【Afternoon Report】Shenzhen Component Index and ChiNext Index both rose over 1%, power stocks continued to surge, and precious metals collectively rebounded.

I. 【Morning Session Market Review】

Caixin News, March 25: In the early market session, sentiment surged and then pulled back. The Shanghai Composite Index reclaimed the 3,900-point level, while the ChiNext Index and the Shenzhen Component Index both rose more than 2% intraday. In the first half of the day, total trading value on both Shanghai and Shenzhen exchanges was 1.47 trillion yuan, up by 150.5 billion yuan from the previous trading day. On the trading floor, themes rotated quickly, with more than 4,500 stocks rising across the market. By sector, the power sector exploded: the green power theme led the gains. More than a dozen constituent stocks hit their daily limit; Huadian Liaoning achieved an 8-day 8-straight limit-up streak; Shaoneng Co. saw a 6-day 5-straight limit-up; and Yue Dian Li A posted a 6-day 4-straight limit-up. The computing leasing concept strengthened, with Lvlian Electronics, Oryde, Litong Electronics, and Greatwei Technology all hitting limit-up. The CPO concept was active, with Mingpu Optical Magnetics, Ailede, and Kechuan Technology hitting limit-up. The fiber-optic concept surged after consolidating: Tongding Interconnect posted two consecutive limit-ups; and Te Fa Information was capped at the daily limit. On the downside, oil-and-gas stocks were weaker, with CNOOC and Guanghui Energy falling. By market close, the Shanghai Composite rose 0.88%, the Shenzhen Component rose 1.37%, and the ChiNext Index rose 1.26%.

For individual stocks: Today’s morning session had 60 limit-up stocks (excluding ST shares and newly listed shares that did not open), with a board hit rate of 78%. There were 18 consecutive-limit-up stocks. Huadian Liaoning achieved an 8-day 8-straight limit-up streak. Zhongli Group had a 4-day limit-up streak. Zhejiang Xinneng and Liaoning Energy recorded 3-day limit-up streaks. Yue Dian Li A, Shaoneng Co., Xinneng Taishan, Hunan Development, Rongjie Shares, Tongding Interconnect, Zhenshitong, Jiangnan Fine Textile, Shitou Shares, Oryde, Energy-Saving Wind Power, MenuoPharma, and ShuHua Sports all posted a 2-day limit-up streak.

Power stocks continued to surge. Shaoneng Co., China Fujian Energy, Huadian Liaoning, Yue Dian Li A, JinKong Power, Bao Xin Energy, and others all hit their daily limit.

On the news front, the “Action Plan (2026—2028) to Accelerate High-Quality Development of the Artificial Intelligence Server Industry Chain in Shenzhen” was introduced. It proposes, tailored to local conditions, building a zero-carbon data center benchmark and demonstration featuring “photovoltaics/offshore wind power + energy storage + direct green power interconnection,” helping to enable on-site consumption of computing power demand and efficient utilization of green power. In addition, with explosive growth in AI computing power, data center electricity demand continues to climb, and demand for green power and energy storage is expected to be long-term.

The precious metals sector saw a rebound. Chifeng Gold, Xiaocheng Technology, Shengtun Mining, Xingye Silver Tin, and others rose 5%. Zhongjin Gold, Hunan Silver, Zijin Mining, and others followed higher.

On the news front, spot gold saw a rebound: it rose more than 2% intraday and reclaimed the 4,500 USD/ounce level. Institutions said that in the past, when conflicts escalated, it often corresponded to capital flowing into gold. At the current stage, however, the market’s first reaction is the inflation and interest-rate path, causing gold and geopolitical risk to show a temporary divergence. The pressure in the short term will not change the long-term logic. Gold is still determined by the rebalancing of interest rates and credit.

The computing leasing direction also performed strongly. Litong Electronics, Te Fa Information, Greatwei Technology, and Zhongjia Bochuan all hit limit-up. Huanqiu Xinwang, Orient Guoxin, Wangsu Technology, and Aofei Data were among the top gainers.

On the news front, Liu Riehong, Director of the National Data Bureau, said that “Token” provides a quantifiable possibility for the implementation of a business model; and also, from an official perspective, provided a translation for Token—“word tokens.” He also noted that in early 2024, China’s average daily Token (word tokens) call volume was 100 billion; by the end of 2025, it jumped to 100 trillion; and in March this year, it has already surpassed 140 trillion, with growth of over 1,000 times in two years.

Overall, computing hardware continued to rebound. The fiber-optic concept kept strengthening: Tongding Interconnect posted two consecutive limit-ups; Te Fa Information sealed its daily limit; and companies such as Changying Tong, Yangtze Fiber, Hengtong Optic-Electric, and Zhaolong Interconnect were among the top gainers.

On the news front, recently, the U.S. Optical Fiber Communications Conference and Exhibition (OFC2026) and related forums were held at the Los Angeles Convention Center. Leading fiber-optic manufacturers such as Corning and Yangtze Fiber showcased new product lineups including hollow-core fiber, multicore fiber, high-density connectors, and more. They are expected to comprehensively improve the connection density and scalability of optical networks in data centers. In addition, entering March, amid demand resonance such as drone applications and AIDC construction, the price of G.657.A2 fiber has already exceeded 210 yuan per fiber-kilometer, completely breaking through the historical pricing ceiling.

Taking everything together, today’s early session saw the three major indices surge and then pull back, but they remained broadly higher overall, and the Shanghai Composite once again reclaimed the 3,900-point level. Among them, the power sector continued to surge, with more than ten constituent stocks hitting limit-up. Meanwhile, as the word-token concept gained momentum, the computing leasing concept strengthened. In addition, areas such as precious metals and fiber optics also rose strongly. However, it should be noted that after two straight days of repair-and-rebound, the market’s near-term selling pressure has been gradually increasing. Whether it can once again secure enough capital to absorb selling remains the key focus for the afternoon session.

Intraday Limit-Up Analysis Chart

II. 【Market News Focus】

1、SpaceX plans to file an IPO application as early as this week; plans to raise over $75 billion

According to people familiar with the matter, SpaceX plans to submit a registration statement for an initial public offering to regulators later this week or next week. This confidential submission will officially lock in the IPO plan for the rocket and communications company under Elon Musk’s umbrella, with a target to list in June. This IPO will test investors’ subscription enthusiasm for what could become the largest IPO in U.S. history in terms of size—far exceeding previous deals. The person said that advisors involved in preparations expect the company may plan to raise more than $75 billion in the IPO, higher than the previously reported estimate of $50 billion. The company’s latest valuation is $1.25 trillion, and the actual IPO fund-raising size and valuation will be finalized in the final weeks before the IPO.

2、Doubao large model’s daily average calls exceed 1 trillion Tokens

The “Science and Technology Innovation Board Daily” learned from people familiar with the matter that ByteDance’s Doubao large model has already surpassed 1 trillion Tokens in daily average calls.

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