The three major A-share stock indexes collectively opened higher on March 10. In early trading, the two markets opened high and went low, but individual stocks rose and fell. In the afternoon, the two markets fluctuated and picked up, and the decline narrowed significantly.

From the perspective of the disk, Huawei Hongmeng, AI intelligent twins, computing power, DeepSeek, consumer electronics, and financial technology themes weakened; AI medical, photovoltaic, lab-grown diamonds, lithium batteries, small metals, and robot concept stocks strengthened.

At the close, the Shanghai Composite Index fell 0.19% to 3,366.16 points, the STAR 50 Index fell 0.22% to 1,105.16 points, the Shenzhen Component Index fell 0.17% to 10,825.7 points, and the ChiNext Index fell 0.25% to 2,199.88 points.

Wind statistics show that a total of 3,279 stocks rose in the two cities and the Beijing Stock Exchange, 1,950 stocks declined, and 163 stocks were flat.

The total turnover of the Shanghai and Shenzhen stock exchanges was 1,505.6 billion yuan, a decrease of 312.7 billion yuan from 1,818.3 billion yuan on the previous trading day. Among them, the Shanghai market turnover was 595 billion yuan, a decrease of 92.9 billion yuan from the previous trading day's 687.9 billion yuan, and the Shenzhen market turnover was 910.6 billion yuan.

A total of 114 stocks in the two cities and the Beijing Stock Exchange rose by more than 9%, and 21 stocks fell by more than 9%.

Coal nonferrous metals led the rise, and the ChatGPT concept pulled back sharply

In terms of sectors, coal rose first, Dayou Energy (600403), Meijin Energy (000723) and other daily limits, Zhengzhou Coal Power (600121), Antai Group (600408), Yunmei Energy (600792), Pingmei (601666) and other shares rose more than 2%.

The non-ferrous metal sector joined hands with coal to lead the two cities, Oriental Zirconium (002167), Luoping Zinc (002114) and other daily limits, Luoyang Molybdenum (603993) rose more than 8%, and Tunan shares (300855), Huayou Cobalt (603799), and Longda shares (688231) rose more than 3%.

Environmental protection stocks were strong throughout the day, Senyuan shares (300210), Dongjiang Environmental Protection (002672), Taihe Water (605081), and high-energy environment (603588) rose by the limit, and Jingyuan Environmental Protection (688096), Sainz (688480), and Shenshui Haina (300961) rose more than 6%.

The concept of ChatGPT has pulled back sharply, with Jiadu Technology (600728), Panwei Network (603039), Kingsoft Office (688111), etc. falling more than 6%, Tianyuan Dike (300047), Visual China (000681), Huibo Yuntong (301316), and Tianyu Digital Technology (002354) falling more than 2%.

Bank stocks fell first, Bank of Ningbo (002142), Everbright Bank (601818), Industrial Bank (601166), Bank of Qingdao (002948), Qilu Bank (601665) and other banks fell more than 1%.

Non-bank finance also performed poorly, Hainan Huatie (603300) fell to the limit, Chinese Shou (601628), Sichuan Shuangma (000935), Xiangyi Rongtong (600830), Lakala (300773), Jiuding Investment (600053), etc. fell more than 1%.

The technology growth sector remains the main line in the medium term

China Securities Construction Investment pointed out that in addition to technology, the short-term market is paying more attention to the marginal improvement signals of some A-shares and Hong Kong stocks in the pro-cyclical sector, especially in areas where price increases are expected. As mentioned, the improvement in earnings brought about by the stabilization of demand and the contraction of supply is also an important basis for the "confidence revaluation of the bull". From the perspective of global comparison and selection, the medium-term trend of China's asset confidence revaluation is also expected to continue, with the technology growth sector remaining the medium-term main line. In the near future, we will focus on industries: domestic computing power, consumer electronics, automotive intelligence, military industry, nonferrous metals, service consumption, real estate, steel, etc.; Focus on the theme: market value management of central state-owned enterprises, robots, AI+, etc.

Guotai Junan pointed out that in 2025, the subjective investment in China's stock market will begin to return, but it is necessary to distinguish the main battlefield, and it is expected that the technology index will not adjust to a new low, and it will look at a new high throughout the year. First, after three years of decline and adjustment, some Chinese assets (Hang Seng Technology, ChiNext, etc.) have achieved pessimistic expectations and transaction structures, and the adjustment in the past three years is comparable to the largest decline in Japan from 1989 to 2003. Second, the rapid cost reduction of DeepSeek reasoning and robotics marks the emergence of business opportunities and industrial trends, the beginning of active social capital, and the emergence of people's adventurous spirit, which marks the clarity of the main battlefield of investment and the establishment of the main line of science and technology in 2025. Third, corporate capital expenditure has accelerated, industrial expectations have been established, and investors' inner expectations can begin to lengthen, instead of focusing on EPS as in the past three years, so the idea of industrial chain analysis has begun to return, and the investment method based on value discovery of subjective investment will work again. Nevertheless, two points should be clarified: first, the direction in which it is expected to be established is in science and technology, so the main battlefield of investment is structural, not global for the time being; Second, the stock market will also adjust to the shock technology, and it is expected that the technology index will not reach a new low, and it will look at a new high throughout the year.

Huaxi Securities pointed out that the "revaluation of China's assets" is at the right time, focusing on the main line of "new quality cattle". Since February this year, scientific and technological breakthroughs in the fields of domestic large models and robots have been the core factors that catalyze this round of science and technology market. After the previous rally, the market has increased the discussion of technology transaction congestion, but from the perspective of the valuation comparison between China and the United States, the current valuation of China's technology index still has room for improvement, and the "China asset revaluation" has not yet ended. At the policy level, this year's policy has paid more attention to stabilizing asset prices, which is not only related to the wealth effect of consumers, but also helps boost the confidence of global investors in Chinese assets. At the industrial level, the support of science and technology innovation policies superimposes the continuous implementation of China's AI+ industry applications to support the continuation of the technology market; At the capital level, there is considerable room for medium and long-term capital to enter the market this year, which is expected to reshape the pattern of China's capital market and continuously improve the attractiveness of Chinese assets from multiple dimensions such as capital structure, market investment philosophy, and valuation of listed companies.

Ping An Securities said that the positive signals of the two sessions are clear + domestic AI continues to be positive, and the overall support for the improvement of market risk appetite; The implementation of medium-term policy support and industrial technological change will gradually bring about an improvement in fundamental expectations, and the market is also expected to continue its upward momentum driven by both policy and fundamentals. In terms of direction, it is recommended to pay attention to the technological growth style represented by AI+ and independent and controllable technology, as well as high-quality assets in pro-cyclical industries such as consumption that benefit from the policy of expanding domestic demand and have a high valuation and cost performance.