Market Close: ChiNext Index Down 2.29% on Shrinking Volume, Computing Power Hardware Stocks Adjust Collectively, Over 4,500 Declining Stocks

Special Topic: Energy Cycle Disruptions Do Not Change the “Transition Bull” Tech Mainline and Value Reassessment Resonance

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March 17 News: The three major indices surged then pulled back, with afternoon trading showing a single-sided decline. The ChiNext Index fell over 2%, and the Shenzhen Component Index dropped more than 1%. In terms of sectors, large financials remained active, with New China Insurance, Guoxin Securities, and others rising; the real estate sector led gains, with Shilianxing, Jinneng Real Estate, and Jingtou Development hitting the daily limit; on the downside, the CPO sector continued to decline, with Changguang Huaxin, Deke Li, Luobote, Guangku Technology, and others falling sharply; power grid equipment stocks weakened, with Shenghui Technology and Jinpan Technology leading declines; the semiconductor sector also declined, with Yuanjie Technology leading the fall. Overall, more stocks declined than rose on both exchanges, with over 4,500 stocks falling.

At the close, the Shanghai Composite Index was at 4,049.91 points, down 0.85%; the Shenzhen Component Index was at 14,039.73 points, down 1.87%; and the ChiNext Index was at 3,280.06 points, down 2.29%.

Market overview shows that insurance, chemical fibers, and precious metals sectors led gains; CPO, 5G concepts, and optical fiber concepts led declines.

Hot Sector Highlights:

1. Real Estate

Shilianxing, Jinneng Real Estate, Jingtou Development, and others hit the daily limit.

News: According to the People’s Bank of China website, the Shanghai Branch of the People’s Bank of China, together with the Shanghai Regulatory Bureau of the National Financial Supervision and Administration, issued the “Notice on Adjusting the Minimum Down Payment Ratio Policy for Commercial Housing Loans in Shanghai.” Starting March 16, 2026, the minimum down payment ratio for commercial housing loans in Shanghai will be adjusted to no less than 30%.

2. Steel

Anyang Steel and Jiugang Hongxing hit the daily limit.

News: The Ministry of Industry and Information Technology stated that leading enterprises in key industries such as steel will form joint ventures to promote industry data set construction and other tasks. On March 10, the Ministry released the “Notice on Launching the Industrial Data Foundation Initiative and Conducting Pilot Construction of High-Quality Industry Data Sets for AI Empowerment.”

News Highlights:

【Iranian Foreign Minister Reaffirms That Hormuz Strait Blockade Is Only Against Enemies】 On March 16, Iranian Foreign Minister Araghchi stated at a press conference in Tehran that Iran’s blockade of the Strait of Hormuz is only targeted at “enemies,” specifically “those countries and their allies that unjustly attack our nation.” Araghchi said that the US and others launched large-scale attacks on Iran, demanding “unconditional surrender,” yet now they seek help from others on the security of the Strait of Hormuz—while Iran has not communicated any messages to the US since the outbreak of conflict. Axios reported that, according to US officials and informed sources, a “direct communication channel” between US Special Envoy Wittekov and Araghchi has recently been reactivated. In response, Araghchi stated on social media that his last contact with Wittekov was “before his employer (US President Trump) decided to launch another illegal military strike against Iran and to kill diplomatic efforts.” He added that any contrary statements “seem to be just to mislead oil traders and the public.” (CCTV News)

【Samsung Electronics Union in South Korea to Vote on Largest Strike Plan in Company History; If Approved, Chip Production Will Halt in May】 South Korea’s largest union, the “National Samsung Electronics Union (NSEU),” threatened that the company is voting on its largest strike plan ever—if approved this Wednesday, chip production will cease in May, potentially costing Samsung hundreds of billions of dollars. As the world’s largest memory chip manufacturer, a strike could significantly impact Samsung Semiconductor’s operations and exacerbate global semiconductor supply bottlenecks, affecting industries from automotive and computers to smartphones.

【Shareholders Plan ‘All-Out’ Reduction; Zhaoyan New Drug Responds】 On March 17, Zhaoyan New Drug’s stock plummeted, hitting the daily limit. The company announced that shareholders Gu Xiaolei and his concerted parties plan to “completely liquidate” their holdings. A securities staff member from Zhaoyan New Drug told reporters that the sharp decline was mainly due to the news of the share reduction. These shareholders had been gradually reducing their holdings, but this time the scale exceeded market expectations, leading to a strong market reaction. (CSEC Taurus)

【Beijing Focuses on Key Fields: Robotics, Synthetic Biology, Brain-Computer Interfaces, Smart Terminals, Green Energy; Improving Administrative Licensing and Management Rules】 The Beijing Municipal Government Office issued the “2026 Beijing Comprehensive Optimization of Business Environment Workpoints,” proposing to create a friendly industrial development ecosystem. It emphasizes refining mechanisms for implementing restrictions and bans on new industries, based on emerging technologies and products, and establishing a consultation and feedback channel for market access issues via “Jingtong.” Focus areas include robotics, synthetic biology, brain-computer interfaces, smart terminals, and green energy, with improvements to administrative licensing, qualification standards, inspection, and testing management systems. The plan encourages districts to carry out “full-chain empowerment” actions, creating exemplary business environments for “one district, one industry.” It also promotes state-owned and leading enterprises in Beijing to further open resources and application scenarios, fostering integration among large, medium, and small enterprises.

Institutional Views:

Zhongyuan Securities believes that the current market is mainly constrained by external factors. The escalation of Middle East tensions has triggered global market volatility, and rising oil prices have raised concerns about stagflation, suppressing risk appetite. This has delayed Federal Reserve rate cuts and increased US Treasury yield fluctuations, putting valuation pressure on global equities, especially high-valuation tech growth stocks. With clearer domestic macro policies providing a solid bottom support, the central bank has indicated flexible use of RRR cuts and interest rate reductions to maintain ample liquidity; support from China Investment Corporation acting as a “stabilizer fund” has strengthened market confidence. The Shanghai Composite Index (1A0001) is likely to remain in a slight oscillation, and investors should closely monitor macroeconomic data, overseas liquidity, and policy developments.

CaiXin Securities suggests that in the short term, given ongoing uncertainties in energy supply due to Middle East tensions and the upcoming earnings disclosure season for A-shares, market risk appetite may remain limited, with broad fluctuations expected. Investors can consider participating in structural opportunities at lower levels with controlled positions, focusing on sectors with pricing logic or improving fundamentals. In the medium term, with continued “double easing” of fiscal and monetary policies, increased household savings entering the market, improved corporate performance from anti-inflation measures, and ongoing breakthroughs in global AI technology, the foundation of the current A-share rally remains solid. The recent Middle East conflict is expected to only impact short-term sentiment and market rhythm, not the overall trend, and confidence in the medium- to long-term market outlook remains strong. Excessive worry is unwarranted.

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Editor: Guo Xutong