The three major indices continued to fluctuate with reduced trading volume, while the chemical and aquaculture sectors both surged. The concept of price increases became the market's focus. [Stock Market Closing Review]

The market fluctuated rangebound throughout the day, with the three major indices dropping slightly. The total trading volume of the Shanghai and Shenzhen markets reached 1.15 trillion yuan, a decrease of 104 billion yuan compared to the previous trading day. On the futures market, market hot topics were relatively scattered, with more stocks rising than falling, and over 3,500 stocks across the market advanced. Sector-wise, cyclical stocks such as chemicals and chicken farming collectively strengthened, with stocks like Hailide hitting the limit-up. The robotics and industrial machine sectors were active, with stocks like Qinchuan Machine Tool hitting the limit-up. PV concept stocks rebounded, with Yijing Optoelectronics hitting the limit-up. On the downside, bank stocks adjusted, with China Merchants Bank falling over 5%. At the close, the Shanghai Composite Index fell 0.04%, the Shenzhen Component Index fell 0.05%, and the ChiNext Index fell 0.26%.

Sector-wise

In the sector, chemical stocks remained active, with stocks like Zhongyida, Hailide, Jianbang Shares, Jiangtian Chemical, and Yuanli Technology hitting the limit-up, while Huafon Microfiber, Huilong New Materials, and Quanwei Technology led the gains. On the news front, prices of various chemical products including silicone, titanium dioxide, DMF, urea, and solid methionine have recently shown an upward trend. On the demand side, with the gradual emergence of policy stimulus effects and the strengthening momentum of the end-user industry recovery in 2025, the potential of domestic demand is expected to be fully unleashed.

Tianfeng Securities stated in a recent research report that as the chemical cycle may have reached a relative bottom, the following three directions can be focused on: 1) industries dominated by stable demand and supply logic (e.g., refrigerants, phosphorus chemicals, titanium dioxide); 2) industries dominated by stable supply and demand logic (e.g., MDI, civil explosives, pesticides); 3) industries with dual marginal improvements in supply and demand (e.g., silicone).

The breeding industry also strengthened, with stocks like Xiaoming Shares, Xiangjia Shares, and Jingji Zhinong hitting the limit-up, while Minhe Shares, Zhongmu Shares, and Yisheng Shares led the gains. On the news front, the UN Food and Agriculture Organization stated that the spread of H5N1 has reached an "unprecedented" scale, leading to the death of hundreds of millions of poultry globally; the domestic white-feather broiler industry chain has recovered, with the prices of chicks and live chickens rebounding 30% from the low point a month ago. Essentially, the surge in the breeding industry today was directly catalyzed by price increases. Against the backdrop of continuous market volume shrinkage and no obvious leading core, it is expected that funds will still seek low-position catch-up opportunities around the price increase logic.

The robotics sector rebounded today, with stocks like Meili Technology, Lixing Shares, and Dayang Motor hitting the limit-up, while Sanfeng Intelligence, Wolong Electric Drive, Xiangming Intelligence, and Best led the gains. On the news front, the second China Embodied Intelligence Conference will be held in Beijing, and the China Artificial Intelligence Society's Embodied Intelligence White Paper will be released.

Minsheng Securities believes that humanoid robots integrate advanced technologies such as artificial intelligence, high-end manufacturing, and new materials, and are expected to become disruptive products following computers, smartphones, and NEVs, profoundly changing human production and lifestyle and reshaping the global industrial development landscape. Currently, humanoid robot technology is accelerating, becoming a new highland for technological competition, a new track for future industries, and a new engine for economic development.

Stock-wise

From the stock level, short-term theme speculation has rebounded today, with the deep-sea technology concept repeatedly active, with Sun Cable and Youfu Shares both advancing to the 4th consecutive limit-up, while Dalian Heavy Industries hit the limit-up in the late session, recording 5 limit-ups in 6 days. Additionally, Shenkai Shares and Juli Rigging also saw a return of funds. Overall, the deep-sea technology concept remains the most continuous theme recently, and before the core leading stocks recede, low-sip arbitrage opportunities can still be sought in the market rotation.

The robotics concept rebounded, with Nanfang Precision advancing further to 6 limit-ups in 7 days, and the trend core stock Meili Technology hitting the limit-up today, while Wolong Electric Drive also rose over 9%. As one of the previous core main lines, robotics has a high linkage with short-term sentiment, and whether it can continue to attract fund return remains one of the key points for subsequent market observation. Additionally, although the AI computing power direction has slightly recovered, the strength is still relatively weak, and the repair of the core stocks' loss effect in this direction cannot be ignored for the market to regain strength.

Post-market analysis

Today, the three major indices fluctuated rangebound throughout the day, eventually closing slightly lower, with the volume further shrinking to below 1.2 trillion yuan. However, the loss effect of stocks decreased compared to yesterday, with over 3,500 stocks rising across the market, and the number of stocks falling over 9% reduced to 10, while the number of limit-ups also increased compared to yesterday. After the previous continuous adjustments, short-term signs of stopping the decline have appeared, but judging from today's repair strength, it is still relatively weak, and the indices still need to quickly stand above the 5-day line with volume for confirmation. Additionally, the continuity of various themes is still relatively poor, often experiencing a round of pulse in the session before fluctuating and pulling back. Therefore, from the market dimension, to regain strength, it is still necessary to determine the core theme that resonates with the indices, thereby further mobilizing the market's bullish sentiment.

Today, short-term sentiment rebounded significantly, with the sentiment indicator fluctuating and rising to the active zone.

Market news focus

1. Shanghai: By 2027, the city's intelligent computing cloud industry scale aims to exceed 200 billion yuan

Cailian Press, March 26th, "Shanghai's Implementation Opinions on Promoting the Innovative Development of the Intelligent Computing Cloud Industry (2025-2027)" was released, proposing that by 2027, the city's intelligent computing cloud industry scale aims to exceed 200 billion yuan, and an ecological system with cloud-edge-terminal collaboration and a complete industry chain will be basically formed. The intelligent computing scale aims to reach 200 EFLOPS, with self-controllable computing power accounting for over 70%; to build several comprehensive intelligent computing cloud platforms and a batch of vertical intelligent computing cloud platforms, forming a number of intelligent computing cloud benchmark applications; to cultivate 1-2 strategic enterprises and 20 high-growth enterprises, attracting domestic and overseas leading cloud vendors to expand investment in Shanghai.

2. TSMC accelerates advanced packaging capacity expansion, expects SoIC production to double to 10,000 this year

"Science and Technology Innovation Board Daily" 26th, TSMC is accelerating its advanced packaging capacity expansion in Taiwan, China, with both the AP8 and AP7 factories advancing their equipment installation timetables. The former is committed to expanding CoWoS capacity, expected to start equipment installation as early as April 2025, and may start mass production in H2; the latter's task is to increase SoIC technology production, originally scheduled for equipment installation at the end of 2025, now advanced to August, with SoIC production expected to double to 10,000 this year, and to double again in 2026. (MoneyDJ)