A-share closing review: Shanghai Composite Index fell 1.39%, narrowly defending the 4000-point level, with nearly 5000 stocks declining across the entire market

(Source: Sci-Tech 100 ETF Fund)

The three major A-share indices all declined today. By the close, the Shanghai Composite Index fell 1.39%, the Shenzhen Component Index dropped 2.02%, the ChiNext Index declined 1.11%, and the Beijing 50 Index decreased 3.33%. The combined trading volume of the Shanghai, Shenzhen, and Beijing markets was 21.273 trillion yuan, an increase of 662 billion yuan from the previous day. Nearly 5,000 stocks across the three markets declined.

In terms of sectors and themes, gold, non-ferrous metals, chemical fibers, phosphate chemicals, PET copper foil, cultivated diamonds, steel, PEEK materials, and PCB concepts led the declines; meanwhile, oil and gas exploration and services, natural gas, and coal mining and processing sectors rose against the trend.

Market overview shows ongoing turmoil in the Middle East pushing oil prices higher. Last night, the Federal Reserve’s interest rate decision was perceived as hawkish by the market, raising concerns about stagflation. Gold and non-ferrous metals sectors generally came under pressure, with stocks like Zhongjin Gold (600489), Industrial Bank Silver Tin (000426), and Luoyang Molybdenum (603993) falling sharply. Previously popular sectors such as fertilizers and phosphate chemicals failed to attract renewed interest, with stocks like Oriental Iron Tower (002545), Chitianhua (600227), and Chuanjin Nuo (300505) all declining. Additionally, the rare earth, steel, and PCB sectors performed poorly. On the other hand, oil, gas, and coal sectors followed the rise in oil prices, with China National Offshore Oil Corporation (600938) and China National Petroleum Corporation gaining over 5%, and Shaanxi Black Cat (601015) hitting the daily limit-up. The computing power leasing sector surged early in the session; by the close, Copper Bull Information (300895) hit the 20% limit-up, and Hongjing Technology (301396) rose over 10%.

Limit-up ladder:

【4 consecutive limit-ups】 Shenhwa Development A, China Power LiaoNeng (600396).

【2 consecutive limit-ups】 Guangdong Power A, Shaoneng Co., Ltd. (000601), Meiliyun (000815), Jiuan Medical (002432), Aoruid (600666), Dashengda (603687).

Main capital inflow sectors:

NO.1 【Shale Gas】 Net capital inflow of 1.726 billion yuan, with 2 stocks hitting the limit-up and 21 stocks rising within the sector.

NO.2 【Trust Concept】 Net capital inflow of 673 million yuan, with 1 stock hitting the limit-up and 4 stocks rising.

NO.3 【F5G Concept】 Net capital inflow of 272 million yuan, with 1 stock hitting the limit-up and 9 stocks rising.

Hotspot overview:

What’s hot in today’s market:

【Oil and Gas Exploration and Services】

Related stocks: Tongyuan Petroleum (300164), China National Offshore Oil, Zhongman Petroleum (603619)

Qatar’s Ras Laffan Industrial City was attacked by Iranian missiles. This facility is the world’s largest liquefied natural gas (LNG) export base, accounting for about one-fifth of global supply. The attack caused LNG plant shutdowns and marked an escalation in regional conflicts.

【Electric Power】

Related stocks: Jiwei New Energy (300317), China Power LiaoNeng, Guangdong Power A

The rapid expansion of AI computing power demand is a core driver of electricity consumption growth. Market expectations suggest that AI data center construction will enter a period of rapid growth, significantly increasing electricity demand. GF Securities states that the integration of computing and electricity has been included in the government work report for the first time, emphasizing the revaluation of green power operators. China Merchants Securities notes that the overseas expansion of tokens drives the scale of computing power, boosting electricity demand.

【Computing Power Leasing】

Related stocks: Copper Bull Information, Hongjing Technology, Guiguang Network (600996)

With the popularization of AI applications and the explosive growth of OpenClaw, the computing power service market is entering a price increase cycle. Major cloud service providers like Alibaba Cloud, Tencent Cloud, and Baidu Smart Cloud have announced price hikes for AI computing power and related services. Guojin Securities’ research report predicts that 2026 will be a pivotal year for China’s shift from “cloud training” to a “dual-drive” model of “training + inference,” with a rapidly widening computing power gap driven by more modalities and broader scenarios. The explosion of native scenarios such as B-end traffic, AI dramas, and programming, combined with the accumulation of B-end niche models, will jointly drive a significant increase in real-time inference computing power consumption.