Market Close: The Shanghai Composite Index and the Shenzhen Component Index both rose over 1%, with more than 5,100 stocks gaining.

Topic: Maybe a Mid-Year Relative Low Point in A-Share Markets—Deep Pullbacks Have Created a Good Opportunity for Positioning

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March 24 news: In the market’s late session, stocks kept climbing steadily. The three major stock indexes all closed higher together, with both the Shanghai Composite Index and the Shenzhen Component Index rising by more than 1%. In terms of sectors, the green power concept continued to strengthen; Dissen Co., Ltd. hit the 20cm daily limit; several other stocks such as Huyin Electric Power, Huadian Liaoning Energy, and Shaoeng Shares also hit the daily limit. In the innovation drug sector, the late session saw a rebound; Fuxiang Pharmaceutical hit the 20cm daily limit, and Wanfangde also hit the limit. The fiber-optic concept kept rising in the afternoon; Changfei Optic Fiber reached the daily limit. On the downside, most oil and gas stocks adjusted lower; Keli Shares and Tongyuan Petroleum led the declines. Overall, the two markets saw a broad-based advance, with more than 5,100 stocks finishing up.

By the close, the Shanghai Composite Index was at 3,881.28 points, up 1.78%; the Shenzhen Component Index was at 13,536.56, up 1.43%; the ChiNext index was at 3,251.55 points, up 0.50%.

On the trading board, sectors such as military equipment restructuring concepts, electric power, and environmental protection equipment led the gains; the oil and gas extraction and services sector declined.

Hot Sectors:

1、Green Power Concept

Dissen Co., Ltd. hit the 20cm daily limit; Huyin Electric Power, Huadian Liaoning Energy, Shaoeng Shares, and several other stocks also hit the daily limit.

In terms of news, on March 23, the National Data Bureau stated that next it will, together with relevant departments, push forward the “computing-power and electrical-power coordination” engineering in a big way, ensuring that the green power application share of new computing power infrastructure at hub nodes reaches more than 80%, giving full play to the supporting role of green power.

2、Innovation Drugs

Fuxiang Pharmaceutical hit the 20cm daily limit; Wanfangde hit the daily limit.

Regarding the news: The “15th Five-Year Plan (2026–2030)” clearly sets out that dynamically adjusting immunization plans upward will be raised to the level of a national strategy, and it will establish a normalized adjustment mechanism of “calibrate and manage in, calibrate and manage out.” The head of the National Health Commission’s CDC, Shen Hongbing, recently specified four key standards for new vaccines and named three priority product categories: B-type influenza hemophilus, varicella, and pneumococcal vaccines. This policy shift will release a market space on the order of trillions of yuan in terms of deterministic certainty for the vaccine industry.

Open-source Securities said that overall, we continue to have a positive view of innovation drugs and their industry chain (CXO + research services), as well as AI, brain-computer interfaces, biomanufacturing, and other national strategic emerging industries. The 2026 first-quarter earnings season is coming soon. The innovation industry chain is expected to continue the trend of overall upward performance; pre-clinical CRO order signings are expected to accelerate in growth. From the current standpoint, we focus recommendations here.

News:

【During the “15th Five-Year Plan” period, the State Grid will start construction of pumped-storage hydropower with installed capacity exceeding 30 million kW】Reporter learned from the State Grid that during the “15th Five-Year Plan” period, the State Grid will accelerate the construction of pumped-storage hydropower stations and plan to start new construction with installed capacity exceeding 30 million kW. By 2030, pumped-storage hydropower in operation and under construction will exceed 120 million kW, providing power调节 capacity of more than 150 million kW, improving by more than 70% compared with the end of the “14th Five-Year Plan,” and fully ensuring the efficient utilization of new energy. (China Central Television News)

【Iran launches a new round of missile attacks on Israel; missiles break through multiple Israeli missile defense systems】According to a report by Iran’s Islamic Republic Broadcasting Television on the 24th, Iran launched a new round of missile attacks on Israel that day, with “the missiles having broken through multiple Israeli missile defense systems.” (Xinhua News Agency)

**【The Iran war drives a surge in oil prices; industry estimates Russia’s April oil and natural gas revenues will grow 70% versus March】**As the Iran–U.S./Israel attack ignited the war in the Middle East at the end of February, international oil prices have surged sharply from below $70 per barrel to around $100 today. At the same time, global natural gas prices have also risen significantly. And this scene has undoubtedly made Russia’s energy exports one of the backstage winners. According to industry calculations based on a tax price of $75 per barrel, Russia’s budgeted April oil and natural gas revenues are expected to increase by 70% compared with March, reaching 900 billion rubles, the highest monthly level since October 2025. Media reports from informed sources say that the oil-price surge caused by the Iran war is expected to significantly ease the short-term fiscal pressure facing Russia, and it is also allowing the Russian government to delay the implementation of a plan aimed at increasing long-term fiscal reserves.

**【Chongqing Development and Reform Commission issues a notice to collect application scenarios in the space-based and air/space information field】**The Chongqing Municipal Development and Reform Commission released a notice titled “Notice on Soliciting Application Scenarios in the Space-Based and Air/Space Information Field.” This call for submissions is divided into two types of lists, targeting the demand side and supply side respectively. It aims to build a platform for supply-demand matching and promote the landing of innovative applications in the space-based and air/space information field. This round of solicitation focuses on application scenarios that have Chongqing’s distinctive characteristics, are broad in scope, and are comprehensive; building on Chongqing’s unique endowments such as the scale of an ultra-large city, complex mountainous terrain, an ecological barrier in the upper reaches of the Yangtze River, and the hub of the Western land-sea new corridor. It focuses on collecting needs-and-capabilities two-way scenarios in the following directions: (1) Beidou short-message, navigation, and location-based service applications. (2) Satellite internet applications. (3) Remote sensing and digital twin applications. (4) Integrated applications.

Institutional Views:

West China Securities: Waiting for more “stabilize-the-market” policy announcements

The ongoing escalation of the Iran–U.S./Iran–Israel conflict and the shifting timing of overseas rate-cut expectations are interwoven with each other; in the short term, global markets are still constrained by risk appetite.

Compared with that, the domestic policy environment is more certain. Regulators have clearly released a signal of “stabilizing the capital market.” Expectations are warranted for follow-up stabilizing-market policies such as “reserve funds-style” instruments, supporting optimization of structural tools for the capital market, medium- to long-term funds entering the market, and counter-cyclical regulatory policies. Meanwhile, imported inflation provides limited constraints on domestic monetary policy; the loose liquidity environment is expected to continue, and proactive fiscal efforts will also help repair residents’ expectations.

In terms of sector allocation, defensive strategies are relatively advantaged at this stage—focus on areas such as banks, utilities, and consumer staples; energy self-reliance and controllability related new-energy and power; and high-growth sectors linked to strong industry fundamentals such as AI computing power and energy storage.

Huabao Securities: Volatility is hard to predict repeatedly—still need to stay patient

Global markets are gradually pricing in a “long war,” with risk appetite steadily cooling off. While Trump’s remarks on Friday sent a cooling signal for the market, his statements remain inconsistent and changeable, and there are also significant contradictions in the negotiation goals with Iran and Israel. So investors should not take this lightly. Although China is affected relatively less, and A-share performance is comparatively more resilient, considering seasonality and external shocks, there may still be some short-term pressure on A-shares, and the market’s repeated ups and downs also increase the difficulty of making money.

We suggest focusing on broad-based indexes that lean toward mid-to-large caps such as the CSI 300. In terms of industries, investors can use defensive directions such as low-volatility dividend strategies and also high-momentum, high-fundamentals directions such as technology hardware (computing power, power, semiconductors) as two main lines to hedge volatility risks. Or investors can appropriately reduce positions and hold cash while waiting for layout opportunities with a better risk-to-reward ratio.

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Responsible Editor: Guo Yutong