A-share AI computing power concept stocks continue to be active, as Alibaba Cloud, Baidu Cloud, and other vendors have announced price increases for their products. Tencent's Hong Kong stock fell over 5% after its latest financial report, with Goldman Sachs lowering its earnings growth forecast for Tencent in 2026.
On March 19, A-shares opened lower across the board, with all three major indices collectively declining in the morning session. The Shanghai Composite Index and the Shenzhen Component Index both fell over 1%, while sectors such as oil and gas, chemicals, and coal rose against the trend, and non-ferrous metals generally adjusted.
Hong Kong stocks opened lower and continued to decline, with the Hang Seng Index and the Hang Seng Tech Index both dropping over 1%. Tech stocks collectively fell, with Tencent down over 5%, while Xiaomi rose 3% against the trend.
In the bond market, government bond futures fluctuated and consolidated. In the commodity market, most domestic commodity futures fell, while crude oil and fuel surged. Futures for palladium, Shanghai silver, and other metals fell across the board. Core market trends:
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A-shares: As of the time of writing, the Shanghai Composite Index fell 1.14%, the Shenzhen Component Index fell 1.55%, and the ChiNext Index fell 0.56%.
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Hong Kong stocks: As of the time of writing, the Hang Seng Index fell 1.52%, and the Hang Seng Tech Index fell 1.56%.
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Bond market: Government bond futures fluctuated and consolidated. As of the time of writing, the 30-year main contract fell 0.06%, the 10-year main contract remained flat, the 5-year main contract remained flat, and the 2-year main contract rose 0.01%.
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Commodities: Most domestic commodity futures fell. As of the time of writing, crude oil and fuel surged over 7%, asphalt rose over 5%, while the shipping index, rapeseed, soybean meal, eggs, caustic soda, and ferrosilicon saw slight increases. Aluminum oxide, coke, hot-rolled coils, iron ore, Shanghai aluminum, pulp, rebar, and coking coal fell, with stainless steel, glass, and industrial silicon down over 1%. Rubber, lithium carbonate, Shanghai nickel, and Shanghai gold fell over 2%, while Shanghai copper, platinum, Shanghai tin, polysilicon, Shanghai silver, and palladium saw significant declines.
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10:14
The Shanghai Composite Index's decline widened to 1%, the Shenzhen Component Index fell 1.46%, and the ChiNext Index fell 0.42%. Precious metals, non-ferrous metals, lab-grown diamonds, and semiconductors were among the biggest decliners, with nearly 4,900 stocks in the Shanghai, Shenzhen, and Beijing markets declining.
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09:56
The computing hardware concept rebounded in the early session, with Ruiskanda achieving five consecutive boards in eight days, Yuanjie Technology rising nearly 4% to reach a historical high, Nanya New Materials increasing over 10%, and Huagong Technology, Changguang Huaxin, and Guangxun Technology leading in gains.
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09:39
The coal sector saw a fluctuating rise, with Shaanxi Heimao hitting the daily limit, and DAE Energy, Shaanxi Coal and Chemical Industry, JHSCIC, China Shenhua, and Baotailong following suit.
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In terms of news, Changjiang Securities estimates that if the Strait of Hormuz is blocked for a long time, global coal demand for power generation could increase by 84.86 million tons annually; if China's coal chemical facilities operate at full capacity, this alone could drive domestic coal consumption up by nearly 50 million tons.
09:36
The computing leasing concept repeatedly strengthened, with Meili Cloud achieving two consecutive boards, Hongjing Technology rising nearly 10%, and Guiguang Network, Dongfang Guoxin, Yakang Co., Pingzhi Information, and Zhongbei Communication following suit.
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In terms of news, Alibaba Cloud announced a price increase of up to 34% for AI computing power, storage, and other products. Baidu Intelligent Cloud also released a price adjustment announcement for AI computing power, storage, and other products on the same day.
09:34
The green electricity concept was active against the trend in the early session, with Shaoneng Co. achieving two consecutive boards, Huadian Liaoning reaching the daily limit, and Lixin New Energy, New Zhonggang, Jiawei New Energy, GCL-Poly Energy, and Shenzhen Nanshan Electric A following suit.
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In terms of news, the state has clearly required that the proportion of green electricity in newly built data centers at national computing hub nodes should not be less than 80%. This rigid indicator not only creates a huge new consumption scenario for green electricity but also accelerates the implementation of new business models such as &#34;direct connection of green electricity&#34; and &#34;integration of source, network, load, and storage.&#34;
09:32
The storage chip concept collectively weakened, with Hengshuo Co. falling over 11%, and Yunhan Xincheng, Demingli, Shannon Xinchuan, Dawei Co., and Jiangbolong following suit.
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09:29
The chemical sector opened high across the board in the early session, with Xinghua Co. hitting the daily limit, and Jinniu Chemical, Baofeng Energy, Jinmei Technology, Sichuan Meifeng, and Chengzhi Co. leading in gains
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In terms of news, global chemical giant BASF announced a price increase of 30% or more for all household care, industrial and institutional cleaning, and industrial formulation products in Europe.
09:26
The Shanghai Composite Index opened down 0.85%, and the ChiNext Index fell 1.04%. Precious metals, base metals, semiconductors, and power generation equipment sectors saw the largest declines, while oil, gas, and coal stocks strengthened.
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09:21
The Hang Seng Index opened down 1.82%, and the Hang Seng Tech Index fell 2.1%. Tencent Holdings dropped over 4%, with last year's capital expenditure hitting a record high; energy stocks rose against the trend, with CNOOC up over 2%.
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According to Wallstreetcn article, during the latest earnings call, Tencent's management announced plans to at least double investments in mixed yuan and new AI products by 2026. To support the increasing AI investments, the company expects this year's share buyback scale to be lower than in 2025. This shift from reducing buybacks to increasing AI investments quickly triggered market fluctuations.
According to Zhui Feng Trading Platform, Goldman Sachs pointed out in its latest research report that Tencent is at a &#34;mixed&#34; turning point. On one hand, AI is empowering its gaming and advertising businesses; on the other hand, the company is clearly shifting to an investment phase driven by new AI products. As a result, Goldman Sachs lowered its earnings growth forecast for Tencent in 2026, expecting its adjusted net profit to grow by 7% year-on-year, down from the previous expectation of 10%.
Xiaomi opened up over 2.5%.
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According to Wallstreetcn article, a recently launched AI model named Hunter Alpha has attracted attention from the global developer community after being anonymously launched on the developer platform OpenRouter
Hunter Alpha launched on March 11 in the form of an &#34;invisible model,&#34; featuring over 1 trillion parameters and a context window of 1 million tokens. Due to the parameter specifications closely matching the widely circulated information about DeepSeek V4, it sparked widespread speculation.
Xiaomi ended several days of speculation with an official announcement. In the early hours of March 19, Xiaomi released the MiMo large model series with three updates, including the flagship base model MiMo-V2-Pro, the multimodal agent model MiMo-V2-Omni, and the speech synthesis model MiMo-V2-TTS. Subsequently, Xiaomi founder Lei Jun stated on Weibo that Xiaomi had just released the trillion-parameter large model MiMo-V2-Pro and disclosed that Xiaomi's &#34;actual progress in AI may be much faster than what everyone sees,&#34; with AI research and capital investment expected to exceed 16 billion this year.
In response, Goldman Sachs pointed out in a research report released on March 19 that the concentrated release of these three flagship models marks Xiaomi's transition from the AI research investment phase to the results realization phase, and its market positioning as a &#34;physical AI leader&#34; is gradually gaining substantial support

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The concept of computing power leasing has repeatedly strengthened, with Meili Cloud achieving two consecutive trading limits, Hongjing Technology rising nearly 10%, and Guiguan Network, Dongfang Guoxin, Yakang Co., Pingzhi Information, and Zhongbei Communication following suit. The coal sector has fluctuated and risen, with Shaanxi Heimao hitting the trading limit, and DYEC, Shaanxi Coal and Chemical Industry, JHSCIC, CHINA SHENHUA, and Baotailong also rising

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The Shanghai Composite Index fell over 1%, AI computing power was active, chemicals and coal surged, the Hang Seng Index dropped over 1%, Tencent plummeted over 5%, while Xiaomi rose more than 3% against the trend