The three major A-share indices closed higher, with the ChiNext Index up over 3%, and more than 4,500 stocks in the red.

The three major A-share indices all closed higher today: Shanghai Composite up 0.65%, closing at 4,123.14 points; Shenzhen Component up 2.04%, closing at 14,354.07 points; ChiNext Index up 3.04%, closing at 3,306.14 points. The combined trading volume of Shanghai, Shenzhen, and Beijing markets was 24.17 trillion yuan, a decrease of 253.9 billion yuan from yesterday.

Most industry sectors closed higher, with electronic components, communication equipment, non-metallic materials, semiconductors, electronic chemicals, consumer electronics, and general equipment leading the gains. Oil and petrochemicals, coal, and chemical raw materials sectors declined against the trend.

In individual stocks, over 4,500 stocks rose, with more than 70 hitting the daily limit. The computing hardware concept continued to surge, with Chang Guang Hua Xin hitting the limit and reaching a new high. Other stocks such as Zhong Ying Technology, Xunjie Xing, Dongshan Precision, Hui Lu Eco, Guanghe Technology, and Changfei Optical Fiber also hit the limit. The power sector was active, with Green Power, China Electric Power, and JinkoSolar hitting the limit. The commercial aerospace concept strengthened, with Aerospace Electric and Zhongheng Design hitting the limit.

Today’s Highlights

Foreign trade “Good Start”! In the first two months, China’s goods trade exports and imports grew by 18.3% year-on-year

In the first two months of this year, regions and departments actively took initiatives, and many foreign trade companies worked to stabilize orders and expand markets. China’s goods trade exports and imports increased by 18.3% year-on-year, marking a good start for foreign trade. From the export side, new growth drivers continued to exert influence, with diversified markets showing clear results. New business models and formats maintained growth, with exports reaching 4.62 trillion yuan, up 19.2%. From the import side, strong holiday consumption during the Spring Festival and sustained demand led to imports of 3.11 trillion yuan, up 17.1%.

Major positive news overnight! Sharp rally! Trump: “The Iran conflict is basically over”

In the early hours today, according to CCTV News, U.S. President Trump said in a phone interview: “I think this conflict is basically over, almost done.” This statement eased market panic, with the VIX fear index plunging over 13%. Risk assets surged in the late trading session, with the Nasdaq rising over 1%, nearly recovering all losses since the US-Iran conflict erupted. The Nasdaq China Golden Dragon Index jumped 1.76%.

Nearly 200 million yuan earned in one day — “Ning Wang” hits record profits! First batch of A-share 2025 annual reports released

Ningde Times released its 2025 annual report last night, with revenue of 423.702 billion yuan, up 17.04% year-on-year; net profit attributable to shareholders was 72.201 billion yuan, up 42.28%. The company’s 2025 performance is steadily growing, earning about 1.98 billion yuan daily, with both revenue and net profit reaching record highs. As of March 9, 47 A-share listed companies have published their 2025 annual reports.

AI “Lobster” explodes in popularity! Major companies rush in + policy support boosts these stocks

Some analysts believe that OpenClaw directly drives token consumption and computing power demand, with the industry chain benefiting from this. Since March, 52 cloud computing concept stocks received net financing inflows, with 7 stocks exceeding 100 million yuan in net buy. Tuo Wei Information was added with 550 million yuan of leverage, while Century Huatong, Huidian Shares, and Guanghe Technology each had net financing over 200 million yuan.

Volatility does not change long-term trend! Brokers collectively express optimism about A-shares in the medium and long term

Several institutional experts stated in interviews that as market risks are released, A-shares are expected to resume a volatile upward trend. In the long term, reforms in A-shares still have many key policies ahead, continuously promoting the transition from a “financing market” to an “investment market” and building a stable long-term development ecosystem. These policies will have a profound impact on market ecology, capital structure, valuation systems, and investment styles.

Institutional Views

Shenwan Hongyuan: Transition from “First Phase Upward” to “Range Fluctuation”

In the short term, risk appetite disturbances are ongoing, but there is no rush to adjust the medium-term outlook, maintaining the view of a “two-stage rally” into 2026. Specifically, the market is already in a transition from the “first phase upward” to a “fluctuation range,” with short-term shocks likely being triggers. The core of the “two-stage rally” within this fluctuation is waiting for earnings, time to digest valuations, cyclical improvements, and industry trends to “advance across stages,” as well as conditions for accelerated resident allocation into equities. The market is more focused on fundamentals; visible economic bright spots still offer excess returns. Without new bright spots, certain sectors may remain weak. For allocation, focus on basic chemicals likely to see price increases in March-April. For technology, continue to watch “inflation-related” segments, with strong short-term momentum in internal combustion engines. With Nvidia’s GTC conference approaching, the “inflation link” in the computing chain is entering a concentrated exploration window, so CPO opportunities are worth关注。

GF Securities: Short-term allocation in sectors with high certainty in Q1 earnings reports

Recommend short-term allocation strategies, focusing on fundamentals and earnings reports in April, to cope with market uncertainties. In the medium term, visibility and predictability of the situation are increasing. Based on high-probability scenarios, the logic of a non-US asset bull market in 2026 is unlikely to be overturned by geopolitical factors. Maintain an optimistic view on Chinese stocks, expecting a “Davis double play” with non-US markets. Once short-term geopolitical risks subside, the market may present the best bottom-fishing opportunity of the year.

Guoxin Securities: “Slow Bull” may begin here

The policy logic of the A-share market is shifting from “unconventional counter-cyclical adjustments” to emphasizing “quality improvement and efficiency,” with market logic moving from valuation repair to earnings repair. Capital flow is transitioning to a “long-term institutionalization.” Currently, market styles are converging, and the pace of index rise is slowing, which is conducive to a longer-term trend. The first “slow bull” in A-shares may thus begin. Historical review shows that during the Two Sessions, markets tend to run smoothly, and after the sessions, the success rate of the market increases. Policy focus on certain industries often leads to repeated performance throughout the year.