The A-shares index drops in the short term, with the ChiNext Index falling by more than 1%. Nearly 3,000 stocks declined, with automotive semiconductors leading the decline; northbound funds net sold nearly 860 million.

March 6｜A-shares index fell sharply in the short term, with the ChiNext Index’s decline expanding to over 1%, the Shenzhen Component Index down 0.81%, and the Shanghai Composite Index down 0.34%. The semiconductor chip, automotive industry chain, and broad AI sectors saw the largest declines, with nearly 3,000 stocks in the Shanghai and Shenzhen markets falling.

The new productivity concept in the A-share market rose, with Bai’ao Intelligent, Tair Shares (002347), and East China Heavy Machinery (002685) hitting the daily limit, Den Precision (300780) up over 10%, and Jinzi Tianzheng (600560), Dongfang Precision (002611), and Den Precision nearing the daily limit. On the news front, the National Development and Reform Commission released the draft of the 2024 National Economic and Social Development Plan, which mentions leading the construction of a modern industrial system through technological innovation and accelerating the formation of new productivity.

The photovoltaic sector in the A-shares market rose, with Anlai Gaoke (600207) and Jiangsu Huachen hitting the daily limit, San Chao New Materials (300554) up over 10%, and Yubang New Materials, Jingang Photovoltaic, and Jiayu Shares (300117) also rising.

The flying car sector in A-shares saw unusual surges, with Jindun Shares (300411) up over 18%, and Wan Feng Aowei (002085), Shangluo Electronics, Wangzi New Materials (002735), and Guangyang Shares (002708) also rising.

Consumer electronics concept stocks in A-shares collectively corrected, with Zhuoyue Technology (002369) down more than 5%, and Furi Electronics (600203), Industrial Fulian (601138), and Guanghong Technology (300735) also declining.

The new industrialization concept in A-shares strengthened, with Bai’ao Intelligent hitting the daily limit at a 20% increase, and Den Precision, East China Heavy Machinery, Jinzi Tianzheng, and Dongfang Precision seeing significant gains.

The education sector in A-shares surged, with Dongfang Shishang (603377) hitting the daily limit, followed by Kaiyuan Education, Angli Education (600661), Meijim (002621), and Chuan Zhi Education. On the news front, China’s gross enrollment rate in higher education reached 60.2% in 2023, an increase of 0.6 percentage points from the previous year, achieving the goals set in the 14th Five-Year Plan ahead of schedule.

The hydrogen energy sector in A-shares surged in the morning, with Naer Shares (002825) and Evergrande High-tech (002591) hitting the daily limit, Tianyuan Intelligent approaching the limit, and Xinan Technology, New Power (310328), and Yihuatong also rising. On the news front, hydrogen energy was mentioned for the first time as an emerging energy source in this year’s government work report. The report stated, “We must accelerate the development of frontier emerging industries such as hydrogen energy, new materials, and innovative drugs.”

The steel sector in A-shares fluctuated and strengthened, with Shagang Shares (002075) hitting the daily limit, and Citic Special Steel, Lingang Shares (600231), Hangang Shares (600126), Chongqing Steel (601005), and Shandong Steel (600022) also rising.

Northbound funds had a net sell of nearly 860 million.

(Edited by: Song Zheng HN002)