Market‑Day Recap: April 20, 2026

The Shanghai Stock Exchange opened amid a mix of optimism and caution, with the Shanghai Composite Index hovering near its 52‑week low while the ChiNext Index pushed past an 11‑year high. In the early minutes of trading, a number of sectors surged, most notably liquid‑cooling servers and commercial aviation—both linked to the explosive growth of high‑performance computing and space‑flight technology.

1. Liquid‑Cooling Servers Surge

A dramatic rally began in the liquid‑cooling server theme, driven by the Fourth Data‑Center Liquid‑Cooling Technology Conference held in Shenzhen. Google announced a 50 % increase in its 2026 target for TPU v7 shipments—600 million units—each consuming up to 980 W and entirely reliant on liquid cooling. Morgan Stanley projected that the global AI‑server liquid‑cooling market would rise from $8.9 billion in 2025 to over $17 billion in 2026.

Key stocks in the sector opened with rapid upward movement:

  • Shengyang Shares – 1‑minute vertical limit‑up, eight‑day consecutive limit‑up streak.
  • Huasheng Shares – 1‑minute limit‑up, third consecutive day.
  • Kangsheng Shares – opened with a straight limit‑up, second day in a row.
  • Several other names (Yingvik, Guang’an Aizong, etc.) also recorded limit‑ups or gains exceeding 10 %.

The momentum reflected the broader optimism that high‑density data‑center cooling will become a cornerstone of AI infrastructure, especially as AI workloads continue to scale.

2. Commercial Aviation Gains Momentum

The commercial aviation theme mirrored the server rally in its own right. After the China Space Day press release on April 17, the State Administration of Space announced a series of high‑profile missions for 2026, including:

  • Tianwen‑II approaching a target asteroid.
  • Shenzhou‑23 crewed flights.
  • Long‑March‑10 B and Zhuque‑3 rocket tests, with multiple re‑use validation flights scheduled for late April and Q2.

The sector saw a limit‑up wave on April 20, with more than 30 names reaching their daily upper price bar. China Satellite, Shudao Equipment, Boyun New Material, and Wuguo Optoelectronics were among the most active.

Corporate earnings for the sector also painted a positive picture: China Satellite reported a 18.35 % year‑over‑year rise in revenue to 6.103 billion CNY and a 2 % increase in net profit for the year.

3. Other Notable Market Activity

  • CPO (Colloidal Gold‑Platinum) and Optical Modules: These sectors enjoyed a surge, buoyed by the latest semiconductor and photonics demand. The ChiNext Index reached 3,678.29 points, a 1.43 % gain—its highest level since 2015.

  • Light‑Cooling Servers: Shengyang Shares extended its streak to eight consecutive days, while Wuguo Optoelectronics recorded its eighth day of limit‑ups.

  • AI‑Related Stocks: Litong Electronics and Hegong Technology posted gains of 4 days and 3 days of consecutive limit‑ups, respectively, underscoring the rising appetite for AI‑enabled hardware.

  • Broad Market Dynamics: While the Shanghai Index slipped by 0.1 %, the Shenzhen Composite Index climbed 0.6 %. Trading volume for the two major exchanges and the Beijing market reached 2.43 trillion CNY, an increase of 839 billion CNY from the previous day.

4. TDG Holdings Co. Ltd. in Context

TDG Holdings Co. Ltd., a manufacturer of electromagnetic cores, soft‑magnetic ferrite, and electronic components, sits squarely within the Information Technology sector. As the market pivoted toward high‑density data‑center cooling and AI infrastructure, companies producing magnetic components—critical for power converters, inductors, and RF modules—stand to benefit. Although TDG’s own share price closed at 21.73 CNY on April 16 (its 52‑week high), its valuation remains steep, with a price‑earnings ratio of 1,200.55. The company’s exposure to the expanding AI and server market could drive future revenue growth, especially if the demand for efficient magnetic materials intensifies alongside the adoption of liquid‑cooling solutions.

5. Looking Forward

The combination of AI‑driven server cooling and commercial aerospace expansion signals a period of rapid technological deployment. Investors are likely to monitor how the liquid‑cooling theme evolves—particularly the transition from traditional air‑cooling to advanced liquid systems—and whether this trend spills over into the broader electromagnetic component market, where TDG Holdings operates. For now, the day’s rally underscores a market confident in the continued rise of high‑performance computing and space‑flight ventures, while also reminding participants of the volatility that accompanies rapid sectoral gains.