A-share opening express | A-share differentiation, Growth Enterprise Board continues to rise! Style switch in progress, "new king" and "old god" competing

On April 17, the three major A-share indexes opened mixed, with the ChiNext Index continuing its upward trend. As of 9:45 am, the Shanghai Composite Index fell by 0.18%, the Shenzhen Component Index rose by 0.36%, and the ChiNext Index rose by 0.85%. It is worth noting that the market is witnessing a shift in style, with a comparison between the "new king" and the "old god." Yuanjie Semiconductor Technology continued to strengthen during trading, with its stock price breaking through 1410 yuan, surpassing Kweichow Moutai to become the new "stock king" in the A-share market. Since September 24, 2024, Kweichow Moutai has accumulated an increase of nearly 20%, while Yuanjie Semiconductor Technology has accumulated an increase of nearly 1500%. The "stock god" Kweichow Moutai fell by more than 4% at the beginning of trading, after releasing its annual report for 2025, showing a decline in annual revenue and net profit for the first time since its listing. In terms of market performance, the battery industry chain was active, with Shandong Sacred Sun Power Sources seeing a 7-day streak of gains; the minor metals sector strengthened, with Zhuzhou Smelter Group hitting the daily limit-up, Huludao Zinc Industry approaching the daily limit-up; CPO concept stocks performed strongly, with Xiamen UX IC rising by over 10%, and Cig Shanghai rising by over 7%; liquor stocks opened lower, with Qinghai Spring Medicinal Resources Technology and Shanghai Guijiu hitting limit-down, and Kweichow Moutai falling by over 4% at the start of trading. Looking ahead, Yao Pei, Chief Strategic Analyst at Huachun Securities, stated that this round is not a rebound but a counteroffensive, with optimism for profit recovery under the backdrop of positive PPI inflation. On the other hand, Meng Lei, Chinese Stock Strategy Analyst at UBS Securities, mentioned that A-share companies' profits are entering an upward cycle, with high realization of performance in the technology sector. He recommended a relatively balanced allocation between growth and value, as well as large-cap and small-cap stocks. Popular sectors included the active battery industry chain and the strong performance of minor metals, such as Zhuzhou Smelter Group and Huludao Zinc Industry. Institutions are optimistic about the market potential in the near future, especially in areas like the battery industry and the semiconductor sector.