A-share market closing review | Shanghai Composite Index fell by 0.81% below 4100 points, the concept of computing power leasing was frustrated, is the growth style stepping off the stage?

Global markets came under pressure after oil prices broke through the $100 mark, with concerns about energy supply sparked by the Iran war continuing to ferment, and inflation fears spreading to the stock, bond, and currency markets. On March 13, the three major indexes rose and then fell throughout the day, collectively closing lower, with energy soaring and technology receding. By the close, the Shanghai Composite Index fell by 0.81%, the Shenzhen Component Index dropped by 0.65%, and the ChiNext Index declined by 0.22%. The trading volume in the Shanghai and Shenzhen markets was 2.4 trillion yuan, a decrease of 41.6 billion yuan from the previous trading day. Huaxi stated that the structural trend in 2026 may gradually shift from technology to the price hike chain. The following directions are worth paying attention to: input inflation end, with higher certainty of price hikes in the energy chain (oil and gas, coal chemical industry, upstream raw materials in chemical industry, shipping) catalyzed by geopolitical situation; endogenous inflation end, focusing on the recovery of traditional industries driven by "anti-job burnout," including chemical industry, steel, coal, building materials, and pork; and the technology price hike end, focusing on the upstream AI computing power industry chain. On the market, chemical concepts such as fertilizers, urea, methanol, and phosphate chemicals continued to strengthen, with many stocks like HeBei Jinniu Chemical Industry, and Shanxi Lu'an Chemical Technology hitting the limit up; the lithium battery material concept, wind power concept, and coal concept were also active. In terms of decline, concepts such as lobster, cloud services, and computing power leasing collectively plummeted, with Mcc Meili Cloud Computing Industry Investment hitting the limit down. Institutional views: CICC: Long-term Middle East conflict may cause global financial market turmoil The conflict in the Middle East is a typical supply shock, with its direct impact being blocked oil supply and rising oil prices. For the United States, which already faces supply shortages, slow inflation reduction, and rising government debt, the Middle East conflict exacerbates its risk of "stagflation," putting macroeconomic policy in a dilemma. If the conflict does not last long, its impact may be relatively mild. However, if the conflict escalates, with increased fundamental pressure in the United States, financial turmoil may intensify, and the spillover effect may increase, significantly affecting the global economy and markets. CITIC SEC: 2026 will be a key year for the establishment of the prosperity of the consumer industry CITIC SEC's research report states that the current consumer market is at a critical juncture of weak recovery and policy expectations. Based on the marginal improvement in macro data and the verification of micro high-frequency data, we judge that 2026 will be a key year for the establishment of the prosperity of the consumer industry. Due to the current weak macro environment, the self-repair of consumer prosperity is expected to take time, and in the short term, overall beta opportunities can focus on the possibility of fiscal stimulus policies. Currently, we believe that consumer investment portfolios should be unexpectedly positive - building a foundation of high dividends and resilient consumer growth: on one end, betting on policy elasticity and wealth effect transmission in the direction of service consumption and other vibrant areas, and on the other end, constructing a defensive bottom with high dividend assets while closely monitoring the opportunities brought by the CPI turning positive in the catering supply chain and dairy industry. Long-term allocation continues to emphasize the importance of changes in consumer structure. Galaxy Securities: If the Middle East conflict persists, asset pricing logic may change Galaxy Securities believes that in the traditional pricing logic, US bonds, the dollar, and core assets are considered "safe assets," but if the conflict persists, rising energy costs, weakened US fiscal constraints, and damaged strategic credit may shake this system. Gold, energy assets, non-dollar currencies, and markets with supply chain resilience and geopolitical stability (such as China) may receive a new premium. Huaxi: Continue to track the price hike chain, three major directions worth watching The main structural trend of 2026 may gradually shift from technology to the price hike chain, with the following directions worth paying attention to: input inflation end, with higher certainty of price hikes in the energy chain (including oil and gas, coal chemical industry, upstream raw materials in the chemical industry, shipping), with higher certainty in small metals and aluminum, and a mix of gold and copper amidst uncertainty; focusing on feedstock, fertilizers, pesticides; endogenous inflation end, focusing on the recovery of traditional industries driven by "counter-to-job burnout," including chemicals, steel, coal, building materials, and pork; and the technology price hike end, focusing on the upstream AI computing industry chain, including computing infrastructure (servers, computing chips), storage chips, optical communication and upstream materials (fiber optics, fiberglass), and electric power energy.