Growth Enterprises Market rebounds 0.5%, computing power hardware rallies across the board, Hang Seng Tech Index falls nearly 1%, Tencent Music plummets over 20%

On March 18, A-shares experienced mixed fluctuations, with the Shanghai Composite Index slightly down, the ChiNext Index modestly up, and hardware computing stocks rebounding. Directional gains were seen in sectors such as computing power hardware, CPO, circuit boards, memory, and HBM, while oil, chemical, and white wine sectors saw adjustments.

Hong Kong stocks also showed divergence. The Hang Seng Tech Index fell early, with most tech stocks declining; Tencent Music plummeted 20%. Semiconductor and chip stocks surged, with GigaDevice Innovation rising over 8%.

In the bond market, all treasury futures rose. In commodities, most domestic futures declined, while shipping index and crude oil increased; lithium carbonate fell over 3%. Market highlights:

A-shares: As of press time, the Shanghai Composite fell 0.29%, the Shenzhen Component declined 0.15%, and the ChiNext rose 0.44%.

Hong Kong stocks: As of press time, the Hang Seng Index increased 0.08%, and the Hang Seng Tech Index decreased 0.78%.

Bond market: Treasury futures all declined; as of press time, the 30-year main contract rose 0.02%, the 10-year main contract increased 0.03%, the 5-year main contract up 0.02%, and the 2-year main contract up 0.01%.

Commodities: Domestic commodity futures showed mixed trends. As of press time, shipping index, crude oil, and asphalt rose over 2%. Aluminum oxide, fuel oil, coking coal, caustic soda, hot-rolled coils, rebar, coke, iron ore, soybean meal, and eggs gained; manganese silicon, Shanghai gold, rapeseed, platinum, stainless steel, industrial silicon, palladium, Shanghai aluminum, and copper declined slightly. Pulp, glass, Shanghai nickel, rubber, polysilicon fell over 1%. Shanghai silver dropped 2%, while tin and lithium carbonate fell over 3%.

09:59

Tencent Music opened lower and declined sharply, dropping over 20% in early trading.

News: Wall Street Insights reports that on March 17, Tencent Music released its Q4 and full-year financial results. Amidst the peak of traffic dividends in the entertainment industry, the results showed strong resilience: for 2025, total revenue reached 32.9 billion yuan, up 15.8% year-over-year; adjusted net profit was 9.92 billion yuan, up 22%. In Q4 alone, total revenue was 8.64 billion yuan, up 15.9%.

09:51

Shipping concept stocks surged rapidly, with COSCO Shipping Energy touching the daily limit; China Merchants Energy Shipping, COSCO Shipping Special, Air China Ocean, China Merchants Port, and COSCO Shipping Development also rose.

09:43

PCB concept stocks gained strength quickly, with Jinlu Electronic up over 15%, and stocks like Shanghai E-Top, Aohong Electronics, Guanghe Technology, Aoshi Kang, Dongwei Technology, and Mingyang Circuit following suit.

According to Dongwu Securities, based on the GTC conference, a single LPU server consists of 32 trays, with each tray integrating 8 LPU chips. Compared to previous cabinet architectures, the number of trays per cabinet (equivalent to PCB count) has significantly increased, representing an added volume in the PCB segment.

09:41

Early trading saw a rebound in CPO concept stocks, with Rising Sun Reach up 4 consecutive days of limit-ups, and stocks like Tiansu Communication, Yuanjie Technology, Deke Li, Shenkeda, Xin Yisheng, and Guangxun Technology leading gains.

News: On March 16, local time, Nvidia announced the Feynman chip, which introduces optical communication between chips for the first time, capable of reducing AI data center communication energy consumption by over 70%.

09:37

Oil and gas stocks sharply declined early, with Intercontinental Oil & Gas hitting the daily limit down, Shandong Molong approaching the limit down, and stocks like Tongyuan Petroleum, Zhunyou Shares, Beiken Energy, and Zhongman Petroleum also falling.

09:33

Storage chip stocks were active, with Buwei Storage rising over 5% to a new high, Langke Technology up over 8%, and Jiangbolong, Beijing Junzheng, Hengshuo Shares, Shannon Chip, and GigaDevice Innovation also rising.

News: U.S. storage chip stocks rose across the board, with Western Digital up over 9%, Seagate Technology up over 5%, and Micron Technology gaining over 4%, reaching historic highs. Samsung Electronics’ union will vote this Wednesday on the company’s largest strike plan in history; if approved, chip production could be halted in May.

09:26

Shanghai Composite Index opened 0.08% higher, ChiNext up 0.85%. Memory, CPO, computing leasing, and semiconductor themes strengthened; oil & gas, chemical fiber, and nuclear power sectors declined; wind power and phosphate chemical stocks weakened.

09:21

Hang Seng Index opened 0.21% higher, Hang Seng Tech Index up 0.1%. Bilibili, Huahong Semiconductor, and Pop Mart rose over 2%; Tencent Music fell 15%, and XPeng Motors declined over 3%.

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