Closing | Shanghai Composite Index fell 1.24% below 4000 points, ChiNext Index rose over 1%

Shanghai Composite Index falls below 4,000 points, hitting a new low for the year.

On March 20, the Shanghai Composite Index fell below 4,000 points, reaching a new low for the year. By the close, the index dropped 1.24%, the Shenzhen Component Index fell 0.25%, the ChiNext Index rose 1.30%, and the STAR Market Index declined 1.15%.

Wind data shows that over 4,700 stocks declined across the market.

The combined trading volume of the Shanghai and Shenzhen markets was 2.29 trillion yuan.

In terms of sectors, most industry sectors declined, with photovoltaic equipment, electricity, and batteries bucking the trend and rising.

Specifically, the photovoltaic equipment sector performed strongly, with Onshine Electric and Shouhang New Energy hitting the daily limit up by 20%. Yongzhen Shares, Chint Power (rights protection), and Guosheng Technology (rights protection) also hit the limit up. Several stocks like Jinneng Technology and Haiyou New Materials rose over 10%.

The computing power leasing sector continued to decline in the afternoon, with Yitian Intelligent dropping over 19%, Xiechuang Data falling more than 14%, Oriental Guoxin (rights protection) down over 12%, and Litong Electronics and Chaoshan Communication (rights protection) hitting the daily limit down.

【Capital Flow】

Main funds showed net inflows into sectors such as electrical equipment, utilities, communications, and non-ferrous metals, while net outflows occurred in computer, non-bank financial, defense, and basic chemical sectors.

Regarding individual stocks, Zhongji Xuchuang, Sunshine Power, and Xinyi Sheng received net inflows of 2.152 billion yuan, 1.874 billion yuan, and 1.54 billion yuan, respectively.

On the outflow side, Oriental Fortune, Zijin Mining, and Zhaoyi Innovation experienced sell-offs of 1.967 billion yuan, 1.437 billion yuan, and 1.225 billion yuan.

【Institutional Views】

Guosheng Securities: Global liquidity is likely to tighten gradually, and investors should be cautious of the possibility of deep adjustments in the stock market.

Donghai Securities: The Shanghai Composite Index faces short-term adjustment risks, but the long-term outlook remains positive.

Caixin Securities: In the short term, confidence and buying momentum in the A-share market still need to be improved. If the market cannot recover quickly, it may break below the consolidation range and continue to decline. It is recommended to control positions appropriately and wait for signs of market recovery.