decliners than advancers.
Fund flow characteristics are extremely prominent, forming a distinct pattern of "outflow from technology, inflow into cyclical sectors."
2. Sector Rotation
1. Coal Sector: Previously, geopolitical conflict risks eased, and the coal sector experienced a full correction. Currently, oil prices remain high, and coal prices have risen against seasonal trends during the off-peak season, with potential for exceeding expectations during peak season.
2. Power Sector: Collective surge. On the news front, the Ministry of Industry and Information Technology clarified that it is conducting research and standard-setting for electricity calculation coordination policies, directly stimulating the sector; combined with the State Council’s special study deployment to accelerate the construction of a new energy system.
3. Electronics and Chemical Sectors: Continued strength, with the commercial aerospace concept maintaining strong momentum.
4. Technology Stocks: All declined. AI computing power, liquid-cooled servers, AI applications, and other directions led the decline, mainly due to two major factors: first, InVik’s performance below expectations dragged down the liquid cooling sector; second, geopolitical uncertainties caused disturbances. The overall decline of the computer sector was 1.84%.
3. Policy Support: Accelerating the entry of medium- and long-term funds into the market
① CSRC relaxes restrictions on long-term funds entering the market
The CSRC released new regulations early in the morning, including social security funds, pension funds, insurance funds, bank wealth management, and public funds into the category of strategic investors, exempting short-term trading restrictions, which is expected to bring trillions of yuan in long-term incremental funds into A-shares.
② Continuous strengthening of market stabilization mechanisms
The central bank stated it will work with the CSRC to implement well-structured monetary policy tools supporting the capital market, support China Securities Finance Corporation to play the role of a "stabilization fund," and the effectiveness of the "combo" of China’s characteristic market stabilization measures will continue to be released.
③ Intensive industrial policies catalyze
The State Council held a special study deployment for building a new energy system, the Ministry of Industry and Information Technology promoted electricity calculation coordination policies, the 6G technology conference opened in Nanjing, and CATL held a "Super Technology Day" to release new technologies such as AI computing power dedicated batteries.
Operational Strategy: Adhere to the two basic principles of "controlling positions" and "focusing on performance," with core themes (such as the large computing power sector) engaging in high sell and low buy or maintaining a steady hold, and being cautious about rapidly rotating thematic directions.
💡Disclaimer: This report is based on publicly available information for analysis and compilation and does not constitute any investment advice.
💡Stock market risks, investment should be cautious.