4.2 Final Review: Covering Retreat with Medicine and Electricity, Be Patient and Wait for the Drop

I. Cycle positioning: Trump stirs up trouble, accelerating a pullback; pharma and power rotation in the existing supply

Core judgment: Under Trump’s high-intensity attacks on the “Langzi” remarks, today’s market opened lower with a period of consolidation. Tech pre-market auctioning “gave up,” innovative drugs were dominated by a single name, and power rebounded by rotating off oil and gas news. The broader market pulled back on declining volume; the index’s support is still acceptable, but volume shrank severely and investors’ wait-and-see sentiment is strong. The last trading day before Qingming—be patient and wait for the dip.

The cycle state evolved from a gap-up then selloff + no-volume rotation into a pullback-confirmation + pharma-and-power rotation. Tianjin Tasly Pharmaceutical ranked five straight boards to break through, while Tongda Co., Ltd., Xinzhonggang, and Star Huixin New Materials all advanced with three straight boards; Beida Med, and Yibai Pharmaceutical advanced with two straight boards. The first boards were mainly innovative drugs, fiber optics, and oil.

Core contradictions confirmed:

1. Trouble-making accelerates the pullback: escalating comments around the Iran–U.S. conflict disrupted the rhythm; tech pre-market auctioning surrendered, and the main force took the opportunity to smash the market to grab shares.

2. Innovative drugs are dominated by one: Tianjin Tasly Pharmaceutical crossed with five boards of one-price bids, but there was disagreement within the sector; back-runners’ turnover boards were scarce, and quant models didn’t provide a climax.

3. Power rotates off oil-and-gas: Tongda Co., Ltd. and Xinzhonggang both advanced to three boards, but Huadian Liaoning continued to drag with a continued limit-down, causing serious internal differentiation within the sector.

4. Fiber optics trend grouping: Feiteng Optical Fiber held steady in the red; Zhongli Group, Huiyuan Communications, Xinneng Taishan, and others followed with first boards—signs of aesthetic fatigue.

5. Broader market pulls back on shrinking volume: volume is shrinking, sidelined off-exchange capital is waiting; be patient and wait for the dip before Qingming.

II. Pre-market auction phase: Tianjin Tasly Pharmaceutical sealed a large order as a one-price board; tech pre-market auctioning surrenders

Today’s pre-market auction is the watershed between “innovative drugs dominated by one name” and “tech retreating.”

1. Tianjin Tasly Pharmaceutical: a large order seals a one-price board—crossing five boards. Capital from the industrial chain is laying out positions; buying it is easy to get into trouble. Conclusion: Core in innovative drugs, but there’s quite a bit of disagreement among the back ranks.

2. Chongyao Holding’s second-largest order: Chongqing drug—directly assists Beida Med (Chongqing drug). Conclusion: Beida Med becomes the best pre-market-auction solution when Tianjin Tasly can’t be bought.

3. Two-sided needle: used up and discarded—yesterday’s largest order; today with no premium, revealing risk in the “tool-man” little brother.

4. Tech pre-market auctioning surrenders: comments impact the market; oil futures surged straight up, and tech pre-market auctioning fell off a cliff. Expectations for Demingli and B&W Storage: gap up then turn mixed.

5. Xinzhonggang gaps up 5%: it had hit the board at the end of yesterday; today it gapped up and immediately hit the limit. Debt-arbitrage is enough. No need to overthink individual-stock expectations.

III. Market layout projection: innovative drugs dominated by one name; power rotates; fiber optics trend

Innovative drugs dominated by one name—Tianjin Tasly Pharmaceutical crosses five boards

Tianjin Tasly Pharmaceutical’s one-price five-board cross; Chongyao Holding, Beida Med, Yibai Pharmaceutical, Hefei China, and Shuanglu Pharmaceutical all hit limit-up. But there’s divergence within the sector; back-runners’ turnover boards are scarce, and quants don’t deliver a climax. Even after Minovo-Nia hits limit-up, the sector doesn’t break out strongly.

Power rotates off oil and gas—Tongda Co., Ltd. and Xinzhonggang advance to the next level

Trump news triggers oil-and-gas gains; power rides the momentum via rotation. Tongda and Xinzhonggang advance with three-board streaks; Leshan Electric and Chuaneng Power hit their first boards. But Huadian Liaoning drags along, causing severe differentiation within the sector.

Fiber optics trend group—Feiteng Optical Fiber steadies

Feiteng Optical Fiber holds steady in the red; Zhongli Group, Huiyuan Communications, Xinneng Taishan, Huaibo Technology, and others follow with first boards. But with aesthetic fatigue, it’s suitable for setting traps—not for chasing limit-up boards.

Broader market pulls back on shrinking volume—be patient and wait for the dip

Volume shrinks. After the index breaks below the 10-day line, heavyweights support the market and pull it back—but the pullback action extends the time of the decline. Investor wait-and-see sentiment is strong; before Qingming, be patient and wait for the dip.

Quants don’t deliver a climax—rotation is fast

An early burst at open in innovative drugs was兑现; capital pulls power and pulls fiber optics. After innovative drugs return, quants smash the board. After fiber optics—Feiteng—hits its board, optical communications doesn’t show special strength; quants smash it again. Overall it’s a “ceiling-fan” style market: the earlier you chase a climax, the more it’s not a good thing.

IV. Structural analysis: innovative drugs dominate; power rotates; fiber optics trend

1. Tianjin Tasly Pharmaceutical: five-board cross, highest ceiling in the whole market

Core: innovative-drug. Cross with one-price five boards. But with industrial-chain positioning and deployment, disagreement in back ranks is not small. Rating: anti-indicator dragon; when the index recovers, be cautious.

2. Innovative drugs: dominated by one name, but quants don’t deliver a climax

Core: Tianjin Tasly Pharmaceutical (five boards), Beida Med (two boards), Yibai Pharmaceutical (two boards), Chongyao Holding (first board). Rating: a risk-hedging transition theme, and the probability of a sustained rally alongside index resonance is low.

3. Power: rotating off oil and gas, internal differentiation

Core: Tongda Co., Ltd. (three boards), Xinzhonggang (three boards), Leshan Electric, Chuaneng Power. Problem: Huadian Liaoning continues to drag. Rating: rotation arbitrage; hard to become the main thread.

4. Fiber optics: trend-based grouping, aesthetic fatigue

Core: Feiteng Optical Fiber, Zhongli Group, Huiyuan Communications, Xinneng Taishan, Huaibo Technology. Rating: only suitable for setting traps; not suitable for chasing limit-up boards.

5. Oil: news stimulus, defensive inflow (risk-off rotation)

Core: Heshun Petroleum, Becken Energy, Blue Flame Holding, CNPC Engineering. Rating: news-driven; during the Qingming holiday, a risk-off angle can attract hot money.

6. Elimination layer: tech pre-market auctioning surrenders; Huadian Liaoning continues to drift downward

· Tech: Demingli and B&W Storage gap up then fall back; institutions use favorable news to sell off.

· Huadian Liaoning: continues drifting downward to drag the sector; serious differentiation within the power sector.

· Two-sided needle: yesterday’s largest order; once it’s used up, it’s discarded—risk sits in the tool-man little brother.

V. Analysis of the consecutive-limit structure

· Five boards (1 stock): Tianjin Tasly Pharmaceutical. Innovation drugs: one-price progression; crossed with five boards.

· Three boards (3 stocks): Tongda Co., Ltd. (power grid equipment), Xinzhonggang (green power), Xinghui Huancai (chemicals + equity transfer).

· Two boards (2 stocks): Beida Med (innovative drugs), Yibai Pharmaceutical (innovative drugs).

· First board: Innovative drugs (Chongyao Holding, Hefei China, Jimin Health, Shuanglu Pharmaceutical), Fiber optics (Zhongli Group, Huiyuan Communications, Xinneng Taishan, Huaibo Technology), Oil (Heshun Petroleum, Becken Energy, Blue Flame Holding, CNPC Engineering), Power (Leshan Electric, Chuaneng Power).

VI. In-depth interpretation of key signals

1. Tianjin Tasly Pharmaceutical large order one-price board: five-board cross, but industrial-chain fund deployment—once bought, it’s easy to get into trouble.

2. Chongyao Holding second-largest order: directly assists Beida Med and becomes the best solution in the pre-market auction.

3. Two-sided needle used up and discarded: yesterday’s largest order; today no premium—risk shows up in the tool-man little brother.

4. Tech pre-market auctioning surrenders: comments hit, and tech falls off a cliff.

5. Xinzhonggang gaps up 5% seconds the board: debt arbitrage is enough; don’t overthink individual stock expectations.

6. Huadian Liaoning continues its slow grind lower: the power sector drags; serious internal differentiation.

7. Feiteng Optical Fiber holds steady in the red: fiber optics trend-based grouping; aesthetic fatigue.

8. Broader market pulls back on shrinking volume: volume shrinks; wait patiently for the dip.

VII. Tomorrow (Friday before Qingming, 4.3) core watchlist and strategy

Current positioning: pullback confirmation + pharma-and-power rotation + risk-off before Qingming. Tomorrow’s core is whether Tianjin Tasly Pharmaceutical can withstand the six-board pressure, whether Xinghui Huancai can open up the height on the ChiNext board, and whether oil and gas can become the risk-off exit.

S-tier (the whole-market sentiment balance)

1. Tianjin Tasly Pharmaceutical (5→6)

Status: highest board in the whole market; core in innovative drugs; the ultimate representative of risk-off attributes. At present market’s anti-indicator dragon—whether the one-price board’s strength holds directly determines the life or death of the pharma market, and also indirectly reflects how panicked the broader market is.

A one-price board sealed by a large order faces six-board height pressure tomorrow.

Tomorrow’s prediction:

· If it continues shrinking volume as a one-price board: you can only watch, not buy; it will keep suppressing tech stocks.

· If it allows volume and turnover: watch whether it can strongly re-close (re-board); this is the only “dragon head” gamble point before the holiday.

A-tier (a cycle-breaker crossing timeframes)

2. Xinghui Huancai (20cm 3→4)

Status: leader on ChiNext; three boards on ChiNext is like six boards on the main board. With the overlap of rising chemical prices + oil-and-gas returning, under battle-commentary conditions it’s more offensive than pure pharma.

Core logic: challenges regulation. If tomorrow it reaches a four-board level (80% room), the main board’s relay will completely lose appeal, and funds will fully embrace the violent aesthetics of ChiNext.

Strategy: If it dares to pull more than 10%, it means funds have fully embraced ChiNext’s violent aesthetics—you could do 20cm pharma or 20cm computing power first-board arbitrage.

3. Tongda Co., Ltd. (3→4)

Status: the lone “string” leader; power grid equipment remaining spot. It has gone through an explosive volume bad board, but with news stimulus for power grid/cables, it’s the most promising target (besides pharma) to complete a weak-to-strong turnaround.

Core logic: watch whether the auction opens flat or with a slightly higher open (weak-to-strong signal). If it can quickly turn around and flip back (quickly re-close), it will be the only live wire in power lines.

B-tier (node arbitrage and war-time follow-through)

4. Chongyao Holding (1st→2nd)

Status: the best alternative when Tianjin Tasly can’t be bought. Second-largest order in the auction—guides Beida Med.

Core logic: as long as Tianjin Tasly doesn’t fall, Chongyao as the pioneer of the Chongqing line should have very high two-board premium.

5. Becken Energy (1st→2nd)

Status: oil-and-gas pioneer; the most direct beneficiary of Trump’s remarks. Oil-and-gas is the highest premium category.

Core logic: geopolitical risks are large during the Qingming holiday period; on Friday, funds will very likely rotate back into oil and gas for risk hedging—it’s the banner of the sector.

Elimination layer (absolute no-go)

· Tianjin Tasly Pharmaceutical: if it continues as a one-price board, you can only watch and not buy; if it allows volume and turnover, you need to see a re-close confirmation.

· Shenjian Co., Ltd., Anhui Construction Engineering: typical “getting betrayed by the sector” and “getting locked by relative position” stocks; the logic has been proven false—if it rallies, that’s the point to take profits/exit.

· Xinzhonggang: backed by debt; before the holiday, uncertainty in risk-off sentiment is the biggest negative.

· Demingli, Feiteng Optical Fiber (back ranks): institution-backed stocks have the favorable-news realization; without volume, don’t look.

Tomorrow’s core strategy: control Tianjin Tasly’s rhythm; Xinghui hits the height; oil and gas provides the risk-off channel

1. The first look in the auction: watch Tianjin Tasly’s order size. If the order shrinks by more than 50%, the whole pharma risk-off rotates into disagreement.

2. The second look on abnormal movement: watch Xinghui Huancai. If it dares to pull more than 10%, it means funds have fully embraced ChiNext’s violent aesthetics.

3. The third look for risk-off: watch whether Becken Energy’s auction is competing for shares. If oil and gas opens high, it means the market is extremely pessimistic—recommend staying in cash or at extremely light exposure.

4. Don’t look at tech: gap up then fall is the norm; don’t chase with late entries.

5. Don’t look at Huadian Liaoning: it keeps dragging; avoid power.

6. Control position size: the last trading day before Qingming—if no volume-expanded bullish candle appears, don’t touch any under A-tier targets.

Tomorrow’s biggest risks

1. Tianjin Tasly Pharmaceutical fails to keep the board with no support—full-market risk-off retreat.

2. Xinghui Huancai fails the board—ChiNext sentiment is hit.

3. Index continues shrinking volume while pulling back—Qingming calamity (risk event).

High-level judgment signals

Check three things at the open tomorrow:

· Tianjin Tasly’s auction order (shrinking or holding)

· Whether Xinghui Huancai dares to pull above 10%

· Whether Becken Energy’s auction is competing for shares

New observations on “aura” stocks

· 5→6: Tianjin Tasly Pharmaceutical

· 3→4: Tongda Co., Ltd., Xinghui Huancai

· 1→2: Becken Energy, Chuaneng Power, Shuanglu Pharmaceutical

VIII. Mindset: be patient and wait for the dip before Qingming; then hit back hard after the holiday

Three realities you must accept:

1. Control Tianjin Tasly’s rhythm—anti-indicator dragon; one-price board strength determines risk-off sentiment.

2. Xinghui hits the height—ChiNext breakout; the 80% room will change the ecosystem.

3. Oil-and-gas risk-off channel—Qingming holiday geopolitical risk; oil and gas is the only exit.

Three opportunities worth gambling on:

1. Tianjin Tasly Pharmaceutical allows volume and turnover, then re-closes (the only dragon-head gamble point before the holiday).

2. Xinghui Huancai four consecutive boards—do 20cm first-board arbitrage.

3. Becken Energy’s auction grabs shares—play oil-and-gas pioneer.

Three warning signals worth watching for:

1. Tianjin Tasly Pharmaceutical’s order shrinks by 50% or more.

2. Xinghui Huancai fails the board.

3. The index continues shrinking volume with no volume-expanded bullish candle.

Final words:

Brothers, Friday is the last day before the Qingming calamity.

Control Tianjin Tasly’s rhythm; Xinghui hits the height; use oil-and-gas as the risk-off channel. As long as there’s no volume-expanded bullish candle, don’t touch any under-A-tier targets.

The last trading day before the holiday—hold your hands, wait for the pullback; after Qingming, then hit back hard.

Watch Tianjin Tasly’s order size; track Xinghui’s height; if oil-and-gas grabs shares, stay in cash.