Today at noon, A-shares exhibited extreme differentiation: The Shanghai Composite Index rose slightly by 0.05% with narrow fluctuations, while the ChiNext Index surged by 1.74%, leading the market, with total trading volume reaching 1.68 trillion yuan. On the market, the photovoltaic and lithium battery industry chains exploded across the board, while oil and gas, military industry, and AI applications collectively retreated. The market is trading along two main lines—one bright, which is the unexpectedly strong foreign trade data validating the resilience of economic recovery, and the other dark, which is the &#34;computing power and electricity synergy&#34; policy giving rise to new infrastructure logic in AI energy.
As of the noon closing, the Shanghai Composite Index rose slightly by 0.05% to 4125.32 points, the Shenzhen Component Index increased by 0.85%, the ChiNext Index surged by 1.74%, and the Beijing Stock Exchange 50 Index rose by 0.94%. The combined trading volume of the Shanghai, Shenzhen, and Beijing markets reached 1.6815 trillion yuan, an increase of 70.9 billion yuan compared to the previous trading day, indicating that market trading remains active. There is significant differentiation at the individual stock level, with over 3200 stocks declining, but the growth sector is seeing high enthusiasm.
In terms of sectors, structural characteristics are extremely prominent. Among the leading sectors, the power equipment sector topped the list with a rise of 2.94%, while photovoltaic, battery, and energy storage concepts all exploded, and technology themes such as MicroLED and CPO were also active. The construction decoration, public utilities, telecommunications, and coal sectors rose by 1.24%, 1.06%, 0.87%, and 0.84%, respectively. In contrast, the previously strong comprehensive sector fell sharply by 3.08%, while defense and military, steel, media, and oil and petrochemical sectors declined by 0.88%, 0.72%, 0.61%, and 0.59%, respectively, with recent hot topics like AI applications and cloud computing also showing significant pullbacks.
The rise of the growth style today is supported by two solid foundations. First is the strong verification of the fundamentals. The latest data from the General Administration of Customs shows that in the first two months of 2026, China's total import and export value of goods increased by 18.3% year-on-year, with exports in US dollars rising by 21.8% and imports by 19.8%, both far exceeding market expectations. This &#34;foreign trade good start&#34; not only verifies the resilience of economic recovery but also directly benefits sectors with a high proportion of exports, such as new energy and high-end manufacturing. Second is the resonance of policies and industrial trends. This year's government work report first elevated &#34;computing power and electricity synergy&#34; to a national strategy, clearly stating that computing power and the electricity system need to develop in synergy. With Amazon planning to issue hundreds of billions of dollars in bonds for AI infrastructure and Musk's statements regarding data center investment scale, the global AI computing power competition continues to heat up, the enormous demand for AI on electricity is being transmitted upstream, making energy storage, photovoltaic, and grid equipment certain beneficiaries.
In contrast, the adjustments in sectors like oil and gas and military industry are mainly influenced by external disturbances. Overnight, international oil prices plummeted significantly, primarily due to discussions among the G7 about releasing 300-400 million barrels of oil reserves and the US requesting Israel to stop airstrikes on Iranian energy facilities, causing a temporary decline in geopolitical premiums. Funds have shifted from previously high-performing cyclical sectors to growth directions where the logic is clearer and the catalysts are more sustained
Regarding the market outlook, the overall support remains solid. The monetary policy maintains an accommodative tone, with the central bank having net injected approximately 2 trillion yuan of medium- and long-term funds since the beginning of this year. The government work report clearly states the flexible use of tools such as reserve requirement ratio cuts and interest rate reductions, indicating that the liquidity environment will not experience significant tightening. Fundamentally, the foreign trade data from the past two months has set the tone for economic recovery, and subsequent stable growth policies are expected to continue improving corporate profits. However, short-term attention should still be paid to disruptive factors: next week, NVIDIA's GTC 2026 conference will release next-generation AI computing technology, which may lead to fluctuations in related sectors after expectations are fulfilled; the postponement of the trilateral talks between the U.S., Russia, and Ukraine may still affect commodity prices and market sentiment due to geopolitical uncertainties.
In terms of operations, it is recommended that investors maintain a balanced allocation, focusing on areas with high earnings certainty. In the short term, attention can be paid to leading companies in hard technology sectors such as power equipment and communications, as well as the energy storage and photovoltaic industry chain benefiting from &#34;computing and electricity synergy&#34;; in the medium term, non-ferrous metals, oil, and gas resources still have periodic opportunities amid geopolitical fluctuations, but caution is needed to avoid the risk of chasing highs.
The market's main line is shifting from &#34;embracing cycles&#34; to &#34;allocating growth,&#34; but the transition will not happen overnight. Finding anchor points that align with industrial trends amid volatility is currently a more prudent choice.
Note: The market has risks, and investment should be cautious. The content of this article is based on publicly available information and does not constitute any investment advice

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Today, the A-share market showed divergence, with the Shanghai Composite Index slightly up by 0.05% and the ChiNext Index soaring by 1.74%. The photovoltaic and lithium battery sectors experienced a comprehensive surge, while oil and gas, as well as military industries, saw a pullback. The market turnover reached 1.68 trillion yuan, indicating active trading. Foreign trade data exceeded expectations, validating the resilience of economic recovery and boosting the new energy and high-end manufacturing sectors. On the policy front, "computing and electricity synergy" has become a national strategy to promote investment in AI infrastructure

腾讯新闻 - 财经

Ping An CSI Photovoltaic Industry ETF

Fullgoal CSI Battery Theme ETF

E Fund CSI Battery Thematic ETF

E Fund Artificial Intelligence ETF

China Southern CSI Battery Thematic ETF

ICBCCS CNI NEV Battery ETF

Yinhua CSI Photovoltaic Industry ETF

Ping An CSI Artificial Intelligence ETF

Huatai-PB CSI Photovoltaic Industry ETF

China Southern CSI New Energy ETF

E Fund CSI Photovoltaic Industry ETF

Just now! The A-shares staged a "great transfer of the universe," with funds pouring in crazily in this direction