A-shares Market Close: Shanghai Composite Index up 1.3%! Fiber optic and power stocks lead a surge in limit-up gains, while oil and gas stocks remain sluggish.

On March 25, the three major A-share indexes continued to rise. The Shanghai Composite Index rose 1.3%, the Shenzhen Component Index rose 1.95%, and the ChiNext Index rose 2.01%. The total trading volume of the Shanghai and Shenzhen markets was 2.18 trillion yuan, up by 97 billion yuan versus the previous trading day. More than 4,800 stocks across the market rose.

On the trading front, fiber-optic concept stocks strengthened. Weike Technology hit the daily limit at 20CM. Power stocks surged into a wave of daily-limit rallies, with more than a dozen stocks including Minfeng Energy, Shao Neng Shares, Ningbo Energy, and others hitting the daily limit. Gold concept stocks rose, with Chifeng Gold up more than 6%. High-speed copper cable interconnect stocks strengthened, with listings like Mingtong Optics and Magnetics hitting the daily limit. Storage chip stocks were active, with multiple stocks such as RuiNeng Technology and Bocheng Shares hitting the daily limit. Sectors leading gains included the F5G concept, communications equipment, CPO, airport shipping, tourism and hotels, and computing power leasing.

In addition, a ceasefire plan between the U.S. and Iran was exposed. Oil and gas stocks continued to fall, with Keli Co., Ltd. down more than 7%.

Specifically:

Fiber-optic concept stocks strengthened. Weike Technology hit the daily limit at 20CM. Changying Tong and Changguang Huaxin rose more than 14%. Multiple stocks including Tongding Huliان, Changjiang Communications, Juguang Technology, and APT Fiber hit the daily limit.

According to news, in March, driven by demand resonance such as drones and AIDC construction, the price of G.657.A2 optical fiber has broken through 210 yuan per fiber-kilometer, completely shattering the historical price ceiling.

Power stocks surged into a wave of daily-limit rallies, with Minfeng Energy, Shao Neng Shares, Ningbo Energy, Fuchun Environmental Protection, Baithon Energy, Guangdong Electric Power A, Tongbao Energy, Huadian Liaoning Energy, and others all hitting the daily limit.

In another development, Liu Riehong, head of the National Data Bureau, said yesterday that by this March, China’s daily average Token call volume has already exceeded 1.4 trillion. Analysts noted that the exponential growth in demand for large-model inference directly translates into rigid demand for data center (IDC) electricity. In addition, the《Action Plan of Shenzhen to Accelerate the High-Quality Development of the Artificial Intelligence Server Industry Chain (2026—2028)》states that, based on local conditions, efforts should be made to build “photovoltaics/offshore wind power + energy storage + green power direct connection” zero-carbon data center benchmark and demonstration projects to help computing power demand be consumed locally and green electricity be utilized efficiently.

Precious metals stocks rose. Chifeng Gold rose more than 6%, and Xuanchen Technology, Hunan Silver, Zijin Mining, Zhaojin Mining, Shan Jin International, Sichuan Gold, Shandong Gold, and others followed higher.

According to news, gold prices rebounded. Spot gold climbed to as high as 4,602 U.S. dollars per ounce during today’s trading session, for the second consecutive day of gains. A diplomatic turning point appeared in the Middle East situation. On the 24th local time, U.S. President Trump said that the United States and Iran “are currently holding negotiations.” The U.S. government also submitted to Iran a ceasefire-ending plan containing 15 conditions, covering the nuclear program, missile capabilities, and regional issues.

Copper cable high-speed interconnect sector strengthened. Mingtong Optics and Magnetics, APT Fiber, Luxshare Precision, Huamai Technology hit the daily limit, while Gainchip, Jinxin诺, Zhaolong Interconnect, and others also followed.

According to news, at the recent GTC2026 conference, Huang Renxun’s remark—“Copper is still important; optics will be used for expansion across different dimensions; both are necessary capabilities.”—drew market attention. NVIDIA will roll out a new generation of MGXNVL racks—NVIDIAKyber. The NVLink domain capacity of each rack will double, accommodating 144 GPUs. This rack will use both CPO (co-packaged optics) and copper interconnects to achieve Scale-up expansion. The Rubin architecture is also expected to adopt copper interconnects on a large scale.

Storage chip stocks were active. RuiNeng Technology, Bocheng Shares, Chaoying Electronics, Juguang Technology, Sanzhu Shares, and others hit the daily limit, while AOC Memory, Golden Sun, and Shangluo Electronics also followed higher.

According to news, Wedbush analysts said DRAM and NAND storage prices are rising rapidly, and they expect that, compared with the fourth quarter of 2025, price increases in the first half of 2026 will reach a “three-digit” level. Among them, DRAM price increases are expected to reach 130% to 150%, and the NAND increase is also close to this level.

The oil and gas extraction and services sector weakened. Keli Co., Ltd. fell more than 7%, while Tongyuan Petroleum, Shouhua Gas, Intercontinental Oil and Gas, Blue Flame Holding, Guanghui Energy, CNOOC, and others also fell.

According to news, affected by rumors that the U.S. and Iran are holding negotiations, international oil prices fell sharply. During today’s trading session, Brent crude oil futures briefly plunged by more than 6% to 93.45 U.S. dollars per barrel.

Individual stock moves:

Sancai Nano continued to fall by more than 7%, with its market capitalization dropping below 21.8k yuan. ​

News: Sancai Nano’s 146 million shares due for release began trading today, accounting for 36.24% of the company’s total issued share capital. The released shares are limited first-offer shares held by original shareholders, as well as first-offer strategic placement shares. Generally speaking, after restricted shares are released, some shares enter the market for trading; increased supply can easily lead to a decline in the share price.

Looking ahead, the Orient Securities said it still favors mid-cap blue chips, and that the opportunity for allocating to the manufacturing sector has become prominent. Against the backdrop of unprecedented global emphasis on energy security, China’s new energy industry (photovoltaics/wind power/transmission and distribution) with global competitive advantages is undoubtedly the core main line for the manufacturing sector. As market expectations gradually become more fully priced in, it is also necessary to gradually narrow expectations for upside in cyclical sectors. At this stage, more attention is focused on investment opportunities in coal and agriculture within the cyclical space.

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