Unfazed by Global Market Volatility, ChiNext Index Hits 4-Year Intraday High

Source: Eastmoney, Tongchong Creative/Provided

Securities Times Reporter Mao Jun

This week, due to the Middle East situation, global capital markets experienced significant fluctuations, and the A-shares also adjusted accordingly. The Shanghai Composite Index fell below 4,000 points, hitting a new low for the year; the Northbound Capital 50 reached a nearly 11-month low; while the ChiNext Index showed strong resilience, reaching a four-year high during trading. The weekly trading volume of A-shares further shrank to 11 trillion yuan.

Leverage funds slightly net sold about 1 billion yuan this week, with the electronics sector receiving over 4.8 billion yuan in net financing purchases, the basic chemicals sector over 3 billion yuan, and industries such as non-bank financials, steel, automobiles, and transportation also seeing net inflows of over 1 billion yuan. The non-ferrous metals industry experienced net selling of over 3.1 billion yuan, while defense military industry, petroleum and petrochemicals, and communications sectors saw net outflows exceeding 1 billion yuan.

According to Wind data, the power equipment industry saw a net inflow of over 20.2 billion yuan from main funds throughout the week, the communications industry over 14.8 billion yuan, and the utilities sector over 14.2 billion yuan. The medicine and biology, and electronics industries each received over 4 billion yuan in net inflows, while the computer and light industry manufacturing sectors each saw over 3 billion yuan. The basic chemicals sector experienced net outflows of over 12.2 billion yuan, defense military industry over 6.5 billion yuan, and steel over 5.2 billion yuan.

“Wind, Solar, Storage” Sector Strengthens

Market hotspots: Recently, the Middle East situation has stirred the global energy market, causing sharp fluctuations in oil prices. Related stocks in the oil industry chain have also fluctuated with oil prices, with the A-share oil and gas exploration sector index fluctuating over 21% since March.

Potential disruptions in Middle Eastern oil supply combined with unstable oil prices have made energy security a global concern. Self-controlled and independent new energy sources are favored. The “Wind, Solar, Storage” sector in A-shares has recently taken turns in strength, with the ChiNext Index reaching multi-year highs driven by major new energy stocks like CATL and EVE Energy.

This week, photovoltaic equipment was the most active, with the sector index reaching a new high in two and a half years. Shouhang New Energy repeatedly hit 20% daily limit since March, with its stock price reaching a historical high, with a cumulative increase of 85.75%. Guosheng Technology rose 61.62% in March, and stocks like Airo Energy and Deye Holdings hit all-time highs on Friday (adjusted for splits).

According to the latest data from InfoLink, overall photovoltaic module production in March 2026 showed a significant rebound, increasing to 44-45 GW, a month-on-month increase of about 28-29%. Domestic production capacity increased to 32-33 GW, and overseas production capacity to 11-12 GW.

As demand gradually increases, photovoltaic equipment prices have also continued to rise. The National Bureau of Statistics latest data shows that, with the continued effectiveness of capacity regulation and “involution” competition in key industries, the prices of photovoltaic equipment and components increased by 3.2% in February, with the growth rate expanding by 2.7 percentage points from the previous month.

Additionally, Tesla is actively expanding into the photovoltaic field, vigorously supporting space photovoltaic technology development, paving the way for orbital computing power and AI power supply. Since the beginning of the year, there have been frequent reports of Tesla inspecting Chinese photovoltaic companies or planning to purchase Chinese photovoltaic equipment, leading related concept stocks to surge significantly.

Favorable Policies for Photovoltaic Industry

On the policy front, recent developments have been positive for the photovoltaic industry. In early March, the Ministry of Industry and Information Technology and five other departments jointly issued the “Guiding Opinions on Promoting the Comprehensive Utilization of Photovoltaic Modules.” According to the document, by 2027, the green production level of photovoltaic modules will be further improved, and a number of backbone enterprises for the comprehensive utilization of waste photovoltaic modules will be cultivated, with the total utilization reaching 250,000 tons.

The Shenzhen Housing and Construction Bureau recently issued the “Technical Standards for Building Photovoltaic Integration,” aiming to standardize the design, construction, acceptance, and operation and maintenance of building-integrated photovoltaics, promoting green and low-carbon development in the construction sector. The standards will be implemented from May 1, 2026.

Focus on Cyclical Sectors with Price Increase Opportunities

Looking ahead, Dongfang Securities pointed out that the Middle East situation has not yet stabilized, and global risk appetite has further declined. Short-term volatility in A-shares has increased, but medium-term uncertainty remains limited, and overall risks are controllable. They remain optimistic about cyclical sectors with price increase potential (agriculture, chemicals, non-ferrous metals), but as market expectations are gradually fulfilled, the upside space should be cautiously narrowed. Under the backdrop of rising global energy security demands, sectors like new energy (photovoltaics, wind power, transmission and transformation) with competitive advantages in China are highlighted for allocation opportunities.

Huachuang Securities believes that the correction may have approached the bottom range. Based on experience, in a bull market, tightening macro and micro liquidity plus geopolitical retracement of 60%-80% of previous gains could create annual-level participation opportunities. Before oil prices clarify, focus on stable, low-volatility assets at the bottom of the annual report season, such as coal, agriculture, insurance, new energy vehicles, and Hang Seng Tech. If geopolitical tensions ease and wind sentiment warms with liquidity easing, the tech and AI sectors will become more resilient.

(Edited by: Wang Zhiqiang HF013)

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