Contemporary Amperex Technology Co. Limited (CATL), the cornerstone of China’s green energy ambitions, reached a historic milestone on April 13, 2026. The battery giant’s market capitalization across Shanghai and Hong Kong surged past the 2 trillion RMB ($275 billion) threshold for the first time, propelling the tech-heavy ChiNext and STAR 50 indices upward during a morning of intense trading.
This record-breaking valuation comes as investor appetite shifts decisively toward the hardware foundations of the future. Beyond the battery sector, the 'computing power' supply chain—encompassing AI chips and Co-Packaged Optics (CPO)—saw a significant influx of capital. Stocks like Resound and Huashengchang hit their daily limits, while others like Accelink Technologies reached all-time highs.
Despite the bullish headlines for major indices, the broader market painted a more complex picture of winners and losers. More than 3,500 individual stocks trended downward even as trading volume remained robust at 1.4 trillion RMB. This divergence suggests that liquidity is being funneled into a narrow corridor of state-aligned industries while leaving the rest of the market behind.
The digital entertainment sector bore the brunt of this capital rotation, with the gaming industry experiencing a sharp contraction. Major players including Glacier Network and Giant Network plummeted by more than 9 percent in a single session. This volatility underscores the precarious position of consumer-facing software companies in an era where strategic hardware is the undisputed priority.