The three major A-share indices fluctuate differently, with a trading volume exceeding 3 trillion yuan. Precious metals and oil & petrochemical sectors surge.

The three major A-share indices fluctuated today. By the close, the Shanghai Composite rose 0.47%, closing at 4,182.59 points; the Shenzhen Component fell 0.20%, closing at 14,465.79 points; and the ChiNext Index dropped 0.49%, closing at 3,294.16 points. The combined trading volume of the Shanghai, Shenzhen, and Beijing markets reached 3.04 trillion yuan, a significant increase of 539.8 billion yuan compared to the previous trading day.

Industry sectors saw more declines than gains, with precious metals, oil and petrochemicals, aerospace equipment, ground military equipment, and shipping ports leading in gains. Advertising, film and television theaters, media, telecommunications services, and gaming sectors experienced the largest declines.

In individual stocks, over 1,100 stocks rose, with nearly 100 hitting the daily limit-up. The precious metals sector surged, with Western Gold, Sichuan Gold, Zhaojin Gold, Hunan Gold, Shandong Gold, and Chifeng Gold hitting the limit-up. The oil and petrochemical sector also saw a surge, with more than 20 stocks including PetroChina, CNOOC, and Sinopec reaching the limit-up.

Today’s Highlights

Global Gold, Silver, and Oil Prices Rise Collectively! Trump Says He Agrees to Dialogue with Iran’s New Leadership

During early Asian trading hours, international oil prices jumped sharply, with WTI crude futures opening up over 11%. Brent crude surged 13% to $82 per barrel. Gold and silver prices also rose collectively, with spot gold rising over 1.5%, briefly breaking $5,360 per ounce; spot silver increased nearly 2%, breaking through $95 per ounce during trading. CCTV reporters learned on March 1 (local time) that U.S. President Trump stated Iran’s new leadership is interested in resuming negotiations, and he has agreed to engage in dialogue.

Major Assets Soar! Middle East Tensions Trigger Global Market Fluctuations! Latest Response from U.S. Central Command

The Middle East situation has caused global market volatility. Both Iran and the U.S. have released new information. According to CCTV News, on March 1 (local time), the U.S. Central Command issued a statement denying Iran’s claims of significant U.S. military casualties in the Middle East. Previously, Iran’s Islamic Revolutionary Guard Corps claimed Iran’s counterattack had caused 560 U.S. military casualties.

Iranian Foreign Minister: New Supreme Leader May Be Chosen in One or Two Days; Iran Will Not “Block” the Strait of Hormuz

According to CNN, Iranian Foreign Minister Araghchi said the new Supreme Leader could be selected within one or two days. He stated in an interview with Qatar’s Al Jazeera that Iran’s government institutions are functioning normally.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, Oman Announce Increased Oil Production

OPEC issued a statement on the 1st, saying eight major oil-producing countries have decided to increase daily oil output by 206,000 barrels in April. Representatives from Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting to discuss the international oil market situation and outlook.

15 Brokerage Firms Rapidly Analyze US-Iran Conflict! Short-term Limited Impact on A-shares; Focus on Two Main Themes

Most institutions believe this conflict marks a substantial realization of Middle East geopolitical risks, which will dominate global asset pricing in the short term. However, its impact on Chinese assets is mainly on risk appetite. The medium-term upward trend of A-shares remains intact, with resource commodities and domestic AI computing power chains being the two main focus areas for institutions.

Institutional Views

CITIC Securities: Narrative-Driven, Price Increase Catalyzing Trend Continues

Narrative-driven and price increase catalysts remain the main drivers of the market. High-gain sectors such as precious metals, charging and power equipment, and bulk chemicals are mainly sentiment-driven; sectors like intelligent driving, media and gaming, humanoid robots, and liquor are also sentiment-driven despite modest gains. Some sectors with very high gains, such as rare earths, small metals, wind power, and chip design, are classified as fundamentally driven. Conversely, sectors with moderate gains but high discussion volume, like North American AI computing power and cement materials, are considered fundamentally driven. Whether driven by event catalysts or signals from volume and price, the themes of price increases and AI remain within safe zones. The outbreak of Iran’s geopolitical risks and the rising expectations of policies related to “anti-involution” around the Two Sessions may further reinforce the price increase theme. From a allocation perspective, AI exposure plus supply constraints suggest a continued upward trend in prices expected through March.

Huatai Securities: Focus on Policy-Driven Varieties

Spring market volatility is one of the more predictable calendar effects in the A-share market, with clear early signs this year. The underlying logic of this seasonal effect may still be valid but shows some differences from previous years: 1) The high trading volume after the holiday indicates ample liquidity, but the visibility of risk premium expansion has decreased, and the upward slope of the market may slow compared to previous years, increasing the need to identify structural opportunities; 2) Regarding style, questions remain whether the shift from technology to cyclical stocks after the holiday has occurred earlier. The transition from small-cap to large-cap stocks still depends on liquidity turning points, the recovery trend of large-cap value stocks, and market sentiment, with a window expected around March-April. For allocation, focus on thematic investments and cyclical strategies, prioritizing policy-driven themes and sectors such as communication equipment, small metals, rare metals, batteries, and building materials.

Shenwan Hongyuan: Also Discussing “HALO Trading”

After the Spring Festival, the A-share market’s response to long-term technology narratives has been relatively weak, but it has responded very positively to visible “new and old economic inflation.” This relates to the “HALO trading” concept in A-shares and the Fed’s easing expectations, which have already played out in the technology narrative. The mid-term “second phase rally” is expected, with a likely window around mid-2026. The leading sectors and styles in these two phases are consistent: “inflation assets” in this era are technology and strategic resources. The most visible short-term inflation directions are mainly from structurally advantageous cyclical commodities (steel, coal), which may see short-term concentrated gains, but demand validation in March-April raises doubts about sustained price increases. Cyclical allocation should still focus on strategic assets inflation (non-ferrous metals, basic chemicals, oil, shipping). The mapping of new economic inflation to traditional sectors remains the strongest short-term trend, with investment opportunities in internal combustion engines, fiberglass, optical fibers, and storage.