Market Overview
On Thursday, A-shares rose and then fell back, with the Shanghai Composite Index losing the 3900-point mark. In the market, energy metals, batteries, coal, and oil rose against the trend, while military equipment, wind power, photovoltaics, rare earths, precious metals, environmental protection, communication services, software development, and optical optoelectronics saw significant declines. In terms of themes, combustible ice, lithium mining concepts, lab-grown meat, and propylene oxide saw slight increases, while Huawei's Euler, shipbuilding, TOPCon batteries, MicroLED, and edge computing concepts experienced notable declines.
Hot Sectors
Oil and gas extraction strengthened, with Blue Flame Holdings hitting the daily limit, and Shouhua Gas, Potential Energy, CNOOC Engineering, New Natural Gas, and Zhongman Petroleum leading the gains.
The lithium mining sector surged, with Rongjie Co., Ltd. hitting the daily limit, and Yongxing Materials, Tibet Mining, Shengxin Lithium Energy, Tianqi Lithium, and Ganfeng Lithium all rising.
The power sector also saw gains, with Huadian Liaoning Energy achieving nine consecutive limits, and Huitian Thermal Power, Hunan Development, Guangxi Energy, Jingyuntong, Ganneng Co., Ltd., and Shenzhen Nanshan Electric A hitting the daily limit.
News
China Accelerates Establishment of Long-term Care Insurance System
On March 25, the General Office of the CPC Central Committee and the General Office of the State Council issued the &#34;Opinions on Accelerating the Establishment of a Long-term Care Insurance System,&#34; clarifying the establishment of a long-term care insurance system that adapts to China's basic national conditions, covers the entire population, coordinates urban and rural areas, is fair and unified, safe and standardized, and sustainable. The long-term care insurance system is a social insurance system that provides services or financial guarantees for the basic living care and closely related medical care of disabled individuals, and is an important part of China's social security system, as well as a key component of the national strategy to actively respond to population aging.
85 A-share Companies Surveyed by Overseas Institutions Since March
Since March, 85 listed companies have been surveyed by overseas institutions. By industry, overseas institutions mainly favored the electronics, power equipment, and machinery sectors, with 21, 9, and 9 companies surveyed respectively; the pharmaceutical and biotechnology and computer industries also had more than 5 listed companies surveyed by overseas institutions.
OPEC's Second Largest Oil Producer Has Cut Production by 80%
According to media reports citing Iraqi energy officials, as the war in Iran continues, Iraq's oil production has sharply declined, with storage tanks reaching high levels and at critical levels, and the country is currently unable to export crude oil through the Strait of Hormuz. These officials stated that production from Iraq's southern major oil fields (where most of the country's crude oil is produced and exported) has further decreased to about 800,000 barrels per day, down approximately 80% from pre-war levels.
Jifeng's Perspective
On Thursday, A-shares opened lower collectively, with the Shanghai Composite Index opening down 0.17%, the Shenzhen Component Index down 0.32%, and the ChiNext Index down 0.54%. Small home appliances, construction machinery, large aircraft, and commercial aerospace opened higher, while wind power, storage chips, and photovoltaics opened lower.
In terms of hotspots, the lithium mining concept surged significantly, with Rongjie Co., Ltd. achieving three consecutive limits due to performance growth, driving the sector higher. Yiwei Lithium Energy's all-solid-state battery went offline, boosting the solid-state battery and sodium-ion battery concepts simultaneously. Photovoltaic equipment underwent adjustments, with differentiated trends in computing hardware, a strong performance in the CPO direction, and a pullback in storage chips
In the afternoon, international oil prices rose, boosting the fossil energy sectors such as oil, natural gas, and coal, while the commercial aerospace sector was partially active; lithium mining and solid-state batteries, which surged in the morning, retreated, and sectors such as insurance, communication services, environmental protection, photovoltaics, and wind power deepened their declines, with all three major stock indices falling over 1%, and the Shanghai Composite Index dropping below the 3900-point mark. The market showed a widespread decline, with nearly 4500 stocks falling.
From the current trend, the market has shown significant differentiation, with resource stocks like oil and gas exhibiting a clear seesaw effect compared to technology stocks. Currently, external black swan events have not yet subsided, and the A-share market is expected to remain volatile. Investors should focus on low-buying opportunities in leading stocks of previously popular industries after corrections.
From a long-term perspective, Jifeng Investment Advisory believes that under policy stimulus, A-shares and the economy are expected to synchronize in showing an upward turning point. In terms of specific investment directions, it is recommended to pay attention to incremental opportunities in sectors with sustained high prosperity such as semiconductors, consumer electronics, artificial intelligence, robotics, and commercial aerospace; for investors with lower risk tolerance, it is advisable to consider broad-based funds like the CSI A500 ETF and the CSI 300 ETF on dips.
Author: Ding Zhenyu Professional Certificate: A0680613040001

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On Thursday, the A-share market experienced a pullback after a rise, with the Shanghai Composite Index falling below 3,900 points. Sectors such as energy metals, batteries, coal, and oil rose against the trend, while military equipment, wind power, and photovoltaic sectors saw significant declines. Methane hydrate and lithium mining concepts rose slightly, and the oil and gas extraction sector performed strongly. In terms of news, China is accelerating the establishment of a long-term care insurance system to cover all citizens, ensuring basic living and medical care for disabled individuals. Meanwhile, 85 A-share companies received research from overseas institutions, mainly concentrated in the electronics and power equipment industries

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Jufeng Market Review: The market surged and then retreated, with the Shanghai Composite Index falling below 3,900 points