On March 16, the A-share market experienced volatile adjustments. The Shanghai Composite Index and Shenzhen Component Index both fluctuated downward in early trading, each falling more than 1% during the session. By the close, the Shanghai Composite Index was down 0.71%, the Shenzhen Component Index declined by 0.7%, while the ChiNext Index rose 0.18%, and the STAR Composite Index fell 0.98%.
Sector-wise, cross-border payment concepts continued to advance. Memory chip stocks performed actively, with
The computing power leasing concept also showed strength, with 263 Network reversing to a limit-up. The chemical sector initially rose but then pulled back; Kingenta experienced a failed limit-up and retreated, Chitianhua repeatedly opened and closed its limit-up, and Shandong Luxi Chemical touched the downside limit.
Deep-sea technology concepts bucked the downward trend, with Oriental Ocean, Shenkai Oilfield Equipment, and Ocean King Lighting hitting the daily limit-up. PCB concepts continued their climb, with Kingboard Copper Foil limit-up, and Zhongying Technology and Ruifeng High Material both rising over 10%.
On March 16, the baijiu (liquor) sector staged a strong counter-trend performance, becoming a market focus. At the time of writing, the baijiu sector index had gained over 2%. Among individual stocks, Huangtai Wine Industry led with a limit-up; Jinhuiqu and Jiugui Liquor rose 5.56% and 3.21% respectively; the trillion-yuan giant Kweichow Moutai gained over 2%, with its market capitalization returning above 1.8 trillion yuan; Shede Spirits and Jinzhi Seed Wine also followed with increases.
China Merchants Securities pointed out that after years of adjustment, the baijiu industry entered a period of supply-demand and price stabilization in 2026. Current sector stock prices have fallen back to levels reflecting pre-Spring Festival pessimism, presenting bottom-fishing value. As Q1 earnings expectations become clearer, emotional suppression factors are expected to lift, potentially creating investment opportunities in the consumer sector.
The fertilizer sector also rose against the market trend. Chitianhua, Lutianhua, Liuguo Chemical, Kingenta, and others hit the daily limit-up, while Huachang Chemical, Lanhua Sci-Tech, and Chuannuo followed with gains. Geopolitical tensions in the Middle East showed no signs of easing, with the Strait of Hormuz—which handles about 33% of global fertilizer trade—experiencing transport disruptions.
A latest research report from Founder Securities indicated that the Middle East plays a pivotal role in the global urea supply. Escalating tensions between the US and Iran are expected to reduce this production capacity, thereby driving up international urea prices.
On the declining side, precious metals, fertilizers and pesticides, and steel sectors led the losses. Non-ferrous metal stocks collectively weakened, with Shandong Gold Mining and Huaxi Securities among those experiencing significant declines.
In the Hong Kong market, the Hang Seng Index and Hang Seng Tech Index strengthened. The Hang Seng Index rose 1.14%, while the Hang Seng Tech Index climbed 2.24%.
Hong Kong technology and internet stocks rallied, with
Zhipu AI soared over 10%. On March 16, Zhipu announced the launch of its base model GLM-5-Turbo tailored for OpenClaw lobster scenarios, marking its first closed-source model since 2025. Concurrently, it raised the API price for the new model by 20%, representing the company's second recent price hike. Rough calculations indicate that Zhipu's API prices have increased by 83% in the first quarter of 2026.
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