The technology sector is experiencing a full-scale breakout, with precious metals supporting the market.

The market has closed. April 8th— the second day after the holiday— saw a great “turnaround” battle. Yesterday the indexes were kind of grinding along, but today they opened strong and kept rising. The Shanghai Composite rose 2.7% to 3,995 points, the Shenzhen Component gained 4.79%, the ChiNext Index surged 5.91%, and the STAR 50 Index climbed 5.64%. The total trading value across both markets was about 2.43 trillion yuan, up by 820.1 billion yuan from yesterday. More than 5,000 stocks in the whole market rose, and 122 stocks hit the daily limit.

It picked up volume— the money is back, and so is investor sentiment.

1. Who is rising today?

AI industry chain (the strongest main theme— a full-scale breakout)

The AI industry chain broke out collectively today, making it the absolute core for the entire day. In the compute power leasing direction, big-name companies such as Dawei Technology, Hangyun Technology, Oruide, Hangsteel Shares, and Hufo Fashion all hit the daily limit. The AI infrastructure hardware concept surged quickly: Jizhi Xuchuang rose more than 10%, hitting a new historical high; at one point its total market cap exceeded 24.3k yuan. Mingpu Guangci, Dongshan Precision, Hubei Dian (SECT?), and Shenzhen Nan Circuit (Shennan Dianlian?)— among others—all hit the daily limit. The AI application side was also active, with more than ten constituent stocks hitting the daily limit. Bluechain (Bai? lanse guangbiao) hit the daily limit on a 20cm board, closing at 16.31 yuan, with trading volume of 760B yuan and a turnover rate of 16.79%; Zhisheng Information hit the daily limit on a 30cm board.

The catalysts are solid: Zhipu officially released the GLM-5.1 model, becoming the world’s strongest open-source model. It also raised prices again by 10%. In Coding scenarios, the cache-hit token price is close to Claude Sonnet 4.6—this is the first time a domestic large model has achieved price alignment with overseas top-tier vendors in a core scenario.

Precious metals / non-ferrous metals

Westgold hit the daily limit in a straight line, closing at 33.20 yuan. Its net profit for the first quarter is expected to rise to 450 million–560 million yuan, with locked-in order value of 513 million yuan. Xaocheng Technology rose more than 17% intraday; Sichuan Gold and Hunan Gold also hit the daily limit. In terms of news, spot gold is trading above 4,850 US dollars per ounce, up more than 3% intraday. The central bank has continued to increase its gold holdings for the 17th consecutive month.

Storage chips

Shannon Chuang’s first-quarter earnings preannouncement was explosive: its year-over-year increase in net profit attributable to shareholders is expected to be 67.1472 times, to 874.718 million yuan. After today’s trading range movement, it hit the daily limit. Since February 28th, both Power of Storage (Baiwei Storage) and Demingli have received continuous net buying.

Commercial aerospace

Commercial aerospace also saw a wave of daily limit-ups. Feiwoke Technology, Shenjian Shares, and Juliyisuojub— among others—all hit the daily limit, and the aerospace catalyst is still ongoing.

CPO/compute power hardware, PCB, and optical fiber also moved higher in tandem. Fast Xing, Dongshan Precision, and Tongding Interconnection— among others— saw multiple daily limit-ups, and all branches of technology broadly rose.

2. Who is falling?

Energy and oil & gas stocks are the worst today.

With Iran and the US both being mediated by Pakistan, the two sides reached a temporary ceasefire agreement lasting two weeks. In the early trading session, international crude oil futures at one point plunged nearly 20%, leading the entire oil & gas sector to fall collectively.

3. Market sentiment analysis

A few details on today’s market action are worth thinking about:

First, the Middle East ceasefire is the biggest variable. Pakistan announced that Iran, the US, and allies of both countries have agreed to immediately cease fire across all regions, and the Strait of Hormuz is expected to achieve safe navigation within two weeks. International oil prices plunged nearly 20% intraday. In A-shares, oil & gas stocks hit the daily limit down across the board, yet the AI and precious metals sectors broke out collectively—capital rotation was very decisive. The market has not fully priced in the end of the conflict, so position management is needed.

Second, the AI industry chain has become the main theme right now. Jizhi Xuchuang’s trading value exceeded 26 billion yuan, setting a new historical high and pushing its total market cap above 9.03B yuan. Shannon Chuang’s first-quarter profits surged by nearly 70 times. Storage chips, compute power hardware, and AI applications—all climbed to daily limit-ups along a single chain. With earnings, catalysts, and policy support— for April’s direction— investors voted with their feet and picked the route.

Third, trading volume expanded. With 2.45 trillion yuan in成交, it sharply increased by 820 billion yuan versus yesterday. Off-balance-sheet capital has started moving in.

Fourth, the STAR 50 Index jumped more than 6%, with semiconductor equipment and chip design rising across the board. Multiple fund companies believe the market has likely already passed the stage of rapid valuation compression; going forward, pricing will return more to company fundamentals. While public funds maintain the core position of the technology main theme, they will place even greater emphasis on earnings certainty.

4. Expectations for tomorrow

The technology direction will very likely differentiate tomorrow. Today’s AI industry chain broke out across the board, with multiple daily limit-ups including Jizhi Xuchuang, Mingpu Guangci, Dongshan Precision, Hubei Dian (SECT?), and Shennan Dianlian. After the daily-limit-up frenzy, differentiation is inevitable. Tomorrow we’ll watch whether Jizhi Xuchuang can hold up through disagreements; for the follow-on, second-tier “meme” picks, falling behind tomorrow is highly likely.

For storage chips, watch Shannon Chuang. Its first-quarter earnings preannouncement surged by more than 67 times, setting a benchmark. But after a continuous run-up, chasing higher is not cost-effective. Wait for a pullback and then reassess.

Precious metals should also remain under watch. Westgold hit the daily limit straight; the trend of central bank additions + global central bank gold purchases has not changed. However, after consecutive big rallies, chasing higher should be done cautiously.

5. A few final remarks

April is earnings season. Shannon Chuang’s earnings guidance set an example, and subsequent individual stocks will likely imitate. When tech stocks’ performance resonates with the index, differentiation is inevitable tomorrow. We need to go into the weak and keep the strong.

Expanded trading volume is a good thing. Today is the first day of the rebound—let’s first watch for three days. The rule that differentiation comes the day after a peak remains unchanged. Be cautious about chasing overly consistent stocks. April has just started—slow is fast.