Bosera Market Commentary April 2: Shanghai and Shenzhen markets adjust, ChiNext drops over 2%

🌟【Bosera Market Commentary April 2】The Shanghai and Shenzhen markets adjusted; the ChiNext Board fell more than 2%

📝Daily Outlook

🎈Today, the three major indices on the Shanghai and Shenzhen exchanges adjusted, with the ChiNext Board falling more than 2.3%, and total trading volume on the two markets shrinking from the previous day to below 1.86 trillion yuan. On April 1, local time, U.S. President Donald Trump delivered a speech, claiming that he had achieved “rapid, decisive, overwhelming victory” in the war with Iran, and said that in the coming weeks he would launch even stronger strikes against Iran. During his speech, major asset classes worldwide saw significant volatility. In recent times, Trump has repeatedly commented on the U.S.-Iran conflict, which has stirred up the market. Perhaps, compared with what he said, investors should pay more attention to what he is doing. In the short term, the conflict still carries substantial uncertainty. For investors, adopting a defensive strategy in the short term may still be the better choice—reasonably manage positioning, and focus on the safety margin brought by the certainty of corporate earnings. You may also consider allocations that combine low-volatility dividends with certainty-oriented growth. From a medium-to-long term perspective, geopolitical conflicts may accelerate global capital’s demand for allocations to safe assets, and a better domestic security environment and a gradual improvement in fundamentals may attract cross-border capital deployments.

🔥News Desk

🎈On the evening of April 1, local time, U.S. President Donald Trump delivered a nationwide address, claiming that he had achieved “rapid, decisive, overwhelming victory” in the war with Iran. Trump said that Iran’s ability to launch missiles and drones has been “greatly weakened,” that the strikes on Iran’s nuclear facilities have achieved “great success,” and that the core strategic objective is “nearly completed.” He also said that he will never allow Iran to have nuclear weapons, and that in the next two to three weeks he will carry out extremely severe strikes against Iran.

Brief Review: The core contradiction in Trump’s speech this time lies in the internal tension between “self-declared victory” and “warning of even more forceful strikes in the future.” He wants to show the domestic audience an optimistic outlook that the fighting is controllable and close to being wrapped up, while also putting extreme pressure on Iran, attempting to force the other side to concede at the negotiation table through a “strike while talking” approach. The contradictory signals of a “victory narrative” coexisting with a “prolonging of the war” have not eased the market’s concerns about the long-term risk of the Strait of Hormuz being obstructed. For China’s A-share market, the geopolitical risk premium may still be difficult to fade in the short term, and the subsequent actual trajectory of the U.S.-Iran game still needs to be closely watched.

🎈From March 30 to April 1, Li Qiang, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, conducted research in Sichuan. He emphasized that the new energy security strategy must be implemented effectively, that innovation-led development should be upheld, that advantages in resource endowments should be leveraged, that the supply of green electricity should be continuously expanded, that efforts should focus on advancing the construction of new-type power grids, that the adjustment and optimization of the energy mix should be accelerated, and that solid support should be provided for high-quality economic and social development.

Brief Review: The inaugural year of the “15th Five-Year Plan” period, and the year of launch—energy mix adjustments are being advanced at an accelerated pace, and green power generation and consumption have become policy priorities. Policy advancement is expected to benefit green power sectors such as wind power, solar power, and energy storage. At the same time, with clear needs for building new-type power grids, it will help drive industrial chain segments such as ultra-high-voltage transmission, smart grids, and power equipment. Combined with the earlier “power generation coordination” project’s hard requirement that green power’s share be 80%, the green power industrial chain is expected to see a dual catalyst: “policy support from the demand side” plus “scale expansion from the application side.”

👉Market Recap

🎈On April 2, the three major indices of the A-share market fell. By the close, the Shanghai Composite Index was at 3919.29 points, down 0.74%; the Shenzhen Component Index was at 13486.94 points, down 1.60%; the ChiNext Index was at 3172.65 points, down 2.31%; and the STAR 50 Index was at 1488.25 points, down 2.21%. Among Shenwan Level-1 industries, Oil & Petrochemicals, Agriculture, Forestry, Animal Husbandry and Fishery, and Coal saw leading gains, rising 1.88%, 1.53%, and 0.98% respectively; Computer, Electronics, and Media led the declines, falling 3.11%, 2.86%, and 2.64% respectively. 907 stocks rose and 4,291 stocks fell.

💰Fund Flow Tracking

🎈The market’s trading value was 18.6k yuan, down from the previous trading day. The balance of margin trading and securities lending closed yesterday at 1.86T yuan, up from the previous trading day.

Data source: DzhTQ, as of April 2, 2026. Funds involve risk; investment requires caution. Fund managers undertake to manage and use fund assets in accordance with the principles of honesty, credibility, diligence, and responsibility, but do not guarantee that funds will necessarily be profitable, nor do they guarantee returns. Past performance of funds does not predict their future performance.

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Responsible editor: Jiang Yuhan