--- title: "The Shanghai Composite Index briefly fell below 3,900 points, coal stocks rose against the trend, computing hardware and gold stocks plummeted, the Hang Seng Index dropped over 2%, and tech stocks generally fell" type: "News" locale: "en" url: "https://longbridge.com/en/news/280085975.md" description: "Gold stocks generally fell, with CHIFENG GOLD hitting the limit down, and SC GOLD, SD-GOLD International, and Shengda Resources among the biggest losers. Lithium mining concepts experienced fluctuations and rebounds during the session, with Fulian Precision Engineering rising over 10%, followed by Tianhua New Energy, Guocheng Mining, Dazhong Mining, Rongjie Co., and Yongxing Materials" datetime: "2026-03-23T08:25:12.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280085975.md) - [en](https://longbridge.com/en/news/280085975.md) - [zh-HK](https://longbridge.com/zh-HK/news/280085975.md) --- # The Shanghai Composite Index briefly fell below 3,900 points, coal stocks rose against the trend, computing hardware and gold stocks plummeted, the Hang Seng Index dropped over 2%, and tech stocks generally fell On March 23, the A-shares opened lower and continued to decline, with the three major indices at one point dropping over 2%. The Shanghai Composite Index fell below 3,900 points, and the decline has since narrowed. Coal stocks rose against the trend, while the new energy concept was active, and computing hardware and non-ferrous metals saw significant declines. The Hong Kong stocks also opened lower and fell, with the Hang Seng Index down over 2% and the Hang Seng Tech Index down 1.5%. Tech stocks fell across the board, with Baidu down over 4%. In the bond market, government bond futures mostly declined. In terms of commodities, domestic commodity futures mostly rose, with metal futures plummeting, while coking coal and coke surged significantly. Core market trends: > **A-shares**: As of the time of writing, the Shanghai Composite Index is down 1.52%, the Shenzhen Component Index is down 1.13%, and the ChiNext Index is down 0.90%. > > > > **Hong Kong stocks**: As of the time of writing, the Hang Seng Index is down 2.39%, and the Hang Seng Tech Index is down 1.38%. > > > > **Bond market**: Government bond futures are down across the board. As of the time of writing, the 30-year main contract is up 0.02%, the 10-year main contract is down 0.06%, the 5-year main contract is down 0.04%, and the 2-year main contract is down 0.02%. > > > > **Commodities**: Domestic commodity futures are generally rising. As of the time of writing, coking coal is up 10%, coke is up over 6%, crude oil and fuel oil are up over 5%, caustic soda and asphalt are up 3%, rapeseed, alumina, industrial silicon, shipping index, and glass are all up over 2%, while Shanghai nickel, stainless steel, and rubber are up over 1%. Rebar, iron ore, eggs, pulp, and hot-rolled coils are all rising. Shanghai tin, Shanghai aluminum, polysilicon, Shanghai gold, Shanghai copper, and Shanghai silver have all significantly declined. > > **10:14** Gold stocks are generally down, with CHIFENG GOLD hitting the limit down, and SC GOLD, Shandong Gold International, and Shengda Resources among those with the largest declines. **** According to an article from Wallstreetcn, last week, gold experienced its largest weekly decline since March 1983, with spot gold prices falling for eight consecutive trading days, marking the longest losing streak since October 2023. Meanwhile, silver has fallen over 15% this week The trigger for this round of sharp decline is the escalating conflict in the Middle East, which has driven up energy prices and suppressed interest rate cut expectations. The market's bets on the Federal Reserve raising interest rates have risen to 50%, intensifying the wave of precious metal sell-offs. **10:08** The concept of power grid equipment has seen a surge, with Sanbian Technology hitting the daily limit, followed by Baili Electric, Xinte Electric, Baobian Electric, and China XD Electric. In news, CCTV Finance reported that by 2025, the total export value of transformers in China will reach 64.6 billion yuan, an increase of nearly 36% compared to 2024. China has become the world's largest producer of transformers, with significant advantages in raw materials, costs, and production cycles. **10:04** The lithium mining concept rebounded during the session, with Fulian Precision Engineering rising over 10%, followed by Tianhua New Energy, Guocheng Mining, Dazhong Mining, Rongjie Co., and Yongxing Materials. In news, the lithium battery supply chain production in March has fully rebounded, coupled with the implementation of the "old for new" policy after the holiday and new car releases, leading to a positive outlook for lithium battery demand throughout the year. **09:45** The space photovoltaic concept was active against the trend in the morning session, with Huamin Co. rising over 10%. Previously, Zhongli Group hit the daily limit, followed by Dongfang Risheng, GCL-Poly, Maiwei Co., Liancheng CNC, and Jiejia Weichuang. In news, Tesla's self-built chip factory "Terafab" project is set to launch soon. On March 21 local time, Musk revealed on social media that the project's goal is to produce over 1 petawatt of computing power annually, with about 80% used for space and about 20% for ground. The Terafab project will be jointly operated by Tesla and SpaceX. **09:34** The Shanghai Composite Index fell below the 3900-point mark, dropping over 1.6% during the day, while the Shenzhen Component Index and ChiNext Index both fell over 2%. **09:26** The Shanghai Composite Index opened down 1.32%, and the ChiNext Index fell 1.54%. The gold and base metals sectors plummeted; the computing hardware industry chain declined, with memory and CPO sectors leading the drop; AI computing, semiconductors, consumer electronics, AI applications, and commercial aerospace concept stocks saw significant declines. Coal stocks strengthened against the trend. **09:25** The main contract for liquefied petroleum gas (LPG) hit the daily limit during trading, with an increase of 10.99%. **09:21** The Hang Seng Index opened down 1.93%, and the Hang Seng Tech Index fell 1.9%. 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