--- title: "With the intensive disclosure of annual reports and quarterly reports, what should be laid out in April during the \"performance-oriented\" phase?" type: "News" locale: "en" url: "https://longbridge.com/en/news/281957312.md" description: "With the disclosure of annual reports and first-quarter reports, performance has become the core pricing factor for A-shares in April. Industrial Securities pointed out that April is the month with the highest correlation between stock prices and performance, and external uncertainties have intensified capital's focus on directions with high performance certainty. Analysts recommend adopting a performance-oriented layout strategy, expecting that the rebound in PPI will drive overall optimistic performance. 67% of the constituent stocks in the CSI 300 Index have disclosed their annual reports, showing good overall profit performance, and the stock-bond cost-effectiveness still has advantages" datetime: "2026-04-08T01:54:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281957312.md) - [en](https://longbridge.com/en/news/281957312.md) - [zh-HK](https://longbridge.com/zh-HK/news/281957312.md) --- # With the intensive disclosure of annual reports and quarterly reports, what should be laid out in April during the "performance-oriented" phase? With the annual reports and first quarter reports being disclosed one after another, performance may become the core pricing factor for A-shares in April. Industrial Securities' backtesting of historical data found that April is the month with the highest correlation between stock prices and performance for A-shares throughout the year. The uniqueness of this year lies in: external uncertainties suppressing market risk appetite, further intensifying capital's focus on directions with high performance certainty: upstream price increase concepts (such as resource products) and independent logic sectors (such as domestic AI). Yang Chao, chief strategist at China Galaxy Securities, stated: The three major logics of policy support, capital entering the market, and the revaluation of Chinese assets remain unchanged. The downside space for A-shares is relatively limited, and the US-Iran conflict has not shaken the foundation of A-shares' long-term slow bull market. It is recommended to adopt a performance-oriented strategy and wait for opportunities to layout. Yao Pei, a strategy analyst at Huachuang Securities, stated: The accelerated positive turn of PPI promotes a more optimistic outlook for the performance of all A-shares. The rising oil prices are expected to bring about input inflation, which may promote PPI to turn positive ahead of schedule, and significantly improve profits in the upstream cyclical resource sector. According to a report by JP Morgan: As of the end of March, among the 300 constituent stocks of the CSI 300 Index, 67% have disclosed their 2025 annual reports, with 32% exceeding expectations. Collectively, they achieved a year-on-year sales growth of +7.2% per share, a year-on-year earnings per share (EPS) growth of +8.7%, and a net profit margin increase of 13 basis points. Currently, the CSI 300 Index covers leading industries such as technology manufacturing, cyclical resource products, and domestic consumer goods. The equity risk premium of the index's earnings yield compared to the 10-year government bond yield is 5.4%, which is around the median since 2010. The dividend yield of the CSI 300 Index is 2.7%, and the cost-performance ratio of stocks versus bonds still has advantages. Related ETFs: Harvest CSI 300 ETF (510330.SH), with a large scale and relatively good liquidity, management fee of 0.15% per year (the lowest in the market). The off-market connecting fund is Harvest CSI 300 ETF Connect C (005658.OF), which has no redemption fee if held for more than 7 days ### Related Stocks - [000300.CN](https://longbridge.com/en/quote/000300.CN.md) - [159919.CN](https://longbridge.com/en/quote/159919.CN.md) - [510300.CN](https://longbridge.com/en/quote/510300.CN.md) - [159925.CN](https://longbridge.com/en/quote/159925.CN.md) - [510330.CN](https://longbridge.com/en/quote/510330.CN.md) - [510310.CN](https://longbridge.com/en/quote/510310.CN.md) ## Related News & Research - [New Home Prices Rise, Hold Steady in Five More Major Chinese Cities in April](https://longbridge.com/en/news/286849542.md) - [China April Retail Sales +0.2% y/y (exp 2%) & Industrial Prduction +4.1% y/y (exp 5.9%)](https://longbridge.com/en/news/286699672.md) - [Germany April PPI +1.2% vs +1.0% m/m expected](https://longbridge.com/en/news/287012916.md) - [Kiwa’s PPI Quality & Engineering forms strategic partnership with TIEC](https://longbridge.com/en/news/287106614.md) - [Economists warn persistent inflation may force Fed shift](https://longbridge.com/en/news/286965729.md)