Cloud Sharing Research Institute Evening Macro Analysis of the Stock Market:

⌛️April 21, 2026
✅Closing Summary | Initially suppressed then rebounded, slight gain at close
1. Major Market Indices:
The three major indices all opened lower, fluctuated and declined in the early trading session, with the ChiNext Index once down more than 1.5%. In the afternoon, driven by sectors such as electricity and CPO, it quickly surged back into positive territory. By the close, it closed slightly higher.
The total trading volume across the two markets was about 2.41 trillion yuan, a decrease of approximately 170 billion yuan compared to the previous trading day. Over 3,400 stocks declined, with a clear pattern of more decliners than advancers.
Fund flow characteristics are extremely prominent, forming a distinct pattern of "outflow from technology, inflow into cyclical sectors."
2. Sector Rotation
1. Coal Sector: Previously, geopolitical conflict risks eased, and the coal sector experienced a full correction. Current oil prices remain high, and coal prices rose against seasonal trends, with the potential for exceeding expectations during peak season.
2. Power Sector: Collective surge. On the news front, the Ministry of Industry and Information Technology clarified that it is conducting research and standard-setting for electricity calculation coordination policies, directly boosting the sector; combined with the State Council’s special study deployment to accelerate the construction of a new energy system.
3. Electronics and Chemical Sectors: Continued strength, with the commercial aerospace concept remaining robust.
4. Technology Stocks: All declined. AI computing power, liquid-cooled servers, AI applications, and other sectors led the decline, mainly due to two factors: first, InnoTek’s performance below expectations and its decline dragging down the liquid cooling sector; second, geopolitical uncertainties causing disturbances. The computer sector overall fell by 1.84%.
3. Policy Support: Accelerating the entry of medium- and long-term funds into the market
① CSRC relaxes restrictions on long-term funds entering the market
The CSRC released new regulations early in the morning, including social security funds, pension funds, insurance funds, bank wealth management, and public funds into the category of strategic investors, exempting short-term trading restrictions, which is expected to bring trillions of yuan of long-term incremental funds into A-shares.
② Continued strengthening of market stabilization mechanisms
The central bank stated it will work with the CSRC to implement supportive structural monetary policy tools for the capital market, support China Investment Corporation in playing the role of a "stabilization fund," and the effectiveness of the "combo" of China’s unique market stabilization measures continues to be released.
③ Intensive industrial policies catalyze
The State Council held a special study deployment for building a new energy system, the Ministry of Industry and Information Technology promoted policies for electricity calculation coordination, the 6G Technology Conference opened in Nanjing, and CATL held a "Super Tech Day" unveiling new AI computing power batteries and other technologies.
Operational Strategy: Adhere to the two basic principles of "controlling positions" and "focusing on performance," with core themes (such as the large computing power sector) engaging in high sell and low buy or maintaining a steady hold, and remaining cautious about rapidly rotating thematic sectors.
💡Disclaimer: This report is based on publicly available information for analysis and does not constitute any investment advice.
💡Stock market risks are present; investment should be cautious.