A-shares March Wrap-up: Shanghai Composite Index fluctuated and closed down 6.51% in March, with structural opportunities in power, pharmaceuticals, and computing power emerging.

Topic: The China Asset Window Layout Has Appeared; Adjustments Are an Opportunity

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The A-share market wrapped up its March trading. In March, the overall A-share market largely followed a pattern of “rising then falling back, stabilizing and consolidating.” The Shanghai Index briefly broke through the prior interim peak at the beginning of the month, then oscillated and pulled back, and ultimately once again fell below the 3900-point threshold. Over the full month, the Shanghai Index dropped 6.51% in total; monthly declines for indices such as STAR Market 50, CSI 500, CSI 2000, and Beiqi 50 all exceeded 10%.

Although the market’s overall performance was relatively weak, structural opportunities have remained active, with sector rotation strengthening in areas such as power, pharmaceuticals, computing power, and chemicals.

Driven by the continued policy push for the “computing-power and electricity coordination project,” the power sector became the biggest highlight of the month, and related green power stocks performed especially well. Among them, China Huadian Liaoning Energy surged more than 140% for the full month, and China Huadian Energy also rose over 130%.

In the second half of March, the pharmaceutical sector strengthened in its trend. Menovo Pharmaceutical (rights issue) rose more than 80% cumulatively during the month, while Wanbangde climbed over 60%.

Momentum in the computing power hardware concept remained strong. Shares of companies such as Tengjing Technology, Yuanjie Technology, Demingli, BOCWEI Storage, Langke Technology, and Tongfei Optical Fiber all hit historical highs in March.

In addition, international crude oil prices moved higher after shipping through the Strait of Hormuz was disrupted, boosting overall activity in the chemicals sector. Jinniu Chemical gained nearly 60% during the month, and Jinmei Technology rose more than 45%.

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责任编辑：Guo Xutong