On March 18, the A-shares experienced fluctuations and differentiation, with the Shanghai Composite Index slightly declining, the ChiNext Index gently rising, and computing hardware stocks rebounding. Sectors such as CPO, circuit boards, memory, and HBM saw increases, while oil, chemicals, and liquor sectors adjusted.
The Hong Kong stock market also showed differentiation, with the Hang Seng Tech Index dropping in the morning session, and most tech stocks declining, including Tencent Music which plummeted by 20%. Chip and semiconductor stocks surged, with GIGADEVICE rising over 8%.
In the bond market, government bond futures all rose. In terms of commodities, most domestic commodity futures fell, while the shipping index and crude oil rose. Lithium carbonate dropped over 3%. The core market performance is as follows:
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A-shares: As of the time of writing, the Shanghai Composite Index fell by 0.29%, the Shenzhen Component Index fell by 0.15%, and the ChiNext Index rose by 0.44%.
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Hong Kong stocks: As of the time of writing, the Hang Seng Index rose by 0.08%, and the Hang Seng Tech Index fell by 0.78%.
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Bond market: Government bond futures all fell, as of the time of writing, the 30-year main contract rose by 0.02%, the 10-year main contract rose by 0.03%, the 5-year main contract rose by 0.02%, and the 2-year main contract rose by 0.01%.
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Commodities: Domestic commodity futures showed differentiation, as of the time of writing, the shipping index, crude oil, and asphalt rose over 2%, while alumina, fuel oil, coking coal, caustic soda, hot-rolled coils, rebar, coke, iron ore, soybean meal, and eggs rose. Manganese silicon, Shanghai gold, rapeseed, platinum, stainless steel, industrial silicon, palladium, Shanghai aluminum, and Shanghai copper saw slight declines, while pulp, glass, Shanghai nickel, rubber, and polysilicon fell over 1%, with Shanghai silver down 2%, and Shanghai tin and lithium carbonate down over 3%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/0620ac48-b2ef-42ce-af06-033825f76602.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/0620ac48-b2ef-42ce-af06-033825f76602.png"/>
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09:59
Tencent Music opened lower and continued to decline, plummeting over 20% in the morning session.
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In terms of news, an article from Wall Street Journal reported that on March 17, Tencent Music released its financial report for the fourth quarter and the entire year. Against the backdrop of the peak of traffic dividends in the pan-entertainment industry, this financial report demonstrated significant resilience: for the full year of 2025, Tencent Music's total revenue reached 32.9 billion yuan, a year-on-year increase of 15.8%;
Adjusted net profit reached 9.92 billion yuan, a year-on-year increase of 22%. In the fourth quarter alone, total revenue was 8.64 billion yuan, a year-on-year increase of 15.9%.
09:51
The shipping concept quickly surged, with China COSCO Shipping Energy hitting the daily limit, followed by China Merchants Energy Shipping, COSCO Shipping Specialized Carriers, Air China Ocean Shipping, China Merchants Port, and COSCO Shipping Development.
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09:43
The PCB concept strengthened rapidly, with Camelot rising over 15%, followed by WUS, Aohong Electronics, Guanghe Technology, Aoshikang, Dongwei Technology, and Sunshine Circuits.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/9c342c5d-51e5-4865-aff5-428878e043d9.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/9c342c5d-51e5-4865-aff5-428878e043d9.png"/>
In terms of news, Dongxing Securities pointed out that according to the GTC press conference, a single LPU server consists of 32 trays, with 8 LPU chips integrated into each tray. Compared to past cabinet architectures, the number of trays per cabinet (equivalent to the number of PCBs) has significantly increased, representing new growth in the PCB segment.
09:41
In the morning session, the CPO concept rebounded with fluctuations, with Ruiskanda achieving 4 boards in 7 days, and Tianfu Communication, Yuanjie Technology, Dekeli, Shenkeda, Xinyi Sheng, and Guangxun Technology leading in gains.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/c2870ec1-9a0a-474b-b949-cdc763d613af.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/c2870ec1-9a0a-474b-b949-cdc763d613af.png"/>
In terms of news, on March 16 local time, NVIDIA released the Feynman chip, which introduces optical communication into inter-chip connections for the first time, potentially reducing AI data center communication energy consumption by over 70%.
09:37
In the morning session, oil and gas stocks experienced a significant pullback, with Intercontinental Oil and Gas briefly hitting the daily limit down, Shandong Molong approaching the daily limit down, and Tongyuan Petroleum, Zhun Oil, Beiken Energy, and Zhongman Petroleum following suit.
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09:33
The storage chip concept performed actively, with Biwin rising over 5% to set a new historical high, Netac rising over 8%, and LONGSYS, Ingenic, ZBIT SEMICONDUCTOR, Shannon Semi, and GIGADEVICE following suit.
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In terms of news, U.S. stocks in the storage chip sector rose broadly, with Western Digital up over 9%, Seagate Technology up over 5%, and Micron Technology's stock price up over 4%, reaching a historical high. The Samsung Electronics union will vote on Wednesday this week regarding the largest strike plan in Samsung's history, which, if approved, will interrupt chip production in May
09:26
The Shanghai Composite Index opened up 0.08%, and the ChiNext Index rose 0.85%. Memory chips, CPO, computing power leasing, and semiconductor themes strengthened; oil and gas, chemical fiber, and nuclear power sectors saw significant declines, while wind power and phosphorus chemical concept stocks weakened.
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09:21
The Hang Seng Index opened up 0.21%, and the Hang Seng Tech Index rose 0.1%. Bilibili, Hua Hong Semiconductor, and Pop Mart rose over 2%; Tencent Music fell 15%, and XPeng fell over 3%.
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301308

603986

300223

300739

688525

300475

002463

301282

688416

300042

The storage chip concept performed actively, with Biwin rising over 5% to set a new historical high, Netac rising over 8%, and LONGSYS, Ingenic, ZBIT SEMICONDUCTOR, Shannon Semi, and GIGADEVICE following suit. The PCB concept strengthened rapidly, with Camelot rising over 15%, and WUS, Aohong Electronics, Guanghe Technology, Aoshikang, Dongwei Technology, and Sunshine Circuits also rising

Wallstreetcn

LONGSYS

GIGADEVICE

Ingenic

Sunshine Circuits

Biwin

Shannon Semi

Camelot

ZBIT SEMICONDUCTOR

Netac

The ChiNext rose 0.5% amid fluctuations, computing hardware rebounded across the board, the Hang Seng Index fell nearly 1%, and Tencent Music plummeted over 20%