The three major A-share stock indexes collectively opened lower on March 21. After a brief narrow range at the beginning of the session, the two markets moved rapidly lower. The decline further widened in the afternoon, and the three major stock indexes soon fell more than 1%.

From the perspective of the disk, the robot industry chain led the decline, and concept stocks such as Huawei mobile phones, AI computing power, semiconductors, DeepSeek, three tires, rare earth permanent magnets, solid-state batteries, and low-altitude economy fell first; The theme of deep-sea science and technology has strengthened against the trend.

At the close, the Shanghai Composite Index fell 1.29% to 3,364.83 points, the STAR 50 Index fell 2.06% to 1,042.89 points, the Shenzhen Component Index fell 1.76% to 10,687.55 points, and the ChiNext Index fell 2.17% to 2,152.28 points.

Wind statistics show that a total of 995 stocks rose in the two cities and the Beijing Stock Exchange, 4,284 stocks declined, and 116 stocks were flat.

The total turnover of the Shanghai and Shenzhen stock exchanges was 1,550.9 billion yuan, an increase of 109.4 billion yuan from 1,441.5 billion yuan on the previous trading day. Among them, the Shanghai market turnover was 623.2 billion yuan, an increase of 57.6 billion yuan from the previous trading day's 565.6 billion yuan, and the Shenzhen market turnover was 927.7 billion yuan.

A total of 63 stocks in the two cities and the Beijing Stock Exchange rose by more than 9%, and 77 stocks fell by more than 9%.

Steel and oil rose against the market, while auto stocks led the decline

In terms of plates, steel stocks went against the market, with HBIS Resources (000923), Shagang (002075), Changbao (002478), Valin Iron and Steel (000932), Anyang Iron and Steel (600569), and CITIC Special Steel (000708) rising more than 2%.

Petroleum and petrochemical rose sharply at the beginning of the session, with HBP (002554) and Intercontinental Oil and Gas (600759) rising by the limit, potential Hengxin (300191) and CNOOC Engineering (600583) rising by more than 5%, and CNOOC Services (601808) and CNOOC Development (600968) rising by more than 3%.

Environmental protection stocks fluctuated up and down, Fulongma (603686), Farsheng (000890) and other daily limits, Shenshui Haina (300961), Shijing Technology (301030), Zhonghuan Environmental Protection (300692), Earth Ocean (301068) and so on rose more than 3%.

Auto stocks led the decline in the two cities, with Hengbo shares (301225), Xinlong Health (002105), Xiangyang Bearing (000678), Riying Electronics (603286), and Xinzhi Group (002664) falling by more than 10%.

Semiconductors fluctuated and weakened, with Aojie Technology (688220), Espressif Technology (688018), Xinhai Technology (688595), Neusoft Carrier (300183), Xinxiangwei (688593), and Hengxuan Technology (688608) falling more than 6%.

Non-ferrous metals opened low and went low, Hesheng shares (002824), Yongmaotai (605208) and other falling limits, Yi'an Technology (300328), Yinbang shares (300337), Yunlu shares (688190), Tianhe Magnetics (603072), Insite (301622) and other fell more than 5%.

There has been significant volatility and divergence in the market recently

Dongguan Securities said that there have been obvious fluctuations and divergences in the market recently, and some high-level sectors such as AI computing power and photovoltaic have seen capital outflows due to short-term valuation pressure and policy expectation fluctuations. Overseas, the Federal Reserve's March FOMC meeting continued to hold its pace, maintaining interest rates while slowing down the pace of balance sheet reduction. The U.S. economy is increasingly uncertain, but the overall performance is good, and two interest rate cuts this year are still the benchmark, so we need to pay attention to changes in inflation expectations. Domestically, LPR quotations remained unchanged in March, in line with market expectations. At the beginning of the year, the momentum of macroeconomic growth remained stable, and the net interest margin and exchange rate pressure were superimposed, and the necessity and urgency of interest rate cuts were not high. After the two sessions, it still takes time to verify that the policy will be implemented to really play an effective role, and the short-term market may still be range-bound due to repeated disturbances such as overseas Trump's tariff policy and the Federal Reserve's statement. It is recommended to pay attention to the structural opportunities in the dividend, non-ferrous metals, consumption, technology and other sectors.

Bank of China Securities pointed out that the short-term market has switched between high and low and rebalanced, waiting for macro policies to continue to make up for the upward momentum of the index. At present, the reversal trend of market style has not yet been formed, and the A-share market will most likely still show the style characteristics of "dividends and growth singing" in the context of weak recovery in 2025. There is still a catalyst in the technology sector, and the market may show "dividends and growth". In March, the science and technology industry chain conference is intensive, Nvidia, Huawei and other leading manufacturers will hold meetings, robots will also usher in the conference catalyst, April will enter the performance verification period, the technology sector or still catalyze.

Galaxy Securities pointed out that in the medium and long term, the domestic economy is in a transition period of switching between old and new kinetic energy, especially under the accelerated development of new quality productivity and a series of policies to boost, the valuation of the A-share market has a greater opportunity to reconstruct. In the context of the acceleration of medium and long-term capital entry into the market, the market operation tends to be stable, and investor confidence will be further enhanced. In the future, it is necessary to pay attention to the disturbance of Trump's China policy and the pace of domestic economic fundamentals. Overall, the A-share market is expected to show the characteristics of volatility and upward movement. In terms of allocation, it is recommended to pay attention to three aspects: the first is the theme of scientific and technological innovation based on the independent and controllable logic and the development of new quality productivity requirements. The second is the theme of "two-fold" and "two-new" under the guidance of expanding domestic demand. The third is to continue to be optimistic about the dividend sectors with a high margin of safety, focusing on central state-owned enterprises.

Huatai Securities pointed out that after breaking through 3,400 points, the Shanghai Composite Index was mainly shrinking, and the market wait-and-see sentiment rose, lacking a strong appeal to lead the main line. At present, the confidence of the index to attack is insufficient, but the room for adjustment is expected to be relatively small. After the Shanghai Composite Index short-term rebound and consolidation, if it wants to win the high point in December last year, it may still need the strength of the large financial sector. As April approaches, the market will also enter the performance window, and the focus will return to fundamentals, and as the performance disclosure of listed companies kicks off, the market will focus more on opportunities for performance certainty. In addition, some sectors with high cumulative gains in recent years have gradually entered the performance verification period, and the differentiation of individual stocks is also expected to increase, and the matching degree of valuation and performance is also one of the focuses of the market.