【Central Plains Golden Stocks】Central Plains Securities Research Institute Monthly Golden Stock Portfolio (April 2026) — April 1, 2026 - April 30, 2026

CITIC Securities Research Institute Monthly “Gold Stock” Portfolio (April 2026)

—April 1, 2026–April 30, 2026

Analyst: Tang Yue

Registration code: S0730512030001

Strategy Research

Analyst: Zhang Gang

Registration code: S0730511010001

Analyst: Xu Zhi

Registration code: S0730525040001

Industry Research

Analyst: Mou Guohong

Registration code: S0730513030002

Analyst: Gu Minhao

Registration code: S0730512100001

Analyst: Liu Ran

Registration code: S0730516010001

Analyst: Tang Yue

Registration code: S0730512030001

Analyst: Zhang Yang

Registration code: S0730516040002

Analyst: Tang Jun-nan

Registration code: S0730519050003

Analyst: Qiao Qi

Registration code: S0730520090001

Analyst: Liu Zhi

Registration code: S0730520110001

Analyst: Chen Tuo

Registration code: S0730522100003

Analyst: Zhang Manzi

Registration code: S0730522110001

Analyst: Zou Chen

Registration code: S0730523100001

Analyst: Li Luyi

Registration code: S0730524120001

Analyst: Long Yujie

Registration code: S0730523120001

Analyst: Shi Linyuan

Registration code: S0730525020001

Contact: Li Zhi

Phone: 0371–65585629

Address: Floor 18, Building 10, Business Outer Ring Road, Zhengdong New District, Zhengzhou

Address: Floor 22, Tower T1, 1788 Century Avenue, Pudong New District, Shanghai

Investment Highlights:

Review of the performance of the monthly “gold stock” portfolio for March 2026. In March 2026, the CSI 300 Index fell 4.93%, and the ChiNext Index fell 2.21%. In March 2026, the monthly “gold stock” portfolio returned -12.18%, underperforming the CSI 300 Index by 7.24 percentage points and underperforming the ChiNext Index by 9.96 percentage points.

Strategy view for April 2026. In March, the A-share market exhibited a high-volatility adjustment pattern under the impact of the Two Sessions policy expectations and an escalation of geopolitical conflicts in the Middle East. At the beginning of the month, the Two Sessions nationwide clearly set out policy directions to expand investment, domestic demand, and technological innovation, injecting confidence into the market. However, the deterioration of the Middle East situation triggered international oil prices to break through $100 per barrel. Global “stagflation” trading heated up. Combined with weakening overseas risk appetite, this led to frequent switching of risk appetite in A-shares, sharp industry differentiation, and relative outperformance of sectors such as old and new energy, power, and high-dividend stocks. Meanwhile, TMT and some cyclical sectors faced pressure during the oil-price uptrend.

From a macro fundamentals perspective, March is a traditional peak season for work resumption. The PMI returned to the expansion range, and investment, social financing, and exports strengthened in January–February. However, financing strength in the real economy and insufficient endogenous consumption momentum remain lacking. On the price side, upstream inflation pressure moved upward due to oil prices, and the PPI rebound reinforced this. On the policy front, after the Two Sessions, fiscal efforts and structural monetary policy coordination took place. On the liquidity front, at quarter-end funding prices remained stable, and the central bank maintained relatively supportive liquidity for the market. But from the external side, liquidity tightened at the margin: in March, the Federal Reserve’s remarks were more hawkish, placing greater emphasis on the impact of energy prices on inflation. In terms of market sentiment, with high volatility, thematic rotation accelerated, trend continuity was not strong, and the sustained outflow trend from broad-based ETFs has not yet ended.

Overall, in April the A-share market will be mainly characterized by consolidation, and the key variable remains the uncertainty in the Middle East situation, which limits upside space for the index. It is still recommended to adopt a prudent allocation strategy. While holding and using dividend/benefit assets (banks, transport, utilities) to withstand volatility, also allocate for energy security such as power equipment and new energy (lithium batteries, photovoltaics).

Risk points to watch include whether the April geopolitical conflict unfolds beyond expectations, whether external liquidity tightening at the margin triggers a synchronized downturn, and whether there is a dense period of earnings report releases—such as large volatility caused by individual companies’ performance falling short of expectations. Allocating to broad-based index ETFs may better balance volatility caused by unexpected events.

Recommended underlying assets for the monthly “gold stock” portfolio for April 2026

Based on our assessment of the market outlook and industries, the underlying assets we recommend for the monthly “gold stock” portfolio for April 2026 are: 300750.SZ CATL, 301358.SZ Hunan Yuneng, 600989.SH Baofeng Energy, 002648.SZ Satellite Chemical, 603806.SH Foster, 688630.SH Chipscreen Micro, 601952.SH Suqian Nongfa (SuKeng NongFa), 002594.SZ BYD, 300394.SZ Tianfu Communications, 600595.SH Zhongfu Industrial.

Risk Warning: (1) The market index performance is worse than expected; (2) The company’s performance is worse than expected; (3) Past performance does not represent future performance; (4) The risk that the market expectations on which this portfolio is based are inconsistent with actual market operation; (5) The market expectations on which this portfolio is based assume a monthly operating cycle; (6) It is not excluded that the share prices of individual stocks within this portfolio experience large fluctuations.

1. Review of CITIC Securities’ monthly “gold stock” portfolio performance in March 2026

In March 2026, the CSI 300 Index fell 4.93%, and the ChiNext Index fell 2.21%.

In March 2026, CITIC Securities Research Institute’s monthly “gold stock” portfolio consisted of: 002601.SZ Longbai Group, 300442.SZ Runze Technology, 600312.SH Pinggao Electric, 002624.SZ Perfect World, 300395.SZ Feilihua, 000733.SZ Zhenhua Technology, 688041.SH Haiguang Information, 000988.SZ Huagong Technology, 688498.SH Yuanjie Technology, 601958.SH Jinmo Shares. The monthly “gold stock” portfolio returned -12.18% in March 2026, underperforming the CSI 300 Index by 7.24 percentage points and underperforming the ChiNext Index by 9.96 percentage points.

As of the close on March 31, 2026, the portfolio’s cumulative return for the month was -3.72%, outperforming the CSI 300 Index by 0.82 percentage points and underperforming the ChiNext Index by 2.33 percentage points.

2. CITIC Securities’ strategy views for April 2026

In March, the A-share market exhibited a high-volatility adjustment pattern under the impact of policy expectations from the Two Sessions and the escalation of geopolitical conflicts in the Middle East. At the beginning of the month, the nationwide Two Sessions clearly outlined policy directions to expand investment, domestic demand, and technological innovation, injecting confidence into the market. However, the deterioration of the Middle East situation triggered international oil prices to break through $100 per barrel. Global “stagflation” trading heated up, and combined with weaker overseas risk appetite, this caused risk appetite in A-shares to switch repeatedly. Industry differentiation became intense: sectors such as old and new energy, power, and high-dividend stocks were relatively more favorable, while TMT and some cyclical sectors faced pressure during the oil-price uptrend.

From a macro fundamentals perspective, March is a traditional peak season for work resumption. The PMI returned to the expansion range, and investment, social financing, and exports strengthened in January–February. However, financing strength in the real economy and insufficient endogenous consumption momentum remain lacking. On the price side, upstream inflation pressure rose due to oil prices, and the PPI rebound reinforced this. On the policy front, after the Two Sessions, fiscal efforts and coordination with structural monetary policy were implemented. On the liquidity front, at quarter-end funding prices remained stable, and the central bank provided relatively supportive liquidity to the market. But external liquidity tightened at the margin: in March, the Federal Reserve’s tone was more hawkish, placing greater emphasis on the impact of energy prices on inflation. In terms of market sentiment, with high volatility, thematic rotation accelerated, trend continuity was not strong, and the sustained outflow trend from broad-based ETFs has not yet ended.

Overall, in April the A-share market will be mainly characterized by consolidation, and the key variable is still the uncertainty in the Middle East situation, which limits upside space for the index. We continue to recommend a prudent allocation strategy. While sticking with dividend/benefit assets (banks, transport, utilities) to withstand volatility, also allocate for energy security such as power equipment and new energy (lithium batteries, photovoltaics).

Risk points to watch include whether the April geopolitical conflict unfolds beyond expectations, whether external liquidity tightening at the margin triggers a synchronized downturn, and whether there is a dense period of earnings report releases—such as large volatility caused by individual companies’ performance falling short of expectations. Allocating to broad-based index ETFs may better balance volatility resulting from unexpected events.

3. Recommended underlying assets for CITIC Securities’ monthly “gold stock” portfolio in April 2026

Based on our judgment of the market outlook and industries, the underlying assets we recommend for the monthly “gold stock” portfolio for April 2026 are as follows:

300750.SZ CATL, 301358.SZ Hunan Yuneng, 600989.SH Baofeng Energy, 002648.SZ Satellite Chemical, 603806.SH Foster, 688630.SH Chipscreen Micro, 601952.SH Suqian Nongfa (SuKeng NongFa), 002594.SZ BYD, 300394.SZ Tianfu Communications, 600595.SH Zhongfu Industrial.

Rationale for recommended targets in the “Top Ten Gold Stocks Portfolio” for April 2026

01

CATL 300750.SZ

As a leading company in the lithium battery industry, it benefits from growth in demand for energy storage and power batteries.

02

Hunan Yuneng 301358.SZ

The company is a leading player in the LFP industry, benefiting from growth in demand for energy storage batteries.

03

Baofeng Energy 600989.SH

The company is a leading coal-to-chemicals player, benefiting from rising oil prices.

04

Satellite Chemical 002648.SZ

The company is a leading light-alkane (light hydrocarbon) chemical player, benefiting from rising oil prices.

05

Foster 603806.SH

The company is a major encapsulant (film) manufacturer, with a market share exceeding 50%; second- and third-tier encapsulant manufacturers are gradually exiting, further strengthening the company’s leading position; the POE encapsulant films and butyl rubber encapsulants produced by the company are suitable for encapsulation and protection of perovskite batteries.

06

Chipscreen Micro 688630.SH

AIDC-driven PCB equipment demand is surging, and the company’s broad semiconductor equipment will also gain traction.

07

Suqian Nongfa (SuKeng NongFa) 601952.SH

Affected by geopolitical conflicts, global grain production in 2026 may be constrained, which will drive up prices of agricultural products.

08

BYD 002594.SZ

With the deployment of fast-charging technology, it will usher in a new product cycle and drive growth in its domestic sales. Meanwhile, benefiting from the rise in oil prices, its export business is expected to achieve sustained, strong growth.

09

Tianfu Communications 300394.SZ

The company covers segments including optical engines, FAU, and packaging; as the value of 1.6T supporting products increases, it benefits from strong demand for high-speed optical modules and improving penetration of CPO technology.

10

Zhongfu Industrial 600595.SH

Aluminum plants in the Middle East (Bahrain) and the UAE have been halted due to conflicts, affecting global aluminum supply; aluminum prices may rise further, and the domestic aluminum industry will benefit.

Disclaimer:

1. The “gold stock” portfolio of the research institute mainly provides research references for institutional investors and corporate investment consultants;

2. The “gold stock” portfolio is portfolio-based research output and does not constitute individual stock investment advice;

3. The “gold stock” portfolio research output is for reference only for the current period and has no timing/selecting capability, and does not constitute investment advice.

4. Risk Warning

(1) The market index’s performance is worse than expected;

(2) The company’s performance does not meet expectations;

(3) Past performance does not represent future performance;

(4) The risk that the market expectations on which this portfolio is based are inconsistent with actual market operation;

(5) The market expectations on which this portfolio is based assume a one-month operating cycle. It is not excluded that within the portfolio, the fundamentals of individual stocks may undergo major changes during the month, leading to large fluctuations;

(6) The “gold stock” portfolio operates in a portfolio format. It is not excluded that the share prices of individual stocks within the portfolio may experience large fluctuations, resulting in negative contribution to portfolio returns.

Risk Warning

Securities Analyst Commitment:

The analyst whose name appears on this report holds the practicing qualifications for securities analysts granted by the China Securities Association, and my employment complies with the relevant compliance requirements of the regulatory authorities. With a serious and prudent professional attitude, a rigorous professional research methodology and analytical logic, I independently and objectively prepare this report. This report accurately reflects my research views. I am responsible for the content and views of this report, and I ensure that the information sources for this report are legal and compliant.

Important Statement:

Vast amounts of information and precise interpretation—available in the Sina Finance APP