April 23 A-share market review — Hidden worries beneath the calm surface

Today, the A-share market saw a divergence in indices, with the Shenzhen Component Index and the ChiNext Index bucking the trend to rise, while the Shanghai Composite Index closed slightly lower, presenting a "stable yet changing" overall pattern. From a technical and market perspective, the future trend remains uncertain.
$SSE Index(000001.SH) closed at 3,296.36 points, down 0.10%, with a daily turnover of 486.2 billion yuan, an increase of 33.5 billion yuan from the previous trading day. In the early session, the index once opened higher at 3,308.15 points but quickly retreated, engaging in a fierce tug-of-war around the 3,300-point mark. Notably, the market's support strategy has shifted significantly, moving from strong upward pushes to bottom support. With the stimulus of external positive factors, the inflow of support funds has weakened, and even signs of partial withdrawal have emerged, a change that investors should closely monitor.
$Shenzhen TRI(399002.SZ) closed at 9,935.80 points, up 0.67%, with a turnover of 743.5 billion yuan, a sharp increase of 139.7 billion yuan from the previous trading day; $ChiNext(399006.SZ) performed even stronger, closing at 1,949.16 points, up 1.07%, with a turnover of 346.5 billion yuan and a turnover rate of 3.88%.

The combined turnover of the two markets exceeded 1.23 trillion yuan, an increase of nearly 140 billion yuan from the previous trading day, indicating a significant improvement in market activity and renewed participation enthusiasm.
From the performance of hot sectors, driven by expectations of mass production of Tesla's humanoid robot Optimus and the first Embodied AI Robot Games, the robotics industry chain became the strongest market theme. $SF GROUP(300817.SZ), $Farsoon(688433.SH), and over 10 other stocks surged strongly, with sub-sectors like reducers and actuators rising more than 5%, showing clear signs of capital inflow and high market attention and optimism for this field.
In stark contrast, the gold and non-ferrous metals sectors led the market decline. Affected by two consecutive days of sharp declines in international gold prices, the main contract for Shanghai gold futures fell over 3%, dragging down $CHIFENG GOLD(600988.SH) to a limit-down and $SD-GOLD(600547.SH) down over 7%. However, from a long-term trend perspective, this adjustment in the gold sector may be a technical pullback after rapid gains, with its overall upward trend not fundamentally changed.
From an overall market observation, although the indices show a stabilizing trend, combining general market rules and investor psychology, the future trend should not be blindly optimistic. The Shanghai Composite Index, under the care of support funds, is just a step away from the 3,320-point gap; while the Shenzhen Component Index and ChiNext Index are still some distance from their gaps and are about to face strong resistance at the 20-day moving average.
Based on the current market situation, it is recommended to maintain a half-position strategy. Despite the market being well-supported, fundamental uncertainties remain unresolved, and with indices facing key resistance levels and rapid sector rotation, caution is still advised to avoid blindly chasing highs.
Trump's remarks on Sino-US tariffs were expected. At this stage, neither China nor the US can do without the other, which determines the main theme of both confrontation and cooperation. It is more realistic for the market to maintain range-bound fluctuations in the short to medium term. The cards we hold are not for a trend-driven rally.

$Hang Seng Index(00HSI.HK)

$Hang Seng TECH Index(STECH.HK)

$NASDAQ Composite Index(.IXIC.US)

$S&P 500(.SPX.US)

$Dow Jones Industrial Average(.DJI.US)