Market Performance - The Shanghai Composite Index increased by 0.63%[3] - The Shenzhen Component Index rose by 1.13%[3] - The CSI 300 Index saw a gain of 0.56%[3] - The ChiNext 50 Index grew by 0.93%[3] Sector Performance - The pharmaceutical and biotechnology sector led with a gain of 3.70%[3] - The non-ferrous metals sector increased by 2.88%[3] - The basic chemicals sector rose by 2.55%[3] - The utilities sector declined by 0.78%[3] - The banking sector fell by 0.50%[3] Concept Indices - The lithium mining index surged by 7.42%[3] - The lithium battery electrolyte index increased by 6.18%[3] - The innovative drug index rose by 5.42%[3] - The high送转 index decreased by 2.80%[3] Market Outlook - The market is expected to continue fluctuating, influenced by geopolitical tensions in the Middle East and oil prices[7] - The resilience of the market is supported by recent policy interventions from the central bank and the securities regulatory commission[7] - Attention should be paid to the latest developments in the Middle East over the weekend[7]

- Model Name: 250-Day New High Distance Model; Model Construction Idea: The model tracks the distance of the latest closing price from the highest closing price in the past 250 trading days to identify stocks that are hitting new highs; Model Construction Process: The formula used is $ 250 \text{ Day New High Distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and ts_max(Close, 250) is the maximum closing price in the past 250 trading days. If the latest closing price hits a new high, the distance is 0; if it falls back, the distance is positive, indicating the extent of the fallback[11][12][13]; Model Evaluation: This model is effective in identifying stocks that are leading the market and can be used to track market trends and hotspots[11][19] - Factor Name: Stable New High Stocks; Factor Construction Idea: The factor focuses on stocks that have not only hit new highs but also exhibit stable price paths and strong momentum; Factor Construction Process: The selection criteria include analyst attention (at least 5 buy or hold ratings in the past 3 months), relative stock strength (top 20% in market performance over the past 250 days), price stability (using metrics like the sum of absolute daily returns over the past 120 days), and trend continuation (average 250-day new high distance over the past 120 days and past 5 days). The top 50% of stocks based on these criteria are selected[26][29][30]; Factor Evaluation: This factor is designed to capture stocks with strong and stable momentum, which are less likely to experience sudden drops and more likely to continue their upward trend[26][29] Model Backtest Results - 250-Day New High Distance Model, Shanghai Composite Index: 6.43%, Shenzhen Component Index: 5.13%, CSI 300: 6.01%, CSI 500: 10.64%, CSI 1000: 9.51%, CSI 2000: 9.52%, ChiNext Index: 2.73%, STAR 50 Index: 16.40%[12][34] Factor Backtest Results - Stable New High Stocks, Number of Stocks: 14, including companies like Asia Integration, Biwin Storage, Salt Lake Shares, etc.; Sector Distribution: Most stocks are from cyclical and technology sectors, with 6 stocks each. In the cyclical sector, the most new highs are in the basic chemical industry; in the technology sector, the most new highs are in the electronics industry[30][33]

Group 1 - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots, with a focus on the effectiveness of momentum and trend-following strategies [1][4] - As of March 27, 2026, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index at 6.43%, Shenzhen Component Index at 5.13%, CSI 300 at 6.01%, CSI 500 at 10.64%, CSI 1000 at 9.51%, CSI 2000 at 9.52%, ChiNext Index at 2.73%, and STAR 50 Index at 16.40% [5][25] - Among the CITIC first-level industry indices, the sectors closest to their 250-day new highs include Power and Utilities, Power Equipment and New Energy, Coal, Communication, and Oil and Petrochemicals, while Food and Beverage, Retail, Comprehensive Finance, Non-Bank Finance, and Real Estate are further away [8][25] Group 2 - A total of 961 stocks reached a 250-day new high in the past 20 trading days, with the highest numbers in Power Equipment and New Energy, Basic Chemicals, and Machinery sectors [2][26] - The highest proportion of new high stocks is found in the Oil and Petrochemicals, Coal, and Power and Utilities sectors, with respective proportions of 66.67%, 55.56%, and 48.26% [13][26] - The distribution of new high stocks by sector shows that the Cycle and Technology sectors have the most stocks reaching new highs, with 354 and 297 stocks respectively [14][26] Group 3 - The report identifies 14 stocks that have shown stable new highs, including Yaxiang Integration, Baiwei Storage, and Salt Lake Co., with the majority coming from the Cycle and Technology sectors [3][20] - The selection criteria for stable new high stocks include analyst attention, relative strength of stock prices, price path stability, and continuity of new highs [19][23] - The most represented industries among the stable new high stocks are Basic Chemicals in the Cycle sector and Electronics in the Technology sector [20][26]

- Model Name: 250-Day New High Distance; Model Construction Idea: The model tracks the distance of the latest closing price from the highest closing price in the past 250 trading days to identify market trends and hotspots[11] - Model Construction Process: - Calculate the 250-day new high distance using the formula: $ 250 \text{ Day New High Distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price, and ts_max(Close, 250) is the maximum closing price in the past 250 trading days[11] - If the latest closing price is a new high, the 250-day new high distance is 0; if the latest closing price has fallen from the new high, the distance is positive, indicating the extent of the decline[11] - Model Evaluation: The model effectively captures market trends and hotspots by identifying stocks and indices that are close to their 250-day highs[11] - Factor Name: Stable New High Stocks; Factor Construction Idea: The factor identifies stocks that have recently reached new highs and exhibit stable price paths, which are less likely to be influenced by extreme price movements[23] - Factor Construction Process: - Select stocks that have reached a 250-day new high in the past 20 trading days from a pool of stocks listed for at least 15 months[19] - Filter stocks based on analyst attention (at least 5 buy or hold ratings in the past 3 months), relative strength (top 20% in 250-day price change), and price stability (using the sum of absolute daily returns over the past 120 days and the average 250-day new high distance over the past 120 days)[26] - Rank stocks based on the smoothness of their price paths and the persistence of their new highs, selecting the top 50 stocks[26] - Factor Evaluation: The factor effectively identifies stocks with strong momentum and stable price paths, which are likely to continue performing well[23] - Model Backtest Results: - 250-Day New High Distance for major indices as of March 20, 2026: - Shanghai Composite Index: 5.39% - Shenzhen Component Index: 4.40% - CSI 300: 4.67% - CSI 500: 10.38% - CSI 1000: 9.08% - CSI 2000: 9.84% - ChiNext Index: 1.07% - STAR 50 Index: 15.27%[12][13][15] - Factor Backtest Results: - Number of stocks reaching a 250-day new high in the past 20 trading days: 1204 - Industries with the most new high stocks: Machinery (172), Basic Chemicals (161), Electronics (139) - Industries with the highest proportion of new high stocks: Oil & Petrochemicals (66.67%), Coal (58.33%), Utilities (48.26%)[19][20] - Selected stable new high stocks: Asia Integration, Biwei Storage, Yankuang Energy, etc. - Sectors with the most stable new high stocks: Technology (5 stocks), Manufacturing (2 stocks)[27][30]

Market Trends and Highs Tracking - The report aims to track stocks, industries, and sectors reaching new highs, serving as market indicators, with increasing evidence supporting the effectiveness of momentum and trend-following strategies [1][4] - As of March 20, 2026, the distance to the 250-day new highs for major indices are as follows: Shanghai Composite Index at 5.39%, Shenzhen Component Index at 4.40%, CSI 300 at 4.67%, CSI 500 at 10.38%, CSI 1000 at 9.08%, CSI 2000 at 9.84%, ChiNext Index at 1.07%, and STAR 50 Index at 15.27% [6][25] High-Performing Stocks Monitoring - A total of 1,204 stocks reached 250-day new highs in the past 20 trading days, with the highest number of new highs in the machinery, basic chemicals, and electronics sectors [12][25] - The sectors with the highest proportion of new high stocks are oil and petrochemicals at 66.67%, coal at 58.33%, and electric utilities at 48.26% [12][25] - The cyclical and technology sectors had the most new high stocks this week, with respective counts of 413 and 351 [14] Stable New High Stocks Tracking - The report identifies 10 stable new high stocks, including Yaxiang Integration, Baiwei Storage, and Yanzhou Coal, based on criteria such as analyst attention, relative strength, price path stability, and continuity of new highs [20][26] - The technology and manufacturing sectors had the most stocks selected, with 5 and 2 respectively, and the electronics industry leading within technology [20][26]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index falling by 1.24% to 3957.05 points, while the Shenzhen Component Index decreased by 0.25% to 13866.2 points. The ChiNext Index rose by 1.30% to 3352.1 points, and the STAR 50 Index dropped by 1.55% to 1318.31 points. Overall, there were 661 stocks that rose and 4784 stocks that fell, with a total trading volume of 228.68 billion yuan, an increase of 17.58 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, only the power equipment, communication, and coal industries saw gains, with increases of 1.55%, 1.48%, and 0.10% respectively. Conversely, industries such as comprehensive, computer, defense industry, media, and beauty care experienced significant declines, with drops of 5.52%, 3.83%, 3.00%, 2.98%, and 2.89% respectively [1][2]. Concept Sector Performance - The leading concept sectors today included photovoltaic inverters, selected power equipment, optical modules (CPO), lithium battery electrolytes, sodium-ion batteries, energy storage, photovoltaic rooftops, power batteries, lithium iron phosphate batteries, lithium battery anodes, anti-involution, photovoltaics, optical chips, perovskite batteries, and TOPCon batteries. In contrast, sectors such as stablecoins, digital twins, cloud computing, and data security experienced pullbacks [2].

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 1.39% to close at 4006.55 points, and the Shenzhen Component Index down by 2.02% at 13901.57 points. The ChiNext Index decreased by 1.11% to 3309.10 points, while the Sci-Tech 50 Index dropped by 2.44% to 1339.03 points. Overall, there were 504 stocks that rose, while 4953 stocks fell, with 30 stocks remaining unchanged. The total trading volume in the Shanghai and Shenzhen markets was 21,110 billion yuan, a decrease of 649 billion yuan compared to the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, only coal, oil and petrochemicals, and public utilities saw gains, with increases of 1.82%, 1.34%, and 0.34% respectively. Conversely, industries such as non-ferrous metals, steel, basic chemicals, construction materials, and comprehensive sectors led the declines, with decreases of 6.10%, 4.08%, 3.75%, 3.62%, and 3.10% respectively [1]. Concept Sector Performance - The concept sectors that performed well today included optical modules (CPO), selected coal mining, central enterprise coal, oil and gas extraction, hydropower, high transfer, thermal power, central enterprise banks, East Data West Calculation, IDC (computing power leasing), natural gas, Jin Te Gu, photovoltaic inverters, Huawei HMS, and selected electric power stocks. In contrast, sectors such as selected rare metals, industrial metals, lithium mines, rare earths, and phosphorus chemicals experienced a pullback [2].

Market Overview - The A-share market indices all closed lower today, with the Shanghai Composite Index down 0.10% at 4129.10 points, the Shenzhen Component down 0.63% at 14374.87 points, the Sci-Tech 50 down 1.24% at 1383.65 points, and the ChiNext Index down 0.96% at 3317.52 points [1][10] - Overall, there were 1492 stocks that rose and 3891 stocks that fell, with a total market turnover of 24,419 billion yuan, a decrease of 665 billion yuan compared to the previous trading day [1][10] Industry Performance - Among the Shenwan first-level industries, coal, public utilities, and agriculture, forestry, animal husbandry, and fishery sectors showed the highest gains, with increases of 4.24%, 1.89%, and 1.32% respectively [1][10] - Conversely, the defense and military industry, machinery and equipment, telecommunications, and media sectors experienced the largest declines, with decreases of 2.33%, 1.86%, 1.53%, and 1.30% respectively [1][10] Concept Sector Performance - The leading concept sectors in terms of gains today included central enterprise coal, selected coal mining, chemical fiber selection, wind power generation, electric power stocks, photovoltaic inverters, thermal power, major infrastructure central enterprises, hydropower, aluminum industry, stablecoins, industrial gases, selected animal health, sodium-ion batteries, and energy going abroad [2]

Market Overview - The A-share market showed a mixed performance today, with the Shanghai Composite Index rising by 0.25% to close at 4133.43 points, and the Shenzhen Component Index increasing by 0.78% to 14465.41 points. The ChiNext Index, however, fell by 1.37% to 1401.08 points, while the Growth Enterprise Market Index rose by 1.31% to 3349.53 points. Overall, 2055 stocks rose, 3284 stocks fell, and 145 stocks remained unchanged, with a total trading volume of 25084 billion yuan, an increase of 1105 billion yuan compared to the previous trading day [1][10]. Industry Performance - Among the Shenwan first-level industries, coal, electric equipment, basic chemicals, and public utilities saw the highest gains, with increases of 2.53%, 2.43%, 2.08%, and 1.67% respectively. Conversely, the comprehensive, defense military industry, and media sectors experienced declines of 1.98%, 1.37%, and 1.17% respectively [1][10]. Concept Sector Performance - The leading concept sectors today included photovoltaic inverters, lithium battery electrolytes, selected chemical raw materials, selected chemical fibers, power batteries, major infrastructure central enterprises, sodium-ion batteries, energy storage, lithium battery anodes, central enterprise coal, high transfer, cultivated diamonds, selected coal mining, solid-state batteries, and lithium batteries [2].

- The market experienced a broad decline, with the CSI 1000 index performing relatively well among scale indices[2][6] - The coal, computer, electric power, and petroleum and petrochemical industries performed well, while the communication, transportation, machinery, electronics, and non-bank industries performed poorly[2][7] - The photovoltaic inverter, high transfer, IDC (computing power leasing), Zhipu AI, and cloud computing concepts performed well, while the PTA, shipping selection, port selection, airport selection, and cultivated diamond concepts performed poorly[2][10] - The market sentiment showed 50 stocks hitting the daily limit up and 10 stocks hitting the daily limit down, with a sealing rate of 53% and a continuous board rate of 15%, marking the lowest sealing rate in nearly a month[2][13][17] - The financing balance was 26,277 billion yuan, and the securities lending balance was 179 billion yuan, with the two financing balances accounting for 2.5% of the circulating market value and 9.1% of the market turnover[2][19][22] - The ETF with the highest premium was the Sci-Tech Composite Index Enhanced ETF, and the ETF with the highest discount was the Petroleum ETF[3][24] - The median annualized discount rates for the main contracts of the SSE 50, CSI 300, CSI 500, and CSI 1000 stock index futures over the past year were 0.78%, 3.96%, 11.01%, and 13.37%, respectively[3][29] - The stocks with the most institutional attention in the past week included Litong Technology, Guangli Technology, Siling Zhiju, Guoji Jinggong, Xinkaiyuan, Yi Wang Yi Chuang, Aipeng Medical, and Wanxiang Qianchao[4][31] - The top ten stocks with net inflows from institutional seats included Dongyangguang, Wanze Shares, Hand Information, Shunwang Technology, Huilv Ecology, COSCO Shipping Energy, Tuowei Information, China Merchants South Oil, Southern Network Energy, and Meiliyun[4][36] - The top ten stocks with net inflows from Northbound Trading included Huasheng Tiancheng, COSCO Shipping Energy, Intercontinental Oil & Gas, Shunwang Technology, China Merchants South Oil, Southern Network Energy, Tongkun Shares, Guodian Nanzi, Southern Network Digital, and Zeyu Intelligent[4][37]