Nearly 130 target-listed brokerage "gold stock" portfolios, April A-shares are expected to see stabilization after the market settles amid fluctuations

Wind data shows that as of March 31, when the reporter went to press, nearly 130 target stocks had been included in the brokerages’ April “Golden Stock” portfolios for 2026.
From the individual stock perspective, Zijin Mining, China National Offshore Oil Corporation, WuXi AppTec, and other resource and pharmaceutical industry targets ranked high in recommendation frequency.
Looking back at the performance of brokerages’ March “Golden Stock” portfolios, the A-share market adjusted in March, leading to a broad decline in the brokerages’ Golden Stock Index, but some targets broke out with independent trends.

On March 31, the three major A-share indices all closed lower, marking the official end of the first quarter.
Looking ahead to April’s market, industry insiders believe that A-shares are likely to enter a phase of oscillating bottoming and structural rotation, with limited downside space.
In terms of allocation, sectors such as gold, AI computing power, optical modules, and utilities are worth关注; for Hong Kong stocks, the best current strategy is to observe and wait, with a focus on technology sectors for future allocation.

Nearly 130 “Golden Stocks” Recommended

Benefiting from the strong rise in international gold prices earlier this year, Zijin Mining’s A-share stock price continued to strengthen, with a market value once surpassing 1 trillion yuan.
Recently, as international gold prices retreated, Zijin Mining’s stock price also adjusted.
From the April “Golden Stock” portfolios released by multiple brokerages, as of March 31, when the reporter went to press, Zijin Mining still received joint recommendations from three brokerages, making it one of the most favored monthly investment targets among brokerages, including China Galaxy Securities, Western Securities, and Everbright Securities.

According to the reasons for recommendation, China Galaxy Securities believes Zijin Mining’s 2025 operational performance will be impressive, with significantly improved profitability, and the company has abundant reserves of key mine projects.
As the company’s ongoing projects are gradually put into production and capacity continues to be released, it is expected to drive sustained profit growth.

Another resource stock, China National Offshore Oil Corporation, also received joint recommendations from three brokerages, including Guosen Securities, Ping An Securities, and Everbright Securities.
With recent increases in international oil prices, China National Offshore Oil’s stock price has also risen steadily, reaching a record high in early March.
Guosen Securities believes that in the short term, geopolitical conflicts have pushed international oil prices higher, benefiting the company; in the medium to long term, the company’s significant cost advantages in oil and gas production bring strong profitability.
Additionally, the company maintains high capital expenditure, with oil and gas output and reserves continuing to grow rapidly, and domestic and overseas projects steadily contributing to increased production.

According to Wind data, as of March 31, when the reporter went to press, nearly 130 A-shares and Hong Kong stocks had been included in brokerages’ April “Golden Stock” portfolios, with investment value highly favored.
Apart from the two aforementioned targets, WuXi AppTec, Consonia-B, Zhongji Xuchuang, TCL Electronics, and others also received joint recommendations from three brokerages, with relatively high attention.
Recommended brokerages include Guosen Securities, Pacific Securities, Guoxin Securities, China Galaxy Securities, Ping An Securities, Everbright Securities, Zhongtai Securities, Caitong Securities, Guolian Minsheng Securities, and Industrial Securities.
Targets such as Jinjiang Hotels, CATL, China National Glass, Geely Auto, and Chifeng Gold also appeared on the brokerages’ April “Golden Stock” list, indicating their investment value is being recognized.

From the overall industry distribution of brokerages’ April “Golden Stocks,” the power equipment industry has replaced the electronics industry as the sector with the highest “gold” content, with 11 targets recommended.
The pharmaceutical and biological industry has 8 targets recommended, while industries such as electronics, communications, and non-ferrous metals each have 7 targets recommended, ranking relatively high in number.

Some targets have broken out with independent trends

Reviewing the overall performance of brokerages’ “Golden Stock” portfolios in March, the A-share market experienced a high-level correction.
The Wind data shows that the 34 brokerages’ Golden Stock indices recorded no positive returns in March, but some targets rose against the trend and broke out independently.

Specifically, the China Merchants Securities Golden Stock Index fell 4.46% in March, the smallest decline among the 34 indices.
Among the recommended “Golden Stocks” in March, Foshan Shunde Plastics Technology Co., Ltd. surged 35.16%, and its stock price hit a new high since listing on March 27.
From the recommendation reasons, China Merchants Securities believed at the time that Foshan Shunde Plastics’ acquisition of 100% equity of Hebei Jinli New Energy Technology Co., Ltd., a major supplier of wet-process separators, would create synergy in technology, business, and procurement, significantly boosting Foshan Shunde Plastics’ performance.

The Pacific Securities Golden Stock Index fell 6.13% in March, and its recommended target, Yuanjie Technology, surged over 30% in March, with the stock once breaking through 1,200 yuan per share during intraday trading, setting a new historical high.
After a few days of adjustment, as of the close on March 31, Yuanjie Technology’s stock price was 1,005.44 yuan per share, making it the second-highest priced stock among A-shares after Kweichow Moutai.

Regarding the reasons for recommendation, Pacific Securities believed that the NVIDIA GTC conference continued to promote overseas computing power upgrades, directly driving demand for high-speed optical chips, serving as a short-term catalyst for Yuanjie Technology.
The next-generation high-speed interconnects, such as CPO, are an inevitable direction, with increasing demand for high-power CW light sources.
Yuanjie Technology has already achieved breakthroughs in 300mW high-power light sources for CPO, positioning itself at the technological forefront with broad long-term development prospects.

Looking at the overall performance of the 34 brokerages’ Golden Stock indices in the first quarter, 12 achieved positive returns.
Among them, Guosen Securities’ Golden Stock Index led with a 7.17% increase, followed by Guohai Securities’ index with a 5.45% rise.
The Changcheng Securities, Shenwan Hongyuan, Pacific Securities, Dongwu Securities, Western Securities, and other indices performed relatively well, with gains exceeding 3% in the first quarter.

Three major directions to seize opportunities

With the conclusion of March’s market, the overall performance of the first quarter of 2026 for A-shares is now visible to investors.
Overall, under external disturbances, the three major A-share indices all declined in the first quarter, but the declines were significantly smaller than those of major overseas markets like the US, demonstrating strong market resilience.
Wind data shows that as of the close on March 31, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index fell 1.94%, 0.35%, and 0.57%, respectively, in the first quarter.

For the upcoming April market, Yang Chao, chief strategist at China Galaxy Securities, believes that as US-Iran ceasefire negotiations commence and uncertainties in earnings season gradually diminish, the market is likely to enter a phase of oscillating bottoming and structural rotation.
Policy support, capital inflows, and China’s asset revaluation remain unchanged, with limited downside space for A-shares.
He recommends adopting a performance-driven, opportunistic allocation strategy.

Specifically, Yang suggests focusing on three major directions:

1. The revaluation of strategic resource sectors, as market attention to inflation expectations and geopolitical security has significantly increased, with sectors like gold, copper, rare earths, and key materials likely to be revalued;
2. The technology self-reliance and new productive force sectors, as multiple major tech summits are scheduled for April, expected to catalyze industries such as AI computing power, optical modules, semiconductors, high-end manufacturing, humanoid robots, and low-altitude economy;
3. Defensive sectors with high dividends and stable cash flows, such as utilities, environmental protection, and pharmaceutical outsourcing (CXO), which are preferred for core holdings during market volatility.

Entering April, as listed companies continue to disclose their 2025 annual reports, the Q1 2026 reports will also be released gradually, likely becoming an important tool for capturing industry prosperity and company fundamentals.
Caitong Securities’ chief strategist, Xu Cheny, found that industries with high and accelerating prosperity over the past three months are expected to perform well in their Q1 reports.
From a prosperity perspective, industries in expansion include non-bank financials, chemicals, non-ferrous metals, banking, and communications; those in recovery include home appliances, food and beverages, environmental protection, utilities, coal, and retail.

Amid the correction in A-shares in the first quarter, the Hong Kong market also declined, with the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index all falling in the first quarter.
Looking ahead to the Hong Kong market, Xingye Securities’ chief strategist Zhang Qiyao believes that short-term geopolitical conflicts are unpredictable, and external disturbances may cause follow-the-leader fluctuations.
However, considering that pessimistic expectations are already priced in, profit revision pressures have eased, and other positive factors, the best current strategy is to observe and wait.

Everbright Securities’ chief strategist Zhang Yusheng believes that the clear industry prosperity, emotional recovery, and capital support are likely to resonate, and future allocations should重点关注科技板块，聚焦“AI+平台”双主线，布局商业化落地快、现金流稳健、估值处于低位的核心标的。