This week's A-share market gainers and losers: Military industry, energy metals, and other sectors rotate and rise.

This week (March 23 to March 27), the three major indices of A-shares continued to adjust. As of Friday’s close, the Shanghai Composite Index had decreased by 1.1%, the Shenzhen Component Index had dropped by 0.76%, and the ChiNext Index had fallen by 1.68%.

In terms of sectors, lithium extraction from salt lakes and titanium dioxide concepts led the gains, while sectors such as AI and chips experienced a collective pullback. Among individual stocks, there were 2,216 stocks with positive gains this week, while 3,211 stocks saw declines. Notably, Meinohua (603538.SH) achieved a four-day streak of gains, hitting five limit-up days in the last six trading days, with a cumulative rise of 40.73%, making it stand out; Xineng Taishan (000720.SZ) also recorded a four-day streak, with a cumulative increase of 40.2%. Meanwhile, previously strong-performing sectors like AI and automotive chips are undergoing adjustments. In terms of trading volume, the average daily trading volume on the Shanghai and Shenzhen stock exchanges reached 20,982 billion yuan this week, showing a decrease compared to last week.

Index Overview

On the index front, A-share major indices continued their adjustment trend this week, with some indices showing signs of a rebound during the adjustment process. Specifically, the North Securities 50 experienced the most significant pullback this week, with a decrease of 3.4%; the ChiNext Index and the Shanghai 50 followed with cumulative declines of 1.68% and 1.61%, respectively. The Shenzhen Component Index performed relatively well, down only 0.76%, indicating a smaller adjustment. From an annual growth perspective, the ChiNext Index and the Shenzhen Component Index have cumulative increases of 2.89% and 1.74%, respectively.

Volume Tracking

In terms of market volume, the average daily trading volume on the Shanghai and Shenzhen stock exchanges reached 20,982 billion yuan this week, with overall market trading activity continuing to decline. Looking at the daily trading volume trend, Monday saw relatively active trading with a single-day volume of 24,315 billion yuan; Tuesday and Wednesday experienced some decline, with volumes of 20,828 billion yuan and 21,798 billion yuan, respectively; on Thursday and Friday, trading volumes continued to decrease, with single-day volumes falling below 20,000 billion yuan.

Sector Focus

In terms of sectors, the leading gainers this week were the lithium extraction from salt lakes, titanium dioxide, fluorochemicals, CRO concepts, and phosphates, with cumulative increases of 5.76%, 4.58%, 4.07%, 4.02%, and 3.57%, respectively.

The sectors that ranked at the top for declines this week were internet insurance, Huawei’s Euler, AI, automotive chips, and Huawei’s Ascend, with cumulative decreases of 3.64%, 3.24%, 3.13%, 3.11%, and 3.07%, respectively.

Individual Stock Highlights

In terms of individual stocks, the top five gainers this week were Haike Xinyuan, Lianxiang Co., Rongjie Co., Huadian Liaoning Energy, and Jemeite, with cumulative increases of 51.02%, 48.26%, 46.95%, 43.61%, and 42.14%, respectively.

Top Gainer: Haike Xinyuan

Main business: The company focuses on the research, production, and sales of solvents and additives for lithium-ion battery electrolytes, as well as high-end propylene glycol, dipropylene glycol, 1,3-butanediol, and phenoxyethanol.

Second Gainer: Lianxiang Co.

Main business: The company is one of the first to engage in the research and production of embroidered fabric wall coverings and has now become a comprehensive soft decoration enterprise integrating design, research and development, production, sales, and operations.

Third Gainer: Rongjie Co.

Main business: The company’s main business includes lithium mining and selection, lithium-cobalt-nickel resource smelting, synthesis of lithium battery cathode materials, manufacturing of high-performance anode materials, production equipment for lithium batteries, and the secondary utilization and regeneration of lithium batteries.

This week, the top five decliners were Huada Technology, Zhonghuan Hailu, Shenhua Development A, Sanan Optoelectronics, and Yubang New Materials, with cumulative declines of 32.34%, 29.59%, 28.03%, 24.06%, and 21.77%, respectively.

Top Decliner: Huada Technology

Main business: The company primarily engages in the development, production, and sales of passenger car body parts, related molds, as well as battery boxes, motor shafts, motor casings, and energy storage boxes for new energy vehicles.

Second Decliner: Zhonghuan Hailu

Main business: The company’s products cover industries such as wind power, nuclear power, engineering machinery, and petrochemicals.

Third Decliner: Shenhua Development A

Main business: The company’s main businesses include two segments: industrial manufacturing and property leasing, with industrial manufacturing focusing on the production and sales of injection-molded parts and LCD display systems, while property leasing primarily involves the external rental of owned properties.

News Overview

State-owned Assets Supervision and Administration Commission: Contributing the Power of State-owned Enterprises to Promote High-quality Construction and Development of Xiong’an New Area

On March 24, the Party Committee of the State-owned Assets Supervision and Administration Commission held an expanded meeting, emphasizing the need to fully support the promotion of relocation work, deepen connections with Xiong’an New Area, enhance communication, guide the stable operation of the first batch of relocated central enterprises, and continue to play a leading role. The subsequent relocation of central enterprises should speed up construction according to the timeline, ensuring better integration of central enterprises into Xiong’an New Area. The meeting also called for continued guidance for central enterprises to concentrate investments and actively participate in the investment and construction of smart, efficient, safe, and resilient infrastructure, helping to improve supporting functions. It emphasized leveraging the advantages of central enterprises along the industrial chain, accelerating the implementation of key projects with industrial clustering power, and continuously enhancing radiating and driving effects to attract more excellent enterprises to settle in Xiong’an New Area.

China’s First Industry Standard for Embodied Intelligent Engineering Robots Launched in Chengdu

On March 24, the compilation of China’s first “Industry Standard for Embodied Intelligent Engineering Robots” was initiated in Chengdu, Sichuan. This industry standard is expected to be completed and published within this year, filling a gap in the intelligent engineering robot industry. It aims to establish unified standards for product technology evaluation, safety regulations, and large-scale applications, promoting the transition of the industry from “technology research and development” to “rule formulation.” At the event, the Chengdu Humanoid Robot Innovation Center also launched the world’s first multimodal large model for embodied intelligent engineering robots.

Central Bank Holds Financial Stability Work Meeting: Promoting Multiple Channels to Increase Capital Supplementation

Recently, the People’s Bank of China held a financial stability work meeting for 2026. The meeting noted that in 2025, the financial stability system of the People’s Bank of China would firmly implement the decisions and deployments of the Party Central Committee and the State Council, adhering to the overall work theme of seeking progress while maintaining stability. It aims to continuously enhance the quality and effectiveness of financial risk monitoring and early warning, effectively preventing and resolving financial risks in key areas, as well as external shocks. The meeting emphasized the need to strengthen the financial stability guarantee mechanism and continuously promote comprehensive deepening reforms in the financial sector, maintaining national financial security, with positive results achieved in various tasks. Currently, the overall operation of China’s financial industry is stable, with financial risks continuing to recede and overall health among financial institutions.

Institutional Market Insights

CITIC Securities: Oil Transport Enterprises Expected to Achieve Record Profits in 2026

CITIC Securities’ research report stated that from March 20 to 24, the passage volume through the Strait of Hormuz was 2/1/5/7/3 vessels (compared to 127 vessels on February 27). Over the past three days, two product oil vessels passed through the strait, while some oil tankers entering and exiting the strait and the Persian Gulf closed their AIS signals throughout the process, resulting in a loss of positioning data. Preliminary signals of a “partial recovery of passage capacity” have emerged. Based on previous estimates, the oil volume diverted to the routes via Dammam, Fujairah, and Oman achieved 6 to 7 million barrels per day. Assuming passage volume recovers to 40% of pre-conflict levels and considering demand replacement from the Red Sea and the U.S. Gulf, the actual demand gap will continue to shrink to below 10%.

CITIC Construction Investment: Software Sector Deeply Adjusts, Seeking Opportunities in Undervalued Stocks

CITIC Construction Investment’s research report indicated that the current panic-driven indiscriminate sell-off in the software sector provides a window for differentiated pricing based on barriers. CITIC Construction Investment recommends configuring along the “offensive and defensive barrier attributes”: core overweight in “offensive barrier” targets, where barriers themselves become the foundation for new growth in the AI era; focus on the “defensive to offensive transformation” window, where traditional barriers are solid but need verification of AI revenue conversion. Monitor the progress of collaborations between OpenAI, Anthropic, and consulting firms, and the turning points in AI pricing and ARR growth for enterprise software companies.

Huatai Securities: Global Lithium Carbonate Expected to Maintain a Tight Balance in Supply and Demand

Huatai Securities’ research report believes that liquidity contraction and changes in risk appetite caused by events in the Middle East have led to a relatively weak fluctuation in lithium prices. However, considering that supply disturbance risks still exist in the Yichun area in China and overseas regions like Zimbabwe in the second half of the year, and the demand side is buoyed by high oil prices and expectations for electric vehicles and energy storage, if we assume a neutral expectation for 2026 (with global new energy vehicle sales growth of 10%-15% year-on-year and energy storage cell shipment growth of 50%-60% year-on-year), global lithium carbonate is expected to maintain a tight balance in supply and demand.

(Edited by: Wang Zhiqiang HF013)

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