Counter-trend surge! 600758, limit-up in one minute! 1.04 million shares seal the board

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【Introduction】The three major indices opened sharply lower, with the precious metals sector leading declines, while the coal sector defied the trend and remained active.

China Fund Reporter Li Zhi

Let’s take a look at the latest market conditions and news.

On March 23rd, during the morning session, the A-share three major indices all opened significantly lower, with the Shanghai Composite Index falling below 3,900 points, and the Shenzhen Component and ChiNext indices dropping over 2% at one point. As of the time of writing, the Shanghai Index was down 1.52%, the Shenzhen Index down 1.18%, the ChiNext down 0.99%, and the STAR Market Composite down 1.59%.

In terms of sectors, the coal sector bucked the trend and rose, with robotics, automotive, and lithium mining sectors performing actively; precious metals led the declines, while agriculture, catering and tourism, and aviation sectors experienced fluctuations and adjustments.

In the Hong Kong market, the Hang Seng Index fell over 2%, and the Hang Seng Tech Index dropped more than 1%, with Haier Smart Home, SenseTime, and Baidu Group among the biggest decliners.

Coal Sector Defies the Trend

The coal sector rose against the trend, with Liaoning Energy hitting the daily limit-up, with 1.04 million hands sealing the limit. Additionally, Yunnan Coal Energy and Shanxi Coking Coal hit the limit-up, while Pingmei Shenma, Shanxi Coking, and Huaibei Mining also gained.

On the news front, the main contract for coking coal futures reached the daily limit, with an increase of nearly 11%.

CITIC Securities released a research report stating that although short-term demand for thermal coal faces a seasonal lull, chemical coal consumption may continue to release demand, supporting a rebound in coal prices; the price of coking coal is also expected to remain firm amid short-term demand improvement. Coupled with overseas factors, the outlook for domestic coal prices remains optimistic, with room for growth and sustained performance, maintaining a positive view on the sector.

Robotics Concept Stocks Fluctuate and Strengthen

Humanoid robot concept stocks fluctuated and strengthened, with Jinfeng Technology and Zhongda Lide hitting the daily limit-up, while Changsheng Bearings, Wolong Electric, and Langke Intelligent also gained.

On the news front, the Shanghai Stock Exchange accepted the IPO application of Yushu Technology Co., Ltd. on the STAR Market, with a proposed financing amount of 4.202 billion yuan.

Guotai Haitong Securities’ research report pointed out that the humanoid robot industry is at a critical turning point for industrialization. With the acceptance of Yushu Technology’s STAR Market IPO as a core catalyst, industry commercialization is accelerating. As a leading company in the industry, Yushu Technology’s catalytic effect is expected to continue, promoting upstream and downstream collaboration in the industry chain. The industry has broad growth potential, and an industry overweight rating is maintained.

Precious Metals Sector Continues to Decline

Precious metals concept stocks continued to fall, with Chifeng Gold hitting the daily limit-down, and major declines in Shanjin International, Sichuan Gold, China Gold, Shandong Gold, Xiaocheng Technology, and Hunan Silver.

On the news front, spot gold and spot silver both declined simultaneously. Spot gold once fell below $4,400 per ounce, and spot silver broke below $67 per ounce.

CITIC Securities believes that after the Middle East geopolitical events conclude, gold is expected to reach new highs again. Historically, after Middle Eastern conflicts, the medium-term trend of gold prices depends on the US dollar’s credibility and liquidity factors. Looking ahead at this round of conflicts, the continuation of loose liquidity and weakening dollar credibility are expected to further push up gold prices. Valuation advantages based on historical valuation or stock price percentiles will strengthen the upside potential of the gold sector. Currently, the PE valuation levels of leading companies have fallen to a historic low of 15–20x, and considering the high correlation between recent stock prices and gold prices, a new high in gold prices could drive stock prices to new highs.