The communications equipment sector received the most major buying activity

Ask AI · How Nvidia GTC can drive demand growth for optical modules?

On Friday, China’s A-share large- and small-cap indices diverged sharply. The Shanghai Composite fell more than 1%, slipping below 4,000 points and hitting a new intra-year low; the ChiNext index rose more than 1%, reaching a four-year high during the session. More than 4,700 stocks across the entire market declined. This week, the Shanghai Composite Index dropped 3.38% cumulatively, the Shenzhen Component Index fell 2.9%, while the ChiNext index rose 1.26% against the trend.

Judging by capital flows, Wind data shows that among 134 secondary industry categories in Shenwan, 17 industries recorded net inflows of main force capital this week. Among them, the communications equipment industry saw the largest net inflow, reaching RMB 2.724 billion, far exceeding photovoltaic equipment (main force net inflow of RMB 548 million, ranked second). On Friday, the communications equipment sector surged, especially stocks involving optical modules and the CPO concept. In the session, Source Photonics Technology hit the “20CM” limit-up; its share price broke through RMB 1,000 per share. Xinyi Sheng also set a historical high; shares of Changguang Huaxin, AOI, among others, and companies including INET Technology, all saw sharp gains. Events such as Nvidia’s GTC 2026 conference boosted demand for optical modules, and at the same time helped drive the rise in the communications equipment sector.

The photovoltaic equipment sector also performed well on Friday, with limit-ups in shares such as TBEA Jing? Power, Sunch? New Energy, and Sungrow? Electrical. In terms of headlines, rumors say that Tesla’s team plans to purchase large-scale Chinese photovoltaic equipment, involving multiple listed companies, to meet CEO Elon Musk’s goal of building 100GW of solar manufacturing capacity in the United States.

In the main force sell list, industrial metals ranked first. This week, they saw net main-force selling of RMB 10.722 billion; small metals were also dumped by the main force, with RMB 6.53 billion in selling. The U.S. Federal Reserve maintained its target interest rate range at 3.50%—3.75% unchanged at the March meeting, but the dot plot sharply reduced the expected number of rate cuts in 2026. In the short term, this weighs on the industrial metals and small metals sectors. In addition, industries such as batteries, chemical products, general equipment, IT services, agrochemical products, automation equipment, and optical and optoelectronic devices were also near the top of the main-force selling list.

Observing data from the trading records of major and retail investors (the “Dragon and Tiger List”), the volume traded by institutional dedicated seats declined this week. Total turnover was RMB 24.965 billion, with purchases of RMB 12.102 billion and sales of RMB 12.863 billion. Looking at individual stocks, the top three by institutional buy amounts were DeMingLi, Oriental Guoxin, and ShunNa Shares; the top three by sales were also these same three stocks. The Northbound trading seats via Shanghai-Hong Kong and Shenzhen-Hong Kong also saw large buy and sell activity this week in stocks such as Source Photonics Technology, JinKai New Energy, Hongxing Development, DeMingLi, ShunNa Shares, Langlec Technology, and Jinko? Technology.

Among the above stocks, ShunNa Shares fell sharply 9.85% on Friday. According to Dragon and Tiger List data, the listed business department seats saw RMB 691 million in total intraday turnover, accounting for 19.95% of that day’s total turnover. Of that, institutions net sold RMB 31.4513 million, and the Shenzhen-Hong Kong Stock Connect dedicated seat also net sold RMB 152 million. In the past month, ShunNa Shares appeared on the Dragon and Tiger List 12 times in total. Among them, the most active were the institutional seats, the Shenzhen-Hong Kong Stock Connect dedicated seat, and the Guoxin Securities Zhejiang Internet branch, with appearance counts of 10 times, 10 times, and 5 times, respectively. Over the past 30 trading days, ShunNa Shares rose cumulatively by 94.32%. Reporter Chen Hui