Weekend review on March 27, 2026. Waiting patiently for the two legs to land.

Overnight U.S. stocks are falling hard, and on top of that, the Thursday late-session auction price rush of Huadian Liaoning Energy has “front-run” the market—so ahead of the open, sentiment was panicked. Why am I saying this? Because it matches today’s intraday price action. If you were the main force, at this position, wouldn’t you consider doing a quick “T” on sentiment? There’s no better opportunity. It also indirectly shows how much control our market has. As long as the overall external environment doesn’t change, everything is within control. It will make retail investors feel that there’s no problem, but from the broader trend, the market’s trading volume will be more truthful. [TaoStock]

After 9:00, A50 didn’t have much negative feedback. After the opening call auction, the focus was on the stocks that dropped last night along with the sentiment—one was Yuning Holding from Wednesday, and the other was Huadian Liaoning Energy from Thursday. Yuning Holding basically opened flat with no meaningful difference, eliminating one hidden risk. Huadian Liaoning Energy, in the last two minutes of the auction, was pulled up from underwater, and the trading volume wasn’t big, which indicates extremely high control by the main force. Then, according to what we said yesterday—looking at the auction environment—this environment on the short-term here is Guangxi Energy as a one-word line; yesterday it was Fujian Min Energy as a one-word line. Huadian Liaoning Energy and Yuning Holding are basically the same as Huadian Liaoning Energy yesterday in terms of environment. And the external environment is actually pretty misleading: here retail investors find the U.S. stocks very scary, but for A50 there really wasn’t negative feedback, so it’s possible to stabilize. The core takeaway in this part is simply the words “auction environment.” At the same time, it’s also the main force’s will!

With the environment being similar, then look at the details. Yesterday in the comment section, we also mentioned that quantitative trading involvement was pretty obvious. Here you can refer to the examples in the comment section: at the time, the examples included Zhejiang New Energy, Jinkai New Energy, Energy-Saving Wind Power, Liaoning Energy, Guangdong Electric Power A, and so on. Many of those were stocks that had been on consecutive daily limit-up moves yesterday. Then you have to guess their motivation—why did so many tickets want to return yesterday? The purpose was to play catch-up on lagging gains (supplementary strength). And quant trading thought the same way.

Also someone in the comment section asked: why do you judge that it was quantitative trading lifting? The logic is: if it was done by day traders (youzi), then the funds should focus on one place to hit it together. After hitting into trouble, they’d then cut to another. But yesterday wasn’t like that. Just the five examples I mentioned above, and plus all of these, and the rally amplitude was also very large—only quantitative trading fits. If it were youzi, pushing even one of them would be hard. Normally, the push rhythm should be like March 24 with Energy-Saving Wind Power: push first, and only if it doesn’t work then go pull Jinkai New Energy, and then finally both achieved limit-up. And the next day, funds still did Energy-Saving Wind Power, because the funds’ original motivation was Energy-Saving Wind Power. So later, when judging whether quant trading is doing batch entry, the keywords are: amplitude, timing difference, and the resulting collective force (合力)!

The final outcome is as shown in the chart below. Today there was only one stock—Ningbo Energy—that had an afternoon reverse (a buy-the-dip type of re-limit). The rest basically had declines around 7%. Was Jinkai New Energy slightly better? Then you need to think why. Because Jinkai New Energy wasn’t a consecutive-limit-up then a break; it wasn’t a “连板断板” situation. And yesterday, the following-the-leader amplitude was the smallest. This indirectly shows that the negative feedback for consecutive-limit-up in the power sector has already started. All of this is normal: if even the leader can’t make it, what about others?

Another point: the quant boards we wanted to verify yesterday—Fujian Min Energy and JinKong Electric Power. For Fujian Min Energy, it was said that it “rode on” the status of Fujian by one step. But Pingtan Development and Strait Innovation told retail investors in the opening call auction yesterday what the result of “riding on” would be. So Fujian Min Energy炸板 (blew up) during the day yesterday, and today at the open it cashed out directly. For JinKong Electric Power, its auction was actually similar to Fujian Min Energy—except one went down at auction and the other went up, moving in opposite directions. Because retail investors have the desire to play catch-up strength. But during this time window, Fujian Min Energy got the position advantage to go for 2→3 and failed; then JinKong Electric Power is facing the same problem. In the power sector, the 3→4 attempts so far are all failures. Hunan Development today also quickly surged and then fell back. The earlier Zhongli Group wasn’t “pure” but at least it was in the new energy area; all of it came with negative feedback. And the mid-cap region is continuously declining.

Switch the thinking: for this power-sector rally, whether it’s Yuning Holding or Hangdian Co., Ltd. (杭电股份) has been grinding here without touching the 200% move. Hangdian Co., Ltd. has had 35 trading days. Their trading approach clearly doesn’t want the power sector to move too fast. But if the catch-up strength (补涨) does come out, it will inevitably be an acceleration situation—then the sector will have nowhere to go except for a collective acceleration. This is not what the main force wants to see. If we assume the judgment is correct and that this possibility exists, then reverse the reasoning: when does the power-sector catch-up accelerate, and when does the sector reach its end stage? And all of this must begin with the two villains: China Aerospace (商业航天) and Silver & Nonferrous (白银有色). Without those two accelerating, there would be no current走势! From here you also get experience: market style switching is based on the style opposition created by the sentiment from the previous round!

After the close: Yuning Holding hit the limit-up, Hangdian Co., Ltd. also hit limit-up. As for Huadian Liaoning Energy, it connected (held) the divergence. On Monday, the sector was in a continuation of divergence. What was tested were the few that had consecutive limit-ups and reverse-back (反包)—that is, JinKong Electric Power, Guangxi Energy, the reverse-back in the morning: Oriental Xinneng, and in the afternoon: Ningbo Energy. Guangxi Energy was accumulation from the early stage with quant acceleration. JinKong Electric Power is also not very suitable to run as consecutive-limit-ups; the focus should be on the two reverse-back moves and the low-position first limit-ups. The expectation is that by Tuesday intraday, the power sector’s odds will be bigger.

Guiguang Network hit a one-word limit-up and carried a wave into Tian D i Online (天地在线). Broadcom Network (广电网络) blew up at limit-up. As for computing power: in the morning, Huangguan Xinneng (光环新网) surged first, so it was initially looked at as a self-rescue. Under a shrink-volume condition, plus the fact that earlier the computing power sector has basically each wave being driven by quant trading, and the rhythm is “ever since ages ago” and never changes—quant pushes up, next day unloads (sells to distribute), and the third day is a big bearish long candle. No matter how the media hypes it, the method later is only one: you must actively walk out of it—only if there is strong momentum that can knock out other sectors can you look at it. You must not, when the power sector is resting, just rely on a quant “pulse” to get a move. At the same time, this is also a point to track the evolution of the later trading tape: whether a sector’s accumulation and distribution are fully left to quant trading or not.

The auction also had unusual activity in Rongjie Shares and Haike New Energy. This is like chopping off a leg of the “problem” (meaning: it’s a clear sign). Haike New Energy was knocked down because the environment affected it. So the question I kept thinking about here is: how can you continue to bring the buy point forward. This point, tonight’s recap will definitely need to be combined and reviewed together.

First is the judgment on the index: space.
Second is the judgment on the environment: risk-reward ratio (盈亏比). Use the environment to create an expectation gap.
Third is the judgment on the sector: continuity.
Fourth is the judgment on the main force: sincerity. And today’s A50 showed continuity.

These were actually what I’m best at before. Recently, the market action has been made “dull,” and people think it’s not worth analyzing. But you still have to pick it up again. Otherwise, when you open and see the tape is pulling up on shrinking volume, you’ll think the volume isn’t enough and it will delay your buy point. And then afterward, it’s basically either Jiangte Electric (江特电机) and Jinyuan Shares (金圆股份) doing instant limit-ups, like Nord Shares (诺德股份), which gives a bit of buffer time—otherwise it’s institutions. But if you chase here with institutions, the price-performance ratio is also a problem; the profit cushion isn’t thick enough.

As for Monday’s batch moves by the sector: the volume wasn’t really sufficient. The best outcome is low-position leaders actively catching up on gains. In the afternoon, Ganfeng Lithium (赣锋锂业) kept exploding at the board (couldn’t hold limit-up). At that time, in the notes, the market volume was around the 800 billion range with shrinkage. At this moment, the market didn’t choose to continue expanding volume. Instead, it chose to rotate back into theme plays (回流题材). Note: at this time, it wasn’t a rotation back into technology. Yizhong Tian (易中天) also fell back. And the index is currently close to the upper rail; there isn’t much space left. So on Monday, it was highly likely a “front row surges then falls back” and “back row divergence” situation.

Back to intraday
At 9:30, Suli Shares (苏利股份) directly did an instant limit-up. A fan asked: in the mid-morning report, why didn’t you analyze chemicals? Look at the price action of Jinzhengda (金正大), Lubei Chemical (鲁北化工), Baichuan Shares (百川股份), Chitianhua (赤天化), and others—basically they all opened and rushed into instant limit-ups. For every minute you’re slower, the cost goes up by one step. Under news-driven stimulation, the chemical sector’s weighting and the prior computing power sector’s weighting are undoubtedly different—if you dare to chase, the next day might not necessarily have a good result; uncertainty is high. Either you’re stubborn and go for the first board on the news, or you don’t look. And your confirmation point can’t be low.

At 9:32, Binhai Energy (滨海能源) first sealed the board—it already carried a bit of chemical-sector meaning. The second time it re-sealed was because of lithium battery materials, “riding” on the spotlight of lithium mines (锂矿).

At 9:40, Tiandi Online (天地在线) sprinted into limit-up. At this time, LEO (利欧股份) and Blue Mark (蓝色光标) also appeared on the board. The lower bound held steady. Here, there wasn’t much of an intraday problem. At this time, the tape showed a situation where the yellow line was above and the white line was below. As for those institutions, whether it’s storage chips or CPO, they reported in at the auction and basically went: they’re only going to warm up sentiment intraday and won’t drag too much momentum behind. The only thing to watch is whether the trading volume can expand.

At 9:41, Junyao Health (均瑶健康) sprinted into limit-up—this was on the consumption direction, which was a bit unexpected. For now, treat it as similar to a batch of the pharma sector. Today’s pharma was extremely strong. In all previous years, drinking and eating medicine (喝酒吃药) was traditional. It’s just that now young people don’t drink alcohol.

At 9:45, Oriental Xinneng (东方新能) was the first to reverse back. It “touched” the medical services sector and did so very directly—its reverse-back was even on shrinking volume. It was a countertrend type of stock. Then later we’ll see if it can form a new trend. And when Oriental Xinneng hit limit-up, JinKong Electric Power blew up its board. That shows that within JinKong Electric Power, the funds felt that the route might be wrong.

At 9:50, Oride (奥瑞德) sprinted into limit-up. The “computing power” group rally. AmeriCloud (美利云) has some issues with its stock behavior. Funds switched to a different one again. It also counted as borrowing the spotlight from Guigang Network (贵广网络). During the day it got blasted by lithium mines several times. Later, Huawei’s “style” (华孚时尚) became the veteran actor—these are the things that come out when the board is bad.

At 9:54, the short-term “tape trader” spirit (盘口短线精灵) clearly had institutional participation at the same time. Salt Lake Shares (盐湖股份) and Tech (科技) were both rising. The main focus was on defending the market. Then combine with the open and the intraday index doesn’t need to worry too much.

At 10:01, Zhongnan Culture (中南文化) sprinted into limit-up too. It’s also a stock grouping rally. It’s similar in kind to the earlier Farsen (法尔胜)—the overall走势 is that it’s all “price action with volume”—very controlled.

At 10:06, pharma led by Wanbangde (万邦德) and Menovo (美诺华) all hit limit-up one after another. The pharma theme here also shares the same logic as lithium mines: these are stocks that rose after strong performance announcements. Later, Jidan Biotechnology (基蛋生物), Ketuobiotech (科拓生物), Shuanglu Pharmaceutical (双鹭药业), JinYa Pharmaceutical (津药药业), Kanghong Pharmaceutical (康弘药业), Zhaoyan New Drug (昭衍新药) all hit limit-up. And most of these pharma names are ones that have been ready for adjustment for three years; the money needed is the least. But if they go higher from here, without expanding volume, it won’t be enough.

At 10:27, Jiangte Electric (江特电机) sprinted into limit-up. In the first hour, the market rotated back into lithium mines. Later, Yunnan Germanium (云南锗业) “touched” resource attributes and also hit limit-up. Small-cap Shenzhen Xinxing (深圳新星) and Jinyuan Shares (金圆股份) hit limit-up as well. I looked at Weiling Shares (威领股份) today—it hasn’t kept up, which shouldn’t happen. It was the most active earlier.

At 10:33, Hengxuan Technology (恒玄科技) rose more than 7 points too—it was also the market’s lower bound. RaySino Micro (瑞芯微) quickly returned to last April’s low. When you look at these together with pharma, it all shows that the main force isn’t willing to spend money.

At 10:40, funds began pouring into lithium mines: Rongjie Shares (融捷股份), Yongshan Lithium Industry (永杉锂业), Shengxin Lithium Energy (盛新锂能), Yongxing Materials (永兴材料), Nord Shares (诺德股份), and even Xiaojinshu (小金属) including Xianglu Tungsten (翔鹭钨业) all hit limit-up. But the market still hadn’t expanded volume. At one point, I even wondered whether there was a sell ban (no selling).

At 13:05, Haike New Energy sprinted into limit-up, and then Shida Shenghua (石大胜华), ChuanNeng Power (川能动力), and others all hit limit-up one after another. After that, basically the significance of lithium mine limit-ups became less important, because they gave too much reaction time for retail investors to get in.

At 13:33, I never expected that Sutaishen (舒泰神) could still go for limit-up. Just like a few days ago, Great Wall Military Industry (长城军工) still managed to do consecutive limit-ups—I didn’t expect that either. And these things have a higher tolerance than computing power. That’s not normal. Inner Mongolia First Machine (内蒙一机) today also gave a weak repair (弱修复).

At 13:56, the later part of the index started to dip. China Petroleum (中国石油) and other names began to rise. At this time, it actually felt like the index was being propped up. Especially around 14:20, liquor (white liquor) also came out to lift a bit. It was also at this time that funds rotated back toward the sentiment side—Yuning Holding began to rise.

At 14:29, Ningbo Energy sprinted into limit-up—board reversal from a broken board (断板反包). This wave was brought up along with the sentiment of Yuning Holding. It lacked a bit of initiative, and it had the flavor of funds missing the move (踏空).

At 14:45, Suhua Sports (舒华体育) sprinted into limit-up. Corresponding to Su Chao (苏超), and the resonance names were Caichuang Turf (共创草坪) and Nanjing Sports (金陵体育). These are mostly concept-driven.

At 14:55, Chuanrun Shares (川润股份) sprinted into limit-up. At this time, 910C was also seeing batch “abnormal” moves. Again it was said by so-called news sources that Huawei AI chips have been favored by customers like ByteDance and Alibaba and that they plan to place orders and purchase. I feel like the moment someone just glanced at you, you start thinking: do they like me? Who is this news source?

Through the close of trading, the market shrank volume again—down over 900 billion. Total turnover on both exchanges still left 18,638 billion. Last week it was above 22,000 billion. The market is also very interesting: each direction sends out a representative. For example, Xinyisheng in CPO (CPO: 新易盛)

Deminli (德明利) for storage chips

Basically they stop activity when they reach the pressure level. The intraday rhythm was controlled very well!

Then return to the opening segment. If you were the main force, what would you do with the panic sentiment ahead of the open today? The main force would definitely take the opportunity to do a T to lower the cost—there wasn’t much sincerity. At this position later, just use volume to judge. Because even if you pull higher from the lower bound, you still need volume—especially for lithium mine names, and today volume had already shown insufficiency, like Ganfeng Lithium exploding its board. Then go judge space and whether the expansion or shrinkage of volume leads to an upside move or a downside move. At least in today’s tape, the main force gave us the proper dignity. Personally, I think being down a little today was something to be happy about. I believe most people had the same feelings as I did ahead of the open. And still, today it managed to give everyone a bit of meat.

The current tape is about using a sufficient pre-plan to respond. Especially when you prepare a pre-plan, even if you think something is impossible, you still need to think about it: the main force has recently been playing the “light under a pot” (灯下黑) game.

In my view, the market’s current situation is also relatively simple, but also a bit “low value.” With the current external commentary being unreliable, it has been delayed again. The last time it was eased: originally March 24 was a one-step full move, but it was pulled back hard. This time, the delay basically makes you step on both feet. It’s likely the index will grind here for a while. Once it only grinds but doesn’t expand volume, the market will show rapid rotation. And that’s also good—the power sector can still live for a few days. In summary, now it’s like one foot is already on the ground, and the other foot is still in the process of landing. During this period, funds are also starting to accumulate in the direction the main force wants. Still insist on the strategy of buying on dips and selling on strength (买阴卖阳), and wait for the over-expected outperformers to show up. At least what we can see now is clearer than before—back then it stayed high and never came down. Now it’s clearer.

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