Market Close: The Shanghai Composite Index fell 0.80%, dropping below 3,900 points again. Computing hardware stocks collectively declined.

Topic: China Asset Window Arrangement Has Appeared; Adjustment Is an Opportunity

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On March 31, news reported that the market saw choppy consolidation and adjustment. All three major stock indexes fell collectively. The Shanghai Composite Index dropped 0.80% and again lost the 3,900-point level. The Shenzhen Component Index fell more than 1%, and the ChiNext Index fell more than 2.5%. In terms of sectors, the high-speed rail concept was strong throughout the day: ShenZhou High-Speed Rail achieved a second consecutive daily limit; Jinying Heavy Industry rose to a 20cm daily limit. The motorcycle concept saw activity after the afternoon session: Hongchang Technology logged a second consecutive 20cm daily limit; Huayang Racing rose more than 15%. The banking sector was active against the trend: China Bank and Agricultural Bank rose more than 3%. On the downside, coal stocks continued to decline, with Zhengzhou Coal and Electricity leading the fall. Oil and gas stocks saw consolidation and adjustment: Shouhua Gas and Tongyuan Petroleum led the declines. Storage chip concepts fell across the board: BOWEI Storage and Shanun Xinchuang both plunged sharply. Overall, stocks in both markets showed a broad-based selloff trend; more than 4,300 individual stocks declined.

By the close, the Shanghai Composite Index was 3,891.86 points, down 0.80%. The Shenzhen Component Index was 13,478.06 points, down 1.81%. The ChiNext Index was 3,184.95 points, down 2.70%.

On the trading board, Railway Transportation Equipment, Horse Racing concepts, Automotive Services and other sectors led the gains; Coal Mining and Processing, Oil and Gas Extraction and Services, and Wind Power Equipment sectors declined.

Hot Sectors:

**1、**Motorcycle Concept

Hongchang Technology posted a second consecutive 20cm daily limit; Huayang Racing rose more than 15%; Qianjiang Motorcycles hit the daily limit.

On the news front, as of Beijing time on March 28, at the World Superbike Championship (WSBK) event, China’s motorcycle brand Zhangxue Motorcycle won the race with an absolute advantage of nearly 4 seconds, breaking the decades-long monopoly by international powerhouses such as Ducati, Yamaha, and Kawasaki in this category.

2、Banks

China Bank and Agricultural Bank rose more than 3%; Pudong Development Bank, Ningbo Bank, Huaxia Bank, and others were among the top gainers.

On the news front, as of March 30, the “scorecards” for 2025 from Industrial and Commercial Bank, Agricultural Bank, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank had been released. During the reporting period, the six major banks all achieved “double growth” in operating revenue and net profit; they collectively earned about 1.42 trillion yuan in net profit, and core operating indicators at multiple banks improved quarter by quarter.

News Desk:

[Beijing’s policy on trading in old consumer goods for new ones continues to roll out, driving about 5 billion yuan in sales] Subsidies for trading in old consumer goods for new ones in Beijing in 2026 continue to release consumer vitality. So far this year, more than 1.3 million subsidized products have been sold, driving about 5 billion yuan in sales. Residents can claim subsidy eligibility through the “Jingtong” mini program; when buying products such as home appliances, smartphones, and tablets, they can receive up to a 15% subsidy. Now, across Beijing, nearly 7,000 stores and more than 1,300 merchants participate, making the savings more convenient to become part of everyday life for residents.

[360 Intelligent Agents find a high-risk OpenClaw vulnerability that may affect about 170k instances worldwide] A reporter learned recently from 360 Digital Security Group that its independently developed 360 multi-intelligent-agent collaborative vulnerability mining system found a high-risk vulnerability on the OpenClaw platform—an issue in which the MEDIA protocol Prompt injection can bypass tool permissions and lead to local file exposure. The vulnerability has been officially confirmed by the National Information Security Vulnerability Database (CNNVD). The affected scope covers more than 50 countries and regions worldwide, and over 170k publicly accessible OpenClaw instances face security risks. According to the report, the core risk is that the MEDIA protocol runs on the output post-processing layer and can completely bypass platform tool-policy controls. Even if an Agent disables all tool calls, attackers can still launch the attack using only the permissions of basic members in group chats, directly stealing sensitive server information and easily triggering subsequent cyber attacks. (Guoshi Direct Line)

[Two Chinese mega-cargo vessels successfully pass through the Strait of Hormuz] The China Hong Kong–flagged container ships “COSCO North Arctic” and “COSCO Indian Ocean,” which have been stuck in the Persian Gulf for more than a month, successfully passed through the Strait of Hormuz as of the morning of March 31 Beijing time. This is the first time since late February that China’s large vessels have passed through the Strait of Hormuz, restoring confidence in the tense global supply chain. A reporter who checked ship tracking data learned that as of the evening of March 30 Beijing time, the “COSCO North Arctic” and “COSCO Indian Ocean” anchored off areas near Dubai and sailed along the route between Iran’s largest islands, Qeshm Island and Larak Island, at a speed of about 10.4 knots, passing through the narrow exit of the Strait of Hormuz and then entering the waters of the Gulf of Oman. Ship tracking data shows that the two vessels are expected to arrive at Port Klang in Malaysia on April 6.

[Tianlong-3 is expected to have its maiden flight on April 2] A reporter from the Kechuang Board Daily learned exclusively that Tianbing Technology’s Tianlong-3 is expected to conduct its first flight launch at Beijing time on April 2. It is understood that Tianlong-3 is China’s first commercial space product featuring a liquid rocket with high thrust power that is expected to deliver more than 20 tons to near-Earth orbit. Its performance is benchmarked against the international mainstream SpaceX Falcon 9. It can achieve a one-rocket 36-satellite networking launch. (Reporter Li Mingming)

Institutional Views:

Caitong Haitong: Adjustment Is an Opportunity—Layout Chinese Assets

After the market’s adjustment, China’s stock market is showing signs of an important bottom and a “batting point.”

First, in China’s energy (850101) and consumption (883434), the oil-and-gas share is below 30%, lower than the global average. Diversified reserves and energy (850101) transformation improve China’s resilience in responding to risks.

Second, China’s relatively stable security environment, relatively stable economic and social conditions, a complete supply-chain system, and active industrial progress are scarce even in global comparisons.

Third, in recent communications with overseas long-term capital, the important marginal factor is that—amid overseas chaos and a relatively high exposure to US stocks—foreign capital is re-assessing China’s rise and industrial advantages, correcting the misalignment between China’s low allocation and what it should be.

Market adjustment is actually an opportunity. We recommend actively laying out positions. Finance and stability remain the first choice, and high dividend yield has allocation value. We are bullish on China’s technology manufacturing—such as power equipment and new energy/energy metals/construction machinery—as well as the semiconductor/communications equipment/mechanical equipment in the AI field. With stable policy deployments for investment, and with a potential rebound in inflation boosting restocking demand, we recommend building materials/construction/hotels/consumer staples.

China Merchants Securities: Focus on Substantive Actions of a Stabilization Mechanism for the Capital Market

In recent days, the market has been affected by strong liquidity shocks, but from a funds perspective there is no significant risk.

First, the main incremental financing in this cycle and private funds are in profit and have a relatively high safety margin, so there will not be a downward negative feedback effect; second, in the near term, ETFs have continued to see net outflows, and major institutional investors have not entered the market yet; finally, the return of Middle East funds will support the market’s rise on the narrative level. This is a medium-to-long term high-probability event plus a short-term event that cannot be falsified. Whether people believe it matters more than whether it is “true.” To a certain extent, the narrative will appear to achieve self-fulfilling outcomes.

Looking ahead, the room for A-shares to continue plunging significantly is limited. The key observation signals for the stage of the bottom lie in when the stabilization mechanism for the capital market begins to take concrete, substantive action. Next, we will focus on petrochemicals, coal, building materials, chemicals, shipping, breeding stock, electric power, and other areas with relatively higher business conditions or potential improvements.

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责任编辑：郭栩彤