أسهم A، تغير مفاجئ بعد الظهر! 301008 يحقق لوحين متتاليين، وظهور مفهوم "تشينغ شيوه للآلات" يتفجر!

Investing in stocks mainly relies on the Golden Qilin analyst research reports—authoritative, professional, timely, comprehensive—helping you uncover potential themes and investment opportunities!

The “Zhangxue Motorcycle” concept has become one of the market hotspots.

On March 31, A-shares broadly fell. The Shanghai Composite Index fell below 3900 points, and the ChiNext Index, the STAR Market composite index, and others dropped by more than 2%. Hong Kong stocks also weakened, and the Hang Seng Tech Index once fell by more than 1% intraday.

Specifically, major A-share indices accelerated their decline after midday, with the ChiNext Index and others down by more than 2%. As of the close, the Shanghai Composite Index fell 0.8% to 3891.86 points, the Shenzhen Component Index fell 1.81%, the ChiNext Index fell 2.7%, and the STAR Market composite index fell 2.48%. Total trading volume across the three exchanges in Shanghai, Shenzhen, and Beijing was approximately 2.01 trillion yuan, up about 100 billion yuan from the previous day.

Nearly 4400 A-share stocks ended the day with negative performance. Resource stocks such as coal, petroleum, electricity, and chemical products all fell collectively. Jinniu Chemical approached the daily limit down. China National Offshore Oil, PetroChina, and others fell by more than 2%. The storage concept also dropped sharply: 100V Storage and Shannong Chuangxin fell by more than 8%, and Zhaoyi Innovation fell by about 7%. The high-speed rail concept surged: Eagle Heavy Industry hit a 20% daily limit up, and Shenzhou High-Speed Rail won back-to-back limit-up boards. Banking stocks rose: Bank of China and Agricultural Bank of China rose by more than 3%; and Construction Bank and others rose by more than 1%. The innovative drug concept remained active: Tianjin Pharmaceutical had three consecutive limit-up boards, Hailaiy? (?) hit the daily limit up, and Wanbangde hit a limit up at the close, setting a new historical high. The sports concept was active, with Shuhua Sports and Zhōngti Industry both hitting limit-up boards. Worth noting is that the “Zhangxue Motorcycle” concept exploded: Hongchang Technology (301008) hit the daily limit for two consecutive days.

In Hong Kong stocks, as of the close, Hailaiy? (?) rose by more than 13%, WuXi Biologics rose by more than 5%, and Midea Group rose by nearly 7%.

Banking sector rallies

The banking sector surged against the trend during the day. As of the close, Bank of China and Agricultural Bank of China rose by more than 3%, Pudong Development Bank rose by nearly 2%, and Construction Bank and others rose by more than 1%.

In terms of the industry, as of March 29, 2026, 22 listed commercial banks had disclosed their 2025 annual reports or annual performance quick reports. Of them, 13 disclosed annual reports and 9 disclosed annual performance quick reports. Results from the disclosed 2025 annual reports show that, for the 22 banks, the weighted-average revenue and profit year-on-year growth rates were 1.05% and 1.77%, respectively, generally in line with expectations. It is expected that the variance in subsequent disclosures of banking operating results will be small.

CITIC Securities said that looking ahead to the first quarter, bank asset deployment will remain stable, net interest margins will decline as expected, credit risk conditions will remain relatively stable, and the profit growth curve will continue a pattern of stabilizing and rising. Due to a decline in market risk appetite for funds, and because the broad liquidity environment remains relatively stable, equity assets such as bank stocks may be more favored by funds subject to lower drawdown requirements. Both relative and absolute returns are expected to continue.

Galaxy Securities believes that the escalation of the Iran-U.S. conflict brings imported inflation, meaning banks face potential challenges operationally. However, for now, policy still focuses mainly on expanding domestic demand. In addition, banks’ credit structure continues to improve, which is expected to ease demand pressure caused by inflation. Large banks will continue to replenish capital, risk control capabilities are being strengthened, and overall impact is controllable. Although the banking sector has seen some pullbacks recently, near-term safe-haven demand is a short-term positive for the allocation value of the banking sector. Future repair is expected to come more from improvements in fundamentals. In 2026, earnings elasticity is expected to be released further. In an environment of low interest rates and accelerated entry of medium- to long-term funds into the market, the banking sector’s dividend/valuation premium characteristics—high dividend yield and low valuation—remain persistently attractive to long-term funds such as insurance capital, and will accelerate valuation re-pricing and restructuring.

The “Zhangxue Motorcycle” concept surges sharply

Boosted by the excellent performance of the Zhangxue Motorcycle in the World Superbike Championship, related companies’ stock prices on A-shares surged collectively. Among them, Hongchang Technology hit the daily limit again after midday for two consecutive sessions; Hongquan Technology surged by more than 16% and once touched the daily limit intraday; and Zhenghe Industrial also hit the daily limit after midday.

The Zhangxue Motorcycle recently won the championship in the WSBK middleweight category, drawing market attention. This marks the first time a Chinese motorcycle manufacturer has won in WSBK’s top-tier event, breaking the long-standing dominance of European and Japanese brands such as Ducati and Yamaha.

According to CCTV News, on March 28 Beijing time, in the first race of the SSP class at the World Superbike Championship (WSBK) Portugal round, French rider drove the Zhangxue Motorcycle’s 820RR-RS racer to victory with an advantage of nearly 4 seconds over the second place. In the second race held on the 29th, the Zhangxue Motorcycle took another win, achieving back-to-back victories.

According to information available, Zhenghe Industrial is the official technical cooperation partner of the Zhangxue Motorcycle. For a long time, the company has been committed to fighting side by side with world-class racing teams and jointly developing race-level chain system product solutions.

Hongquan Technology said in a news release this February that the Zhangxue Motorcycle granted Hongquan Technology the title of “strategic cooperation partner.” The company officially sponsors the Zhangxue Motorcycle and will compete in the 2026 WSBK World Superbike Championship.

Storage concept falls

The storage concept saw a significant intraday drop. As of the close, 100V Storage and Shannong Chuangxin fell by more than 8%, Zhaoyi Innovation fell by about 7%, and Juguang Technology, Purui Co., Ltd., Beijing Junzheng, and others fell by more than 5%.

On the news front, Google recently rolled out a TurboQuant memory compression technology. Google said TurboQuant can reduce the memory usage of the key parts of large language model runtime—key-value cache (KVCache)—to 1/6 of the original, without losing accuracy. Some market views believe that this technology will reduce AI’s demand for memory.

However, Guolian Minsheng Securities believes that breakthroughs in memory compression technology will long-term drive continuous expansion of demand in the storage market. The leap in memory efficiency brought by TurboQuant, in the long run, may increase storage demand through multiple transmission logics, rather than compressing market space. Based on the “Jevons paradox” in economics, the technology substantially lowers the compute-power and memory thresholds for AI inference, which is expected to drive AI capabilities to permeate all scenarios; it may also cause the total number of global AI server deployments to grow multiple times, thereby expanding overall storage demand.

CITIC Securities noted that, according to the “Jevons paradox,” improvements in algorithmic efficiency will significantly lower the per-Token generation cost, thereby stimulating users to enable higher concurrency and longer context. Ultimately, total storage capacity demand will not decrease but increase instead. At the NVIDIA GTC2026 conference, “Token factory economics” was emphasized. Its core significance is to strengthen the strategic position of storage in AI infrastructure—storage power metrics such as bandwidth and capacity have become the core for system upgrades. Similar to TurboQuant lowering the per-Token generation cost, it helps cloud providers improve capital return rates, support continuous investment in AICapex. At the same time, this also means that the profit ceiling of the storage industry will be opened for the long term.

Massive information and precise analysis—available on the Sina Finance APP

责任编辑：刘万里 SF014