【Focus Review】GEM Index Opens Higher but Closes Lower, Down Nearly 1%; Computing Power Synergy Concept Remains Hot, Wind Power Equipment Stocks Rally Against Trend in Afternoon Session

Caixin News, March 12 — Today, 52 stocks hit the daily limit, 21 stocks experienced breakouts, with a board-closure rate of 71%. South Central Culture hit four consecutive limit-ups, Greenland Power and Huadian Energy each hit three consecutive limit-ups, Hanlan Co., Ltd. achieved 8 limit-ups in 15 days, Farsun 7 in 14 days, Jinniu Chemical 5 in 9 days, and Jinkai New Energy 5 in 10 days. The market bottomed out and rebounded, with the three major indices narrowing their declines in the afternoon. The combined trading volume of the Shanghai and Shenzhen markets was 2.44 trillion yuan, a decrease of 66.5 billion yuan compared to the previous trading day. On the sector front, some hotspots repeatedly strengthened, with nearly 3,900 stocks declining across the market. Leading sectors included wind power equipment, coal, chemicals, and electricity; while commercial aerospace, engineering machinery, small metals, and super-hard materials lagged behind. At the close, the Shanghai Composite fell 0.1%, the Shenzhen Component dropped 0.63%, and the ChiNext Index declined 0.96%.

Popularity and Continuous Limit-up Stocks Analysis

The upgrade rate of stocks with consecutive limit-ups dropped to 30%. While maintaining a four-limit-up height, the three stocks that achieved upgrade to consecutive limit-ups were all recent hot spots in green energy, mainly in new energy sectors like green electricity. Excluding Jinniu Chemical, most of the first-limit-up stocks that upgraded recently are also in hot sectors such as energy storage and green electricity. Under external market pressure, thematic stocks faced increased adjustment pressure, leading short-term funds to seek risk aversion. The new energy sector, with its “halo asset” attribute, continued to attract capital, driving a rally in low-priced wind power equipment stocks in the afternoon. Meanwhile, the overall sentiment of the technology sector continued to be constrained by the broader market mood. The popular stocks in the computing power industry chain, such as Yunnan Energy Investment and Ningbo Construction, both experienced sharp declines at the close, reflecting short-term funds’ reluctance to chase high-priced stocks and negatively impacting the sustainability of some recent hot topics.

Main Sector Hotspots

Following the attack on two oil tankers in Iraqi waters, Iraq and Oman announced the suspension of oil terminal operations. International oil prices surged again this morning, with Brent crude futures briefly surpassing $100 per barrel. Domestic fuel and chemical futures also soared collectively, triggering a wave of limit-ups. The chemical sector remained strong, with several stocks like Jinniu Chemical hitting the daily limit, further spreading heat to the coal sector, with Yankuang Energy and Zhengzhou Coal & Electric Power hitting the limit, and China Coal Energy reaching a new high since February 2008. Additionally, production halts in Qatar and Bahrain, two major producers, continued to impact supplies of electrolytic aluminum and helium. Xinjiang Zhonghe hit the limit on electrolytic aluminum, and helium-related stocks like Jin Hong Gas surged intraday. As Middle Eastern oil and natural gas supplies remain constrained, the short-term energy chemical industry chain is shifting from sentiment-driven oil and gas exploration to focusing on cost-advantaged coal chemicals and leading coal companies benefiting from demand exceeding expectations. However, these large-cap stocks driven by collective capital tend to experience rapid short-term gains followed by necessary consolidation.

As the opening year of the “14th Five-Year Plan,” 2026 marks a significant milestone. The government work report for the first time incorporated the coordination of computing and electricity as a key focus. The concept of computing and electricity coordination continued to lead the green electricity sector, with Greenland Power advancing to three consecutive limit-ups. China Energy Construction, GCL System Integration, and Jinkai New Energy all hit the daily limit and set new historical or phased highs. Currently, the proportion of green electricity usage has been clearly set at over 80%, and green certificate trading and direct connection mechanisms are accelerating to resolve local consumption bottlenecks. Last year’s green certificate trading volume already exceeded previous years’ totals, and mandatory consumption along with large-scale investments in data centers and high-energy-consuming projects have made demand for green electricity more “rigid.” The long-term outlook for green electricity trading prices and station returns is optimistic, which is favorable for the valuation re-rating of previously undervalued green energy chains. However, the overall green electricity sector still shows a certain negative correlation with the index, and attention should be paid to the impact of short-term market sentiment on sector funds.

Oracle’s latest quarterly earnings report exceeded Wall Street expectations in both revenue and profit, and the 2027 revenue guidance was raised to $90 billion. It also forecasted capital expenditures of about $50 billion for fiscal 2026, mainly for expanding data centers and cloud infrastructure. After continuous gains, the hardware stocks related to computing power showed increased volatility today. Popular optical module stocks like Huagong Tech and fiber optic leader Longfei Fiber both surged and then retreated, closing with long upper shadows. Meanwhile, previously calm OCS concept stocks Ying Tang Zhikong and TENGJING Technology experienced a sharp rally in the afternoon, both rising over 10%. Additionally, benefiting from the future prospects of optical connectivity energy-saving applications, MicroLED concepts also surged against the trend, with Sanan Optoelectronics hitting the daily limit, and Huacan Photoelectric and Leyard Optoelectronics both rising over 10%. However, with the GTC conference scheduled for next week, previously hotly traded Vera Rubin architecture and LPU-related themes are likely to face profit-taking pressure, and short-term chasing is not recommended.

The UK recently announced the removal of 33 wind power component import tariffs starting April 1, aiming to unlock approximately £22 billion in investment. The wind power equipment sector exploded in the afternoon, with Shuangyi Technology, Dajin Heavy Industry, and Zhenjiang Shares hitting the daily limit, and Haili Wind Power and Sany Heavy Energy rising over 10%. As oil and gas supplies in the Middle East remain limited, the UK’s National Balancing Point (NBP) natural gas futures price soared 51.2% in a week, reaching a nearly 40-year high, reflecting Europe’s struggle to cope with “gas shortages.” Benefiting from the high prosperity of distributed energy storage, represented by European household storage, the energy storage concept continued its previous strength. Inverter stocks like Chint Power, Shouhang New Energy, and Airo Energy all hit new highs, laying a solid foundation for the batch rebound of wind power equipment stocks today. Although the entire new energy export sector has yet to resonate with the overall market sentiment, the reshaping of the global energy supply landscape is expected to sustain the growth of new energy exports.

Market Outlook

Today’s market showed a bottoming and rebounding pattern throughout the day. International oil prices retreated from high levels in the afternoon, easing market panic. Although the three major indices ultimately narrowed their declines to within 1%, over 3,800 individual stocks declined. The afternoon rebound was mainly led by large-cap stocks. The micro-cap index remained weak, ultimately falling below the 5-day moving average, but only two non-ST stocks hit the daily limit, indicating insufficient short-term downside momentum for the thematic stocks. From the index perspective, the Shanghai Composite maintained a long lower shadow and small upper shadow above the 5-day moving average, reflecting ongoing fierce battles between bulls and bears around short-term moving averages. Whether the Shanghai Composite can rebound further depends on whether it can recover today’s decline and trigger a bullish crossover on the daily MACD.

Daily Limit-up Analysis Chart

Massive information and precise interpretation are available on Sina Finance APP.