Limit-up Review: Yuanjie Technology briefly hit a 20CM limit-up during trading, while Xinyi Sheng reached a new high against the trend. Sentiment is polarized, funds lack collective support, and high-value compute hardware at elevated levels is used for risk aversion!

March 20, the market surged to a high during the day but then fell back, with the Shanghai Composite Index (沪指) adjusting in a range and failing to hold above the 200-day moving average (the half-year line). It broke below the 4,000-point round-number level. After the ChiNext Index (创业板指) briefly reached a new intraday high for the year, it quickly reversed. By the close, the Shanghai Composite Index fell 1.24%, the Shenzhen Component (深成指) fell 0.25%, and the ChiNext Index rose 1.3%. The two lines of growth and white/gray (黄白二线) showed a clear divergence: small- and mid-cap stocks generally declined, and the micro-cap index fell more than 3%. Total turnover on the Shanghai and Shenzhen exchanges was 2.29 trillion yuan, up by 175.9 billion yuan from the previous trading day.

On the board, across the whole market, more than 4,700 individual stocks fell for two consecutive days. By sector, the computing power hardware direction was repeatedly active, and it even helped lift sentiment in the early session. Among them, SourceRay Technology (源杰科技) once hit a 20CM daily limit in the intraday session; its share price surpassed the 1,000-yuan mark and rose to become the second-highest priced stock in the A-share market. In addition, XinYiSheng (新易盛) rose more than 8% to set a new historical high, and stocks such as Chang Guang Hua Xin (长光华芯) and Nanya New Materials (南亚新材) also surged. Although the green power sector saw increasing divergence, the leading core names in the front also maintained strength. Huadian Liaoning Energy (华电辽能) notched a fifth consecutive daily limit, ShaoNeng Shares (韶能股份) hit a three-day streak of daily limits, and Huadian Energy (华电能源) advanced with a two-day streak—all advanced successfully. This suggests that with the market risk appetite continuing to decline, some funds may choose to take risk-hedging measures through “grouping/betting together.” However, if short-term sentiment still cannot recover, it will be necessary to pay even more attention to the risk of pullbacks by high-flying stocks.

On the downside, chemical stocks again led the decline. Bull Bull Chemical (金牛化工), Lu Hua Technology (潞化科技), Jinzhengda (金正大), and Hongbaoli (红宝丽) hit daily limit-downs. Computing power leasing also saw notable weakness: GuangChuang Data (协创数据) touched a 20CM daily limit-down, while many other stocks including HongJing Technology (宏景科技), DaWei Technology (大位科技), and Capital Online (首都在线) fell sharply.

Today, across the whole market (excluding ST stocks and delisted stocks), a total of 28 stocks hit their daily limit up. The total number of consecutive-limit-up stocks was 7. For 23 stocks, the daily limit order failed to maintain (did not fully succeed), and the limit-up rate was 55%. For focal stocks, the power sector was active repeatedly: Huadian Energy (华电能源) achieved 9 days of 6 daily limits, and Huadian Liaoning Energy (华电辽能) hit 5 consecutive daily limits. In addition, Shenzhen local stock ShenHuaFaA (深华发A) continued with a one-word daily limit-up to advance to 5 consecutive daily limit-ups.

I、** Sector Momentum Fluctuations **

**II、 Limit-Up/Down “Temperatures” **

**III、 Winners and Losers Count **

**IV、 Reveal of Limit-Up Stocks **

V、 Related Hot Topics

1）Solar PV: Previously, the Space X team purchased equipment for a domestic leading heterojunction equipment manufacturer. The order is expected to be shipped in the first week of May. The solar PV orders under Musk’s team are mainly divided into Space X (S-chain) and Tesla (T-chain), with the planned application scenarios being space and the ground, respectively. At present, the T-chain cooperative orders are still under discussion and involve multiple TOPCon equipment manufacturers.

2）Embodied intelligence: Unitree Technology’s prospectus has been made public. It is aiming to become the first stock of embodied intelligence on the STAR Market (科创板). It has already completed the Shanghai Stock Exchange’s preliminary review, including responses to two rounds of inquiries.

3）Oil: Next week, domestic refined oil prices may rise across the board to the “9-yuan era.”

4）Computing power: Lumentum, a leading company in the optical communication industry, predicts that by 2030, the AI data center demand for InP will reach a compound annual growth rate of 85%.