Perhaps due to changes in the ceasefire in the Middle East, the market fluctuated and adjusted throughout the day today (April 9). The three major A-share indexes all closed in the green, and more than 4,200 stocks in the market fell. The turnover of Shanghai, Shenzhen and Beijing was 2,147.5 billion yuan, a decrease of 303.5 billion yuan from yesterday.
On the market, the CPO concept bucked the market trend and strengthened. Dongshan Precision's 2-list stock price reached a record high. The on-site price of the electronic ETF Huabao (515260) covering the fruit chain + core chain + PCB chain reached a maximum of 1.21%; Zhongji InnoLight continued to set a new historical high. The GEM artificial intelligence ETF Huabao (159363), which is the leader in optical modules, had a turnover of more than 1 billion yuan throughout the day, and trading was extremely active.
The direction of computing power hardware has been active repeatedly, and optical chips have once again strengthened. Shijia Photonics rose by more than 13% during the session and hit a record high. The price of Huabao (589190), a science and technology chip ETF with a full "core" layout in the chip industry, once rose by more than 1% and closed up 0.22%. It was mentioned that it has risen for the fourth consecutive time. The chemical sector bucked the market trend and broke through, with petrochemicals, phosphorus chemicals, lithium batteries and other sectors performing actively. Chemical ETF Huabao (516020) touched a high of 1.15% on the market and closed up 0.21%.
Don’t be afraid of market fluctuations and rush to raise funds when prices fall! After the previous day's big rebound, financial technology led the decline in both markets. Huabao (159851), the largest financial technology ETF of its kind*, closed down 2.86% on the market. Funds quietly poured in, with a net subscription of 109 million shares in a single day.
On the news, the ceasefire in the Middle East has changed. White House Press Secretary Levitt announced on April 8 that the United States and Iran will hold the first round of talks in Pakistan on the morning of the 11th. She said that the United States accepted Iran’s new revised plan instead of the original 10-point proposal. U.S. President Trump posted on social media on April 8 that all U.S. ships, aircraft and military personnel will continue to stay around Iran. It is reported that the Strait of Hormuz has been completely closed and some tankers have been forced to return.
CITIC Securities pointed out that although the subsequent negotiation process between the United States and Iran will continue to be iterative, under the constraints of reality, the strategic direction of the situation in Iran is gradually becoming clear. In terms of A-shares, there were funds that generally reduced their positions in March but did not leave the market. After the war was interrupted, these funds were potential buying orders in the short term. The market is expected to recover. After the recession narrative subsides, the logic of China’s superiority in creating pricing power will become mainstream again. In terms of Hong Kong stocks, the performance expectations of Hong Kong stocks have been fully adjusted after the earnings season. With the return of safe-haven funds, April-May is expected to usher in an overvaluation market. *
In terms of allocation, China Merchants Securities said that after the external shock subsides, the market focus in mid-to-late April may shift to areas of high growth in first-quarter results. Resource sectors such as non-ferrous metals and upstream chemicals, as well as new energy, optical communications, and semiconductor industry chains are expected to become the industries with the most eye-catching performance growth. *
[Review of all-knowing ETF hot spots] Focus on the transactions and fundamentals of ETFs in industries such as science and technology chips, chemicals, and financial technology.
1. [China’s “core” shows resilience, Shijia Photonics and CSSC Teqi join hands to reach new heights! Huabao Fund Science and Technology Innovation Chip ETF (589190) bucked the trend and rose, anchoring the high prosperity]
A-shares fluctuated and consolidated, but science and technology chips were active against the market. The price of Huabao (589190), a science and technology chip ETF with a full "core" layout in the chip industry, once rose by more than 1% and closed up 0.22%, marking the fourth consecutive rise.
There are many bright spots on the market, optical chips are strong again, and Shijia Photonics rose by more than 13% during the session and hit a record high! As the demand for AI computing power continues to grow at a high rate, optical communication has become an important part of the construction of AI computing power infrastructure. Industry leader Lumentum predicts that the compound growth rate of indium phosphide optical chips will reach 85% from 2026 to 2030, with outstanding growth flexibility in the upstream core device segment.
Semiconductor materials and equipment continue to be active. CSSC Special Gas once rose by more than 10% to a new high, with Zhongke Feichai, Tuojing Technology, and China Microelectronics leading the gains. The Ministry of Industry and Information Technology issued a public notice soliciting opinions on the approval of 10 industry standards including the "Wet Equipment Test Method for Semiconductor Equipment Integrated Circuit Manufacturing". In addition, the World Semiconductor Trade Statistics Organization predicts that global semiconductor market sales will increase by 26.3% year-on-year to US$975 billion in 2026.
In terms of memory chips, according to TrendForce’s latest memory industry research, taking into account factors such as continued supply reduction, order shifts, and mature process suppliers’ insufficient capacity expansion, it is estimated that Consumer DRAM contract prices will continue to increase by 45%-50% quarter-on-quarter in the second quarter of 2026.
It is worth mentioning that some memory chip concept stocks have disclosed outstanding first-quarter performance forecasts. Although Baiwei Storage has not yet disclosed specific data, the company expects to achieve operating income of 4 billion to 4.5 billion yuan in the first two months of 2026, a year-on-year increase of 340% to 395%; it is expected to achieve net profit attributable to shareholders of 1.5 billion to 1.8 billion yuan, a year-on-year increase of 921.77% to 1086.13%.
In the context of geopolitical conflicts that continue to disturb market sentiment, strong performance and high prosperity may provide an anchor of relative certainty for a few. Aijian Securities stated that it is optimistic that the domestic chip industry chain will usher in a round of historic development opportunities. The specific industry chain links include memory chip modules, memory chip packaging and testing, memory chip manufacturing, and upstream related equipment and materials. Among them, equipment and materials are also key links in the development of the domestic semiconductor industry. It is recommended to focus on investment opportunities related to domestic substitution. *
Laying out the "super cycle" of the chip industry, choosing 20CM high-elastic varieties! Public information shows that Science and Technology Innovation Chip ETF Huabao (589190) and its feeder funds (Class A 021224, Class C 021225) passively track the Shanghai Science and Technology Innovation Board Chip Index. While balancing the allocation and laying out the chip industry across the chain, it accounts for more than 90% of the weight in core areas such as integrated circuits and semiconductor equipment. It has high hard technology content and strong technical barriers.
Data shows that as of the end of 2025, the annualized return rate of the Shanghai Science and Technology Innovation Board Chip Index since the base day has reached 17.93%, which is significantly better than the performance of similar indexes such as Science and Technology Innovation Semiconductor, National Securities Chip, and CSI All-Index Semiconductor. At the same time, the maximum drawdown is smaller and the risk-return ratio is better.
Note: The SSE Science and Technology Innovation Board Chip Index's rise and fall in the past five complete years are 6.87% in 2021, -33.69% in 2022, 7.26% in 2023, 34.52% in 2024, and 61.33% in 2025. The composition of the index constituents is adjusted in a timely manner according to the index compilation rules, and its backtested historical performance does not predict the future performance of the index.
2. [The chemical sector bucked the market trend and broke through, Hwabao Fund Chemical ETF (516020) rose by 1.15%! Petrochemicals and phosphorus chemicals are booming. Is a new round of replenishment cycle starting? 】
The chemical sector fluctuated upwards. The chemical ETF Huabao (516020), which reflects the overall trend of the chemical sector, briefly dipped at the opening and then quickly rose. The intraday price rose as much as 1.15%, and then fell back in shock. As of the close, it rose 0.21%.
In terms of component stocks, some stocks in the petrochemical, phosphorus chemical, and lithium battery sectors were among the top gainers. As of the close, Hengyi Petrochemical soared 5.19%, Hebang Biological and Hongda shares both rose by more than 4%, and Baofeng Energy, Satellite Chemical, Xinzhoubang and other stocks rose by more than 3%.
It is worth noting that since the beginning of the year, the chemical sector has significantly outperformed the broader market. Data shows that as of today's close, the chemical index subdivided by the chemical ETF Huabao (516020) has experienced a cumulative increase of 9.69% during the year, significantly better than the Shanghai Composite Index (-0.07%), CSI 300 Index (-1.38%) and other major A-share indexes during the same period.
Data source: Wind, the value range is 2026.1.1-2026.4.9. The rise and fall of the subdivided chemical index in the past five complete years are: 2021, 15.72%; 2022, -26.89%; 2023, -23.17%; 2024, -3.83%; 2025, 41.09%. The composition of index constituent stocks is adjusted in a timely manner according to the index compilation rules, and its backtested historical performance does not predict the future performance of the index.
On the news, Russia's fourth largest oil refinery NORSI suspended operations due to Ukrainian drone attacks on April 5. Two facilities at the refinery were attacked, and a power station and several houses were also damaged in the attack. NORSI is also Russia's second largest gasoline producer and can process 16 million tons of oil per year, or about 320,000 barrels per day. Some analysts pointed out that in the long run, the optimization of the pattern combined with the contraction of supply, short-term fluctuations will not change the long-term prosperity, and refining and chemical profits will continue to improve.
Looking forward to the market outlook, Great Wall Securities pointed out that from the overall trend, since the third quarter of 2025, the cumulative increase and decrease of the basic chemical industry has rebounded rapidly, and the chemical industry has entered a gradual recovery cycle. From the perspective of fixed asset investment, fixed asset investment in the chemical industry has gradually slowed down. The cumulative year-on-year data of fixed asset investment completion in various sub-sectors has fallen from the high point in early 2025. Coupled with the introduction of supply-side anti-involution policies and the gradual implementation of consumer-side stimulus policies, upstream chemical product prices are expected to enter the upward stage of the cycle, and the PPI index is expected to recover. *
Kaiyuan Securities said that in the short term, regional conflicts have intensified, and overseas orders may be transferred to China, which is expected to drive domestic demand for chemical products, or stably support the rise in chemical product prices; in the medium and long term, if global crude oil supply tends to normalize in the future, and it will take time for overseas affected units to resume production, the world may at least usher in a round of chemical product replenishment demand, and we are firmly optimistic about the revaluation of China's chemical assets. *
How to seize the rebound opportunity in the chemical sector? The layout efficiency of the chemical ETF Huabao (516020) may be higher. Public information shows that the chemical ETF Huabao (516020) tracks the CSI Subdivided Chemical Industry Theme Index, and its constituent stocks cover hot topics such as AI computing power, anti-involution, robots, and new energy. OTC investors can also invest in the chemical sector through chemical ETF feeder funds (Class A 012537, Class C 012538).
3. [Funds rush to raise funds on dips after recovering from low levels! Fintech ETF Huabao (159851) quietly attracted more than 100 million shares, institutions: double lows in sectors highlight allocation value]
After the big rebound the day before, financial technology led the decline in the two cities. The CSI Fintech Theme Index fell 3%, and the constituent stocks were largely green. Yinzhijie led the decline by 7%, while Compass, Wealth Trend, Yinxin Technology, Yingshisheng and other stocks fell by 4%.
In terms of popular ETFs, after a desperate counterattack of over 6% yesterday, Huabao (159851), the largest financial technology ETF of its kind, fell into a correction again, closing down 2.86% on the market, with a transaction volume of over 200 million yuan. Funds poured in quietly, with a net subscription of 109 million shares in a single day.
According to the research report of Soochow Securities, the current financial technology sector has formed multiple resonances at the levels of policy, market, technology and valuation, and investment opportunities are highlighted:
Policy side: two-wheel drive of compliance and investment
Regulations clearly require securities companies to invest no less than 10% of their average net profit or 7% of their revenue in the past three years in IT investment, and encourage the upgrading of core systems. In addition, according to iResearch, the scale of the financial technology market has continued to increase in recent years, and investment by domestic financial institutions is expected to grow to 651.5 billion yuan in 2028.
Market side: The rebound in activity directly increases performance
The average daily trading volume of A-shares in 2025 will increase by 63% year-on-year to 1.73 trillion yuan, driving the performance of C-side companies such as Flush (net profit attributable to parent companies +76%) and Oriental Fortune (+26%) to increase significantly in 2025. Although the B-side is disturbed by budget tightening, the demand for core system replacement is rigid, and the leading resilience still exists.
Technical side: AI + Xinchuang opens up incremental space
Technology empowerment is shifting from cost reduction and efficiency improvement to direct revenue generation. For example, Hundsun Electronics launched the WarrenQ large model based on DeepSeek, Tonghuashun's "Wencai" improved payment conversion, and Xinchuang core systems such as Apex A5 have been implemented in more than ten securities companies.
On the valuation side, the current CSI Fintech Theme Index has fallen back to its lowest level in nearly a year, and valuations are fully digested. Soochow Securities stated that the current fundamentals and valuations of the financial technology sector are at a low level and have significant allocation value. With the implementation of policies and the stabilization of the economy, the demand for digital transformation of securities companies continues to accelerate, and the financial technology market has gradually entered an upward channel. *
