Market Performance - In Q1 2026, A-share market showed significant style differentiation, with the CSI 1000 index being the only broad index to rise, up by 0.32%, while major indices generally declined [1][3] - The Shenzhen Component Index, ChiNext Index, and Wind All A Index saw slight declines of 0.35%, 0.57%, and 1.15% respectively, while the Shanghai Composite Index fell by 1.94% and the CSI 300 dropped by 3.89% [3] - The North Exchange 50 performed the weakest, with a substantial decline of 13.34% in Q1 2026 [3] Industry Performance - Among 35 industries classified by Wind, 9 recorded gains in Q1 2026, with the oil and petrochemical and coal industries leading, rising by 18.27% and 17.64% respectively [5] - Utilities, building materials, and electrical equipment also performed well, with increases of 8.78%, 8.26%, and 6.02% respectively [5] - Consumer and financial real estate sectors faced significant declines, with discretionary retail down by 14.90% and non-bank financials down by 14.84% [5] Style Performance - In Q1 2026, small and mid-cap value and growth styles outperformed, while large-cap styles faced pressure [8] - Mid-cap value style was the strongest, with a cumulative increase of 7.50%, while mid-cap growth rose by 5.73% [8] - Large-cap growth index fell by 2.77%, and large-cap value index declined by 4.53% [8] Concept Performance - Energy and power infrastructure concepts led the market in Q1 2026, with the ultra-high voltage concept rising by 32.39% [10] - Fiberglass and oil and gas extraction indices also saw significant gains, exceeding 30% [10] - Other concepts like optical communication, shipping selection, TOPcon batteries, and rare metals selection rose over 20% [10] Company Listings - As of the end of Q1 2026, there were 5,496 listed companies in the A-share market, an increase of 26 from the end of 2025 [13] - The Shanghai main board had the highest number of listed companies at 1,703, accounting for 30.98% of the total [15] Market Capitalization - The total market capitalization of A-shares was 118.81 trillion yuan at the end of Q1 2026, a slight decrease of 0.1% from the end of 2025 [17] - The Shanghai main board's market capitalization was 62.94 trillion yuan, representing 52.93% of the total [19] Trading Volume - A-share market trading remained active in Q1 2026, with total trading volume reaching 144.5 trillion yuan, a quarter-on-quarter increase of 22.15% and a year-on-year increase of 66.28% [21] - The average daily trading volume was 25.97 billion yuan, up 29.43% quarter-on-quarter and 69.04% year-on-year [21] Margin Financing - As of the end of Q1 2026, the margin financing balance was 26.17 billion yuan, an increase of 2.41% from the end of 2025 and a year-on-year increase of 36.12% [25] Top Gainers and Losers - In Q1 2026, Hangzhou Electric Co. led the gainers with a cumulative increase of 253%, followed by Xuelang Environment at 232% and Tianzhong Precision at 210% [27] - The biggest loser was Tianpu Co., which fell by 55%, with Rongke Technology and Jin Hao Medical both down by 49% [27] Market Valuation - As of the end of Q1 2026, the highest P/E ratio among A-share boards was on the Sci-Tech Innovation Board at 195.68 times [43] - The lowest P/E ratio was in the financial sector at 7.72 times [47] IPO Activity - In Q1 2026, the A-share market saw 35 IPOs, a year-on-year increase of 29.63% [50] - The total fundraising from IPOs was 29.78 billion yuan, up 79.61% year-on-year [52] - The automotive and parts industry led with 6 IPOs, while the medical devices and services sector had 5 [55]

Market Overview - The A-share market indices experienced a significant narrowing of declines this week, indicating a shift in market sentiment from panic to recovery, with a gradual rebalancing of capital styles [2][3][7] - Despite continued net outflows of main funds, a marginal improvement trend has begun to emerge, suggesting the market is in a critical window of "weak recovery + rebalancing" [2][3] Index Performance - Major A-share indices continued their adjustment but showed a notable reduction in declines compared to the previous week, transitioning from a rapid drop phase to a weak oscillation recovery phase [3][7] - Small-cap stocks experienced a technical rebound after emotional clearance, while previously resilient growth sectors, represented by the ChiNext, turned into the leading decliners, highlighting significant style rotation [3][7] Sector Rotation - The market is dominated by a "defensive + price increase" theme, with materials, utilities, and healthcare sectors rising approximately 2.5%, reflecting a preference for assets with "resource attributes + stable cash flow" [10][3] - Conversely, sectors such as information technology, finance, and certain consumer segments faced pressure, indicating that high valuation and high beta assets are still undergoing valuation digestion [10][3] Trading Volume - A-shares exhibited a "volume contraction" characteristic this week, with weekly trading volume decreasing from 11.06 trillion yuan to 10.56 trillion yuan, indicating a continued decline in trading enthusiasm [23][25] - Daily trading amounts fell from approximately 2.45 trillion yuan at the beginning of the week to 1.86 trillion yuan by Friday, with the market turnover rate dropping from 4.98% to 3.66% [23][25] Fund Flow - Main funds exhibited a "first out, then in" pattern, with a net outflow of 795 billion yuan on Monday due to external geopolitical shocks, followed by a net inflow of 150 billion yuan on Wednesday, marking a key turning point for the week [32][36] - By Friday, main funds continued to flow in with a net inflow of 82.58 billion yuan, indicating a shift from broad withdrawal to structural positioning [32][36] Market Sentiment - The market displayed a typical "V-shaped recovery" this week, with the number of stocks hitting the daily limit down reaching 145 on Monday, but quickly rebounding with a significant number of stocks hitting the limit up in subsequent days [41][46] - Margin financing balances have shown a clear downward trend, reflecting a cautious shift in sentiment, although a slight recovery was observed in the latter part of the week [42][46] Upcoming Focus - Attention will be on policy, macro data, and external disturbances, as the upcoming quarter is a crucial window for assessing economic recovery [50][51] - The market will also face the unlocking of restricted shares for 26 companies next week, which may exert pressure on stock prices [51][53]

Group 1 - The State Intellectual Property Office of China has granted a patent to China Mobile (Suzhou) Software Technology Co., Ltd. and China Mobile Communications Group Co., Ltd. for a method and device for database VPC network access, with the announcement number CN120856491B and application date of September 2025 [1] - China Mobile (Suzhou) Software Technology Co., Ltd. was established in 2014, located in Suzhou, and primarily engages in software and information technology services, with a registered capital of 317.2 million RMB [1] - The company has participated in 5,000 bidding projects, holds 112 trademark records, and has 2,719 patent records, along with 28 administrative licenses [1] Group 2 - China Mobile Communications Group Co., Ltd. was founded in 1999, based in Beijing, and focuses on telecommunications, broadcasting, and satellite transmission services, with a registered capital of 30 billion RMB [1] - The company has invested in 55 enterprises, participated in 5,000 bidding projects, holds 2,205 trademark records, and has 5,000 patent records, along with 50 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent to China Mobile Communications Group Design Institute Co., Ltd. and China Mobile Communications Group Co., Ltd. for a system and method for monitoring "dumb resources," with the patent announcement number CN118802974B and an application date of May 2024 [1] - China Mobile Communications Group Design Institute Co., Ltd. was established in 2004, located in Beijing, with a registered capital of 160.23 million RMB. The company has made investments in 3 enterprises, participated in 5,000 bidding projects, holds 38 trademark records, and has 2,431 patent records, along with 12 administrative licenses [1] - China Mobile Communications Group Co., Ltd. was established in 1999, also located in Beijing, with a registered capital of 30 billion RMB. The company has invested in 55 enterprises, participated in 5,000 bidding projects, holds 2,205 trademark records, and has 5,000 patent records, along with 50 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "Document Management Method, Device, and Computer Program Product" to China Mobile Communications Group Terminal Co., Ltd. and China Mobile Communications Group Co., Ltd., with the announcement number CN118802895B and an application date of March 2024 [1] - China Mobile Communications Group Terminal Co., Ltd. was established in 2004 and is based in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 6.2 billion RMB [1] - The company has made investments in 5 enterprises, participated in 5,000 bidding projects, holds 170 trademark registrations, 665 patents, and has 6 administrative licenses [1] Group 2 - China Mobile Communications Group Co., Ltd. was established in 1999 and is also based in Beijing, focusing on telecommunications, broadcasting, television, and satellite transmission services, with a registered capital of 30 billion RMB [1] - This company has invested in 55 enterprises, participated in 5,000 bidding projects, holds 2,205 trademark registrations, 5,000 patents, and has 50 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "Data Trading Method, Device, Electronic Equipment, and Storage Medium" to China Mobile Internet of Things Co., Ltd. and China Mobile Communications Group Co., Ltd., with the patent announcement number CN115617766B and an application date of July 2021 [1] - China Mobile Internet of Things Co., Ltd., established in 2012 and located in Chongqing, focuses on internet and related services, with a registered capital of 3.5 billion RMB. The company has invested in 3 enterprises, participated in 5,000 bidding projects, holds 564 trademark records, 2,095 patent records, and has 19 administrative licenses [1] - China Mobile Communications Group Co., Ltd., founded in 1999 and based in Beijing, specializes in telecommunications, broadcasting, and satellite transmission services, with a registered capital of 30 billion RMB. The company has invested in 55 enterprises, participated in 5,000 bidding projects, holds 2,205 trademark records, 5,000 patent records, and has 50 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "Quantum-Based Random Number Generation Method, System, and Device" to China Mobile (Shanghai) Information Communication Technology Co., Ltd., China Mobile Intelligent Transportation Network Technology Co., Ltd., and China Mobile Communications Group Co., Ltd. The patent authorization announcement number is CN118944875B, with an application date of August 2024 [1] - China Mobile (Shanghai) Information Communication Technology Co., Ltd. was established in 2018, located in Shanghai, with a registered capital of 2 billion RMB. The company has participated in 2,024 bidding projects, holds 34 trademark records, 964 patent records, and has 6 administrative licenses [1] - China Mobile Intelligent Transportation Network Technology Co., Ltd. was founded in 2015, also located in Shanghai, with a registered capital of 1 billion RMB. The company has engaged in 705 bidding projects, holds 106 trademark records, 871 patent records, and has 8 administrative licenses [1] Group 2 - China Mobile Communications Group Co., Ltd. was established in 1999, located in Beijing, with a registered capital of 30 billion RMB. The company has invested in 55 enterprises, participated in 5,000 bidding projects, holds 2,206 trademark records, 5,000 patent records, and has 50 administrative licenses [2]

Group 1 - The State Intellectual Property Office of China has granted a patent to China Mobile Communications Group Design Institute Co., Ltd. and China Mobile Communications Group Co., Ltd. for a technology related to "data synchronization methods, devices, equipment, storage media, and products" with the announcement number CN118827698B, applied on June 2024 [1] - China Mobile Communications Group Design Institute Co., Ltd., established in 2004, is primarily engaged in news and publishing, with a registered capital of 160.23 million RMB. The company has invested in 3 enterprises, participated in 5000 bidding projects, holds 38 trademark records, and has 2431 patent records [1] - China Mobile Communications Group Co., Ltd., founded in 1999, focuses on telecommunications, broadcasting, and satellite transmission services, with a registered capital of 30 billion RMB. The company has invested in 55 enterprises, participated in 5000 bidding projects, holds 2206 trademark records, and has 5000 patent records [1]

Group 1 - The State Intellectual Property Office of China has granted a patent to China Mobile (Suzhou) Software Technology Co., Ltd. and China Mobile Communications Group Co., Ltd. for a method, device, equipment, storage medium, and product related to SMS content review, with the authorization announcement number CN120881581B and application date of September 2025 [1] - China Mobile (Suzhou) Software Technology Co., Ltd. was established in 2014, located in Suzhou, and primarily engages in software and information technology services, with a registered capital of 317.2 million RMB [1] - The company has participated in 5,000 bidding projects, holds 112 trademark records, and has 2,717 patent records, along with 28 administrative licenses [1] Group 2 - China Mobile Communications Group Co., Ltd. was founded in 1999, based in Beijing, and focuses on telecommunications, broadcasting, and satellite transmission services, with a registered capital of 30 billion RMB [1] - The company has invested in 55 enterprises, participated in 5,000 bidding projects, holds 2,206 trademark records, and has 5,000 patent records, along with 50 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "Method, Device, and System for Virtual Controller Construction" to China Mobile (Hangzhou) Information Technology Co., Ltd. and China Mobile Communications Group Co., Ltd., with the announcement number CN118827424B and an application date of January 2024 [1] - China Mobile (Hangzhou) Information Technology Co., Ltd. was established in 2014, located in Hangzhou, and primarily engages in software and information technology services, with a registered capital of 1.75 billion RMB [1] - The company has participated in 5,000 bidding projects, holds 715 trademark records, 1,879 patent records, and possesses 20 administrative licenses according to data from Tianyancha [1] - China Mobile Communications Group Co., Ltd. was founded in 1999, based in Beijing, and focuses on telecommunications, broadcasting, television, and satellite transmission services, with a registered capital of 30 billion RMB [1] - The group has invested in 55 companies, participated in 5,000 bidding projects, holds 2,206 trademark records, 5,000 patent records, and has 50 administrative licenses according to Tianyancha data [1]