On March 11, the Shanghai Composite Index fluctuated before turning positive, while the ChiNext Index rose over 2% during the session. By the midday close, the Shanghai Composite Index had gained 0.05%, the Shenzhen Component Index increased by 0.85%, and the ChiNext Index advanced 1.74%. The combined trading volume for Shanghai and Shenzhen markets reached 1.67 trillion yuan during the morning session, representing an increase of 70.2 billion yuan compared to the previous trading day. Over 3,200 stocks declined across the market.
Sector performance showed green power concepts surging, with Green Power Development achieving two consecutive limit-ups and Energy Saving Wind Power hitting the upside limit. Energy storage concepts remained active, with Zhengtai Power reversing to a limit-up and Sungrow Power rising more than 10%. Lithium mining concepts performed strongly, with Weiling Co. recording two limit-ups in four trading sessions.
The chemical sector saw a fluctuating rebound, with Jinpu Titanium, Yuegui Shares and Baichuan Co. all reaching limit-ups. According to Huatai Securities Research Report, recent uncertainties in Iran's situation have raised concerns about global oil and gas supply and some energy chemical products, triggering a wave of price increases across global energy chemicals. China's energy chemical industry chain demonstrates strong resilience, with short-term supply impacts being weaker than those affecting overseas companies. Once supply chain expectations stabilize, global inventory replenishment will help sustain the chemical industry's recovery, with attention focused on leading enterprises with complete industrial chains.
On the declining side, gas turbine concepts weakened, with Jereh Group, TuNan Co. and Hilanxun all experiencing collective declines.
Among notable individual stocks, Contemporary Amperex Technology Co.,Ltd. saw its A-share price rise over 6% during the session, briefly breaking through the 400 yuan level. CATL's Hong Kong shares gained approximately 9%, also temporarily surpassing the HK$600 mark. Recently, CATL released better-than-expected financial results showing the company achieved 423.7 billion yuan in operating revenue for 2025, representing 17% year-on-year growth, with net profit attributable to shareholders reaching 72.2 billion yuan, a 42% increase.
Meanwhile, Ucloud Technology Co.,Ltd., the "lobster" concept stock that had surged 42% over the past three days, opened lower and fluctuated downward. By the midday close, the stock was trading at 50.11 yuan per share, down nearly 3%, with a latest market capitalization of 22.9 billion yuan. The company announced that recent market attention on the "OpenClaw" concept has been high, with some media and investors associating the company with this concept. Through self-examination, the company indicated that the technological iteration and commercial progress of its lightweight cloud host products equipped with OpenClaw mirroring may fall short of expectations. Future product revenue scale, profitability levels and cash flow contributions face high uncertainty, with limited short-term impact on the company's overall operating performance.
Regarding the industry transformation brought by OpenClaw, Guolian Minsheng Securities Research Report views OpenClaw's "breaking through boundaries" as comparable to the ChatGPT moment, representing an important milestone in AI industry development that validates the massive computing power demands created by AI agents. The securities firm judges that 2026 may be a critical year for accelerated AI penetration and application, maintaining firm optimism about workflow upgrades represented by AI Agents and multimodal applications like generative video.
However, Liu Youhua, Research Director of Paipai Network, previously cautioned that the nationwide "lobster farming" phenomenon represents a combination of AI technology implementation's industrial opportunities and short-term market speculation, requiring rational assessment of its dual nature. On one hand, market speculation risks need attention as valuations of some concept stocks have already exceeded fundamentals, with pure concept speculation likely to trigger corrections. On the other hand, industry competition risks require monitoring as major companies accelerate their follow-up efforts, potentially intensifying competition and making it difficult for small and medium-sized companies to maintain technological advantages.
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