Market Close: The ChiNext Index rose by 2.01%, with significant gains in sectors such as optical communications, energy metals, and more.

Source: Xinhua Finance

Xinhua Finance, Beijing, March 25 (Luo Hao) — All three major stock indexes on both the Shanghai and Shenzhen markets opened significantly higher on the morning of the 25th. Early in the session, each index moved upward in a period of mild fluctuation. During the day, they consolidated at high levels. At the close, the Shanghai Index rose notably, while the Shenzhen Component Index and the ChiNext Index surged significantly.

In terms of sectors, many sectors saw substantial gains, including optical communications, optical fiber and cable, communications equipment, hotels and catering, copper-cable high-speed interconnects, CPO concepts, AI marketing, chemical fibers, liquid-cooling servers, airport shipping, energy metals, and precious metals. Only the oil and coal sectors saw some adjustments.

By the close of trading, the Shanghai Index was at 3,931.84 points, up 1.30%, with trading volume of approximately 967.9 billion yuan; the Shenzhen Component Index was at 13,801.00 points, up 1.95%, with trading volume of approximately 1,212.0 billion yuan; the ChiNext Index was at 3,316.97 points, up 2.01%, with trading volume of approximately 558.2 billion yuan; the STAR Market Composite Index was at 1,668.08 points, up 1.77%, with trading volume of approximately 226.0 billion yuan; and the Northern Exchange 50 Index was at 1,286.94 points, up 1.48%, with trading volume of 13.22B yuan.

Institutional views

Guotjin Securities: Driven by the sustained rise in international oil prices and the relatively high energy costs overseas, various chemical products generally saw clear price increases. Among them, solvent-type products have become one of the most prominent categories in this round of chemical product price hikes, because they are relatively difficult to stockpile; as a result, market quotes have continued to climb. This also directly lifted downstream industry costs such as pharmaceutical intermediates and active pharmaceutical ingredients. Owing to higher upstream raw material costs, downstream active pharmaceutical ingredient products may be poised for an opportunity to raise prices. Active pharmaceutical ingredient prices have been operating at low levels for a long time; customers’ inventory levels are relatively low. Once prices are increased, it is expected to have relatively good continuity. Going forward, investors may focus on the profit elasticity brought by price increases.

West China Securities: It is difficult to predict the timing when changes in the geopolitical situation and the “stabilizing the market” logic will take effect, and the drawdowns caused by misjudgments have been large. It is recommended to “not do difficult problems” and control risk through position management. Structurally, consider a combination of “core holding + directional bet.” For the core holding, if the style is relatively aggressive, consider allocating around power-shortage-related logic, such as the power generation end and energy storage; if the style is conservative, allocate to dividend-focused stocks. After establishing the core holding, you can allocate part of the position to bet on the direction of oil prices. If oil prices remain high, weighted stocks may benefit, while oil refining and petrochemicals, coal chemical industry, coal, and agricultural chemical products that have price-increase logic support may also perform well. If the situation eases, allocate to technology main lines and non-ferrous metals.

On the news front

Ministry of Commerce: In January to February, the e-commerce platform net zero revenue of smart glasses and window-cleaning robots increased by 183.5% and 130.8%, respectively

A person in charge of the E-commerce Department of the Ministry of Commerce introduced China’s e-commerce development in January to February 2026. In January to February 2026, China’s e-commerce developed steadily, digital consumption continued to improve, industrial e-commerce promoted transformation toward digital and intelligent capabilities, and the Belt and Road e-commerce enhanced the global-brand-effect of brands worldwide. High-quality development got off to a good start. A series of policies to boost consumption was rolled out effectively in the e-commerce field. As the first online activity of the year for “Shopping in China,” the National Online Spring Festival Gala for Year’s Goods enriched consumers’ choices in the holiday market. According to data from the National Bureau of Statistics, in January to February, retail sales of online goods and services nationwide grew by 9.2%. The key monitoring platform for big data on commerce showed strong growth in smart products; the e-commerce platform net zero revenue of smart glasses and window-cleaning robots increased by 183.5% and 130.8%, respectively. Digital technology empowers life-service industries such as travel, catering, and accommodation. According to monitoring of big data on commerce, retail sales in online bookings for travel and catering and related experiences increased by 36.1% and 27.3%, respectively.

National Energy Administration: In January to February, the nationwide cumulative installed power generation capacity grew by 15.9% year on year

The National Energy Administration released nationwide electricity statistics for January to February 2026. As of the end of February, the nationwide cumulative installed power generation capacity was 3.95 billion kW, up 15.9% year on year. Of this, installed solar power generation capacity was 1.23 billion kW, up 33.2%; installed wind power generation capacity was 0.65 billion kW, up 22.8%. In January to February, the nationwide power generation equipment cumulative average utilization hours were 466 hours, which is 39 hours lower than the same period last year.

Editor: Hu Chenxi