--- title: "After the situation in the Middle East, the new main line of A-shares has become increasingly clear" type: "News" locale: "en" url: "https://longbridge.com/en/news/279176526.md" description: "Under the influence of the Middle East situation, the A-share market has shown significant differentiation. Small and mid-cap stocks and dividend strategies performed excellently, with the Wind Micro-Cap Index rising by 14.47%, while the CSI 300 only slightly increased by 0.85%. Retail investors have become the main source of incremental funds, while institutional funds have flowed out. The market differentiation is mainly reflected in the strong performance of resource cyclical stocks, the infrastructure industry chain, and high-end manufacturing, while the commerce, retail, and financial sectors are under pressure. Policy drivers and geopolitical factors are reshaping market logic, with rising demand for new energy infrastructure and breakthroughs in AI technology driving growth in computing power demand" datetime: "2026-03-16T00:00:29.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279176526.md) - [en](https://longbridge.com/en/news/279176526.md) - [zh-HK](https://longbridge.com/zh-HK/news/279176526.md) --- # After the situation in the Middle East, the new main line of A-shares has become increasingly clear Since 2026, the A-share market has unfolded a highly differentiated market scenario against the backdrop of the "14th Five-Year Plan" kickoff and geopolitical conflicts. At the index level, small and mid-cap styles and dividend strategies have clearly outperformed, with the Wind Micro-Cap Stock Index leading with a 14.47% increase. The Dividend Index and the CSI 500 both saw increases exceeding 10%, while the large-cap blue-chip index, the CSI 300, only slightly rose by 0.85%, and the Hang Seng Tech Index fell nearly 10%. In terms of capital flow, retail investors have become the main source of incremental capital, while institutions and large investors are generally experiencing outflows, reflecting a significant temperature difference in risk appetite among different investors in the current market. The industry performance rankings clearly reveal the driving logic of the market. The leading sectors can be categorized into three major camps: first, resource cyclical stocks represented by coal, oil and petrochemicals, and non-ferrous metals, with the coal sector leading with an increase of nearly 26%; second, the infrastructure industry chain represented by building materials, construction decoration, and steel, benefiting from the investment expectations of the "14th Five-Year Plan"; third, the high-end manufacturing sector represented by power equipment and machinery. On the other hand, sectors such as commerce and retail, non-bank financials, and banking are generally under pressure, forming a yield gap of over 34 percentage points compared to cyclical stocks, **highlighting the extreme market differentiation**. **Behind this extreme differentiation is a profound reshaping of market trading logic.** Firstly, the policy-driven characteristics are extremely significant. The kickoff effect of the "14th Five-Year Plan" continues to ferment, with new productive forces becoming a clear main line. The national two sessions have set the direction for humanoid robots, 6G, commercial aerospace, etc., with fiscal efforts supporting equipment upgrades, providing continuous catalysts for related sectors. Secondly, geopolitical factors are systematically reassessing resource values. The prolonged situation in the Middle East has directly pushed up prices of crude oil and gold, with expectations of supply contraction resonating with risk aversion. More importantly, ongoing conflicts are accelerating the global energy substitution process, and the rise of the power equipment sector is not only a reflection of traditional cycles but is also deeply benefiting from energy security and substitution logic—**the demand for new energy infrastructure is being systematically elevated, becoming a key track with both safety margins and growth potential**. Thirdly, open-source intelligent agents represented by OpenClaw are driving AI from "dialogue" to "execution," fundamentally reshaping the demand pattern for computing power. This technological breakthrough has led to exponential growth in token consumption, with the daily usage of mainstream large models jumping from the hundreds of billions to the hundreds of trillions, exacerbating the mismatch between supply and demand for computing power. At the same time, the quietly emerging "HALO trading" on Wall Street is reshaping asset pricing logic. The core of this strategy is to go long on "heavy assets that AI cannot replace and relies on" (such as power grids, pipelines, and minerals), while avoiding easily disrupted light assets. The HALO strategy does not oppose AI; rather, it benefits deeply—large model training itself requires massive physical capital such as transformers and liquid cooling equipment, and the extremely high replacement costs form the foundation for the revaluation of heavy assets. These two main lines resonate in the field of computing power infrastructure: the explosion of intelligent agents generates demand for computing power, while the expansion of computing power clusters precisely requires the physical assets valued by the HALO strategy. Therefore, sectors such as power equipment and non-ferrous metals benefit simultaneously from the incremental logic on the demand side and the revaluation logic on the valuation side In contrast, the weakness in the financial and consumer sectors reveals the market's caution regarding the endogenous recovery momentum of the economy. The banking sector reflects concerns over interest margins and real estate risks, while consumer stocks point to a slow recovery process. **Funds are choosing to embrace policy certainty and the logic of resource products, while temporarily avoiding areas deeply tied to residents' consumption willingness and the real estate cycle**, which itself is an objective expression of the current economic structure. **Looking ahead, investment strategies need to be layered.** In the short term, there may still be room for performance in the resource and infrastructure chains, but one must be wary of the diffusion effects of prolonged conflicts. The capacity bottleneck in the Strait of Hormuz is pushing the oil supply premium from event-driven to systemic cost increases, which not only strengthens the resilience of chemical price increases but also accelerates the process of new energy substitution, while continuously putting pressure on cost-sensitive industries such as aviation and shipping. In the medium term, as the global semiconductor cycle recovers and AI hardware demand expands, the allocation value of the technology growth sector will gradually become apparent. From computing power infrastructure to industry leaders capable of achieving AI business closed loops, they are expected to benefit in succession. Long-term layouts should closely follow two main lines: first, the direction of technological innovation and green transformation determined by the "14th Five-Year Plan"; second, **the core track of HALO—those heavy asset fields that are not easily disrupted by AI but rather benefit from AI development**, including power equipment, non-ferrous metals, and transportation infrastructure. Against the backdrop of global supply chain restructuring, the scarcity premium of physical assets such as mines and power grids is being systematically reassessed. In summary, in the current market environment, the volatility of the market has further increased, objectively raising the difficulty of obtaining returns. Investors need to maintain a clear understanding of valuations in leading sectors, identify mispriced opportunities in neglected sectors, balance allocations, avoid chasing highs, and seek entry opportunities that align with long-term main lines amidst the volatility ### Related Stocks - [516950.CN](https://longbridge.com/en/quote/516950.CN.md) - [159619.CN](https://longbridge.com/en/quote/159619.CN.md) ## Related News & Research - [Oil edges lower as traders assess Middle East developments](https://longbridge.com/en/news/286980644.md) - [06:00 ETWiseStamp Launches the Industry's First AI-Powered Email Signature Platform, Eliminating the Gap Between Brand Design and Instant Deployment](https://longbridge.com/en/news/286750604.md) - [GWM launches Wey V9X flagship SUV to step up efforts in premium NEV market](https://longbridge.com/en/news/286780461.md) - [08:57 ETCrunchCup Secures U.S. Utility Patent](https://longbridge.com/en/news/286917029.md) - [China Upgrades Departure Tax Refund Policy for Foreign Visitors](https://longbridge.com/en/news/286868862.md)