A-shares close higher with reduced volume; over 4,200 stocks in the green; agricultural chemical products sector surges

The three major A-share indices all rose slightly today. By the close, the Shanghai Composite Index increased by 0.38%, closing at 4,124.19 points; the Shenzhen Component Index rose by 0.59%, closing at 14,172.63 points; and the ChiNext Index gained 0.38%, closing at 3,229.30 points. The combined trading volume of the Shanghai, Shenzhen, and Beijing markets was 2.22 trillion yuan, a decrease of 193.4 billion yuan compared to yesterday.

Most industry sectors closed higher, with gains in agrochemical products, chemical raw materials, biopharmaceuticals, trade, chemical pharmaceuticals, housing construction, agriculture, forestry, animal husbandry, fishery, and healthcare services. The ground military, industrial metals, and petroleum and petrochemical sectors declined.

In individual stocks, over 4,200 stocks rose, with nearly 90 hitting the daily limit-up. The agrochemical sector surged, with BlueHarvest Biochemical, Chitianhua, Jinjingda, and Liuguo Chemical hitting the limit-up.

Today’s Highlights

Economic Theme Press Conference at 3 PM: Zheng Zhaijie, Lan Fuan, Wang Wentao, Pan Gongsheng, Wu Qing answer reporters’ questions

On the 6th, the fourth session of the 14th National People’s Congress held a plenary meeting in the morning and group meetings in the afternoon. The fourth session of the 14th Chinese People’s Political Consultative Conference held joint and group meetings throughout the day. The economic-themed press conference was held during the fourth session of the 14th National People’s Congress. According to the agenda:

U.S. Interior Secretary reveals: The Trump administration is considering “all options” to control oil prices!

U.S. Interior Secretary Doug Burgum stated on Thursday that the Trump administration is weighing a range of options to address the surge in oil and gasoline prices during the Iran conflict.

OpenAI releases GPT-5.4: An important step toward autonomous intelligent agents

On Thursday, local time, OpenAI officially launched GPT-5.4, its latest flagship AI model. According to the company, the new model shows significant improvements in reasoning, programming, and handling professional office tasks involving spreadsheets, documents, and presentations, while requiring fewer user interactions to complete tasks.

Data center “Optical over Copper”? Several listed companies are deploying Micro LED optical connections; industry experts call it a “key route”

With the rise of generative AI, demand for high-speed transmission in data centers continues to grow. Copper cabling solutions previously used for short-distance intra-rack transmission face severe challenges in transmission density and energy efficiency. In contrast, Micro LED CPO solutions have lower unit transmission energy consumption, significantly reducing overall energy use to about 5% of copper cabling solutions, and are expected to become a replacement for optical interconnects due to their energy-saving advantages.

Institutional Views

Galaxy Securities: As the real estate industry gradually enters a high-quality development stage, industry valuations may see a comprehensive recovery

Galaxy Securities’ research report states that the 2026 government work report emphasizes “stabilizing the real estate market,” with key focus areas including inventory, housing provident funds, affordable housing, urban renewal, quality housing, financing, and new models. As the industry moves into a high-quality development phase, valuations may recover overall. Leading real estate companies, with advantages such as low financing costs and high market share in core areas, are expected to benefit from valuation recovery and present overall beta opportunities.

Huaxi Securities: Future uncertainties in tariffs may trigger a new round of export competition

Huaxi Securities points out that in the short term, the removal of IEEPA tariffs and the reduction of tariff levels will create an export window. The decline in U.S. tariffs benefits global trade recovery: China’s direct export tariffs to the U.S. will decrease by 10%, and costs for exports to Southeast Asian countries will also drop by about 5% (if the 122 tariff rises to 15%). Additionally, future tariff uncertainties may lead to a new round of export competition.

Kaiyuan Securities: Optimistic about the spring offensive of the brokerage sector

Kaiyuan Securities notes that the sustained high profitability, low valuation, and long-term stagnation make the brokerage sector promising for a spring rally. Since 2025, the sector has experienced about a year of stagnation, mainly due to the significant rise during the “9.24” period in 2024, market liquidity constraints, and concerns over fee reductions. In early 2026, increased market activity, along with wealth management and overseas business, are expected to become key drivers of earnings growth for brokerages. Valuations have gradually fallen to historic lows, and public fund holdings are at historic lows, making the sector attractive for a spring rebound.