Closing Review: Shanghai Index Down 0.1%, Energy-Related Sectors Continue Active Momentum

From: Xinhua Finance

Xinhua Finance Beijing, March 12 (Luo Hao) — The three major stock indices of the Shanghai and Shenzhen markets opened mixed on the 12th. The Shanghai Composite Index and Shenzhen Component Index opened slightly lower, while the ChiNext Index opened slightly higher. The Shanghai Index briefly declined at the start but then rebounded, fluctuated and declined during the morning session, and closed significantly lower by midday; the Shenzhen Index initially dipped, then rebounded, filled the gap, and then fluctuated downward, closing significantly lower at midday; the ChiNext Index continued to decline during the morning, closing sharply lower by midday. In the afternoon, the three indices experienced a sustained rebound at 13:23, but ultimately the Shanghai Index slightly declined, while the Shenzhen and ChiNext indices fell sharply.

In terms of sectors, energy-related sectors continued to be active. Among traditional energy, coal stocks opened high and rose sharply, natural gas stocks also rose significantly, while oil stocks showed mixed performance. In new energy sectors, wind power stocks surged in the afternoon, and some photovoltaic and energy storage stocks also saw notable gains. Hotel, catering, electricity, diversified finance, pork, steel, CPO concepts, MicroLED, and other sectors rebounded sharply in the afternoon. Conversely, engineering machinery, shipping, aviation, and cultivated diamond sectors declined more broadly.

At the close, the Shanghai Index was at 4,129.10 points, down 0.10%, with a trading volume of about 1,078.2 billion yuan; the Shenzhen Component Index was at 14,374.87 points, down 0.63%, with a trading volume of about 1,363.7 billion yuan; the ChiNext Index was at 3,317.52 points, down 0.96%, with a trading volume of about 599.7 billion yuan; the STAR Market Composite Index was at 1,756.14 points, down 1.01%, with a trading volume of about 226.4 billion yuan; the Beijing Stock Exchange 50 Index was at 1,411.16 points, down 1.12%, with a trading volume of 18.8 billion yuan.

Institutional Views

Jufeng Investment Advisory: The market experienced volatility on Thursday, with chemical sectors leading gains. From the current trend, the market has shown clear differentiation, with resource stocks and tech stocks moving in opposite directions. As external black swan events have not yet subsided, A-shares are expected to fluctuate, and investors should focus on buying the dips of previously hot industry leaders. In the long term, under policy stimulation, A-shares and the economy are expected to reach an inflection point for upward growth. For medium-term investment, focus on incremental opportunities in high-growth sectors such as semiconductors, consumer electronics, artificial intelligence, robotics, and commercial aerospace.

CITIC Construction Investment: The ongoing conflict involving the US, Israel, and Iran has led to a reassessment of the importance of coal chemical energy security, as well as price increases and arbitrage opportunities in chemical small varieties. Regarding oil-coal arbitrage, geopolitical risks have pushed up oil prices, and most coal chemical products, which rely on petroleum derivatives as raw materials, benefit from the widening oil-coal price gap. Rising European natural gas prices have increased costs for chemical products, but additive products with low downstream cost proportions and good pricing foundations, such as amino acids, vitamins, anti-aging agents, and plastic additives, are already seeing price increases.

Guoxin Securities: As of the end of February 2026, domestic potassium chloride port inventories stood at 2.8742 million tons, a decrease of 57,500 tons (1.96%) from the same period last year. The average domestic market price in February was 3,310 yuan/ton, up 0.46% month-on-month and 6.06% year-on-year. Since March, influenced by the US-Israel-Iran conflict, raw material prices have surged, increasing production costs for glyphosate. As of March 11, 2026, glyphosate prices in East China rose rapidly to 26,500 yuan/ton. Additionally, in February, the US announced the inclusion of key herbicides like phosphorus elements and glyphosate into critical strategic materials, which may support further price increases.

News Highlights

Multiple New Space Products Debut at the 2026 Shanghai Commercial Space Conference

According to CCTV News, from March 12 to 14, the 2026 Shanghai Commercial Space Conference and Exhibition was held at the Shanghai Pudong International Expo Center, showcasing several new space products developed by the Shanghai Academy of Space Technology of China Aerospace Science and Technology Corporation. One of the “star products” was the winding flexible solar wing. Solar wings are core energy supply components for satellites in orbit, often called the “energy heart” of satellites, with performance directly affecting satellite lifespan and efficiency. The winding flexible solar wing, as a new lightweight, high-compactness, high-efficiency space energy system, is breaking industry bottlenecks with innovative design, providing a new solution for satellite energy supply.

Domestic Optical Interconnect Optical Switch Super Node “OptoLeap Super Node 128 Card Commercial Version” Launched

According to Shanghai Securities News, at the opening of the China Appliance and Consumer Electronics Expo (AWE) on March 12, Shanghai Electric (Group) Co., Ltd., Shanghai Xizhi Technology Co., Ltd., Shanghai Biren Technology Co., Ltd., and ZTE Corporation jointly announced the commercial version of the OptoLeap Super Node 128 Card (LightSphere 128). This marks the rapid transition from concept verification to commercial deployment of this Chinese original optical interconnect and optical switch super node solution within just over half a year. Currently, thousands of these nodes have been deployed.

Largest Oil Reserve Release Fails to Fill Gap, International Oil Prices Continue to Rise

As markets have digested the release of strategic oil reserves by member countries of the International Energy Agency (IEA), and with ongoing concerns over disruptions in the Strait of Hormuz, international oil prices have risen amid volatility. After the opening of the next trading day following the evening of March 11 (ET), Brent crude futures for May delivery briefly surpassed $100 per barrel. The IEA issued a statement on the 11th, stating that 32 member countries agreed to release 400 million barrels of strategic reserves to address global oil supply tensions caused by Middle East conflicts. IEA Director Fatih Birol said the release would be implemented in phases based on each member’s situation within an appropriate timeframe. According to Wood Mackenzie, a UK consultancy, the significant decline in oil exports from Gulf countries and the inability of reserve releases and alternative sources to fully fill the current supply gap are supporting the price rise.

Editor: Wang YuanYuan

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