Market Close: The Shanghai Composite Index rose by 1.78%. Power and micro-cap stocks led the industry sectors and style sectors, respectively.

From: Xinhua Finance

Xinhua Finance, Beijing, March 24 (Luo Hao) On the morning of the 24th, the three major stock indexes of the Shanghai and Shenzhen markets opened significantly higher. Each index experienced fluctuations and pulled back at the beginning, rebounding during the early trading session. After that, the Shanghai Composite Index consolidated within a narrow range while significantly rising, the Shenzhen Component Index also consolidated within a narrow range while slightly rising, and the ChiNext Index fluctuated downwards after rebounding near the flat position. In the afternoon, the indexes adjusted slightly, and after 1:31 PM, they all began a sustained upward trend. By the close, the Shanghai Composite Index had risen sharply, with the Shenzhen Component Index and ChiNext Index also seeing significant increases.

From the market perspective, multiple sectors such as electricity, trade agency, biomass energy, prefabricated construction, CXO concept, private hospitals, underground pipelines, aquatic products, and shipping concepts all showed a trend of oscillation and rise throughout the day. Some high-end chip stocks saw substantial increases during the early session, while sectors such as composite copper foil, storage chips, humanoid robots, liquid-cooled servers, and PCB concepts rebounded significantly during the afternoon session. In terms of style sectors, micro-cap stocks, active small-cap state-owned enterprises, and newly listed stocks on the Sci-Tech Innovation Board saw substantial increases.

By the close, the Shanghai Composite Index reported 3881.28 points, a rise of 1.78%, with a trading volume of approximately 931.4 billion yuan; the Shenzhen Component Index reported 13536.56 points, a rise of 1.43%, with a trading volume of approximately 1151.4 billion yuan; the ChiNext Index reported 3251.55 points, a rise of 0.50%, with a trading volume of approximately 519 billion yuan; the Sci-Tech Innovation Index reported 1639.06 points, a rise of 3.24%, with a trading volume of approximately 213.5 billion yuan; the North Star 50 Index reported 1268.13 points, a rise of 1.94%, with a trading volume of 13.358 billion yuan.

Institutional Views

Jufeng Investment Consulting: On Tuesday, the market fluctuated, with the electricity sector leading in gains. From the current trend, the market has shown significant differentiation, with resource stocks like oil and gas exhibiting an obvious seesaw trend compared to tech stocks. Currently, external black swan events have not yet calmed down, and the A-shares’ movements will still be volatile. Investors can focus on the low-buying opportunities of industry leaders after previous hot sectors have retraced. From a long-term trend perspective, under policy stimulus, A-shares are expected to synchronize with the economy and show an upward turning point. In terms of specific investment directions, it is recommended to pay attention to the increment opportunities in sectors with sustained high prosperity, such as semiconductors, consumer electronics, artificial intelligence, robotics, and commercial aerospace.

Huatai Securities: After short-term sentiment has been sufficiently released, there may be a rebound from oversold conditions. Before the mid-term geopolitical situation becomes clearer and the volatility and correlation of major asset classes return to normal levels, it is advisable to continue controlling positions and maintain defensive allocations while waiting for right-side signals. China’s energy diversification is high, and the related industrial chain is also an advantageous industry for exports. Under supply shocks, the global share of some tradeable products is expected to increase. In the long run, Chinese assets may demonstrate relative resilience.

China Merchants Securities: In April, listed companies will enter a concentrated disclosure period for annual reports and first-quarter reports. It is expected that the sub-sectors with sustained high growth or improvement in the first-quarter reports mainly include: (1) Price increase chain: petroleum and petrochemicals, non-ferrous metals, chemicals, electric power equipment, etc.; (2) Export advantage manufacturing: textiles and clothing, integrated circuits, medical devices, components, general equipment, engineering machinery, ships, etc.; (3) TMT price increase diffusion fields: semiconductors, components, communication equipment, etc.

News Front

China’s daily average token call volume exceeds 140 trillion

Liu Liehong, head of the National Data Bureau, stated at a press conference held by the State Council Information Office on the 24th that as of March this year, China’s daily average token call volume has exceeded 140 trillion, an increase of over 1000 times compared to 100 billion at the beginning of 2024, and a 40% increase in just three months compared to 100 trillion at the end of 2025. “The significant increase in daily average token call volume fully demonstrates that China’s artificial intelligence development has entered a rapid growth stage.” Liu Liehong stated that the application scenarios of artificial intelligence are continuously deepening, from dialogue capabilities to decision-making execution agents, with China’s artificial intelligence industry’s competitiveness significantly enhancing. The current focus on token overseas expansion is a sign of this enhanced industrial competitiveness.

“2026 Energy Industry Standard Project Guidance” issued

The Comprehensive Department of the National Energy Administration issued the “2026 Energy Industry Standard Project Guidance,” closely focusing on the tasks of building a new energy system, ensuring energy security and green low-carbon transition, and promoting the development of new technologies, new industries, and new business formats in the energy sector. It emphasizes key areas and critical technical requirements and proposes an energy industry standard plan. For technologies with certain application prospects but still under development, or new industries, new business formats, and new models that change rapidly, it explores support through standardized guiding technical documents. It encourages private enterprises, foreign-funded enterprises, and various entities to participate in the standard formulation and revision work. It supports benchmarking against international standards, based on actual industry development, promoting the mutual transformation of international standards and energy sector standards, and advancing the compatibility of the standard system.

Three departments issue documents to regulate the management of traditional Chinese medicine services in grassroots medical and health institutions

On March 24, the National Administration of Traditional Chinese Medicine, the National Health Commission, and the National Disease Control Bureau jointly issued the “Basic Norms for the Management of Traditional Chinese Medicine Services in Township Hospitals and Community Health Service Centers,” clarifying that township hospitals and community health service centers should be able to provide more than 10 traditional Chinese medicine techniques from among six categories, including Chinese medicine decoction pieces, acupuncture, moxibustion, guasha, cupping, minimally invasive traditional Chinese medicine, tuina, hot compress therapy, bone and joint care, and anorectal techniques.

Editor: Wang Yuanyuan

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