April Brokerage Hot Stocks Released! Power Equipment is the most popular, and Pharmaceuticals are surging in popularity

Looking back on March, amid market volatility, brokerage “Jin Stocks” overall performance was lackluster. However, the best performer among them surged 118% in a single month.

Entering April, the latest list of brokerage “Jin Stocks” has been released. Power equipment, non-ferrous metals, and pharma and biotech have become the three sectors with the highest level of consensus among brokerages. In particular, pharma and biotech’s momentum has jumped significantly compared with the previous few months.

Top “Jin Stock” in March surged 118%

According to Meishi APP data, the overall performance of each brokerage’s “Jin Stock” portfolio in March was poor. None of the portfolios achieved positive returns, but some brokerages still managed to generate excess returns relative to the benchmark index.

Reviewing the March market: the Shanghai Composite Index fell 6.51%, the Shenzhen Component Index dropped 7.02%, and the ChiNext Index declined 3.79%. Meishi APP data shows that among brokerage “Jin Stock” portfolios, the best-performing monthly “Jin Stock” portfolio in March was Guohai Securities, which fell 3.04%. The Guotai Haitong monthly “Jin Stock” portfolio dropped 4.14%, ranking second. The monthly “Jin Stock” single-month declines for China Merchants Securities and Huaxi Securities were also within 6%.

For individual stocks, based on Meishi APP data, the Hong Kong-listed company Xunce recommended by Guotai Haitong Securities saw a gain of as much as 118.25% in March, becoming the top “Jin Stock” of the month. Xunce is dubbed Hong Kong’s “Token No. 1 stock.” Its latest disclosed annual report shows that in 2025, the company recorded operating revenue of RMB 1.285 billion, up 103.28% year over year; attributable net profit was a loss of RMB 94.061 million.

The “Jin Stock” with the second-highest rise in March was Fosu Technology recommended by China Merchants Securities, gaining 35.15% in that month. Originating from the joint recommendations of Pacific Securities, Shenwan Hongyuan, and Central China Securities, Yuanjie Technology rose 30.6% in March. In addition, other “Jin Stocks” near the top of the March gains included Axisun Integrated (recommended by Guoxin Securities), Kangfang Bio (recommended by Huafu Securities), and Baofeng Energy (recommended by Dongwu Securities), all rising more than 20%.

Power equipment hottest in demand; pharma heat surges

In April, brokerage lists of “Jin Stocks” for the new period are gradually being disclosed.

According to Meishi APP data, based on the “Jin Stock” lists for April that have been published so far, power equipment, non-ferrous metals, and pharma and biotech have become the sectors with the highest level of brokerage consensus.

In detail, power equipment has the highest level of popularity. Among them, Contemporary Amperex Technology (CATL) was recommended by brokerages including Kaiyuan Securities and Huafu Securities. Kaiyuan Securities believes the company is a global leader in lithium batteries, with extremely strong earnings resilience. It also points to geographic disruptions driving up oil and gas prices, which elevates the strategic position of new energy. EVE Energy was recommended by brokerages including AVIC Securities and Ping An Securities; the main recommendation rationale is that energy storage demand continues to rise.

In addition, targets receiving recommendations from at least two brokerages include CALB (recommended by Huazheng Securities? and Guoxin Securities), Keda Li (recommended by Huazheng Securities and Guolian Minsheng), and Tianshun Wind Energy (recommended by Western Securities and Guosen Securities), among others—showing brokerages’ ongoing optimism about the new energy industry chain.

Non-ferrous metals’ popularity has not declined either, with the number of “Jin Stocks” receiving recommendations ranking second. Zijin Mining is jointly recommended by brokerages including Galaxy Securities, Western Securities, Everbright Securities, and Yangtze Securities. Chifeng Gold was recommended by Guoxin Securities and Guolian Minsheng Securities. Ganfeng Lithium was recommended by Huazheng Securities and Huafu Securities (two brokerages). In addition, stocks such as Northern Rare Earth, Luoyang Molybdenum, China Hongqiao, Guocheng Mining, and Zangge Mining have also been included on some brokerages’ “Jin Stock” lists.

Compared with the previous few months, pharma and biotech has seen a sharp surge in this month. Innovative drugs and the CXO industry chain have become the main directions for recommendations. Among them, WuXi AppTec was recommended by multiple brokerages including Northeast Securities, Zhongtai Securities, Kaiyuan Securities, and Galaxy Securities. Institutions generally believe that the company’s 2025 performance will double, setting a record high, and that the CXO industry is highly favorable. Conco-ya-B was included in the “Jin Stock” list by Guojin Securities, Guoxin Securities, and Pacific Securities. Kangfang Bio was favored by brokerages including Northeast Securities and Huafu Securities.

Data source: Meishi APP

April Outlook: Find certain opportunities amid uncertainty

Looking ahead to April, brokerages generally believe that the geopolitical situation remains the core uncertain factor and recommend adopting a prudent allocation strategy.

Dongwu Securities believes that, with the market repeatedly gaming around geopolitical conflicts, the broad market index has not yet been “decoupled” from the macro-geopolitical situation and the oil price trend; oil prices are still a core indicator affecting asset performance. In April, it is necessary to focus on allocation structure, avoid sectors at high levels and those with relatively long earnings-fulfillment cycles, and, amid uncertainty, tap into medium-term prosperity and the certainty of earnings. It suggests adopting a hedging strategy of “broad energy + shrinking the tech range.”

CITIC? Central China Securities? believes that, on balance, in April China A-share markets will mainly be characterized by volatility, and the key variable remains the uncertainty in the Middle East situation, which limits the index’s upside room. It continues to recommend a prudent allocation strategy: while sticking to dividend assets (banks, transportation, utilities) to withstand fluctuations, also allocate to energy security such as power equipment and new energy (lithium batteries, solar power).

Dohai Securities points out that the uncertainty in the Middle East situation is still strong, and its impact on oil prices involves an expectation gap. From the perspective of balanced allocation, it suggests seeking more certainty on the equities side. It is optimistic about the value reappraisal of domestic supply-chain stability and advanced capacity. On the industry level, it suggests positioning “two ends” in the allocation: on the value style, it favors non-ferrous metals, coal, and chemicals; on the growth style, it favors AI application segments that have expectations of a rebound after being oversold, as well as innovative-drug sectors where a high-to-low rotation is expected.

Guolian Minsheng Securities says that entering April, the market begins to trade the earnings report season. Based on historical experience, in April the market often rises in the first/middle part of the month but starts trending down from the middle-to-late part. The core reason is that some companies with results below expectations tend to disclose them in a concentrated way in the latter part of April. In the current market environment, after market risk is eased and volatility declines, the market is transitioning toward trading fundamentals. Some technology and cyclical sectors with relatively stronger earnings may see some performance in April.

Layout: Yang Yu Cheng

Proofreading: Gao Yuan