603933, straight-line surge to the daily limit! Fujian sector, moved in the afternoon

On March 25th, the A-share market surged collectively, with the Shanghai Composite Index rising over 1% to re-enter above 3,900 points, and the ChiNext Index up over 2%. Hong Kong stocks also gained, with the Hang Seng Tech Index rising over 2% intraday.

Specifically, the Shanghai Index fluctuated and rose during the day, gaining more than 1% in the afternoon. The Shenzhen Component Index and ChiNext Index also saw strong rebounds. By the close, the Shanghai Index increased by 1.3% to 3,931.84 points, the Shenzhen Component Index rose 1.95%, and the ChiNext Index gained 2.01%. The combined turnover of the Shanghai, Shenzhen, and Beijing markets was approximately 2.19 trillion yuan, nearly 100 billion yuan more than the previous day.

Nearly 4,900 A-shares rose in price. AI industry chain stocks such as CPO concepts and computing power saw a collective explosion, with Alade hitting the 20% daily limit. Changguang Huaxin and Yuanjie Technology reached new highs. The power sector was strong, with Huadian Liaoning Energy hitting 8 consecutive limit-ups, Shaoneng Shares nearly 6 days of 5 limit-ups, and Zhejiang New Energy continuing to hit the daily limit for three days. The tourism and travel sector also surged, with Guilin Tourism hitting the daily limit and Huatian Hotel rising about 6%. Storage chip concepts rose, with Chaoying Electronics hitting the limit and Bawei Storage soaring 13% intraday to new highs. Sports concepts also rose, with China Sports Industry and Shuhua Sports hitting the daily limit. In terms of individual stocks, Ruineng Technology (603933) surged straight to the limit in the afternoon, and local stocks like Weike Technology, Pingtan Development, and Fujian Cement also rose and hit the limit in the afternoon.

In Hong Kong, as of the close, Meituan surged over 13%, Nongfu Spring rose over 9%, while Pop Mart fell more than 22%, and Haidilao declined over 11%.

AI Industry Chain Stocks Explode

CPO concepts surged strongly during the day. By the close, Alade hit the 20% limit; Changguang Huaxin rose over 14%, reaching a new historical high intraday; Changfei Optical Fiber and Lixun Precision hit the limit, and Yuanjie Technology rose over 7%, also setting new highs.

On the news front, the Shenzhen Municipal Bureau of Industry and Information Technology recently issued the “Action Plan for Accelerating the High-Quality Development of the Artificial Intelligence Server Industry Chain (2026–2028)” (hereinafter referred to as the “Plan”). The Plan proposes promoting optical modules from 800G to 1.6T and 3.2T generations, supporting mass production projects of 800G and above optical modules, focusing on developing high-speed, low-power silicon photonic modules, CPO/LPO/NPO packaged optical modules, and pushing breakthroughs in core technologies such as high-end thin-film lithium niobate and high-end indium phosphide for large-scale applications. It also aims to promote the evolution and industrialization of all-optical switching technology, enhancing independent R&D capabilities for core materials, optical chips, and optical devices.

Industry-wise, amid the continuous explosion of AI computing power demand, the optical communication industry is entering a new boom cycle. Bank of America Securities recently pointed out in a forward-looking report that AI infrastructure is driving optical network demand into a new “super cycle.” The core driver is not just the expansion of computing power but the evolution of data center architecture from “Scale-Up” to “Scale-Across,” significantly increasing cross-data center optical interconnection demand.

CITIC Securities noted that NVIDIA stated at GTC2026 that AI computing power demand will remain strong in 2027. The addition of LPU and midplane in the Rubin/Rubin Ultra architecture, with increased specifications and usage, will further expand demand, benefiting AI PCB production; CPO is expected to be the first to land in Rubin’s Scale-Out architecture, with applications in Scale-Up expected to start on the Feynman platform in 2028. The market remains confident in the continued growth of the AI industry and the realization of incremental logic following NVIDIA’s GTC2026.

The concept of computing power also strengthened. By the close, Huaneng New Network rose nearly 18%, Guangmai Technology gained over 15%, and stocks like Sannrenxing, Zhen Shi Tong, Litong Electronics, and Tefa Information all hit the daily limit.

On March 24th, Liu Liehong, Director of the National Data Bureau, introduced at a press conference that by the end of 2025, more than 100,000 high-quality datasets had been built nationwide. As of March this year, China’s daily token (Token) call volume exceeded 140 trillion, a more than 1,000-fold increase from 2024’s 100 billion at the start of the year, and a 40% increase over the 100 trillion at the end of 2025 within just three months.

Wanlian Securities pointed out that with major manufacturers increasing their layout of Agents and related application ecosystems, token usage is expected to enter a phase of simultaneous volume and price growth. Domestic and overseas cloud service giants are announcing price hikes, and AI computing power-related products and services are likely to continue rising in price. It is recommended to continue monitoring the ecological layout of leading manufacturers in AI applications, the sustained high demand for computing power, and the investment opportunities brought by price increases in AI computing power products. From a medium- to long-term perspective, focus on the two main investment themes: AI industry and data industry.

Storage Chip Concept Active

Storage chip concepts were active during the day. By the close, Chaoying Electronics hit the limit, Juguang Technology rose 10%, Bawei Storage surged over 9%, and intraday, it increased 13% to set a new high. Demingli rose over 7%, also reaching a new high.

Notably, Bawei Storage broke through 260 yuan per share intraday, setting a new historical high. The company announced on the evening of the 24th that it signed a daily operational procurement contract with a storage wafer manufacturer, agreeing to purchase a certain type of storage wafer according to the contract’s quantity, price, and schedule, with a total committed procurement amount of $1.5 billion over 24 months.

The announcement stated that, according to the contract, the company’s purchase volume of this product within 12 months accounts for 11.1% of its NAND Flash procurement in 2025 and 18.01% of its NAND Flash sales in 2025, both relatively small proportions. The contract locks in part of the basic demand for the next 24 months, aligning with the company’s business scale and planning, with overall manageable risks.

福建 Local Stocks React

福建 local stocks showed intraday movements, with Weike Technology, Pingtan Development, Ruineng Technology, Fujian Cement, and Zhangzhou Development hitting the daily limit in the afternoon.

On the news front, recently, the Fujian Provincial State-owned Assets Supervision and Administration Commission issued the “Implementation Plan for the ‘Five Major Actions’ to Promote the High-Quality Development of Funded Enterprises (2026–2028)” (hereinafter referred to as the “Plan”). The plan proposes strengthening the quality of listed companies, building a tiered cultivation system for reserve enterprises, encouraging more provincial enterprises to go public, enhancing capital operations through refinancing and mergers, and leveraging the financing platforms and industry-leading roles of listed companies to create leading enterprises. It also aims to ensure that by 2028, R&D investment intensity of funded enterprises remains among the top in provincial-level regulated companies, establish a resource pool of entrepreneurs, scientists, and investors, with over 400 innovative enterprises and 140 innovation platforms at or above provincial level, and build a state-owned capital fund matrix exceeding 120 billion yuan. Additionally, more than two holding companies are expected to be listed, and assets worth over 10 billion yuan are to be revitalized.

Proofreading: Gao Yuan