A-share market closing review | Witness history! The three major oil companies hit the daily limit consecutively

Today, the situation in the Middle East continues to escalate, with global assets collectively plummeting. The South Korean stock market plunged over 7% and was temporarily halted, while the Nikkei 225 index dropped 3%. US stock index futures across the board are plummeting, with Nasdaq futures falling over 1%. A-share market trading volume surged, with all three major indices dropping in the afternoon, and the STAR 50 index falling over 5%. The total market turnover for the day was 3.1 trillion, exceeding the volume by over a trillion from the previous trading day, with over 4,800 stocks declining. On the market, sectors related to oil and gas surged again, with the "Big Three Oil Companies" hitting the daily limit for the second consecutive day. Prominent investment bank Goldman Sachs warned that if liquefied natural gas supply through the Strait of Hormuz were cut off for a month, European natural gas prices could skyrocket by 130%, and the freight rates for super large oil tankers from the Middle East to China would also further increase. Port shipping concept continued to rise, with Nanjing Tanker Corporation, Ningbo Marine, etc., hitting the daily limit. Agricultural concepts such as seed industry and grain planting strengthened, with Gansu Yasheng Industrial hitting the limit. HOLO trading surged again, with coal, power, and highways showing strength. Inverter and photovoltaic equipment concepts rose, with SolaX Power Network Technology, Guangzhou Great Power Energy and Technology leading the way. Banks, insurance, securities firms, and high-yielding stocks collectively stabilized. On the downside, the entire military-industrial complex, including military equipment, electronics, and information technology, suffered losses, with Wuxi Hyatech, CETC Lantian Technology leading the decline. Commercial aerospace, satellite internet, and rocket sea recovery concepts all fell. Domestic hard technology concepts like semiconductors, storage chips, lithography machines, advanced packaging, etc., all declined, while silver, non-ferrous metals, minor metals, and rare earth concepts all experienced a collective correction. Looking ahead, the Industrial Strategy team believes that the impact of this geopolitical event on equity assets will mainly be reflected in risk appetite and structure, with limited actual impact on the fundamentals of A-shares. As subsequent geopolitical shocks are expected to ease, combined with domestic policy deployments during the Two Sessions, risk appetite is expected to rebound and recover after the short-term shock, bringing the market back to a state of "fundamentals first." In terms of individual stocks, there were 643 gainers and 4,807 decliners in the two markets, with 35 stocks remaining flat. A total of 86 stocks hit the daily limit, while 88 stocks hit the limit down. At the close, the Shanghai Composite Index fell 1.43% to 4,122.68 points, with a turnover of 1.4258 trillion yuan; the Shenzhen Component Index fell 3.07% to 14,022.39 points, with a turnover of 1.7037 trillion yuan. The ChiNext Index fell 2.57% to 3,209.48 points. Funds flow Today, main funds focused on solar equipment, banks, port shipping, and other sectors, with net inflows to top stocks such as GCL System Integration Technology, Contemporary Amperex Technology, JCET Group Co., Ltd. News review 1. Ministry of Industry and Information Technology and five other departments: By 2027, the level of green production of photovoltaic modules will be further improved The Ministry of Industry and Information Technology and five other departments issued guidance on promoting the comprehensive utilization of photovoltaic modules. By 2027, the level of green production of photovoltaic modules will be further improved, the proportion of recycled materials will be effectively increased, and the evaluation standards and inspection methods for scrapped modules will be improved. Key technologies such as surface structure disassembly, efficient separation of laminated components, and component extraction have made breakthroughs, and the application scale of recycled photovoltaic module products in key areas such as metal smelting, equipment manufacturing, and building materials production has further expanded. A batch of technical standards for green design and comprehensive utilization of photovoltaic modules will be formulated, and a group of backbone enterprises for the comprehensive utilization of scrapped photovoltaic modules will be nurtured, with the cumulative utilization volume reaching 250,000 tons. 2. A-shares opened 2.523 million new accounts in February, a year-on-year decrease of 11% On March 3, the Shanghai Stock Exchange disclosed the data on new account openings in February. A total of 2.523 million new A-share accounts were opened, a year-on-year decrease of 11%, and a 49% decrease from the 491.58 million new A-share accounts opened in January this year. Specifically, of the new A-share accounts opened in February this year, 2.516 million were opened by individual investors and 0.7 million by institutions. As of February this year, the total number of A-share accounts had reached approximately 405 million. Market outlook 1.Industrial: Market risk appetite expected to rebound after short-term shock The Industrial Strategy team believes that the impact of this geopolitical event on equity assets will mainly be reflected in risk appetite and structure, with limited actual impact on the fundamentals of A-shares. In the short term, the escalation of the US-Iran situation will affect the risk appetite for global equity assets, further strengthening the strategic value and hedging of resources such as oil and precious metals. As subsequent geopolitical shocks are expected to ease, combined with domestic policy deployments during the Two Sessions, risk appetite is expected to rebound and recover after the short-term shock, bringing the market back to a state of "fundamentals first." 2. Zhongtai: Impact of US-Iran conflict on A-shares may be limited, A-shares have their own rhythm Zhongtai pointed out that the recent US-Iran conflict may have limited substantive impact on A-shares, which have their own rhythm. Looking back at history, whether it's the recent conflict in Iran or the more distant conflicts such as Russia-Ukraine, A-shares have rebounded shortly after a brief adjustment, with limited time and magnitude of adjustment. The brokerage emphasized that focusing on A-share trends is more important than trading opportunities in geopolitical conflicts. Currently, in the third stage of the "spring frenzy" market, a new upward period is beginning. 3. Galaxy Securities: Tensions in international situations and geopolitical conflicts intensify, favoring mid-term rise in gold prices According to the latest research report from Galaxy Securities, the escalation of US-Iran conflict, tensions in international situations and intensifying geopolitical conflicts may further drive global central banks and investment institutions to increase their holdings of gold assets, favoring a mid-term rise in gold prices. Additionally, US military actions against Iran are expected to further stimulate increased military expenditure by countries and replenishment of weapons equipment, creating additional demand for upstream metal raw materials such as tungsten, molybdenum, germanium, etc., used in the military industry sector, suggesting attention should be paid to leading military strategic metal companies. This article was originally published on "Tencent Stock Selection". Editor: Liu Jiayin.