【Wealth Online Market Commentary】Growth Enterprise Market Index Defies Downturn with Gains, Multiple Sectors Welcome Dense Catalysts

(Source: Wealth Online Technology)

On March 20, the three major A-share indices showed divergence, with the ChiNext Index rising against the trend. Wealth Online points out that by the close, the Shanghai Composite Index decreased by 1.24%, the Shenzhen Component Index decreased by 0.25%, and the ChiNext Index increased by 1.30%. The total trading volume across Shanghai and Shenzhen markets reached 2.29 trillion yuan, up 175.9 billion yuan from the previous trading day, with significantly increased trading activity.

Wealth Online notes that, in terms of sectors, the photovoltaic equipment sector performed outstandingly, rallying in the afternoon and becoming the leading growth line. Many stocks within the sector hit the daily limit, including Shangneng Electric and Shouhang New Energy, which both hit the 20% limit, Yongzhen Shares, Chint Power, and Guosheng Technology, which all hit the 10% limit, and Jinneng Technology, which rose over 15%. The BC battery concept also saw strong gains, with Haiyou New Materials and Huabao New Energy rising over 13%, and Jiejia Weichuang approaching a 10% increase. Additionally, multiple sectors such as energy metals, batteries, electricity, integrated optical (CPO), and lithography machines were active simultaneously, reflecting a diversified market hot spot.

1. Market Outlook:

Recently, A-share sector rotation has accelerated with clear differentiation. Geopolitical tensions have increased risk aversion in global capital markets, suppressing market risk appetite. Currently, the market remains focused on structural opportunities. Proactive fiscal policies continue to exert effort, especially supporting the technology growth sectors, which may still have considerable development potential.

Wealth Online indicates that, from an industry trend perspective, AI development is driving rapid expansion of computing power. Currently, China’s data centers’ electricity consumption accounts for a relatively low proportion of total social electricity use, which can be supported by the power system in the short term, but this proportion is continuously rising. Fields related to green energy and new power systems are expected to accommodate the growing demand for computing power electricity; meanwhile, the rising popularity of the OpenClaw project is driving AI Agent demand, with increasing token supply further boosting computing power needs and electricity consumption.

As a core direction of new productive forces, fields such as the entire AI industry chain, commercial aerospace, semiconductors, and brain-computer interfaces align with industrial upgrading trends and have broad medium- to long-term development prospects. They are also key areas for current market structural opportunities.

2. Short-term Highlights:

Photovoltaic Equipment

Breakthroughs in space photovoltaic technology and resonance with domestic and international demand are pushing the photovoltaic equipment industry into a high-growth phase. Zhongke Tiansuan and Yanhe Technology jointly released a space supercomputing prototype system, completing the full-process integration of space computing power and perovskite energy systems, opening new application scenarios for space-based photovoltaic equipment.

According to Cailian Press, SpaceX has ordered equipment from leading domestic heterojunction device companies, with delivery expected in the first week of May. The orders cover space and ground applications, with high overseas demand continuing to be released.

CITIC Securities estimates that, under conservative scenarios, the global space photovoltaic market size will exceed 80 billion yuan by 2030, and under optimistic scenarios, nearly 3 trillion yuan, with significant growth potential for related new battery technologies. Aijian Securities states that by March 2026, full-cycle photovoltaic production will significantly increase, and industry supply-demand patterns will continue to improve. Driven by technological innovation and market expansion, the resilience and growth space of photovoltaic equipment will further emerge.

3. Medium- to Long-term Highlights:

4. Commercial Aerospace

The 2nd Commercial Aerospace Industry Development Conference and Exhibition was recently held in Shenzhen, with over 200 companies showcasing cutting-edge technological achievements. Industry insiders generally believe that the commercial aerospace sector has entered a period of explosive growth. Upstream and downstream companies are continuously advancing technology and securing financing in areas such as rocket development, satellite manufacturing, and operational services. The industry is experiencing dual-driven growth from technology and capital.

Wealth Online points out that at the local level, Hainan Province explicitly proposed during the first-quarter economic operation dispatch that it will leverage launch site resources and promote the coordinated development of rocket chains, satellite chains, and data chains through a “platform-driven” model to upgrade the commercial aerospace industry.

Giant Great Wall Securities notes that with ongoing optimization of launch sites and manufacturing costs, domestic industry capacity is gradually aligning with international standards. The construction of mainstream satellite constellations is progressing in an orderly manner, and the IPO process for related companies is accelerating. Breakthroughs in localization will drive development opportunities in the industry chain and space computing fields.

2. New Power Systems

Under the dual-carbon goal, the 2026 work report emphasizes accelerating comprehensive green transformation. For power systems, efforts focus on building new power systems, speeding up smart grid construction, developing new energy storage, and expanding green electricity applications.

Amid international turbulence, new power systems, with their stable energy supply advantages, have become a key focus for public funds. Their core features include low energy consumption and high adaptability, further broadening application scenarios with the continuous growth of AI computing power demands.

CITIC Securities analyzes that the construction of new power systems will run throughout the “14th Five-Year Plan” period and remains a core theme for power industry development. Currently, many ultra-high-voltage projects are included in planning or underway, laying a solid foundation for new power systems. Additionally, the increased electricity demand driven by AI development and the upcoming renewal cycle of global power equipment will further promote new business models like power and computing integration, injecting sustained vitality into the sector.

4. Hotspot Focus:

5. Domestic interconnection + overseas capacity expansion, dual catalysts for computing power industry

Many regions in China are accelerating computing power deployment. Shanghai has officially launched the construction of a national computing power interconnection node, building a demand-supply matching system to enable standardized interconnection and efficient scheduling of computing resources across regions, operators, and technical architectures, further enhancing regional computing capacity.

Wealth Online notes that internationally, according to CCTV Finance, the German government released a data center expansion strategic plan on March 17, aiming to double general data center computing power by 2030 compared to 2025, and increase AI-specific computing power by over four times. The plan includes 28 specific measures to position Germany as a leading data hub in Europe with data sovereignty advantages, with global demand for computing power continuing to grow, providing broad space for industry development.

2. AI empowerment + supply chain price hikes! Micro LED concept faces multiple catalysts

TrendForce states that the proliferation of generative AI is driving rapid growth in data center transmission needs. Micro LED combined with CPO technology offers outstanding energy-saving features, with transmission energy consumption only 5% of traditional copper cables, showing clear substitution potential in optical interconnects and opening new application avenues for Micro LED.

Since 2026, the LED industry chain has experienced a new round of price increases, with over 20 chip, packaging, and display companies raising prices by 5% to 15%. Industry profitability has stabilized, providing a solid foundation for Micro LED development. Omdia forecasts that by 2026, Micro LED display revenue could double, surpassing 100 million USD, with strong growth momentum in shipments and market scale.

3. Overseas orders intensify, energy storage industry growth potential unlocked

According to the CESA Energy Storage Application Branch industry database, as of February 2026, Chinese companies have won 30 overseas energy storage projects with a total capacity of 35.71 GWh. Overseas demand for energy storage continues to grow, fueling industry expansion.

Dongwu Securities points out that the residential energy storage market has entered a new upward cycle with ample growth momentum. It is expected that global energy storage installations will increase by over 60% year-on-year in 2026, maintaining a 30%-50% compound annual growth rate from 2027 to 2029, with broad medium- and long-term growth prospects.

The above opinions, strategies, and analysis results are for reference only and do not constitute investment advice; any individual stocks mentioned are for case sharing only and not recommendations. Investment risks are at your own risk. Wealth Online reminds you: the stock market involves risks; invest cautiously.

These views are provided by Wealth Online Investment Advisory Department. Investment Advisor: Chang Jianwu, Registration Number: A1050619080001.