Market Close: The Shanghai Composite Index fell 1%, dropping below 3,900 points again. Over 4,700 stocks across the two markets are in the red.

Topic: Could Be the A-share Mid-Year Low Point; Pullbacks Bring a Good Opportunity to Allocate Capital

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On April 3, the market opened higher and then weakened, with choppy consolidation. The Shanghai Composite fell 1% and closed below 3900 points. In terms of sectors, the “computing power hardware” concept strengthened against the trend; Huiyuan Communication notched a second consecutive daily limit-up; Deko Li hit the 20cm limit-up. The “computing power leasing” concept saw localized fluctuations; Sitteqi and Zhenzhi Technology both hit the daily limit-up. On the downside, the “food” concept fell across the board, with Xin Sai Shares leading the declines. The power sector dropped sharply; multiple stocks including Mindong Electric, Leshan Electric, Shennan Electric A, Tairi New Energy, and others all hit daily limit-downs. Coal shares adjusted, with Yunmei Energy hitting the daily limit-down. Overall, both markets saw a broad-based selloff, and the number of stocks that fell exceeded 4,700.

By the close, the Shanghai Composite Index was 3880.10 points, down 1%; the Shenzhen Component Index was 13352.90 points, down 0.99%; and the ChiNext Index was 3149.60 points, down 0.73%.

On the trading board, “lithography machines,” “CPO,” and “F5G” concepts led the gains. “Food,” “ecological agriculture,” and “medical waste treatment” sectors fell.

Hot Sectors:

**1、**Industrial Gases Concept

Chinas Shipbuilding Special Gas 20cm limit-up; Huatqi Gas, Jinhong Gas, and others followed suit.

On the news front, according to China’s Economic and Industrial Securities (rights-protected), citing Zhituo Information, this week the weekly average import pipeline-constrained helium price was 126.43 yuan per cubic meter, up 31.89% from the previous period and up 21.57% year over year. Qatar’s helium supply disruption began at the end of February; as of April, inventory levels are even tighter. The price increase for domestic helium in April–May may be even steeper.

2、Fiber Optics Concept

Huiyuan Communication posted a second consecutive daily limit-up; Hengtong Optic-Electrics rose more than 8%; Yangtze Optical Fibre rose over 6%, setting a new all-time high again.

On the news front, according to Securities Times, the fiber optics industry has entered a round of price increases. UBS’s latest research report cites industry research organization CRU data: in March, the price of Europe’s G652.D naked optical fiber reached 7.94 euros per 1km fiber (about 9.1 USD), up 136% from January and up 159% year over year.

The China Galaxy Securities notes that, from the demand side, the core driving force of the fiber optics industry has undergone a fundamental shift: previously, industry growth relied mainly on 5g base-station construction and the large-scale deployment of FTTH. In essence, it was “solving whether connections exist” in which the three major telecom operators dominated the centralized procurement market using their strong pricing power. However, since 2025, the global AI race has given rise to the construction of massive intelligent computing clusters. Demand for high-bandwidth, low-loss optical fiber for data center interconnection has surged, driving the industry to formally shift from “telecom infrastructure-driven” to “AI computing power-driven.” At the same time, large-scale deployment of fiber-optic drones in certain complex electromagnetic environments has been achieved. These drones use their technical advantages in anti-electromagnetic interference and high bandwidth to transmit high-definition real-time images back to the operator side, enabling remote precise operations. Such drones use G.657A2 specialty optical fiber; a single drone consumes 20–50 kilometers of optical fiber, and it is a disposable consumable, which creates a structural demand pull for the specialty optical fiber market. In addition, emerging application scenarios such as the industrial internet and vehicle-mounted fiber optics further expand the incremental space for diversified, high-end demand.

News Headlines:

**【Apple reportedly is acquiring all available mobile DRAM chips in the market at extremely high prices】**According to Korean sources familiar with the matter, Apple is acquiring all available mobile DRAM chips in the market at very high prices, even at the expense of some operating profits. This would allow it to prevent competitors from obtaining enough memory chips. This speculation is almost identical to the views of well-known analyst Guo Mingqi in January this year. At the time, Guo Mingqi had said that memory price increases would affect Apple’s gross margin, but absorbing the costs would help the company capture a larger market share, and Apple could make up for the loss through services.

**【Burundi’s cholera outbreak rebounds; 18 new cases in a single day】**Burundi’s Minister of Public Health, Ludewi’ne Baladahana, said on the 2nd that the cholera outbreak in Burundi has rebounded recently, with 18 new cholera cases reported on the 1st. Baladahana said at a press conference held in Bujumbura, the economic capital of Burundi, that the country’s two cholera treatment centers admitted a total of 34 patients. Fighting the cholera outbreak has brought a heavy fiscal burden to the Burundian government; in the first quarter of this year, such spending was about 3 billion Burundian francs (about USD 1 million). To prevent and control the cholera outbreak, starting from April 6, the government will impose fines on violations of public health and environmental sanitation regulations. (CCTV News)

**【Tianlong-3 carrier rocket launch failure】**At 12:17 on April 3, the Tianlong-3 large liquid-fueled carrier rocket launched and lifted off from the Jiuquan Satellite Launch Center. The rocket’s flight was abnormal, and the launch mission failed. The mission team will comprehensively carry out aerospace zeroing and improvement work.

**【UBTECH hires Chief Scientist; starting salary RMB 15 million per year, up to RMB 124 million】**Humanoid robot maker UBTECH said in an official WeChat post on April 2 that the company is recruiting a Chief Scientist, with an annual salary starting at RMB 15 million and reaching up to RMB 124 million. UBTECH said the responsibilities of the position include developing the technology roadmap in the fields of humanoid robots and embodied intelligence, leading research on artificial intelligence models, and promoting frontier embodied intelligence technologies from the lab into real-world scenarios. UBTECH also plans to hire dozens of other positions, including reinforcement learning algorithm engineers, hardware engineers, mechanical engineers, and others.

Institutional Viewpoints:

Cai Xin Securities believes that in the short term, market trading activity may be somewhat sluggish, and at the index level it may remain in a pattern of consolidation. In the medium term, the market is likely dominated by wide-range consolidation; volatility may increase. It is recommended to manage positions reasonably and wait for market-driven inflection signals to appear. However, the foundation for this round of A-share market action is still solid. It is expected that the Middle East conflict will only affect the A-share market’s short-term sentiment and the market’s operating tempo, and will not change the direction of the market. There is still confidence in the long-term trend of improvement, so investors should not worry excessively.

The Central Plains Securities research report states that in April, the A-share market may be mainly characterized by consolidation, and the core variable remains the uncertainty in the Middle East situation, which limits the index’s upside potential. It continues to recommend adopting a prudent allocation strategy: while holding on to dividend assets (banks, transportation, and utilities) to withstand volatility, also lay out energy security themes such as power equipment and new energy (lithium batteries, photovoltaics). Key risk points to watch include whether the April geopolitical conflict develops beyond expectations; whether overseas liquidity tightening triggers a synchronized downside move; and the dense period of earnings report releases—for example, if individual stock performance falls short of expectations, it may cause substantial volatility.

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责任编辑：郭栩彤