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

(Wednesday, April 15, 2026)
✅ Closing Summary | Divergence in the Performance of the Three Major Indices
I. Market Overview
Today, the three major A-share indices showed divergence, following a pattern of opening higher and then falling. The Shanghai Composite closed up slightly by 0.01% at 4,027.21 points. The Shenzhen Component fell by 0.97% to 14,498.45 points. The ChiNext Index dropped by 1.22% to 3,514.96 points. Trading volume was 2,429.5 billion yuan, up by 32.7 billion yuan from the previous day, and it has remained above 2 trillion yuan for multiple consecutive days. At the individual stock level, 1,841 stocks rose and 3,541 stocks fell, with overall profit-making sentiment remaining relatively weak.
II. Sectors and Themes: Pharmaceuticals Strengthens Against the Trend, Lithium Batteries Adjust Across the Board
Leading Directions
1. The Pharmaceuticals Sector Bursts Higher Collectively
On April 14, the General Office of the State Council issued “Several Opinions on Improving the Drug Price Formation Mechanism,” proposing to optimize the initial pricing mechanism for newly listed drugs, including innovative drugs. At the same time, the Ministry of Industry and Information Technology also stated that it is drafting the “14th Five-Year Plan for the Development of the Pharmaceutical Industry (’14th Five-Year Plan’).” Under the dual policy catalysts, the pharmaceutical commercial sector rose by more than 4%, while chemical pharmaceuticals and traditional Chinese medicine both rose by more than 2%.
2. Power Grid Equipment Jumps Sharply
Microsoft CEO pointed out that the core issue facing the AI industry has shifted from computing power to power shortages, and the explosive expansion of North American data centers has led to tight electricity supply and demand, strengthening expectations for China’s power equipment exports.
3. Commercial Spaceflight Concept Stays Active
Trailing Directions
The lithium battery sector fell across the board; the energy metal sector dropped by more than 4%; batteries and chemical raw materials fell by more than 2%; and petroleum and petrochemicals fell by nearly 2%. The real estate industry chain also posted among the leading declines.
III. Interpretation of Driving Factors
1. Macroeconomic Liquidity: The PBoC Injects 500 Billion
Today, the People’s Bank of China carried out a 500 billion yuan 6-month buyout reverse repo operation. The net injection was sizable, keeping market liquidity ample. Previously, the PBoC had already clarified that the overall monetary policy stance in 2026 would remain accommodative, with reserve ratio cuts and interest rate cuts still as selected tools; liquidity thus provides support for A-shares.
2. A Turning Point in the Afternoon: Geopolitical Tensions Stir Again
The trigger was sudden and repeated developments in the U.S.-Iran situation. Earlier this morning, multiple media outlets reported that “Trump said the action against Iran has ended.” But within a few hours, it was clarified: Trump said, “Although the fighting with Iran is nearing its end, the United States has not ended its mission,” and at the same time, the U.S. military completely cut off Iran’s maritime import and export trade. Market optimism about geopolitical developments was shattered, and risk appetite quickly pulled back.
3. Policy Tailwinds: The Top-Level Design for Pharmaceuticals Is Released
Today’s strength in the pharmaceuticals sector was mainly driven by the dual policy catalysts of “Several Opinions on Improving the Drug Price Formation Mechanism” and the drafting of the “14th Five-Year Plan for the Development of the Pharmaceutical Industry (’15th Five-Year Plan’).” The former proposes optimizing the initial pricing mechanism for innovative drugs, supporting high-innovation drugs to set prices in the early stage of listing in a way that matches high investment and high risk.
IV. Summary and Outlook
The core characteristics of today’s market are “opening higher and then falling, index divergence, and structural rotation”:
· Large-cap and mid-cap style: Funds favor large- and mid-cap stocks more; the profit-making effect for small-cap stocks is not concentrated. The yellow line only barely flipped back to red in the afternoon, indicating that the current incremental funds are most likely in the stage of institutional fund replenishment and position restocking;
· Policy mainline: Sectors benefiting from policies such as innovative drugs and power grids have become risk-avoidance exit points for funds;
· Correction of previously strong stocks: Lithium batteries, CPO, and computing hardware—hot themes earlier—pulled back collectively, showing that some funds booked profits at elevated levels;
· External uncertainty: The repeated U.S.-Iran situation remains the biggest variable for the market. Until key disturbances are fully settled, it is not advisable to extrapolate linearly.
💡 Disclaimer: This report is based on analysis and compilation of publicly available information and does not constitute any investment advice.
💡 There are risks in the stock market; invest cautiously.