A-shares Market Close: The ChiNext Index surged over 2% with increased volume, and over 4,800 stocks in the entire market rose.

（Source: Science and Technology Innovation 100 ETF Fund）

Today, all three major A-share indexes rose across the board. As of the close, the Shanghai Composite Index rose 1.3%, the Shenzhen Component Index rose 1.95%, the ChiNext Index rose 2.01%, and the Northern Exchange 50 Index rose 1.48%. The total trading value across the Shanghai and Shenzhen and Beijing markets amounted to 21928 billion yuan, up by 968 billion yuan versus the previous day. Over 4800 individual stocks across the three markets rose.

On the sector and theme front, sectors such as fiber optics, power, high-speed connectivity using copper cables, CPO, airport shipping, tourism and hotels, compute leasing, energy metals, liquid-cooling servers, Fujian, education, and the sports industry were among the leaders in gains. Oil and gas extraction and services, photovoltaic equipment, and natural gas underperformed.

On the trading floor, driven by various positive catalysts, the compute-and-power coordination concept stocks strengthened again today. Huadian Liaoning Energy (600396) hit an 8-day limit-up streak, Zhejiang Xinneng (600032) hit a 3-day streak, and Shao Neng Co., Ltd. (000601) hit a 2-day streak. The fiber-optic price reaching a seven-year high drove a sharp advance in related sectors. Nearly 10 stocks such as FiberHome Opto (601869), Yangtze Optical Communications (600345), and Sunpharm? (603938) hit the daily limit-up. Token’s surge lit up the compute leasing sector; multiple stocks including Litong Electronics (603629), OReid (600666), and Tefax? Information (000070) closed with daily limit-ups. In addition, multiple sectors such as CPO, precious metals, and the sports industry rotated. On the other hand, in the early hours, international oil prices once again plunged; the oil and natural gas sector followed with adjustments. Yuan? Petroleum (300164), Intercontinental Oil and Gas (600759), and China National Offshore Oil (600938) fell. The photovoltaic equipment sector also followed suit; Aero Energy, Foster? (603806), and Deye? Shares (605117) all declined.

Limit-up ladder list:

【8-day limit-up】 Huadian Liaoning Energy.

【3-day limit-up】 Zhejiang Xinneng, Liaoning Energy (600758).

【2-day limit-up】 Yue Dianli A, Shao Neng Co., Ltd., Xinneng Taishan (000720), Hunan Development (000722), Rongjie Shares (002192), Tongding Interconnection (002491), Zhenshi Tong (002771), Southern Yangtze? Spun? (600527), OReid, Hunan Tianyan (600698), Energy Saving Wind Power (601016), Great Wall Military Industry (601606), FiberHome Opto, Mino? (603538), Golis? Thinking (603808), ShuHua Sports (605299), Hongbai New Materials (605366).

Main net inflow sectors:

NO.1 【Data Centers】 received a net inflow of main funds of 13.421 billion yuan; within the sector, 17 stocks hit limit-ups and 528 stocks rose.

NO.2 【Chip Concept】 received a net inflow of main funds of 11.851 billion yuan; within the sector, 16 stocks hit limit-ups and 774 stocks rose.

NO.3 【Co-packaged Optics (CPO)】 received a net inflow of main funds of 10.128 billion yuan; within the sector, 6 stocks hit limit-ups and 140 stocks rose.

Hot topics overview:

What the market is trading today:

【Green Power】

Related stocks: Huadian Liaoning Energy, China Min Energy (600163), Jincheng? Power (000767)

On March 23, the Director of the National Data Administration, Liu Lierong, said that next steps will be to work with relevant departments to strongly promote the compute-and-power coordination project, ensuring that the share of green-electricity applications in newly built compute infrastructure at hub nodes reaches 80% or more. This move clarifies the key role of green power in supporting the development of compute infrastructure, and opens up space for a certain incremental demand for the green power industry.

【Fiber Optics Concept】

Related stocks: Changguang Huaxin, FiberHome Opto, ZTE? Communications (600498)

In recent days, the U.S. Fiber Optics Communication Expo and conference (OFC2026) was held at the Los Angeles Convention Center. Leading fiber-optic manufacturers such as Corning and FiberHome showcased a new product lineup including hollow-core fiber, multi-core fiber, high-density connectors, and other products, and are expected to comprehensively improve the connection density and scalability of data center optical networks. In addition, Huang Renxun recently said at the GTC conference that from 2027 onward, there will be at least $1 trillion of high-confidence demand. The favorable cycle for AI compute demand is expected to continue at least through 2027 and will be far larger than expected.

【Compute Leasing】

Related stocks: Huanhuan? New Network (300383), Dayi Technology (600589), Orient? Guoxin (300166)

The National Data Administration said that in early 2024, China’s average daily Token (words) usage was 100 billion; by the end of 2025, it would jump to 100 trillion. This March, it has already exceeded 140 trillion. In addition, recently, Tencent Cloud, Alibaba Cloud, and Baidu Intelligent Cloud have all announced increases in AI compute and related service prices. Tencent Cloud ended the free public testing of three popular AI model offerings on March 13, and significantly adjusted the billing standards for the Hunyuan series models; some service price increases exceeded 4 times. Alibaba Cloud and Baidu Intelligent Cloud both took effect the price adjustments on April 18: the former increased prices for its own compute cards and storage in the Zhixuan? version by 5%–34% and 30% respectively; the latter increased prices for AI compute services and parallel file storage by 5%–30%.

【Precious Metals】

Related stocks: Chifeng Gold (600988), Xiaocheng Technology (300139), Zijin Mining? Gold (600489)

According to market research, signals have been released from the U.S. side indicating progress in negotiations with Iran, and even talk of “expressions of goodwill.” To a certain extent, this has eased market concerns that the conflict would continue to escalate. However, at the same time, senior military advisers from the Iran side said the conflict will continue until they receive sufficient compensation. This divergence in information has made market expectations swing, and geopolitical risk has not disappeared—it has entered a phase of intensified uncertainty. Against this backdrop, the appeal of gold as a traditional safe-haven asset has somewhat recovered, driving prices to rebound from the lows.

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