The Shanghai Composite Index closed up 1.30%, returning to 3,900 points. Nearly 4,900 stocks in the entire market rose.

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◎Reporter Li Yuqi

On March 25, the A-shares continued their rebound trend, with the Shanghai Composite Index returning above 3,900 points. At the close, the Shanghai Composite was at 3,931.84 points, up 1.30%; the Shenzhen Component Index was at 13,801.00 points, up 1.95%; the ChiNext Index was at 3,316.97 points, up 2.01%; the STAR Market Composite Index was at 1,668.08 points, up 1.77%. The total daily transaction volume of Shanghai, Shenzhen, and Beijing markets was 2.19T yuan, about 96.8B yuan higher than the previous trading day.

In the market, nearly 4,900 stocks rose, with 2 consecutive trading days of 100 stocks hitting the daily limit. The power sector continued to explode, the computing power leasing concept strengthened, and sectors such as sports, consumer electronics, tourism, and hotels led the gains. A few sectors like oil and shipping ports declined.

Power Sector Continues Its Strength

On March 25, power stocks kept rising, with the green energy concept expanding its gains. By the close, more than ten stocks including Zhongmin Energy, ShaoNeng Shares, and Ningbo Energy hit the daily limit.

High-level continuous limit stocks remained hot, with Huadian Liaoning Energy opening with a straight surge to hit the limit within 2 minutes, reaching 8 consecutive limit-ups. By the close, Huadian Liaoning Energy was at 8.34 yuan/share, with a total market value of 12.28 billion yuan and a transaction volume of 824 million yuan. Since March 16, Huadian Liaoning Energy’s stock price has increased by a total of 114.95%.

Recently, Huadian Liaoning Energy disclosed an announcement about severe abnormal fluctuations in stock trading, stating that the company’s stock price had risen sharply in the short term, deviating significantly from the Shanghai Composite Index and the industry index of power and heat production and supply, with a risk of sharp decline in the short term.

On the news front, Liu Lihong, Director of the National Data Bureau, said at the China Development High-Level Forum 2026 that the next step will be to vigorously promote the computing power and electricity coordination project, ensuring that the proportion of green electricity used in new computing power facilities at key nodes exceeds 80%, maximizing the supporting role of green power.

Research from Huaxin Securities believes that the core of this round of geopolitical conflicts is the reassessment of the “security attribute” of the energy system. The global energy allocation pattern and macro transmission pathways are being reshaped, with countries shifting their energy policies toward “independent controllability + diversified substitution.” In the A-share market, the benefits are seen in three directions: new energy power generation, energy storage, and power grid equipment. The demand for new energy installations is shifting upward, the strategic position and profitability of energy storage are improving, and investment in power grids and electrical equipment is entering an accelerated cycle.

Technology Stocks Continue to Warm Up

As market sentiment short-term improves, technology themes continued their recovery yesterday, with the computing power industry chain leading the gains, and sectors like fiber optics, optical modules, and storage chips strengthening.

The computing power leasing concept performed actively, and the Token concept continued to ferment. By the close, Halo New Network rose over 10%, and Aoruite and 263 hit the daily limit.

On the news front, the National Data Bureau recently stated: In early 2024, China’s daily token call volume will reach 100 billion; by the end of 2025, it will jump to 100 trillion; in March this year, it has already surpassed 140 trillion, a two-year growth of over a thousand times.

The CPO concept also showed active movement, with Aled hitting the limit up by 20%, and Mingpu Optoelectronics and Kekechuang Technology also hitting the limit.

On the news front, Shenzhen’s Bureau of Industry and Information Technology recently issued the “Shenzhen Action Plan for Accelerating the High-Quality Development of the Artificial Intelligence Server Industry Chain (2026–2028),” proposing to promote the upgrade of optical modules from 800G to 1.6T and 3.2T generations, and support the mass production projects of 800G and above optical modules.

Mingpu Optoelectronics recently announced in an investor relations activity record that the company has cooperated with clients on ODM customization development of the 800G LPO (Linear Drive Pluggable Optical Module) scheme, achieving small batch shipments; the 800G NPO (Near-encapsulation Optical) is jointly developed with clients for next-generation applications; the 1.6T optical module will be developed in cooperation with clients’ JDM.

Institutions: Market stability expectations remain unchanged

Looking ahead, Dongfang Securities’ research report believes that, against the backdrop of rising global asset risk assessments, Chinese assets have a “safety premium” composed of stable energy supply, export advantages, and liquidity growth, with risk assessments steadily declining, making Chinese assets relatively advantageous.

Hualong Securities’ research report states that current policies clearly stabilize market expectations, liquidity is ample, valuations are within a reasonable range, and fundamentals are stable. Once the influencing factors are sufficiently priced in by the market, the market is expected to present good allocation opportunities.

Regarding industry and theme allocation, Hualong Securities suggests focusing on three major directions: first, growth sectors such as technology and advanced manufacturing, including telecommunications services, electrical equipment, and defense; second, sectors that boost and expand domestic demand, such as automobiles, home appliances, and medical devices; third, “anti-involution” and supply-demand changes, such as non-ferrous metals, special steel, and chemical fibers. Themes include the “14th Five-Year Plan,” artificial intelligence+, commercial aerospace, low-altitude economy, and humanoid robots.

Nomura Dongfang International Securities released an A-shares strategy report recommending investors seek dividend-style defensive stocks within the equity assets. As volatility gradually increases, the value of low-volatility safe assets is rising. It suggests choosing risk-averse sectors from three directions: first, traditional low-volatility dividend stocks, especially banks; second, technology sectors with significant fundamental improvement not yet fully priced, such as storage and optical communication hardware; third, cyclical sectors driven by increased risk aversion, like oil & gas and non-ferrous metals.