Unafraid of Global Market Turmoil, ChiNext Index Reaches 4-Year High Intraday

Source: Eastmoney, Tongchong Creative/Provided

Securities Times Reporter Mao Jun

This week, due to Middle East tensions, global capital markets experienced significant volatility, and the A-shares also adjusted accordingly. The Shanghai Composite Index fell below 4,000 points, hitting a new low for the year; the CSI 50 Index reached a nearly 11-month low; while the ChiNext Index showed strong resilience, reaching a 4-year high intraday. The weekly trading volume of A-shares further shrank to 11 trillion yuan.

Leverage funds slightly net sold about 1 billion yuan this week, with the electronics sector receiving over 4.8 billion yuan in net financing; basic chemicals saw more than 3 billion yuan in net purchases; non-bank financials, steel, automobiles, and transportation sectors also experienced net inflows exceeding 1 billion yuan. The non-ferrous metals sector faced net selling of over 3.1 billion yuan, while defense military, petroleum and petrochemicals, and communications sectors saw net outflows exceeding 1 billion yuan each.

According to Wind data, the power equipment sector saw a net inflow of over 20.2 billion yuan from main funds throughout the week; the communications sector received more than 14.8 billion yuan; utilities over 14.2 billion yuan; pharmaceuticals and biotech, electronics sectors both over 4 billion yuan; computer and light manufacturing industries each over 3 billion yuan. The basic chemicals sector experienced net outflows of over 12.2 billion yuan; defense military outflows exceeded 6.5 billion yuan; steel outflows over 5.2 billion yuan.

“Wind and Solar Storage” Sector Strengthens

Market hotspots: recently, Middle East tensions have stirred global energy markets, causing sharp fluctuations in oil prices. Related stocks in the oil industry chain have also followed oil price swings, with the A-share oil and gas exploration sector index fluctuating over 21% since March.

Potential disruptions in Middle Eastern oil supply combined with unstable oil prices have made energy security a global concern. Self-controlled new energy sources are favored. The “Wind and Solar Storage” sector in A-shares has recently taken turns in strength, with the ChiNext Index reaching multi-year highs driven by major new energy stocks like CATL and EVE Energy.

This week, photovoltaic equipment was the most active, with the sector index hitting a 2.5-year high. Chuangxiao New Energy repeatedly hit 20% daily limit since March, reaching a historical high, with a total increase of 85.75%. Guosheng Technology rose 61.62% in March; Ailuo Energy, Deye Holdings, and others also hit historical highs this Friday (adjusted for splits).

According to the latest data from InfoLink, overall photovoltaic module production in March 2026 showed a significant rebound, increasing to 44-45 GW, a month-over-month increase of about 28-29%. Domestic production capacity rose to 32-33 GW, while overseas capacity increased to 11-12 GW.

As demand gradually rises, photovoltaic equipment prices have also continued to increase. The National Bureau of Statistics latest data shows that, with the ongoing effectiveness of capacity regulation and “involution” competition in key industries, the prices of photovoltaic equipment and components increased by 3.2% in February, expanding the previous month’s growth rate by 2.7 percentage points.

Additionally, Tesla is actively expanding into the photovoltaic field, strongly supporting space photovoltaic technology development, paving the way for orbital computing power and AI power supply. Since the beginning of the year, market rumors about Tesla inspecting Chinese photovoltaic companies or planning to purchase Chinese PV equipment have surged, leading related concept stocks to rise sharply.

Positive Policies for Photovoltaic Industry

On the policy front, recent favorable developments include the joint release of the “Guiding Opinions on Promoting the Comprehensive Utilization of Photovoltaic Modules” by six departments including the Ministry of Industry and Information Technology in early March. According to the document, by 2027, the green production level of photovoltaic modules will be further improved, with a batch of backbone enterprises for waste PV module recycling cultivated, and the total recycling volume reaching 250,000 tons.

Shenzhen Housing and Construction Bureau recently issued the “Technical Standards for Building Photovoltaic Integration,” aiming to standardize design, construction, acceptance, and operation & maintenance of building-integrated photovoltaics, promoting green and low-carbon development in the construction sector. The standards will be implemented from May 1, 2026.

Focus on Cyclical Sectors with Price Increase Opportunities

Looking ahead, Orient Securities pointed out that the Middle East situation has not yet stabilized, and global risk appetite has further declined. Short-term volatility in A-shares has increased, but medium-term uncertainty remains limited, and overall risks are controllable. They remain optimistic about cyclical sectors with price increase potential (agriculture, chemicals, non-ferrous metals), but as market expectations are gradually fulfilled, the upside space should be cautiously narrowed. Under the rising global energy security demands, sectors like new energy (photovoltaics, wind power, transmission & transformation) with competitive advantages in China are increasingly attractive.

Huachuang Securities believes that the recent correction may have approached the bottom zone. Based on experience, in a bull market, tightening macro and micro liquidity plus geopolitical retracement of 60-80% of previous gains could create annual-level participation opportunities. Before oil prices clarify, focus on stable, low-volatility stocks at the bottom of the annual report season, such as coal, agriculture, insurance, new energy, and Hang Seng Tech. If geopolitical tensions ease and wind sentiment and liquidity improve, the tech and AI sectors will become more resilient.

(Edited by: Wang Zhiqiang HF013)

【Disclaimer】This article reflects only the author’s personal views and is not related to Hexun. Hexun.com maintains neutrality regarding the statements and opinions in this article and does not guarantee the accuracy, reliability, or completeness of the content. Readers should use it as a reference and bear all responsibilities themselves. Email: news_center@staff.hexun.com