21st Century Business Herald Reporter Sun Yongle
The monthly golden stock portfolio released by brokerage research institutes reflects the institutions' assessment of the market trend and style judgment for the upcoming month, serving as an important barometer for the market.
Looking back at March, with the escalation of geopolitical conflicts, global capital markets experienced turbulence, and the overall performance of brokerage golden stock portfolios was poor. Data shows that all 41 brokerage monthly golden stock portfolios achieved negative returns, with an overall yield of -8.4%.
Entering April, the new golden stocks from brokerages have been released, showing a clear shift in sector preferences. The electronic sector, which has dominated for two years, saw its popularity halved, while the power equipment sector, benefiting from favorable conditions, topped the list as the direction recommended by institutions.
Looking ahead, external disturbances remain, coupled with the arrival of a concentrated earnings report disclosure period. Sell-side institutions generally tend to balance defensive attributes with performance certainty in their allocations, seeking structural opportunities amid volatility. Some sell-side chiefs have called out, &#34;Do not disrupt your own formation,&#34; suggesting that market adjustments are opportunities and recommending active positioning.
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March Portfolio Collectively &#34;In the Red&#34;
In March, affected by the escalation of conflicts in the Middle East, global capital markets were impacted to varying degrees. Under the interference of geopolitical conflicts, the A-share market showed an overall trend of turbulent adjustments.
Among the major broad-based indices in the A-share market, the Shanghai Composite Index briefly broke through previous high points at the beginning of the month, then fluctuated and fell back, with a cumulative decline of 6.51% for the month. The North Exchange 50, CSI 1000, and CSI 500 experienced significant adjustments.
As a result, brokerage golden stocks collectively &#34;turned red.&#34; According to a research report from Kaiyuan Securities, the overall yield of brokerage golden stock portfolios in March was -8.4%, with a yield of 0.0% since 2026.
However, from a historical perspective, the annualized yield of all brokerage golden stock portfolios is 13.5%, outperforming the CSI 300 Index and the CSI 500 Index.
In terms of sectors, in March's brokerage golden stock portfolio, the electronics industry continued to lead in recommendation, followed by non-ferrous metals, basic chemicals, as well as pharmaceuticals and power equipment.
In fact, despite the overall weak performance of major indices in March, structural market trends remained active, with sectors such as power, pharmaceuticals, computing power, and chemicals rotating and strengthening.
In terms of individual stocks, Foshan Plastics Technology, Yuanjie Technology, Yaxiang Integration, BYD, and CATL were among the top performers in monthly returns, with respective yields of 43.5%, 36.3%, 32.7%, 21.6%, and 21.1%.
<h4>April Industry Distribution Changes</h4>
As we enter April, external disturbances persist, and the A-share 2025 earnings report disclosure period is nearing its end.
The new golden stocks from brokerages have been released, and the overall industry distribution has changed dramatically. After nearly two years of dominance, the electronics industry has fallen from its top position, with its popularity nearly halved, and this change in brokerage attitude has surprised the market.
According to data from Meishi, compared to last month, the electronics industry has become the sector with the largest decline in weight, ranking first in the drop in popularity; in contrast, the power equipment industry has seen the most significant increase in weight, with a nearly 70% increase in popularity month-on-month.
Kaiyuan Securities' research report believes that the market value level of brokerage gold stocks rose in April, while the valuation level declined, which may indicate a shift towards value style for brokerage gold stocks in April.
Specifically, power equipment ranks first on the recommendation list, with the logic of overseas energy substitution continuing to strengthen; pharmaceuticals and biotechnology have returned to second place after several months, with the divergence between industrial progress and stock price performance gradually being repaired.
Non-ferrous metals and basic chemicals rank third and fourth, respectively, with these two upstream sectors highlighting their allocation value again after experiencing a deep correction; the electronics sector has fallen to fifth place, with the AI narrative cooling down in stages, compounded by geopolitical disturbances and fluctuations in overseas markets, putting significant pressure on the sector overall.
It is worth noting that the recommendation degree for the banking sector has significantly increased by 116% month-on-month, reflecting a retreat in market risk appetite amid ongoing geopolitical disturbances in March, with a notable rise in risk-averse sentiment.
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April gold stock industry distribution (40 research institutions) Source: Meishi Technology (Meishi)
In terms of individual stocks, in April, Zhongji Xuchuang, CATL, Zijin Mining, Anjuke Food, Keda Li, Midea Group, and Haitian Flavoring &amp; Food were among the most recommended gold stocks.
Data from Meishi shows that Zhongji Xuchuang (300308.SZ) topped the list with 10 broker recommendations; closely followed by CATL (300750.SZ) with 9 broker joint recommendations.
One is a global leader in optical modules, and the other is a global leader in power batteries. Why are these two listed companies favored by brokerage research institutions?
Galaxy Securities believes that Zhongji Xuchuang has three main driving factors: the increase in silicon optical module shipments driving profit margins up; the performance growth brought by high demand and high prosperity for 1.6T and 800G rate optical modules; and the macro background of high demand but tight supply may lead to a narrowing of the annual decline.
For CATL, Dongwu Securities points out that the market generally believes that the slowdown in electric vehicle sales growth in 2026 may affect battery demand, but they believe that the increase in power single-vehicle battery capacity combined with the explosion of energy storage will continue to drive CATL's leading market share and performance growth.
At the same time, China Jushi, Zijin Mining, BYD, and Geely Automobile each received joint recommendations from 6 brokers; China National Offshore Oil Corporation, China Merchants Energy Shipping, WuXi AppTec, and Satellite Chemical each received joint recommendations from 5 brokers; and another 5 listed companies each received joint recommendations from 4 brokers.
<h4>The market faces dual validation</h4>
Looking ahead to April, sell-side institutions generally believe that the market faces dual validation from geopolitical conflicts and performance, and allocation strategies suggest balancing low-volatility defense with performance certainty to uncover certain opportunities amid uncertainty
From a macro perspective, Fang Yi, Chief Strategist at Cathay Securities, bluntly stated &#34;do not confuse your own ranks,&#34; as important bottoms and hitting points are emerging in the Chinese stock market. Stability is the underlying color of the Chinese economy and stock market, and China's transformation and industrial development can break the current pervasive narrative of &#34;stagflation.&#34; Market adjustments are instead opportunities, and active positioning is recommended.
Liu Xiaoning, Director of the Research Institute at Huayuan Securities, places greater emphasis on risk. He stated that in April, on one hand, there is a possibility of further escalation of geopolitical risks in the Middle East, which may bring significant external disturbances. From the long-term historical context and current situation in the Middle East, it is not advisable to use the easing of conflicts in the short term (especially in April) as a baseline assumption, and it is recommended to focus more on bottom-line thinking; on the other hand, under the pressure of global capital markets, domestic macro narratives have become a key force influencing market direction, while liquidity may continue to affect market volatility.
Wang Yi, Chief Economist at Great Wall Securities, also stated that looking ahead to April, the geopolitical situation in the Middle East remains deadlocked, and whether overseas markets will see a resurgence of &#34;TACO trading&#34; is still uncertain. In the short term, the market still faces volatility risks, and overall market risk appetite is difficult to restore.
He pointed out that after nearly two months of fluctuations, the Shanghai Composite Index has 4000 points as an important psychological barrier, and the market may fluctuate and build a bottom around this level. The overall growth sector's renewed attack still needs to wait for an improvement in the overall liquidity environment and observe whether there are signs of stabilization and upward movement in market transaction amounts.
&#34;However, there is no need to overly worry about the market trend in April. In the short term, although geopolitical factors that affect market risk appetite may still exist, both the fundamentals and policy sides provide support for the stock market,&#34; Wang Yi said.
In terms of allocation, the strategy chiefs of sell-side institutions particularly emphasize &#34;certainty,&#34; recommending that at the current point in time, focus on defensive sectors, growth sectors with strong certainty of prosperity and opportunities for rebound from oversold conditions, as well as individual stock layout opportunities brought by performance during the intensive earnings release period.
Mou Yiling, Chief Strategist at Guojin Securities, recommended three main lines from a more macro perspective. First, under the global turmoil, energy security has become particularly important, but this year, primary energy is stronger than secondary energy construction, with a focus on crude oil, oil transportation, coal, copper, aluminum, gold, and rubber; second, Chinese manufacturing is the global ballast, but the flow of physical goods is slower than that of financial assets, waiting for revaluation to come—electric power equipment, new energy, machinery, and chemicals; third, looking for structural opportunities in consumption under the reversal of suppressive factors—tourism and scenic spots, seasoning and fermentation products, beer and other alcoholic beverages, pharmaceutical commerce, and medical beauty.
Yang Liu, Chief Strategist at Guosheng Securities, provided more detailed investment advice. He stated that appropriately reducing positions or increasing the proportion of low-volatility defensive positions remains an important measure to cope with amplified volatility, prioritizing banks, electric power, and other sectors with relatively certain profit models and dividend returns.
Additionally, with the earnings season beginning, the weight of performance pricing is rising, and aggressive positions should also be concentrated in directions with performance verification capabilities. First, communication equipment, components, grid equipment, and electronic chemicals that currently have strong certainty in performance and remain on an upward trend; second, new energy directions such as lithium battery storage, wind power, and photovoltaics, which are expected to replace energy and verify external demand prosperity

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The broker's golden stock portfolio performed poorly overall in March, with a return of -8.4%. The enthusiasm for the electronics sector has declined, and power equipment has become a new recommended direction. Despite ongoing external disturbances, sell-side institutions tend to balance defense and performance certainty in their allocations, suggesting an active layout. In March, the A-share market experienced fluctuations and adjustments due to geopolitical conflicts, with major indices declining, and the annualized return of the broker's golden stock portfolio was 13.5%

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The decline of electronics and the rise of power equipment! Brokerage gold stocks turned green last month, and the industry distribution changed in April