Shanghai Composite Index fluctuates and consolidates; wind power equipment and coal mining sectors surge

The three major Chinese A-share indices showed mixed performance today, with the Shanghai Composite fluctuating and consolidating, while the ChiNext Index was weaker. By the close, the Shanghai Composite fell 0.10%, closing at 4,129.10 points; the Shenzhen Component Index dropped 0.63%, closing at 14,374.87 points; and the ChiNext Index declined 0.96%, closing at 3,317.52 points. The combined trading volume of the Shanghai, Shenzhen, and Beijing markets was 2.46 trillion yuan, 67.7 billion yuan less than yesterday.

Industry sectors saw more declines than gains, with wind power equipment and coal mining sectors surging. Chemical fibers, electricity, and utilities led the gains, while military, general equipment, electronic components, engineering machinery, and energy metals declined.

In individual stocks, nearly 1,500 stocks rose, with over 60 hitting the daily limit. The green energy concept exploded, with Green Power and Huadian Energy hitting three consecutive daily limits. GCL Energy Science and Technology, Datang Power, and Jinkai New Energy also hit the limit. The chemical sector continued to strengthen, with more than ten stocks hitting the limit; Jinniu Chemical rose for the ninth day in a row with five daily limits, while Luhua Technology, Sanfangxiang, and Hebang Biological also hit the limit. The coal sector was active, with Yankuang Energy and Zhengzhou Coal & Electric hitting the limit, and China Coal Energy reaching an 18-year high. The carbon fiber concept remained strong, with Central Composite Eagle and Jilin Chemical Fiber hitting the limit.

Today’s Highlights

U.S. Initiates Section 301 Investigation on China and 15 Other Trade Partners

On March 11, U.S. Trade Representative Katherine Tai announced that the U.S. will launch Section 301 investigations into 16 trade partners, including China, the European Union, Mexico, Vietnam, India, and Japan.

Iran’s President Proposes Three Key Conditions to End the War! U.S. to Release 172 Million Barrels from Strategic Petroleum Reserve

On March 11, the U.S. Department of Energy announced that President Trump has authorized the department to release 172 million barrels of crude oil from the Strategic Petroleum Reserve starting next week. At the planned release rate, the delivery of this oil will take approximately 120 days.

Breaking News from Oman! CTA Shockwave Incoming

According to persons directly notified by port agents, Oman has evacuated all ships from the key oil export terminal—Mina Al-Fahal Port—as a precautionary measure. Fahal Port, located outside the Strait of Hormuz, is one of the few ports still capable of exporting Middle Eastern crude oil to global markets.

Global First: Major Breakthrough in “Black Gold”

On March 11, China’s independently developed T1200-grade ultra-high-strength carbon fiber was officially launched globally. China has become the first country in the world to achieve mass production of this level of carbon fiber at the hundred-ton scale. In the A-share market, there are 23 carbon fiber concept stocks, with Boyun New Materials, Yuan Dong Shares, and Central Composite Eagle expected to turn losses into profits. Jilin Carbon Valley, Chujian New Materials, Wote Shares, and Jinggong Technology all reported year-over-year profit growth.

Tesla’s Third-Generation Robot Debuts

At AWE 2026, reporters saw Tesla showcase products including the Cybertruck and Tesla Bot humanoid robot. According to现场 staff, the humanoid robot on display is the upcoming third-generation model. The official release version may differ slightly from the demo version. This will be Tesla’s first large-scale production robot, planned to start manufacturing by the end of 2026, with a long-term capacity target of 1 million units.

Institutional Views

Guojin Securities: Domestic Chemical Mechanical Polishing Companies Likely to Further Expand Market Space

Guojin Securities’ research report states that Chemical Mechanical Polishing (CMP) is a key process in integrated circuit manufacturing for achieving uniform wafer planarization, used in silicon wafer production, wafer fabrication, and advanced packaging. As China’s semiconductor industry expands capacity, and with advances in process technology, new materials, and new processes, as well as the evolution of advanced packaging and upstream raw materials for CMP, domestic CMP companies are expected to further open up market opportunities. It is recommended to focus on industry leaders Anji Technology, Dinglong Co., and other companies actively expanding into the CMP market.

CITIC Construction Investment: Continual Recommendation of the Global Power Shortage Industry Chain

CITIC Construction Investment’s research indicates that starting in 2026, North American AI power demand will surpass traditional load increases for the first time, becoming the core factor influencing North American power demand. We expect North American gas turbine deliveries to total 60-66 GW from 2026 to 2028, far from the 152 GW of AI power demand in North America during the same period. Global gas turbine orders still have upward momentum in 2026, potentially exceeding 100 GW.

CICC: Cautiously Optimistic About the Sustainability of Excess Returns from Active Equity Funds

Looking ahead to 2026, CICC remains cautiously optimistic about the continuation of excess returns from active equity funds. The market is seeing emerging industry trends and rapid sector rotation, providing structural opportunities for active management. Regulatory reforms are pushing capabilities upward, and platform-based research systems are safeguarding stable excess returns. Additionally, inflows of new funds are expected, while redemption pressures from existing funds are easing, potentially creating a positive cycle of “performance—scale.”

Huatai Securities: Short-term Geopolitical Disruptions May Suppress Auto Exports; Two Investment Directions Recommended

Huatai Securities’ research states that overseas markets are now a key growth path for Chinese automakers. Short-term geopolitical tensions, such as conflicts involving the U.S., Israel, and Iran, may suppress overall sales. It is estimated that about 300,000 vehicles exported to the Middle East could be affected in 2026. Coupled with oil price fluctuations, domestic fuel vehicle demand may face downside risks. However, driven by energy efficiency advantages, incremental demand for new energy vehicles may partially offset this. Historical experience suggests that Chinese automakers, with proactive global market strategies, can seize opportunities and reshape regional market shares once tensions ease. The two key investment directions are: vehicle manufacturers with full industry chain advantages and strong cost reduction capabilities; and Chinese new energy vehicle exporters actively expanding globally and benefiting from high growth in the European new energy market.