【Focus Review】The ChiNext Index opened higher and continued to rise, up over 2%. Nearly 4,900 stocks in the entire market are in the green, with the integrated energy and electricity cooperation concept continuing to be highly popular.

Caixin News, March 25 — Today, 84 stocks hit the daily limit-up, 14 hit a “failed breakout” (opened up after initially rising), and the board/limit-up closing rate was 86%. Huan Dian Liao Neng achieved an 8-day consecutive limit-up; Zhongli Group had a 4-day streak; Zhejiang Xinneng and Liaoning Energy both notched 3-day streaks; Huan Dian Energy delivered 7 limit-ups in 12 trading days; Shao Neng Co. recorded 5 limit-ups in 6 days; Yue Dianli A and Orilide each posted 4-day streaks in 6 days.

The market saw a volatile rebound. The Shanghai Composite Index rose by more than 1%, reclaiming the 3,900-point level; the ChiNext Index gained more than 2%. Total trading volume on the Shanghai and Shenzhen markets was 2.18 trillion yuan, up by 97 billion yuan from the previous trading day. On the trading front, market themes rotated quickly. More than 4,800 stocks across the board rose, including 105 that hit limit-up, with more than a hundred limit-ups for two consecutive trading days. Leading sectors included sports, consumer electronics, AI compute hardware, and travel/hotels. A small number of sectors, such as oil, coal, and shipping/ports, declined. By the close, the Shanghai Composite rose 1.3%, the Shenzhen Component rose 1.95%, and the ChiNext Index rose 2.01%.

Analysis of popularity and consecutive-limit-up stocks

The promotion rate for consecutive-limit-up stocks rose to 66.67%. The highest performer was Huan Dian Liao Neng, which advanced to an 8-day streak, breaking the prior yearly record of consecutive limit-ups set by Yu Neng Holdings (7 days), further driving a continued recovery in market short-term sentiment. In addition, the other three consecutive-limit-up stocks with 3 days or more were all in the green power and photovoltaic new-energy sectors. As global capital markets’ risk appetite warmed up, technology stocks continued to build on the earlier repair momentum. Heat in the compute power industry chain, including cloud services and AI compute hardware, kept recovering. Several stocks that reversed after an opening “bounce-back” the day before achieved consecutive-limit-up promotion. Directions related to the Middle East situation continued to diverge. International oil prices slipped again by a small margin, dragging down the oil & gas and coal sectors to lead declines today on the day’s trading. Meanwhile, with the Strait of Hormuz triggering long-term shortages of chemical products, some chemical stocks stabilized and rebounded. Fertilizers and large-scale refining-and-chemical integration (Lianhua/Da Lianhua) also performed well. In addition, the reshaping of global military trade patterns drove a fundamentals recovery: the previously oversold defense industry continued to extend its repair, and two defense-equipment stocks—Hunan Tianyan and Great Wall Defense Industry—achieved consecutive-limit-up promotion. As for the afternoon “catch-up” gains after today—such as defense stocks and local Fujian stocks in low positions—these were driven more by sentiment. Therefore, after the index’s short-term repair space was basically reached, it still should not be chased blindly at higher levels.

Mainline hot themes

The National Data Bureau proposed vigorously promoting compute-and-data coordination (“算电协同”). Subsequently, Shenzhen issued a policy calling for region-specific development of “photovoltaics/offshore wind + energy storage + direct green power connection” to create benchmark demonstration zero-carbon data centers, helping meet local demand for compute power while ensuring green power is consumed locally and used efficiently. The green power concept continued to attract strong capital inflows. The top gainer was Huan Dian Liao Neng advancing to an 8-day streak; several companies such as Liaoning Energy, Shao Neng Co., Zhejiang Xinneng, and Energy Conservation & Wind Power achieved consecutive-limit-up promotion. This also drove a follow-on rebound in lagging directions such as waste-to-energy power generation and biomass power generation. Furun Environmental Protection’s limit-up then pushed the environmental protection sector to surge sharply as well. However, as more low-position “catch-up” issues within the sector kept emerging, high-position stocks such as Yu Neng Holdings and green-power-related concepts in waste-to-energy saw a quick drop and pullback in the afternoon. With the high-standard stock Huan Dian Liao Neng already entering a key monitoring period, short-term intraday fluctuations are still prone to trigger major divergences within the sector.

US stock optical communication concept stocks have been staying hot recently. Applications light companies reported receiving orders for $53 million for 800G single-mode data center transceivers from a very large data center customer; the related “optical + electrical” applications rose nearly 19%. Lumentum, Coherent, and Corning all rose more than 6%. The optical communication industry chain has continued to stand above the crowd, with the optical module segment—Mingpu Guangci—hitting a one-word limit-up. Changguang Huaxin and Yuanjie Technology both refreshed historical highs. Benefiting from the continued surge in optical fiber prices, the optical fiber industry chain—after a deep adjustment—has continued to recover recently. Feitian Optical Fiber and Tongding Interconnect achieved consecutive-limit-up promotion. Hunantong Optoelectronics and Zhongtian Technology have also been among the top gainers. In recent news, besides the server architecture evolution roadmap unveiled by Nvidia at the GTC conference, the Scale Up architecture is still a prevailing trend, and demand for NPO/CPO has formed long-term positive catalysts. In addition, Japan’s Granopt Faraday rotator glass plates are being shut down for maintenance and reducing production; shortages in upstream components are spreading further from optical chips toward optical isolators and other directions. Although the entire compute power hardware side—especially optical communication—has not been disproven and remains highly favorable long-term, after short-term gains get too large, adjustment pressure on its high valuations is still difficult to avoid.

Zimbabwe’s lithium export ban has been in place for nearly a month, with no sign of lifting yet. The impact duration may exceed earlier market expectations. This has driven Guangqi Futures’ benchmark lithium carbonate main contract to rise for three consecutive sessions, once breaking through 160k yuan per ton intraday. The lithium battery industry chain has continued its earlier strength: lithium mine stocks such as Rongjie Co. achieved a 2-day consecutive limit-up; Guocheng Mining and Yongxing Materials have continued to rebound and are approaching prior highs. The solid-state battery concept—Weike Technology and Huaya Intelligent—both hit limit-up. At present, the main factors driving the lithium battery industry’s boom are still based on global energy security anxiety triggered by the tense Middle East situation. Countries are accelerating energy independence and controllability. In the first two months of this year, China’s energy storage battery sales have already shown a year-over-year doubling. However, the inverter segment, which previously shined brightly, has undergone adjustments for two consecutive days recently. Because most listed companies in that segment still hover at high levels, and some even refreshed historical highs, the weak structure of their trading “chips” and their high valuation characteristics still tend to suppress short-term performance.

Today, Tesla Optimus’s official account released a video and exposed details related to Optimus, including the R&D environment, the design of the deceleration gearbox, and the design of the dexterous hands. Musk said that Optimus3 is expected to begin production in this summer and is expected to achieve large-scale mass production in 2027. The robotics industry chain surged strongly in the afternoon. Ruilian Technology and Xinquan Co. hit涨停 (limit-up). SiLing Smart Drive, Qiaofeng Intelligent, and Zhenyu Technology all rose more than 10%. Based on integrated broker research reports and industry-chain guidance, starting in the second half, weekly production will be 2,000–5,000 units, and full-year 2027 output is expected to reach 500k units. Therefore, compared with the start of large-scale mass production of domestic humanoid robots, although Tesla’s robot mass-production timeline arrives later, the value contribution still provides objective upside to the performance elasticity of related supporting suppliers. As this sector has already seen a deep pullback of over 30% from after the Spring Festival holiday to now, the dynamic P/E ratios of some quality names have even fallen below 20x into a relatively safe range. Thus, even with the overall ranking level of tech stocks still high, the relatively undervalued robotics industry chain still offers a certain price-to-performance appeal for mainstream capital.

Outlook for the next stage

Today’s market continued yesterday’s broad rally. With more than 4,800 stocks across the board turning red, there are still more than a hundred non-ST stocks gaining more than 10%. However, despite a modest increase in market liquidity today, it is still below 2.2 trillion yuan. In line with the earlier high-volume broad sell-off, this recent broad-based recovery has still mainly been driven by rapid rotation of hotspots. In particular, when differences emerged within the green power and energy storage industry chain—one of the strongest directions recently—this may still have disturbed short-term sentiment. After the Shanghai Composite reclaimed the 5-day moving average and already touched the 60-minute Bollinger middle band, investors should still guard against the realized-pressure from some bargain-hunting capital. As for the micro-cap stock index that led declines last week, after rebounding for two consecutive days it has already filled the downward gap from the day before yesterday. Whether the short-term trend can reverse still depends on whether this index can stay above last Friday’s closing level for three consecutive trading days.

Today’s limit-up analysis chart

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