A-shares three major indices strengthen, ChiNext Index rises over 2%, nearly 4,900 stocks in the red

The three major A-shares indices all strengthened today. By the close, the Shanghai Composite rose 1.30%, closing at 3,931.84 points; the Shenzhen Component increased 1.95%, closing at 13,801.00 points; and the ChiNext Index gained 2.01%, closing at 3,316.97 points. The combined trading volume of the Shanghai, Shenzhen, and Beijing markets was 2.19 trillion yuan, an increase of 96.8 billion yuan from yesterday.

Almost all industry sectors advanced, with gains led by power, communication equipment, rare earths, communication services, precious metals, hotels and catering, energy metals, tourism scenic spots, and airports. The only sector to slightly decline was the photovoltaic equipment sector.

In individual stocks, nearly 4,900 stocks rose, with continuous daily gains of 100 stocks hitting the daily limit for two days in a row. The power sector surged, led by the green electricity concept, with more than ten constituent stocks hitting the daily limit. China Power LiaoNeng hit the limit for eight consecutive days, ShaoNeng Shares for five days out of six, and Guangdong Electric Power A achieved four days of six hitting the limit. The computing power leasing concept strengthened, with 263, Aoruite, Litong Electronics, and Dawei Technology hitting the limit. The CPO concept was active, with Mingpu Guangci, Alade, and Kechuan Technology hitting the limit. The optical fiber concept experienced oscillations and upward movement, with Tongding Interconnection hitting two consecutive limits, and Tefa Information reaching the daily limit.

Today’s Highlights

Media reports: U.S. intends to cease fire for one month to discuss a 15-point agreement with Iran

According to Israel’s Channel 12 TV on the 24th, the U.S. intends to propose a one-month ceasefire plan to facilitate discussions with Iran on a 15-point agreement aimed at ending the war.

Holmza Strait shipping tracking: Multiple ships successfully pass through; Iran begins implementing new strategy?

Industry insiders note that Iran appears to be adopting a new “precise strategy” targeting the crucial Strait of Hormuz, allowing only specific ships to pass through this vital waterway. Even if this approach restores some shipping through the Strait, analysts warn that the global oil market may still underestimate the risk of further supply shortages associated with this new strategy.

SpaceX plans to submit IPO application as early as this week, aiming to raise over $75 billion

According to an informed source, SpaceX plans to submit its initial public offering prospectus to regulators later this week or next week. This secret submission will officially confirm Elon Musk’s rocket and communications company’s IPO plans, aiming to list in June. The IPO will test investor enthusiasm for what could be the largest IPO in U.S. history, with a scale far exceeding previous offerings.

Token call volume surges over 140 trillion; computing power leasing enters a “seller’s market”

By the end of 2025, over 100,000 high-quality datasets have been built nationwide. As of March this year, China’s daily token (word element) call volume exceeded 140 trillion, a more than 1,000-fold increase from early 2024’s 1 billion, and over 40% growth in just three months from the 100 trillion level at the end of 2025.

Economic Daily: The takeout war should end

Have you received free order coupons from food delivery platforms recently? At a recent press conference, the State Administration for Market Regulation disclosed the latest progress in anti-monopoly investigations of food delivery platforms, stating that regulatory authorities have conducted on-site investigations and will further exert regulatory pressure through questionnaires and inspections, studying disposal measures. This signals the market: the crazy takeout war must come to an end!

Institutional Views

Kaiyuan Securities: Geopolitical conflicts may increase the upward scope and persistence of PPI

Kaiyuan Securities points out that, based on China’s 2023 input-output table, the consumption coefficients of various PPI sub-sectors for oil and gas extraction, coal mining and processing, and non-ferrous metal mining are calculated. When weighted by the revenue share of these industries’ above-scale enterprises in 2025, the results show that the full cost transmission coefficient for oil and gas extraction is about 9.7%, while for non-ferrous metal mining it is only 1.9%. This indicates that, although rising oil and gas prices may suppress further increases in the non-ferrous metal chain due to inflation and recession expectations, their impact on downstream prices is much higher. If geopolitical conflicts persist, they will likely increase the magnitude and duration of future PPI increases.

CICC: Iran situation escalation reverses expectations from rate cuts to rate hikes in Europe and the U.S.

CICC reports that recent escalation in Iran has driven oil prices higher, and concerns about stagflation in the U.S. and Europe continue to grow. Last week, during a “super central bank week,” the Federal Reserve, ECB, and Bank of England all signaled hawkish stances, causing investors to significantly revise monetary policy expectations. The implied timing for Fed rate cuts has been pushed back to late 2027, with some expectations of rate hikes in 2026. The ECB and Bank of England’s rate cut expectations have also reversed to hikes. If overseas central banks start raising rates, global liquidity will tighten, leading to sharp declines in stocks, bonds, and gold. The policy choices of central banks amid oil shocks are central to current global asset pricing, and CICC believes market expectations may be significantly mispriced.

Guojin Securities: Small-cap growth style in A-shares is in a long-term favorable phase

Guojin Securities states that the small-cap growth style in A-shares is currently in a long-term favorable phase. On one hand, domestic and international interest rate centers are declining, coupled with the Fed’s moderate rate cuts, significantly boosting valuation flexibility for long-duration assets. On the other hand, policies prioritize new productive forces, specialized and innovative small giants, high-tech manufacturing, and modern services, which align well with small and medium-cap growth companies. Overall, the small-cap growth style offers high investment value and long-term resilience under high-quality development guidance, macro weak recovery, and a global easing cycle.

Huatai Securities: Focus on the green fuel sector

Huatai Securities’ research report states that the market consensus views NDC (Nationally Determined Contributions) as a long-term concept, with oversupply of green certificates making prices hard to rise, and green power operators as “bond-like” defensive assets. Huatai Securities believes: 1. From 2028–2030, the countdown to carbon peak will only have 2–4 years, and NDC may become a hard constraint for annual assessments; 2. Mechanism electricity transfer and mismatched validity periods lead to actual new certificates being in short supply, with 84% of new certificates traded by February 2026, reversing supply-demand dynamics; 3. The market has not priced in the growth attributes of green power operators, and the explicit valuation of green certificate yields is expected to drive up the valuation center of green power stocks in A/H shares. The environmental value revaluation will unfold along three main lines, benefiting green power operators and energy-intensive leading green power companies directly connected to the grid, with a focus on the green fuel sector.