Yunxiang Research Institute Evening Macro Analysis of the Stock Market

April 29, 2026
✅Closing Summary | Collective Gains, Shenzhen Market Leads
1. Major Market Indices
Today, the three major A-share indices opened sharply lower and then fluctuated upward. Buying momentum continued into the afternoon. By the close, the Shanghai Composite rose 0.71% to 4,107.51 points, regaining above 4,100 points, with a intraday high of 4,107.51 points, hitting a new stage closing high; Shenzhen Component Index up 1.96% to 15,120.92 points; ChiNext Index up 2.52% to 3,687.17 points, leading the main broad-based indices. The STAR 50 Index also rose 0.33% to 1,493.5 points. Total market turnover was about 25.901 trillion yuan, slightly up from 25.505 trillion yuan on April 28 by approximately 2.59T yuan, continuing the pre-holiday trading pattern of over 25 trillion yuan. A total of 3,973 stocks rose, nearly 4,000 stocks gained, and the market's profit-taking effect significantly warmed up.
2. Capital Flow
Main force capital structure shows **high divergence**: Battery sector received a large net inflow of 7.427 billion yuan, small metals net inflow of 39.6B yuan, energy metals net inflow of 25k yuan.
In terms of capital preference, pre-holiday funds significantly flowed out from previously high-positioned "grouped" targets, shifting toward small and mid-cap growth stocks, especially sectors with clear performance support such as lithium batteries and rare earths. This feature indicates that during the earnings report validation phase, the market is accelerating its shift from "theme concept" speculation to "performance realization."
3. Sector Performance
Today, industry sectors generally rose, with rare earths, energy metals, batteries, small metals, precious metals, glass fiber, non-ferrous metals, advertising and marketing, photovoltaic equipment leading the gains; only nuclear power generation, electronic chemicals, medical beauty, and military electronics sectors declined against the trend.
1. The entire lithium battery industry chain exploded, leading the rally. Leading companies like CATL and BYD surged, driving the sector's heat. The first quarter's energy storage and lithium battery shipments saw high year-on-year growth, providing solid performance expectations support.
2. Rare earth permanent magnet concept also strengthened, with Northern Rare Earth receiving a net main force buy-in of 2.78 billion yuan, ranking first in the market.
3. Computing power leasing concept repeatedly active, AI development is driving the scale of training clusters to continue expanding, and CPO (chip processing outsourcing) is expected to accelerate penetration.
4. Pork stocks also performed well in the afternoon, as high-level meetings previously mentioned stabilizing pig and other agricultural product prices, providing emotional support for the sector.
4. Quick News Overview
1. External Dynamics: The risk of long-term sanctions on Iran by the U.S. has increased. According to CCTV International News, U.S. President Trump has instructed aides to prepare for long-term sanctions on Iran, aiming to force Iran to make nuclear concessions. This move could further intensify global shipping risks and support oil prices remaining high.
2. The Politburo emphasized stabilizing and boosting confidence in the capital markets. The Politburo meeting held on April 28 emphasized "stabilizing and boosting confidence in the capital markets," marking the first time this phrase combination appeared at the Politburo level, providing clear policy support signals to the market.
3. Earnings disclosure window is nearing the end. The first quarter earnings report disclosure is in the final stage. Stocks with better-than-expected results are gaining market momentum, while those with below-expected results face significant adjustment pressure. Stock differentiation is the main trading feature at this stage.
Summary: The current market confirms both policy and earnings bottoms, with structural opportunities highlighted. After the first quarter reports, focus can be placed on three main prosperity themes: PPI turning positive and resource/compute sectors driven by AI, high-end manufacturing supported by outbound dividends, and real estate chain recovery under policy support. The ChiNext and STAR 50 may experience short-term fluctuations or consolidation, so avoid chasing highs; consider energy dividend assets, and also pay attention to low-position sectors like securities, Hengke, and well-corrected innovative drugs. In the medium to long term, domestic policy tone remains positive, combined with global AI boom and export resilience, A-share non-financial corporate profits are expected to continue improving. Long-term investment value exists in high-tech, high-dividend, and green energy sectors.
💡Disclaimer: This report is based on publicly available information and does not constitute any investment advice.
💡Stock markets carry risks; investments should be cautious.