98 stocks selected as broker April's top picks, with the most stocks in the Power Equipment industry

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Since March, amid disruptions from geopolitical risks, the A-share market has continued to trade sideways. Brokerage firms remain firmly optimistic about the long-term allocation value of Chinese assets and have released positive assessments in succession. Recently, brokerages have gradually disclosed their April “Golden Stocks,” covering nearly 100 underlying names across major core sectors; among them are quality stocks with high earnings growth, which have also been reinforced by long-term funds such as the Social Security Fund, becoming the main line that offers allocation value in the current choppy market.

Optimistic about the future prospects of Chinese assets

With global markets continuing to be affected by geopolitical factors, many brokerages have pointed out that Chinese assets are expected to demonstrate resilience in a complex environment, and the attractiveness of medium- to long-term allocation is gradually becoming more prominent.

A Ping An Securities research report believes that, amid repeated geopolitical risk fluctuations, short-term equity market volatility may continue. Defensive styles and the energy security sector may relatively outperform; from a medium- to long-term perspective, the strengths of China’s complete and secure supply chain are expected to be further reinforced, and the attractiveness of RMB-denominated assets may benefit accordingly.

A research report by Guojin Securities holds that, on one hand, China has globally leading coal-to-chemicals and power equipment industry supply chains. The completeness of its energy system not only reduces vulnerability to external shocks, but also enables the provision of effective energy substitution for the global market. On the other hand, China’s leading manufacturing companies are in historically undervalued ranges compared with overseas giants in terms of P/E ratios and capacity value dimensions; the fact that they continue to grow exports is itself proof of the foundation for a re-rating. At the same time, China’s domestic demand shows signs of endogenous recovery, and FX conversion from exports may be transmitting into domestic demand.

Brokerages recommend 98 April “Golden Stocks”

According to data compiled by Securities Times · Data Bao, as of the close on March 31, 14 brokerages had already issued their April Golden Stocks, for a total of 98 Golden Stocks listed. Judging by industry distribution, the April Golden Stocks cover the most individual stocks in the power equipment industry, with a total of 9; the five industries of electronics, machinery equipment, basic chemicals, communications, and non-ferrous metals each have 6.

15 stocks received recommendations from two or more brokerages. China National Offshore Oil (CNOOC), ENN / 中际旭创, WuXi AppTec, Anyi Food, and Zijin Mining each received recommendations from three brokerages. Among them, CNOOC recorded the highest rise in March, with an increase of 11.51%. Ping An Securities believes that high and favorable oil and gas conditions are expected to continue, and the company has advantages of low cost plus steady volume growth.

EN / 中际旭创 rose 6.63% in March. Galaxy Securities said that the company benefits from the growth in demand for high-speed optical modules represented by 800G, together with the increased penetration rate of silicon photonics optical modules. At the same time, with silicon-photonics-based 1.6T optical module mass production and scaled shipments, the products have a foundation for both volume and price to rise.

From the market perspective, the April Golden Stocks recommended by brokerages have fallen an average of 2.48% since March. Star Pharma, Yaxiang Integration, and Easier Sheng have led the gains, reaching 56.41%, 24.74%, and 23.06%, respectively.

4 Golden Stocks saw significant earnings growth

As of the close on March 31, among the April Golden Stocks recommended by brokerages, 48 had already released their 2025 annual reports. Overall performance has generally been positive: 1 stock turned around from losses, and 35 stocks’ attributable net profit increased year over year. For Zhimingda, Jinhaitong, ENN / 中际旭创, and WuXi AppTec, year-over-year growth in attributable net profit was all above 100%.

In 2025, Zhimingda achieved attributable net profit of 102 million yuan, up 425.27% year over year. The company said that with a significant increase in customer demand, new orders in 2025 grew significantly compared with the same period of the previous year. Increased deliveries led to higher revenue. Specifically, revenue from airborne products grew 51% compared with the same period of the previous year, revenue from deployable/launchable products grew 167%, and revenue from other product categories grew 49% compared with the same period of the previous year. By the end of 2025, the company’s backlog was 417 million yuan (including verbal commitments).

In 2025, Jinhaitong achieved attributable net profit of 177 million yuan, up 124.93% year over year. The company’s revenue grew strongly both domestically and internationally: domestic revenue was 610 million yuan, up 67.15%; overseas revenue was 85.9314 million yuan, up 125.62%. Since its founding, the company has focused deeply on the field of integrated circuit test sorting systems. Technical indicators of its products—such as testable chip sizes, UPH, testing pressure, temperature range, and stability—are all at internationally advanced levels.

Some brokerages’ April Golden Stocks were favored by the Social Security Fund. Among the 48 stocks that released annual reports, 13 appeared with the Social Security Fund in their top ten tradable shareholders list. The total market value of the Social Security Fund’s holdings reached 11.922 billion yuan. BYD, Haier Smart Home, and China Jushi are in the lead, with 3.813 billion yuan, 1.905 billion yuan, and 1.462 billion yuan, respectively.

(Source: Securities Times)

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