On March 17, the A-shares rose and then fell back, with the Shanghai Composite Index dropping 0.85% to 4049.91 points, the Shenzhen Index down 1.87%, and the ChiNext Index down 2.29%. On the market, financial stocks supported the index, with banks, insurance, and brokerage firms all making efforts, while newly listed stocks performed well, and the computing hardware industry chain and cultivated diamond concept stocks saw significant declines. Industry insiders analyze that the A-share index is still operating within a range, continuing to show structural market characteristics, and the rotation between technology growth and traditional cycles may become the main theme of the market.
Newly Listed Stocks Active, Institutions Increase Holdings
On the evening of March 16, Hong Kong's Yao Cai Securities Financial announced that the tender offer initiated by Ant Group has been approved by the relevant authorities and is expected to be completed by March 30. On March 17, Yao Cai Securities Financial surged over 80% during trading, driving a collective rise in Chinese brokerage stocks. Guosen Securities rose nearly 5%, and brokerage stocks such as GF Securities, Huatai Securities, CITIC Securities, and Eastmoney all followed suit.
The main stock indices in the A-share market rebounded during the day under the influence of the large financial sector but then fluctuated and fell back. With the adjustment of the stock market, trading volume also declined. The total transaction amount in the Shanghai and Shenzhen markets on Tuesday was only 2.21 trillion yuan, a decrease of 117.5 billion yuan compared to the previous trading day.
Apart from large financials, the newly listed stocks sector performed well on the 17th, with Na Baichuan and Gu De Electric Materials both hitting the 20% daily limit, Kema Materials and Mi Rui Technology rising over 15%, and Xi Hua Technology achieving a &#34;three consecutive limit up,&#34; while Shuangxin Materials also hit the limit. Data from the dragon and tiger list on March 17 showed that two institutions net bought Na Baichuan for 3.5285 million yuan and Gu De Electric Materials for 66.2584 million yuan. In addition, the chemical sector was repeatedly active, with Chi Tianhua achieving a &#34;three consecutive limit up,&#34; and San Fang Xiang, Jin Zheng Da, and Lu Hua Technology hitting the limit. The real estate sector fluctuated higher, with Zhongzhou Holdings and Jingneng Real Estate hitting the limit.
The computing hardware industry chain and cultivated diamond concept stocks saw significant declines. The optical module index fell 7.74% on the 17th, leading the decline among major concept sectors, with stocks such as Dekeli, Guangku Technology, Changxin Bochuang, Luobotek, and Tianfu Communication all dropping more than 10%.
Growth and Cycles May Rotate Repeatedly
Industry insiders analyze that the A-share index is still operating within a range, with the Shanghai Composite Index fluctuating between 4000 and 4200 points. However, due to the lack of sustained themes with collective strength, short-term investors face considerable operational difficulties. From the technical perspective of the index, the closing position of the Shanghai Composite Index on Tuesday has fallen back to the upper moving average resistance area, and the effectiveness of the support level since early March needs to be closely monitored in the short term.
If there are no further significant escalations in the Middle East situation, Debang Securities believes that the market's sensitivity to external environmental impacts may gradually decrease. The A-share market may continue to show structural market characteristics, and the rotation between technology growth and traditional cycles may become the main theme of the market. From the macroeconomic environment perspective, China's economy is at a critical stage of transformation and upgrading, with technological innovation and industrial upgrading becoming the main development directions. From a timing perspective, late March will usher in a concentrated disclosure period for annual reports of listed companies, and performance will become a key factor affecting individual stock performance, with companies that exceed expectations and have confirmed growth likely to gain market favor
Huatai Securities believes that the A-shares are about to enter an important window for verifying annual and quarterly performance reports, suggesting a reduction in positions to leave room for response. In terms of allocation, the focus is on exploring opportunities in the power chain and essential consumer goods. Additionally, with valuation pressure gradually being digested, there are opportunities to accumulate upstream hardware in the computing power chain on dips, which have short-term catalysts.
Jufeng Investment Advisory suggests that conservative investors should primarily adopt a wait-and-see approach, patiently waiting for the market to clarify new signals and directions, avoiding blind chasing of highs; light or aggressive investors can seize low-buy opportunities after index pullbacks to speculate on short-term rebounds, but must strictly control positions and pace, and prepare for risks. Overall, the current market is in a phase of both pressure and opportunity, requiring a balance of oil price fluctuations, geopolitical risks, and valuation pressures, while waiting for a market turnaround.
Reporter: Chen Hui

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On March 17, the A-share market experienced a pullback after a rise, with the SSE Index falling 0.85% to 4049.91 points, and the Shenzhen Index and ChiNext Index dropping 1.87% and 2.29% respectively. Financial stocks performed strongly, supporting the market, while newly listed stocks were active. Market analysis suggests that A-shares are still operating within a range, and the rotation between technology growth and traditional cycles will become the main theme. The trading volume decreased to 2.21 trillion yuan, with the chemical and real estate sectors performing well, while computing hardware and lab-grown diamond concept stocks saw significant declines

腾讯新闻 - 财经

Shenzhen Index

Dacheng SZSE Component ETF

Tianhong ChiNext Composite ETF

China Southern ChiNext Composite ETF

Fullgoal SSE Composite ETF

SSE Index

E Fund Shenzhen 100 ETF

E Fund GEM ETF

GF ChiNext Composite ETF

E Fund Shenzhen 50 ETF

The market surged and then retreated, with financial stocks supporting the market. The A-share index continues to operate within a range