On March 16, A-shares experienced volatile trading with the Shanghai Composite Index declining nearly 1%, while the ChiNext Index saw a slight increase. Sectors such as baijiu, diversified finance, and agriculture advanced, with memory chip concept stocks bucking the broader downward trend. In contrast, precious metals, chemical raw materials, and lithium mining concepts underwent widespread adjustments. Hong Kong stocks opened higher across the board, with the Hang Seng Tech Index briefly rising 1%, as most technology and internet stocks rebounded.
In the bond market, government bond futures collectively declined. In commodities, most domestic commodity futures fell, with precious metals leading the losses.
Core Market Movements:
A-shares: As of writing, the Shanghai Composite Index dropped 0.79%, the Shenzhen Component Index fell 0.9%, and the ChiNext Index gained 0.11%.
Hong Kong stocks: As of writing, the Hang Seng Index rose 0.37%, and the Hang Seng Tech Index increased 0.78%.
Bond market: Government bond futures fell across the board. As of writing, the 30-year main contract dropped 0.59%, the 10-year main contract declined 0.15%, the 5-year main contract decreased 0.10%, and the 2-year main contract edged down 0.04%.
Commodities: Most domestic commodity futures varieties declined. As of writing, asphalt surged over 11%, while crude oil and fuel oil posted significant gains. The containerized freight index rose over 2%. Palladium, lithium carbonate, polysilicon, Shanghai gold, Shanghai nickel, and soybean meal were among the top decliners. Stainless steel, Shanghai copper, and glass also fell.
10:51 Hong Kong-listed Zhipu saw its gains narrow to 8% after an early surge of up to 16%. This followed reports of the company launching its base model GLM-5-Turbo, increasing API prices by 20%, and introducing a new service package.
10:46 The Shanghai Composite Index fell over 1%, with non-ferrous metals and chemical sectors leading the decline.
10:40 Baijiu stocks defied the market downturn, with Huangtai Wine Industry hitting the daily limit-up. Jinhuijiu, Jiuguijiu, and Kweichow Moutai followed with gains.
Data from the National Bureau of Statistics showed total retail sales of consumer goods reached 8.6079 trillion yuan in January-February, a year-on-year increase of 2.8%, accelerating by 1.9 percentage points compared to December of the previous year. Retail sales of goods amounted to 7.5815 trillion yuan, up 2.5%, while catering revenue reached 1.0264 trillion yuan, rising 4.8%. Sales of basic necessities and some premium categories grew rapidly.
The agriculture sector continued its upward trajectory, with gains in biological breeding, aquaculture, and poultry industries.农发种业 surged straight to the daily limit-up, while Denghai Seeds, Qiule Seeds, and Shennong Seeds were among the top gainers.
Recent policy guidance from Hubei provincial authorities emphasized advancing agricultural technological innovation and industrial upgrading, including accelerating the application of agricultural technology and promoting innovation in biological breeding and smart agriculture.
10:30 OpenClaw concept stocks strengthened, with Zhipu rising over 9% and Meituan gaining over 3%.
Enterprise WeChat now supports one-click scanning to connect to OpenClaw. Users can select "Quick Configuration" in the Tencent Cloud backend, click "Go to Authorize," and scan with Enterprise WeChat to instantly create an intelligent robot. Major cloud service providers, large model companies, and OpenClaw ecosystem products are gradually enabling access via Enterprise WeChat.
10:27 Lithium mining concepts declined during the session, with Xizang Urban Investment touching the daily limit-down. Huayou Cobalt, Salt Lake股份, Sinomine Resource Group, Xizang Peak, and Yongxing Materials all fell over 5%.
10:20 Memory chip concepts performed actively, with Biwin Storage rising over 7% to continue hitting record highs. Netac Technology rose by the 20% daily limit, while Ingenic Semiconductor, Hensym, GigaDevice, and Dawei shares followed with gains.
Market research firm CounterPoint Research indicated that unlike previous cycles, current memory market demand does not decline even as prices rise. Supply shortages are unlikely to be substantially resolved until at least the second half of 2027.
10:18 The battery industry chain showed signs of recovery, with Veken Technology hitting the daily limit-up. Haike New Materials rose over 9%, while Wanrun New Energy, Shida Shenghua, Huasheng Lithium, Fangyuan, Tianji, and Hunan Yuneng followed with gains.
10:08 Computing power leasing concepts rebounded during the session. 263 Network responded with a limit-up, Guizhou Cable approached the limit-up, and Netac Technology rose over 10%. Chengdi Xiangjiang, Hongbo, Huasheng Tiancheng, and Lianhua Holdings also advanced.
09:58 Baijiu stocks defied the market downturn during the session. Huangtai Wine Industry hit the daily limit-up, while Jinhuijiu, Jiuguijiu, Kweichow Moutai, Jinzigu Liquor, and Shede Spirits followed with gains.
Research from Guojin Securities food and beverage team noted that Kweichow Moutai has implemented a policy for distributing non-standard products, with industry price trends showing signs of bottoming out. With the arrival of a low base period and robust consumer spending during the Spring Festival, industry destocking continues and is expected to gradually stabilize.
09:43 The Shenzhen Component Index fell over 1%. Non-ferrous metals, computing hardware, and power grid sectors led the declines, with nearly 2,900 stocks falling across Shanghai, Shenzhen, and Beijing exchanges.
09:37 The chemical sector extended last week's strength. Chitianhua recorded its sixth limit-up in 14 trading sessions. Kingenta, Sanfangxiang, and Youfu shares hit limit-ups, while Jinniu Chemical, Luhe Technology, and Adama followed with gains.
Shipping data indicates 21 vessels carrying urea, sulfur, and phosphate fertilizers are currently stranded in the Persian Gulf, involving nearly one million tons of fertilizer raw materials. If shipping disruptions become常态化, global fertilizer原料supplies could decrease by 30% to 50%.
09:26 The Shanghai Composite Index opened down 0.08%, while the ChiNext Index rose 0.41%. Aquaculture and stablecoin concepts led gains, while the non-ferrous metals sector remained weak.
09:21 The Hang Seng Index opened down 0.12%, while the Hang Seng Tech Index rose 0.21%.
09:01 Most domestic commodity futures opened lower. As of writing, precious metals led declines with Shanghai silver falling 4.30%. All new energy materials declined, with polysilicon down 3.33%. Most oils and oilseeds fell, with soybean meal down 2.78%. Most base metals declined, with Shanghai tin falling 2.57%. Most black series commodities fell, with iron ore down 1.84%. All shipping futures declined, with the containerized freight index (European route) down 0.45%. Chemical products led gains, with asphalt up 3.57%. Energy products were mixed, with crude oil rising 1.94%.
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