3.31 Review: Only 900 shares closed in the green during the ice point rebound; it is best to wait and see during the chaotic period.

The monthly index line closes with a large bearish candle; at the close, the three major indices slide without resistance. The Shanghai Composite breaks 3900 again, while the ChiNext falls sharply by nearly 3%. After the power sector cooled off, the whole market is in disarray: high-speed rail, aerospace, pharma, the Zhang Xue concept… the themes are in disorder and chaotic skirmishing, during a period of cyclical confusion—patience is the most scarce quality. [TaoGuBa]

Trade with the Trend
At month-end, after the close, the three major indices oscillate lower after opening; at the close they slide without resistance, and they all end down. The Shanghai Composite once again breaks below 3900 points, while the ChiNext is more heavily affected by tech-weighted stocks, falling by nearly 3 points. Total trading volume for the day is 1,992.5 billion yuan, with a modest increase of 76.7 billion. Looking at the big-cycle structure, the Shanghai Composite’s weekly chart shows two consecutive weeks of doji candles; however, the monthly chart is a large bearish candle. Here, the broader market has a bottoming stabilization, but there is still significant pressure above. We expect it will mainly take a longer time to digest and adjust.

The themes are still in the chaotic phase after the power sector cools off; there is no continuity and no strength, and the phenomenon of a multi-sided fight by both bulls is quite obvious.
Today, the intraday move led by high-speed rail kicked off: 8 stocks hit limit-up, totaling 3.89 billion yuan. Shenzhou High-Speed Rail hit 2 limit-up boards, and the rest were first boards. After the sell-off cooling of power, there are local repeats and repairs: 7 limit-ups, totaling 7.824 billion yuan. Xinneng Taishan led with 6 days and 5 limit-ups, but the high-valuation leaders still performed weakly. Yesterday’s light communications that went head-to-head with commercial aerospace moved into adjustment, with only two limit-ups; and commercial aerospace is mainly splitting, with 6 limit-ups and 10.842 billion yuan, Shenjian Co., Ltd. hitting 4 boards. In addition, in the low-position names, Shunhao and Jili strengthened during the day.
Pharma is also mainly splitting: 5 limit-ups, totaling 6.365 billion yuan. Tianjin Pharmaceutical Industry hit 3 boards, and the rest were first boards. Toward the end of the day, under the broader-market decline, defensive funds flowed back in—hence the move. Also, the Zhang Xue locomotive concept showed local activity: 4 limit-ups, totaling 2.282 billion yuan, and Hongchang Technology hit 2 boards on the big board.
Overall, you can feel how chaotic the themes are; after the main line falls, the river-and-lakes are bloodier everywhere.

Emotions Rise and Fall
In the two markets, only about 900-plus stocks closed higher; market sentiment is again at an all-time low. Although the banking sector kept trying to hold the line during the session, after midday, securities continuously fell again, and the index also came under pressure and drifted downward, dragging themes to drop one after another. The trading board looked even more chaotic, and profit-taking by early-position funds was clear.
Speculative sentiment saw some repair early in the day, but the strength is relatively weak. Today’s repair mainly occurred in the power sector, and it was mainly front-row individual-stock repairs. The main names are Huadian Energy and Huadian Liaoning. YuNeng, which is under extended regulation, continued to drop sharply; and the rebound beneficiaries like Liaoning Energy, Hunan Development, JinGu Electric Power, etc., are still continuing A-kills. In terms of continuation play, MinoV a on 5 boards turned into negative feedback; among 13 stocks on consecutive limit-ups, only 2 advanced—sentiment is still weak. The “group-hold” vehicles mainly appear in front-row stocks in different directions such as the old leader PingTan, Aerospace ShenJian, and communication HangDian, etc.

Thoughts for Tomorrow
Originally, yesterday I was relatively optimistic about the reflow in lithium batteries, or that optical communications could break through. But in reality today, lithium batteries still directly weakened, and optical communications also moved into adjustment. So from a cyclical perspective, it’s still the chaotic phase after the sell-off cools off.
Against this backdrop, whether it’s themes or individual stocks, uncertainty is relatively high now and also quite random. This is exactly the stage where losses are easiest to get “scraped into.” Therefore, the overall response strategy is still what was mentioned yesterday: wait patiently for the market consensus to re-consolidate and form, and stay on the sidelines.
From the perspective of the power sell-off cooling off: yesterday was the peak; today is still continuing it. Tomorrow enters the third day of the cooling phase. Because the core starts stabilizing today, if the power sector continues to repair tomorrow and stabilizes further, it would mean that the decline of the main line is nearing its end. While the game of a new cycle will continue, we no longer need to worry about sentiment-level impacts.
In short, current opportunities are only scattered; it’s still only certain group-hold vehicles. Giving up isn’t a pity. At this time, patience is the most valuable.

Trading Reflections
For my holding, Hangdian today did a T, but at the end of the day it still exploded and fell back.
YuNeng Holdings kept holding until the session opened and surged after midday, and it exited at -2. Meanwhile, Rongjie Co., Ltd., seeing in the afternoon that it was unlikely to achieve anything, also stopped-loss and exited.
I opened one new position. At the open, watching it at flat and then rising, I focused on ZaiSheng Technology; it also ended up exploding and falling back.
Holdings after the close: Hangdian Co., Ltd., ZaiSheng Technology—2 positions.

Data Statistics

☑ Statement: This article is only a personal review note. Any viewpoints or individual stocks mentioned in the text are used only as examples and do not constitute any investment advice. Please do not follow blindly. Trading is self-directed; investing involves risk; and stock trading should be done cautiously!
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