On April 17th, the three major A-share indices experienced a strong rebound. By the close, the Shanghai Composite Index rose by 2.14%, the Shenzhen Component Index increased by 2.48%, and the ChiNext Index gained 2.11%. The Beijing Stock Exchange 50 Index surged by 4.25%. The micro-cap stock index soared by 9.68%, with nearly 1000 stocks in the two markets rising by more than 9%.

In terms of market performance, the TMT sector saw a comprehensive eruption, with storage chips, PEEK materials, and CPO concepts leading the day's gains; environmental protection, machinery, automotive, chip, and education sectors were among the top gainers; the "China" stocks gained momentum in the afternoon, with Bank of China and Agricultural Bank of China reaching new historical highs.

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Specifically, the low-altitude economy concept saw a full-scale explosion, with multiple stocks such as Jin Dun Shares, Lai Si Information, and CITIC Offshore Helicopters hitting the daily limit, while Jian Xin Shares, Shuang Yi Technology, and Shang Luo Electronics rose by more than 15%.

The new energy vehicle sector triggered a wave of daily limit-ups, with 51 stocks including Zhongjie Precision, Langte Intelligence, and Hezhong Technology hitting the daily limit, followed by the rise of Sen Yuan Shares, Wei Tang Industry, and Ke Xiang Shares.

【Funds Flow】

Wind data shows that Northbound capital had a small net outflow of 2.32 billion yuan for the whole day, with Shanghai-Shenzhen Stock Connect having a net outflow of 2.55 billion yuan, while Shenzhen-Hong Kong Stock Connect had a net inflow of 0.23 billion yuan.

Mainstream funds continued to net inflow into sectors such as electronics, banking, machinery equipment, construction decoration, communication, and automobiles at the end of the day, while outflowing from food and beverage, textiles and apparel, and beauty care sectors.

In terms of individual stocks, Seres, CITIC Offshore Helicopters, and ZTE Communications received net inflows of 7.71 billion yuan, 6.92 billion yuan, and 5.96 billion yuan, respectively.

On the outflow side, Kweichow Moutai, Hongbo Shares, and Zhongrun Resources were sold off by 6.36 billion yuan, 5.18 billion yuan, and 4.44 billion yuan, respectively.

【Institutional Views】

(Note: The original text does not provide specific institutional views, so this section is left untranslated.)CICC: The market still has some favorable conditions, with mid-term opportunities outweighing risks. In terms of allocation, the TMT sector, driven by expectations of technological progress and catalyzed by policies related to new quality productive forces, is still expected to have a relatively good performance; external factors and supply clearance bring opportunities for the upstream resource product industry, focusing on resource sectors such as gold, petroleum and petrochemicals, and non-ferrous metals; as the earnings period approaches, the high dividend sector will focus on companies with the potential to increase their dividend payout ratio and willingness.

Galaxy Securities: The China Securities Regulatory Commission, in conjunction with the current capital market reality, has formulated and issued the "Opinions on Strictly Implementing the Delisting System," and the stock exchanges have revised and improved the related delisting rules. Market judgment, from a long-term perspective, the trend of good money driving out bad money is inevitable, and the basic posture of China's economy continuing to improve in the long term will not change. The external environment is still waiting for the concentrated release of liquidity by European and American countries, and the A-share market will continue to maintain a pattern of fluctuating upward.

Huatai Securities: Looking at the evolutionary path of large models, the size of the models will further expand, leading to a continuous increase in demand for computing power. In the long run, the operation of mature large models is expected to bring an incremental market of $316.9 billion for servers, which still has a large growth space compared to the global AI server market of $21.1 billion in 2023. Based on this, the continuous iteration of large models is expected to bring a large demand for computing infrastructure, and it is recommended to pay attention to investment opportunities in the computing power industry.