Indices Consolidate at Highs with Elevated Volume
As of the midday close, the Shanghai Composite Index edged down 0.03% to 4163.84 points, the Shenzhen Component Index fell 0.31%, and the ChiNext Index dropped 0.83%. The combined half-day turnover for the Shanghai, Shenzhen, and Beijing markets reached 2.4684 trillion yuan, a significant increase of 136 billion yuan from the previous session, reflecting active trading but growing divergence. Over 2,800 stocks declined across the board.
Dual Drivers: Gold and Lithium, with Banks Providing Support
On the market front, the precious metals sector led the gains, stimulated by record highs in international gold and silver prices. Mingpai Jewelry(002574.SZ) hit the limit-up, Hunan Silver(002716.SZ) touched the limit-up, while Shandong Gold(600547.SH) and Shengda Resources(000603.SZ) also posted notable gains.
Meanwhile, the announcement of new export tax rebate policies for batteries strengthened expectations for short-term demand front-loading. Lithium carbonate futures briefly hit the limit-up, boosting the lithium battery industry chain.
Banking stocks also performed steadily, with Bank of Ningbo(002142.SZ) and Bank of Hangzhou(600926.SH) rising over 3%, providing support to the indices.
Hot Themes Retreat Collectively, Market Sentiment Turns Cautious
In stark contrast, commercial aerospace concept stocks plunged sharply after several companies issued risk warnings, with many stocks hitting the daily downside limit within the sector. The AI hardware industry chain (e.g., CPO, servers) also declined, with the ChiNext AI ETF falling 6%. Previously strong themes like stablecoins and nuclear fusion retreated, indicating a cooling risk appetite and a shift of funds from high-flying themes to relatively lower-priced cyclical and value sectors.
Outlook: Monitor Fund Flows and Fundamental Validation
The market is currently in a phase of high-level consolidation with accelerated theme rotation. The short-term躁动行情 may continue, but investors should be wary of volatility risks following overheated sentiment. The direction of allocation-oriented funds will be key to determining the future market structure. The earnings season from late March to April will be a crucial window for fundamental validation.
This article does not constitute any investment advice. The stock market carries risks, and investment requires caution!