Rising sharply then pulling back, the Shanghai Composite Index slightly increased by 0.03% at midday.

Ask AI · How Will the CSRC’s New Rules Affect Market Fairness?

By China Economic Net Reporter: Liu Mingtou Editor: Zhao Yun

The three major A-share indices rose then fell. As of the close of trading this morning, the Shanghai Composite Index was up 0.03% to 3,881.17 points; the Shenzhen Component Index was down 0.20% to 13,325.83 points; the ChiNext Index was down 0.46% to 3,135.18 points; the STAR 50 Index was up 1.63% to 1,276.70 points; and the BeiXin 50 Index was down 0.06% to 1,253.97 points.

In terms of liquidity, the People’s Bank of China today conducted a reverse repo operation of RMB 500 million for a 7-day term, with an operating interest rate of 1.40%, unchanged from the previous period.

In terms of news, the “Several Provisions on Regulation of Short-Term Trading,” formulated by the China Securities Regulatory Commission, has taken effect today. The new rules further clarify the regulatory arrangements for short-term trading by major shareholders holding more than 5% of shares and by directors, supervisors, and senior management. The core purpose is to prevent insiders from using information advantages to profit from short-term trading and to safeguard market fairness.

U.S. AI model leader Anthropic has announced that the company’s annual recurring revenue (ARR) has exceeded $30 billion, a substantial increase from the $9 billion at the end of 2025. Demand for Claude has continued to accelerate and has already surpassed OpenAI’s $25 billion annual recurring revenue disclosed by the industry.

As for sectors, animal healthcare, glyphosate, organic silicon, and chemical raw materials concepts led the gains, while insurance, white home appliances, airline airports, and aerospace aviation performed poorly, dragging the market down.

In 2025, there was no new capacity coming online across the industry. Combined with the continued clearing of overseas capacity, the growth rate on the supply side has officially topped out. On the demand side, demand in emerging areas such as new energy vehicles and photovoltaics has maintained a rapid growth trend, and combined with an increase in export volumes year over year, the industry’s supply-and-demand landscape has improved significantly. Against this backdrop, the industry’s leading companies took the lead in convening an industry development symposium, reached a dynamic pricing mechanism and a production-cut agreement for organic silicon products, and helped move industry profitability into a period of recovery.

Here, by integrating the latest research reports from more than 10 brokerages such as CICC Thunfeng, Anxin, and Guoxin, we provide fans with brief introductions to four companies for reference only.

1, Xin’an Shares

The company is a dual leader in organic silicon and glyphosate. In the context of reducing “involution,” the product prices are expected to move from the bottom upward, and the company’s performance is expected to turn around from the bottom.

—— Guotai Junan Securities

2, Gf/Gosson Silicon Industry (Gesheng Silicon Industry)

The company currently has 1.73 million tons/year of organic silicon monomer production capacity. With the repair of prices and profits for organic silicon products, as an industry leader, it is expected to continue to benefit.

—— Everbright Securities

3, Silibao Technology

The company has been deeply involved in the organic silicon sealant industry for 27 years and has developed into a new materials industrial group with 9 production bases and 370k tons/year of high-end adhesive production capacity. It has built a diverse product system, including high-end organic silicon sealants, hot-melt adhesives, silane coupling agents, and silicon-carbon anodes, among others.

—— Thunfeng Securities

4, Luxi Chemical

The company has continuously extended its industrial chain, strengthening its comprehensive competitiveness step by step, forming a relatively complete product chain covering coal chemical industry, salt chemical industry, fluorosilicon chemical industry, and chemical new materials. The production synergies between each chemical product chain are strong, the production facilities are highly interrelated, and some products can be recycled and used as downstream raw materials.

—— Thunfeng Securities

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