Over 4,800 A-shares rose, with aerospace military and local Fujian stocks surging in the afternoon. Hong Kong stocks and Meituan soared 12%.

Ask AI · Meituan surges 12%—how will regulators’ move to halt the delivery-fee war affect the stock price?

Reporter丨Zeng Jingjiao, trainee reporter Lin Qianwei

Editor丨Xie Zhen

On March 25, the A-share market saw choppy rebounds. All four major indexes were up across the board: the Shanghai Composite rose more than 1% and returned above 3,900 points, while the ChiNext index rose more than 2%. More than 4,800 individual stocks rose across the market, with 105 hitting the daily limit, and 100-stock-limit winners for two straight trading days.

From the sectors, optical communications rose collectively: Tongding Interconnect and ZTTN (ZF) both hit the daily limit, TFLY Communications rose more than 6%, and Jichang Xuchuang rose more than 4%. The CPO concept was active throughout the day, with Changguang Huaxin up more than 14%.

Aerospace and defense stocks strengthened in the afternoon, with Great Wall Military Industry hitting the daily limit, Hunan Tianyan achieving a second consecutive limit-up, and North Long, Hongdu Aviation, and Construction Industry rising more than 8%.

Fujian local stocks surged on a burst of activity, with Pingtan Development hitting the daily limit. Strait Innovation, Road and Bridge Information, Zhangzhou Development, Fujian Jinsen, EasT Beauty Group, and Fujian Cement followed suit. In the news, recently the Fujian State-owned Assets Supervision and Administration Commission issued the 《Implementation Plan for “Five Major Actions” to Promote the Development of Enterprises Funded by the Commission Toward the New and Better (2026—2028)》.

The power sector surged: the green power concept led gains, with more than ten constituent stocks hitting the daily limit. Huadian Liaoning achieved an 8th consecutive limit-up, Shao Neng Co., Ltd. hit 5 boards in 6 days, and Yue Dianli A notched 4 boards in 6 days. The compute leasing concept strengthened, with 263, Oryad, Lintong Electronics, and Dayi Technology hitting the daily limit.

On the downside, the oil and gas and coal sectors led the declines. Intercontinental Oil & Gas and Blue Flame Holdings both fell more than 5%, and China National Offshore Oil Corporation fell more than 3%.

In Hong Kong stocks, the Hang Seng Tech Index’s intraday gain widened at one point to 2% in the afternoon. Tech and internet stocks rose collectively: Meituan was up nearly 12%, and Alibaba rose more than 5%. Today, the State Administration for Market Regulation re-posted an article from the Economic Daily titled 《The Delivery-Fee War Should Be Over》. The article said that by promptly halting the delivery-fee war, regulators were actually safeguarding the normal operation of the economy, preventing vicious competition from disrupting the pace of the economic recovery, and ensuring that companies and workers have normal lives and incomes.

Pop Mart’s stock price plunged 22%. Today, Pop Mart International Group released its 2025 annual financial report, but sales revenue of non-Labubu IP products fell short of expectations. After Pop Mart released its results, its market capitalization evaporated by more than HK$40 billion.

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(Statement: The article content is for reference only and does not constitute investment advice. Investors act at their own risk.)

Produced by丨21 Finance Client 21st Century Economic Report