Today, the three major indices of A-shares showed mixed results. By the close, the SSE Index rose by 0.24%, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.68%, respectively.
The market turnover was 1,927.8 billion yuan, an increase of 63.8 billion yuan compared to last Friday. The number of stocks that rose slightly outnumbered those that fell, with a median change of an increase of 0.15%.
Today, the market performance was better than expected, mainly reflected in two aspects.
First, last Friday, U.S. stocks experienced a significant gap down, and today, the Japanese and Korean stock markets fell sharply before the A-share market opened. Against this backdrop, the market was still able to close in the green, showing strong performance.
Second, as mentioned by Da Ge yesterday, the low point of the SSE Index on March 27 should not be broken; if it is not broken, there is a possibility of a low open and high close in the market under the backdrop of negative news over the weekend.
Today, not only was the low point of March 27 not broken, but the market also exhibited a low open and high close.
So, how will the market operate next?
From the 30-minute K-line chart, the recent five K-lines of the SSE Index show a &#34;single rise + consolidation&#34; pattern, with the index level above multiple short-term moving averages, and these short-term moving averages are intertwined, indicating that a change in trend is imminent.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OU3SrrUfQexyy2DbTuqVj0TxM8yaRnRJzezsw6qzsPIDYAA/641?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://inews.gtimg.com/om_bt/OU3SrrUfQexyy2DbTuqVj0TxM8yaRnRJzezsw6qzsPIDYAA/641"/>
The &#34;single rise + consolidation&#34; is a momentum-building pattern, and based on experience, the likelihood of an upward movement is greater. Therefore, tomorrow, it is crucial to pay attention to whether last Thursday's high can be broken. If this level is broken, it will confirm the rebound trend from the right side.
Although the market shows strong resilience and has experienced two consecutive trading days of low opens and high closes, the impact of news cannot be ignored.
If negative news causes the SSE Index to break below last Friday's low, there is still a possibility of a second bottom or a new low in this round.
Overall, if the SSE Index breaks above last Thursday's high tomorrow, there will be upward momentum towards the gap at 3,955 points and 4,000 points.
The recent adjustments in U.S. stocks and technology stocks have had some impact on related sectors in A-shares.
However, Morgan Stanley strategists have stated that the pullback in the S&amp;P 500 index triggered by the Middle East situation is nearing its end, and the market has already digested the expectations of rising oil prices.
Da Ge wants to say that although U.S. stocks have fallen sharply for two consecutive days, A-shares have shown a pattern of low opens and high closes. Once U.S. stocks turn upward, it will enhance the intrinsic momentum for A-shares to rebound.
Regarding the Middle East situation, U.S. President Trump stated that he hopes to &#34;seize Iran's oil&#34; and may occupy Khark Island, which serves as an oil export hub.
In terms of sectors, the number of rising and falling sectors is nearly equal, with oil, non-ferrous metals, building materials, food and beverages, pharmaceuticals, and banks leading the gains.
Defensive sectors and dividend sectors are leading the way, and recently oversold sectors are experiencing a rebound, indicating that the defensive mentality of funds remains strong
Dividends and high-yield directions have recently received positive news. Recently, the Ministry of Finance released the &#34;Explanation on the Central State-Owned Capital Operation Budget for 2026,&#34; officially announcing the latest remittance ratio.
CITIC Securities pointed out that the remittance ratios for various central enterprises have generally been raised by 10-15 percentage points, marking the largest adjustment since the establishment of China's state-owned capital income remittance system. This will solidify the return expectations for shareholders of high-dividend central state-owned enterprises and promote the valuation uplift of the sector.
CITIC Securities further noted that based on historical experience, after the remittance ratio adjustments in 2008 and 2015, the dividend payout ratios of relevant central enterprises increased by about 10%-20%. Three types of targets are highlighted: first, leading companies in the oil, petrochemical, electricity, and coal sectors with significant budget increments, which have robust allocation value; second, non-ferrous mining and building materials industries with high year-on-year budget growth and significant policy marginal changes; third, construction and chemical sectors with relatively low dividend ratios, indicating substantial room for improvement.
In addition to defensive and dividend sectors, performance lines remain the target of capital pursuit.
In the non-ferrous sector, aluminum stocks surged due to Tianshan Aluminum's better-than-expected performance and news of attacks on two major aluminum plants in the Middle East, driving up other non-ferrous varieties.
Shenwan Hongyuan stated that due to production rhythm and power disturbance issues, as well as considering production cuts in the Middle East and Mozambique, the expected overseas production increment for 2026 is projected to shift from a previous increase of 300,000 tons to negative growth, with global supply growth at only 1%. After seasonal inventory depletion, domestic aluminum prices will receive favorable support, and it is expected that the supply-demand balance will shift from tight balance to shortage in 2026, highlighting the vulnerability of electrolytic aluminum supply under potential disturbances.
In the optical fiber sector, Yangtze Optical Fibre's high growth in Q4 2025 has strengthened the optical fiber sector.
CITIC Jiantou pointed out that overseas telecom networks, AI, drones, and other factors are jointly driving high growth in optical fiber demand, pushing prices to continue rising, with the industry in a high prosperity cycle.
The lithium battery industry chain, which performed outstandingly last week, showed a mixed trend today. CITIC Jiantou believes that, considering supply and demand, the EC and VC segments will be in a tight balance in 2026, and with the peak season approaching, the profitability of VC and EC is expected to further improve. Additionally, due to the price increase of co-produced propylene glycol, companies producing DMC using the PO method are expected to gain excess profits.
In the alloy tool sector, Huari Precision announced after the market today that it expects a net profit of 150 million to 190 million yuan in the first quarter, an increase of 413.28% to 550.15% year-on-year. Last year, the company's net profit was 187 million yuan, and this year's first quarter is close to last year's total net profit.
Now, let's look at today's news.
<ol>
<li>Moutai announced that starting from March 31, the sales contract price for Feitian 53% vol 500ml Moutai (2026) will be adjusted from 1169 yuan/bottle to 1269 yuan/bottle, and the retail price in the self-operated system will be adjusted from 1499 yuan/bottle to 1539 yuan/bottle.</li>
</ol>
Historically, each price increase of Feitian Moutai has had a certain uplifting effect on the stock price in the short term. For example, when price increases were announced in 2012, 2017, and 2023, Moutai's stock price rose by 6.22%, 8.21%, and 5.72% on those respective days. This news may have a certain uplifting effect on the liquor sector
2. Ministry of Commerce: Deepen the implementation of special actions to boost consumption, support leisure consumption such as RV camping, and actively expand low-altitude consumption.
<ol>
<li>State Administration for Market Regulation: Focus on preventing and controlling &#34;involution&#34; competition in key industries and fields such as platform economy, photovoltaics, lithium batteries, and new energy vehicles.</li>
</ol>
Dage believes that this policy directly addresses core contradictions and will effectively curb vicious low-price competition in the photovoltaic, lithium battery, and new energy vehicle industries, helping the industry shift from price wars to orderly development. A few days ago, under the public opinion atmosphere of &#34;the takeaway war should end,&#34; the stock prices of the three major takeaway platform companies surged, indicating a positive market response to stopping the price war.
<ol>
<li>
Gao Jie, Assistant General Manager of China Aviation Engine Corporation and Chairman of Aviation Power: In the next 20 years, the demand for general aviation engines in China will exceed 40,000 units (sets).
</li>
<li>
According to CCTV News, Iranian officials stated that they plan to implement an access and charging system for ships passing through the Strait of Hormuz.
</li>
</ol>
Finally, Dage summarizes: The market has opened low and risen for two consecutive days, showing strong resilience. Tomorrow, focus on whether it can break through last Thursday's high; if it does, it means the rebound trend is confirmed from the right side. In terms of operations, try to buy low and avoid chasing high.
In terms of sectors, pay close attention to performance lines, especially companies with better-than-expected performance, as the market expectations for the upstream of the PCB industry chain are relatively good. In addition, varieties that previously increased in price are now realizing performance, such as the lithium battery industry chain, which is worth paying attention to.
PS: If you want to learn more about Dage's views or want to communicate with Dage, please follow the WeChat public account &#34;DaoDaHao.&#34;
(Zhang Daoda)
According to the latest regulations from relevant national departments, this note does not involve any operational advice, and market entry risks are borne by the individual.
Daily Economic News

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159903

510050

The three major A-share indices showed mixed results, with the SSE Index rising by 0.24%, while the Shenzhen Index and ChiNext fell by 0.25% and 0.68%, respectively. The market turnover was 1,927.8 billion yuan, performing better than expected. Despite a significant drop in the Japanese and South Korean stock markets, A-shares opened lower but rose, not breaking the low point of March 27. Technical analysis indicates a potential upward breakout for the SSE Index; if it surpasses last Thursday's high, the market is expected to move towards 3,955 points and 4,000 points. The adjustment in the U.S. stock market has an impact on A-shares, but the market has already digested the expectations of rising oil prices

腾讯新闻 - 财经

Moutai

China Southern Shenzhen Stock Exchange Component Stock ETF

ChinaAMC China 50 ETF

Shenzhen Index

E Fund GEM ETF

E Fund SSE Composite ETF

Tianhong ChiNext Composite ETF

Dacheng SZSE Component ETF

China Merchants SZSE 100 ETF

SSE Index

Fullgoal SSE Composite ETF

ChiNext

SZSE ETF

The trend is too strong! Japan and South Korea plummet, A-shares open low and rise high! Moutai raises prices - DaoDa Investment Notes