A-shares closing review | A-shares operate independently, index rises at the end of trading, state-owned cloud concept rebounds

On March 11, Trump triggered fears of a recession, with US stocks suffering heavy losses, and the overnight Nasdaq plummeted by 4%, marking the largest decline in two and a half years. Unfazed by external drag, A-shares saw an independent trend, with indices rising in the closing session. By the close, the Shanghai Composite rose by 0.41%, the Shenzhen Component Index rose by 0.33%, and the ChiNext Index rose by 0.19%. Looking at the market, major financials strengthened, with leaders in the bull market showing abnormal movement, Founder rose by more than 6%; the consumer sector was strong, with pork, liquor, and food leading the way, TianYu Bio-Technology hit the limit; the non-ferrous metal concept rebounded, Shandong Jinling Mining, Zhejiang Ming Jewelry hit the limit; the military industry chain rose, Ligeance Aerospace Technology, Fujian Torch Electron Technology hit the limit; state-owned cloud concept stocks were strong, Hubei Radio & Television Information Network hit a 4-day limit. In terms of declines, the pharmaceutical, semiconductor, and automobile sectors were among the top decliners. Regarding individual stocks, Hainan Shuangcheng Pharmaceuticals hit the limit with a word drop, terminating cross-border mergers and acquisitions. In terms of news, Hainan Shuangcheng Pharmaceuticals issued a sudden announcement on Monday night, terminating the acquisition of Aura shares. After planning this transaction last year, the stock price once rose 7 times in 23 days, becoming the "A-share demon king" of 2024. In addition, due to losses and insufficient operating income below 300 million yuan after deduction, the company will be subject to delisting risk warnings. After the reorganization plan failed, the company will once again face operational difficulties. Hot sectors 1. State-owned cloud concept rebound State-owned cloud concept stocks rebounded, with INESA Intelligent Tech Inc. hitting a historical new high after rising by more than 6%, Hubei Radio & Television Information Network hit a 4-day limit, and Beijing Topnew Info&Tech, Zhejiang Haikong Nanke Huatie Digital Intelligence & Technology, Beijing Gehua Catv Network, Hang Zhou Iron & Steel followed. Review: EB SECURITIES research report pointed out that as various local governments collectively access DeepSeek, it will directly drive the opening of incremental market space for related products (cloud/all-in-one) and services (deployment). 2. Military industry sector rises The military industry chain continued to rise, with Ligeance Aerospace Technology, Fujian Torch Electron Technology hitting the limit, and Geovis Insighter Technology, Avic(chengdu)Uas, Aerospace CH UAV, Jiangxi Guoke Defence Group, Hunan Aerospace Huanyu Communication Technology following suit. Review: Guosheng Securities believes that in 2025, as the final year of the "14th Five-Year Plan", military equipment orders are about to land in batches, and military electronics orders are expected to experience rapid growth. Military electronics, as an upstream enterprise in the military industry chain, has a significant whip effect, and income elasticity is more obvious compared to the downstream links. Institutional views 1. CMSC: Consumption may temporarily take over the advantage of technology performance CMSC believes that based on the performance reports and reports disclosed so far, the overall profitability of the Sci-Tech Innovation Board is still under pressure, with revenue performing better than profits. Large-cap enterprises have performed better, with AI hardware, overseas medicine, and some medium-to-high-end manufacturing industries leading the way in profit margin recovery. Recent data indicates that export downside pressure has begun to appear, highlighting the increasing necessity of expanding domestic demand; recent statements on consumption have been relatively positive, with the fiscal expenditure growth rate in 2025 reaching a near five-year high, specialized plans to boost consumption are expected to be put in place to further stimulate demand, with consumption potentially temporarily taking over the advantage of technology performance. However, in the medium to long term, technology will still be the main theme in the market. 2. EB SECURITIES: The technology style is likely to continue EB SECURITIES pointed out that on Tuesday, some high-priced stocks encountered profit-taking, experiencing significant adjustments and dragging the market lower; but bottom-fishing funds entered the market in the afternoon, pushing the market to rebound from the bottom. Looking ahead, the index's exploration to rebound shows the market's resilience; at the same time, positive news in the technology sector continues to emerge, which is expected to repeatedly stimulate the market. The market is likely to continue its upward trend in a volatile manner, with the technology style likely to continue. Direction: NVIDIA concept. The 2025 NVIDIA Entrepreneur Showcase will be held in Wuhan on March 11, where new products may be unveiled, attracting market attention. This article is republished from "Tencent Stock Selection", edited by GMTEight: Huang Xiaodong.