000968, a vertical limit-up in the afternoon! Oil and gas concept stocks are moving collectively!

Today (March 26), the A-shares experienced a volatile adjustment, with the Shanghai Composite Index once again falling below 3900 points, and the ChiNext Index dropping below 3300 points. The Shenzhen Component Index, STAR Market Composite Index, and Beijing Stock Exchange 50 also fell over 1%. On the market front, only a few sectors, including oil and gas extraction, metal energy, banking, and coal, were in the green, while environmental monitoring, newly listed stocks, marine equipment, and communication engineering saw the largest declines.

Real-time monitoring data from Wind shows that the construction materials sector saw a net inflow of over 2.3 billion yuan from main funds, non-ferrous metals received over 2.2 billion yuan in net inflows, basic chemicals gained over 1.6 billion yuan, banks saw over 1 billion yuan in net inflows, and pharmaceuticals, transportation, oil and petrochemicals, and home appliances also received over 100 million yuan in net inflows. The electronics sector experienced a net outflow of over 7.1 billion yuan, while computers saw a net outflow of over 4.9 billion yuan, with non-bank financials and defense industries also experiencing net outflows exceeding 2 billion yuan.

In terms of individual stocks, Raise Technology saw a net inflow of over 2.5 billion yuan from main funds, while Aoyrede, CATL, Rongjie Co., and Hunan Development, among six stocks, also received over 1 billion yuan in net inflows.

Regarding market hotspots, influenced by geopolitical conflicts in the Middle East, international oil prices have been fluctuating around the high of 100 dollars per barrel. The A-shares oil and gas extraction sector followed suit with fluctuations, and this afternoon, oil and gas extraction concept stocks once again showed a surge in volume. Blue Flame Holdings (000968) hit its daily limit up during the session, with Shouhua Gas and Intercontinental Oil also showing notable upward movements.

Polymarket’s betting odds indicate that the market’s expectation for the end of the conflict in March has dropped from 78% to 4%, with the highest expectation for the period from April 1 to May 15 being about 44%.

According to Huatai Securities, if the Strait of Hormuz’s capacity is interrupted, the global oil market may face a short-term supply gap of 2 million barrels per day. Domestic oil and gas extraction leaders are expected to help ensure China’s energy security and autonomy; China’s energy and chemical supply chain is relatively complete compared to overseas, and leading enterprises with complete industrial chains may benefit.

In a weak market, bank stocks have attracted market favor. Citic Bank reached a new high in 8 months despite the market downturn, accumulating a rise of 16.39% since March. Construction Bank reached a new high for the year, increasing 9.9% in March, while Shanghai Rural Commercial Bank, Bank of China, and Suzhou Bank also reached phase-specific new highs.

Looking ahead, Shenwan Hongyuan pointed out that the current A-share market is transitioning from the “first phase of an upward trend” to “range-bound fluctuations.” In the second half of 2026, after conditions are met for performance and time to digest valuations, cyclical improvements, and “cross-phase progress” in industry trends, as well as accelerated migration of residents’ allocations toward equities, the A-share market may experience a “second phase of an upward trend.” In the short term, China’s energy and supply chain resilience may expand into the medium term as the rise of Chinese strength drives higher and more sustained upward trends.

Xiangcai Securities believes that in 2026, both the macro mid-cycle and macro short-cycle in China are at the stage of bottom rebounds, likely forming an upward resonance pattern. In terms of the second quarter, more attention should be paid to the macro short-cycle situation. The “slow bull” pattern has not been completely disrupted, and the decline in late March may constitute the left side of the future phase bottom, with the market potentially emerging from a phase bottom formation in April.

Proofread by: Wang Jincheng