---
title: "Next week, the A-shares will continue to perform! Be sure to keep a close eye on these three main lines!"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/283247177.md"
description: "This week, the A-share market performed well, with all three major indices rising. The SSE Index, Shenzhen Index, and ChiNext rose by 1.64%, 4.02%, and 6.65%, respectively. Macroeconomic data exceeded expectations, with GDP growing by 5% year-on-year. Market confidence is recovering, and a continued rebound is expected next week, supported by policies promoting active fiscal measures and moderately loose monetary policy, which is favorable for A-shares in the long term"
datetime: "2026-04-18T23:46:01.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/283247177.md)
  - [en](https://longbridge.com/en/news/283247177.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/283247177.md)
---

# Next week, the A-shares will continue to perform! Be sure to keep a close eye on these three main lines!

This week, the A-share market performed well, with all three major indices closing in the green for the week. Specifically, the SSE Index, Shenzhen Index, and ChiNext rose by 1.64%, 4.02%, and 6.65% respectively, with the average stock price increasing by 4.58%, indicating a good overall profit effect.

On the macro front, negotiations between Iran and the United States in Islamabad, Pakistan, concluded without consensus, but discussions will continue; China's RMB loans increased by 8.6 trillion yuan in the first quarter, with social financing increasing by 14.83 trillion yuan; the National Bureau of Statistics announced that China's GDP for the first quarter was 33.42 trillion yuan, a year-on-year growth of 5%, accelerating by 0.5 percentage points compared to the previous quarter, exceeding market expectations.

**Article Logic**

1.  Investment Outlook
    
2.  Recent Market Review
    
3.  Market Capital Flow
    
4.  Market Temperature
    

**1\. Investment Logic**

**Strategy Outlook:** The overall market performed well this week, with four out of five trading days showing positive closes, and all three major indices also closed in the green for the week. The SSE Index, Shenzhen Index, and ChiNext rose by 1.64%, 4.02%, and 6.65% respectively, with the average stock price increasing by 4.58%, indicating a good overall profit effect. In terms of sectors, this week saw telecommunications, electronics, power equipment, national defense and military industry, and non-ferrous metals leading the gains, while oil and petrochemicals, coal, food and beverages, and pharmaceuticals saw cumulative declines.

From a fundamental perspective, with the gradual easing of the situation in the Middle East, disturbances to the capital market have become minimal, and global stock markets are returning to their own operational logic. Notably, the Nasdaq Index in the U.S. has risen for more than ten consecutive days, reaching a historic high, while the Nikkei also hit a historic high. The A-share market has also recorded two consecutive weeks of positive closes, indicating a renewed increase in market risk appetite. From a policy perspective, the tone has been set this year to "continue to implement a more proactive fiscal policy and moderately loose monetary policy, strengthening the coordination of reform measures and macro policies," and more policy details are expected to be released. Additionally, the first quarter economic data exceeded market expectations, indicating that the fundamentals of the Chinese economy remain stable and improving, which will be beneficial for A-shares in the medium to long term.

In terms of current market trends, the main index continued to rebound strongly this week, with the Shenzhen Index and ChiNext reaching new phase highs, reflecting the restoration of market confidence and buying from external funds. If trading volume can maintain current levels next week, there is still an expectation for further upward movement in the market. Even if there is a short-term correction, it will not change the overall upward trend. Investors are advised to regain a bull market mindset and view each pullback as an opportunity to buy the dip. In terms of sectors, we remain optimistic about AI hardware, domestic computing power, new energy, wind and solar storage, and innovative drugs, and investors can gradually increase their positions on dips.

**Technical Perspective:** Currently, both the Shenzhen Index and ChiNext have broken through previous highs, while the SSE Index is relatively weaker, though the trend is gradually reversing. Going forward, close attention should be paid to trading volume; if it can continue to maintain current levels or show moderate growth, the market is likely to continue its upward trend **Market Direction:** In just four days, Alibaba Cloud issued three product price increase announcements: On April 13, DataWorks removed the daily API call limit, adjusting the free quota for the standard version to 100,000 times per month, with charges for any excess; on the evening of April 15, the prices for some model unit services of Bai Lian were raised by 2% to 5%; on the same day, the pricing for DDoS high defense elasticity 95 was adjusted from 100 yuan/Mbps/month to 150 yuan/Mbps/month. This marks the second price increase for Alibaba Cloud within a month—on March 18, the prices for its AI computing power, file storage, and other products had already risen by up to 34%.

The State Council issued "Several Opinions on Improving the Price Formation Mechanism for Pharmaceuticals," with a core breakthrough being the first explicit support for independent pricing of innovative drugs at launch, breaking the previous expectation of "significant price reductions upon the launch of innovative drugs." It allows companies to set initial prices based on the clinical value of the drugs, the degree of patient benefit, and the market competition landscape, especially granting higher pricing ceilings and price stability periods for FIC (first-in-class) and BIC (best-in-class) varieties with significant clinical advantages, directly incentivizing companies to invest in high-risk, long-cycle R&D.

In the first quarter of 2026, China's production of power and energy storage batteries reached 487.4 GWh, with sales of 437.1 GWh, representing year-on-year growth of 49.3% and 52.9%, respectively; among them, energy storage battery sales reached 145.1 GWh, a year-on-year increase of 111.8%, accounting for 33.2%, showing an accelerating penetration trend. During the same period, battery exports reached 84.1 GWh, a year-on-year increase of 36.7%, with power batteries being the main export force, accounting for 67.6%. Although the domestic loading volume in the first quarter decreased by 4.1% year-on-year due to adjustments in the purchase tax policy and the Spring Festival, the volume in March has returned to the level of the same period last year, with a significant month-on-month increase of 114.9%, indicating a confirmed trend of warming terminal demand.

**Next week, pay attention to the following three directions:**

**(1)** **Computing Power:** Late April enters a concentrated disclosure window for Q1 reports, with many companies in the computing power industry chain showing explosive growth in performance, validating the high prosperity of the industry with solid profits. The industrial catalyst aspect is also dense, as leading domestic cloud vendors have continuously raised AI computing power service prices this month, and overseas tech giants are about to hold annual AI conferences, with expectations for the release of new-generation chips and large models heating up. The funding side also has evidence, as communication and semiconductor ETFs have recently seen large-scale net inflows, with institutions expressing their allocation attitudes with real money. Under the triple drive of performance realization, industrial iteration, and funding resonance, the computing power direction still has a strong foundation for continued strength.

**(2)** **Innovative Drugs:** The General Office of the State Council recently issued guiding opinions on improving the price formation mechanism for pharmaceuticals, clearly allowing high-level innovative drugs with high degrees of innovation and clinical value to set prices that match high investment and high risk during the initial market launch. This statement essentially promotes the return of the innovative drug pricing mechanism to marketization, with substantial easing of the policy uncertainties that have suppressed the sector over the past two years. From the market rhythm perspective, after funds have continuously pursued the high-elasticity technology main line, there is a natural demand to switch to undervalued, high-cost-performance directions, and the pharmaceutical sector happens to be at a low valuation With the opening of the first quarter report window, if the commercialization data of some innovative pharmaceutical companies can be realized, the sector is expected to demonstrate a dual-driven market of valuation repair and performance growth.

**(3)** **Energy Storage:** The sales growth rate of energy storage batteries has significantly surpassed that of power batteries, becoming a new core engine for lithium battery demand. This is backed by the gradual unblocking of commercial logic, the improvement of supporting mechanisms such as capacity pricing, and clearer return expectations for large-scale energy storage projects. Demand is shifting from being driven by policy subsidies to being driven by endogenous growth. In terms of the industrial cycle, after experiencing fierce price competition in lithium battery materials, the pace of capacity expansion among companies has generally converged, leading to a marginal improvement in the supply-demand pattern, with some key materials entering a tight balance zone. In addition, the easing of the situation in the Middle East has boosted market risk appetite, leading to a replenishment of funds in the oversold growth direction. The new energy sector has both supportive prosperity and valuation repair logic, with energy storage, as the fastest-growing sub-sector, particularly worthy of attention.

**II. Recent Market Review**

**(A) A-Share Market**

This week, the A-share market has gradually become desensitized to overseas events, showing an independent operational logic and presenting a deep V rebound trend, with major broad-based indices recording positive returns throughout the week. In terms of market capitalization style, small-cap stocks showed stronger elasticity, with the CSI 2000 rising 3.92% during the week, a significant increase; the CSI 500 and CSI 300 rose 3.07% and 1.99%, respectively; the SSE 50 lagged behind with a slight increase of 0.39% during the week. In terms of market style, growth style significantly outperformed value style, with the ChiNext Index and STAR Market 50 rising 6.65% and 4.31%, respectively, ranking among the top increases and clearly outperforming value style indices such as the SSE 50 and CSI 300.

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OjoiekGiUgjTGZ0_f-WqnjFKYLuO2rBEhUqq0F8aaOZRMAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

This week, the A-share market exhibited an independent trend, continuing its rebound with good profit-making effects. Among the 25 first-level industries in Shenwan, 19 industries rose while 6 industries fell. The communication, comprehensive, electronics, and power equipment sectors led the gains, rising 8.40%, 5.96%, 5.95%, and 4.77%, respectively. The computing hardware and battery supply chains with performance support continued to attract capital, driving significant increases in the communication, electronics, and power equipment sectors; meanwhile, the petroleum and petrochemical, food and beverage, and coal sectors saw the largest declines, falling 3.88%, 1.70%, and 0.93%, respectively. Affected by the easing of the US-Iran conflict and the decline in oil prices, funds flowed out of the petroleum and petrochemical sector; at the same time, weak consumption dragged down the performance of the consumer sector. Overall, this week, 6 sectors saw expanded gains or narrowed losses, with most sectors in the market achieving increases, although the strength of the increases was somewhat weaker than last week.

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OP0HBxJsHxU6VvdoYw7dwZXbFx2LAEzX-KNf8ZtagAtV8AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) **(II) Fund Market**

This week, the global equity market continued its rebound trend, with all types of funds achieving positive returns. Driven by a significant rebound in overseas markets and historical highs in indices such as the Nasdaq and Nikkei 225, QDII funds rose by 2.85%, showing impressive performance; supported by the upward movement of the A-share market, equity funds and mixed funds increased by 2.68% and 2.45% respectively during the week, demonstrating excellent returns; bond funds rose by 0.16% this week, with the growth rate narrowing compared to last week; money market funds slightly increased by 0.02%, showing stable performance. In terms of fund index performance, the Lefu Fund Index and the Guozheng Fund Index rose by 2.54% and 2.08% respectively, outperforming the fund index and the CSI Fund Index, which increased by 1.82% and 1.23%, mainly because the Shenzhen market performed better than the Shanghai market this week, with the Shenzhen fund index outperforming the Shanghai fund index.

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OWs18VEbvVWD6-23Dw2bVU_0CctaNSwULF_0asYgdWTqwAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

This week, the central return rate of funds was positive, mainly due to the gradual desensitization of global risk assets to geopolitical conflicts, leading to a sustained rebound in equity assets and commodities like gold. Among them, equity funds performed the best, with the central return rates for equity, mixed, and QDII funds being 3.71%, 2.76%, and 2.51% respectively, up by 1.39 percentage points, 0.72 percentage points, and 0.12 percentage points compared to last week; commodity funds had a central return rate of 1.86%, up by 1.05 percentage points from last week; bond funds and money market funds had central return rates of 0.10% and 0.02%, remaining flat compared to last week. From the perspective of annual return rates, the central return rates for equity, mixed, and bond funds have increased, while the annual return rates for other types of funds have decreased to varying degrees.

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OEQDf1e7LlJ_0qG9V4ApGd4jQwl4u5x7hfxOuGZADdZiUAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

**III. A-share and Fund Market Capital Flow**

**(I) A-share Market**

Benefiting from the continuous rebound of A-shares, there was a significant net inflow of main funds into the A-share market this week, with a total net inflow of 275.902 billion yuan. From the perspective of capital flow in the Shenwan first-level industry, there was a clear differentiation among sectors. In terms of net inflows, the electronics, power equipment, and communication sectors had the highest net inflows, with 76.288 billion yuan, 34.230 billion yuan, and 30.319 billion yuan respectively. After the marginal weakening of external influences, funds began to position themselves in computing hardware and lithium battery supply chains with performance expectations for the first quarter; in terms of net outflows, the petroleum and petrochemical, transportation, and non-bank financial sectors experienced significant net outflows, with net outflows of 3.313 billion yuan, 2.313 billion yuan, and 1.966 billion yuan respectively. Due to the easing of geopolitical conflicts and the decline in crude oil prices, funds flowed out of the petroleum and petrochemical sector **(II) Fund Market**

This week, a total of 53 funds opened for subscription, involving 25 fund companies including Huafu, Invesco Great Wall, Bank of China, China Asset Management, Taikang, Penghua, and E Fund, with a total subscription scale of 13.219 billion yuan. In terms of fund type distribution, the open subscription products include 15 equity funds, 22 index funds, 12 "fixed income +" funds, 3 fund of funds (FOF), and 1 qualified domestic institutional investor (QDII) fund. Overall, the number and scale of funds opened for subscription this week decreased compared to last week.

**IV. Market Temperature**

From the perspective of valuation percentiles over the past five years, among the major broad-based indices in A-shares, the Shenzhen Component Index and the STAR 50 have seen a decline in valuation percentiles, while the valuation percentiles of other indices have increased, with the overall market valuation at historical highs. Specifically, the valuation percentiles of the Shenzhen Component Index, SSE Index, Guozhen 2000, CSI 500, CSI 300, and STAR 50 are all above 90% historical highs; the valuation percentile of the SSE 50 is above 80%; and the valuation percentile of the ChiNext is above 65%. Currently, A-share valuations show significant structural differences, with growth-style sectors having higher valuations than value-style sectors, and small and mid-cap stocks having higher valuations than large-cap stocks. The future upward space of the market may mainly depend on the strength of policy catalysts and the pace of fundamental recovery.

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ObZDvHb_yrPihfAyYcc6Qli-8GgCM8njhHg9vbPZ6GbIgAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

From the perspective of valuation percentiles in the Shenwan first-level industry, as of the close on April 17, 24 sectors in A-shares had their valuations revised upward, while 7 sectors had their valuations revised downward, with the average sector valuation percentile increasing by 1.98 percentage points. Among them, the computer, media, and pharmaceutical and biotechnology sectors saw the largest upward revisions; the commercial retail, transportation, and oil and petrochemical sectors experienced the largest declines in valuation percentiles. The median sector valuation is 49.13% for the transportation sector, which has decreased compared to before.

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ORX2EP_qndHW1wn1dymcVJAIMYYQmmDUXOaAhs7--iePUAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

From the perspective of the stock-bond cost-effectiveness ratio over three years, as of April 17, the ratio of the inverse of the price-to-earnings ratio of the Wind All A to the yield of 10-year government bonds (1.78%) is 2.37, a decrease of 0.02 compared to the previous period. The historical average of this indicator is 2.60, currently at a moderate position over the past three years, with a historical percentile value of 29.61% (indicating that the cost-effectiveness ratio is higher than 29.61% of the time), a decrease of 2.21 percentage points. The historical percentile values of the stock-bond cost-effectiveness ratios for the CSI 300, CSI 500, CSI 800, and CSI 1000 are 60.14% (decrease of 3.03 percentage points), 12.97% (decrease of 0.69 percentage points), 44.63% (decrease of 1.38 percentage points), and 33.61% (increase of 0.28 percentage points), respectively Overall, the cost-performance ratio of stocks and bonds in the A-share market has decreased compared to the previous period, mainly due to a rebound in the equity market; the current probability of making a profit by buying and holding A-shares for 3 years is 73.47%, a slight decrease of 0.14 percentage points; the 10Y government bond yield decreased by 3.26 basis points month-on-month.

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OnTE_Sg8DuSVc6GT3ZNuTzwgFVW_5-C0u9TmXXCYSw3HcAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

\[Note: The market has risks, and investment should be cautious. Under no circumstances does the information or opinions expressed in this subscription account constitute investment advice to anyone. Unless specifically noted, the research data in this article is supported by Tonghuashun iFinD.\]

This article is original from the public account "Xingtu Financial Research Institute," authored by researchers Fu Yifu, Wu Zewei, and Gao Zhengyang.

Editor: Hu Wei

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