Closing Summary | Shanghai Composite Index falls below 3,900 points, subway transportation equipment sector defies the trend and rises

GateUser-bd883c58 · 2026-04-06T07:02:15+00:00

On March 31, amid a broad market decline, the rail transit equipment sector bucked the trend and rose, with related stocks such as Jinying Heavy Industry hitting the daily limit. Main capital inflows focused on the pharmaceutical and biological, as well as machinery equipment sectors, while electricity and non-ferrous metals experienced net outflows. Institutions generally paid attention to allocation opportunities in the gold and liquor sectors.

GateUser-bd883c58

2026-04-06 07:02:15

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Ask AI · Why did the rail transit equipment sector rise against the tide while the market broadly sold off?

On March 31, all four major indexes closed lower across the board. The Shanghai Composite fell 0.8%, the Shenzhen Component fell 1.81%, the ChiNext Index fell 2.7%, and the STAR Market Composite fell 2.48%.

In the market, rail transit equipment, complete auto vehicles, and construction machinery sectors led the gains, while coal, oil and gas, and wind power equipment sectors declined.

More specifically, the rail transit equipment sector moved higher, with gains reaching the daily limit for GFA Heavy Industries, China Railway High-Speed, Jinxi Axle, and China Railway Engineering.

The coal sector adjusted, with Zhengzhou Coal and Power down more than 9%, and Shaanxi Black Cat, Yunmei Energy, and Liaoning Energy down more than 8%.

Trading value on the Shanghai and Shenzhen markets totaled 1.99 trillion yuan. More than 4,300 stocks across the entire market declined.

【Capital Flows】

Mainstream funds saw net inflows throughout the day into sectors such as pharmaceuticals and biotech, mechanical equipment, and banks, while recording net outflows from sectors such as electronics, power equipment, and non-ferrous metals.

Looking at individual stocks, Industrial富联, Shunhao Shares, and Julixiang Suoju received net inflows of 19.9k yuan, 0.9 billion yuan, and 1.98B yuan, respectively.

On the net outflow side, Inspur Electronics, Goldwind Technology, and 佰维存储 were sold off, with net outflows of 709M yuan, 1.51 billion yuan, and 1.98B yuan, respectively.

【Institutional Viewpoints】

Huatai Securities: The logic for re-allocating gold as a long- and medium-term asset remains solid. Look for opportunities for a rebound after the recent gold price selloff stabilizes.

CITIC Securities: At present, the valuation of the liquor (baijiu) sector is at a historical low, offering strong value for bottom-up positioning.

CICC Securities: The power sector is expected to see opportunities for dual repair from both fundamentals and valuation.

(This article comes from First Financial)

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