That thorn among a sea of green — 03.30 Review

**Prize Giveaway at the Start—Chengdu North Ring Road “Insider Tips” Passes: **[Taoqiba]

Instantly Practical Insider-Tech Post #1: High-Elasticity Thinking (20cm and convertible bond series)

Instantly Practical Insider-Tech Post #2: High-Elasticity Playbook—Real-World Trading Case Studies (20cm and convertible bond series)

Instantly Practical Insider-Tech Post #3: 10cm “One-Word Board Locks in Direction”—Three Trading Ideas (20cm and convertible bond series)

Instantly Practical Insider-Tech Post #4: The Original “First-One-Word Opens” Pattern—Trading Ideas for Continuous One-Word Limit-Uppers Under Valuation Reassessment

Instantly Practical Insider-Tech Post #5: Classic Revisited—The “Weak-to-Strong” Pattern on Every Street

Instantly Practical Insider-Tech Post #6: Technical Deep Dive into the Only 3-Board “Bad Board” Pattern

Instantly Practical Insider-Tech Post #7: Technical Deep Dive into the Shisanmei Pattern

Today’s market feels like a comedy sketch.

Japan and South Korea’s pre-market collectively poured cold water; most stocks dropped nearly 4%. The U.S. market, overnight, is still there wobbling under an arched top attempt from MAG7 trying—one after another—to break down. In the end, at A-shares’ open: down slightly, and then it started to pull. It pulled all the way to the close and finished with a small green candle.

The Shanghai Composite Index dipped to -1% at the low, then closed at +0.24%, at 3923.29. With this single move, it shut back down those voices outside that were shouting, “A-shares are about to collapse.”

With this kind of price action, there’s a name for it now: “conflict desensitization.” The fighting in the Middle East is still going on, and Trump is still tweeting, but A-shares have already learned one thing: don’t trade based on the news at the open. But the cost of this kind of independent walk is paid by someone else—namely, today it fully settled the power-generation main theme from March.

**I. A One-Man Cavalry Rescue Performance
**
Today’s data (March 30 close):
Shanghai Composite Index 3923.29, up 9.57 points, +0.24%
Shenzhen Component Index 13726.19, down 34.18 points, -0.25%
ChiNext Index 3273.36, down 22.52 points, -0.68%
Total market turnover: about 1.92 trillion yuan, up about 60 billion from yesterday in terms of “turnover expansion,” 62 limit-up stocks, 10 limit-down
Stocks advancing: 2805, stocks declining: 2230 on the day
Highest consecutive limit: 5 boards (only Minerv A is the lone one)

The Shanghai Composite closed red, with Shanghai strong and Shenzhen weak. In the real sense of “one red amid a thousand greens”—that red is just the Shanghai Composite propping things up by itself. With this volume—1.92 trillion yuan—compared with about 2.3 trillion yuan two weeks ago, it’s nearly 400 billion less. With this volume, how can the market really “go to war”? The consecutive-limit ceiling only reached 5 boards, which shows that the funds weren’t desperately piling in here; everyone is watching and waiting.

But if the Shanghai Composite can hold, it means someone is defending from the bottom. Banks and resource-sector heavyweight stocks silently kept the index from truly collapsing. Even if it isn’t exactly a full-fledged bull market, this ability to withstand pressure is still at least passing.

**II. The #1 Big Event Today: Power—Settling Accounts
**

This section needs to be singled out, because many people stepped on traps today.
Henan Energen Holdings received news over the weekend that regulatory handling would be extended; the nerves of high-level trapped chips snapped off right at the open.
Huadian Liaoning, limit-down. Huadian Energy, limit-down. Guangxi Energy, saw a sharp pullback. Henan Energen Holdings, a follow-up decline.
That power-generation “army” from the past? Today it was almost a collective liquidation.

Let’s say something that hurts: the logic behind power has never been fundamentals—it’s been an emotional narrative. Geopolitical conflict plus energy substitution plus the “China Huadian Liaoning” and “Huadian Energy” price action formed and supported a stretch of upside that exceeded expectations. But once the emotional credit cracks, the chips lose their reason to keep crowding together.

The speed of profit-taking at high levels is often just as fast as—and sometimes even faster than—the speed of the rise. People who truly learned short-term trading won’t ask “why it’s falling” today; they’ll only ask “where I should exit.”
The exit signal for power was already written on the K-line last week: volume began to shrink; high-level trading couldn’t consistently get big. That’s chips loosening their grip. Those who timed it right today are safe; those who timed it wrong—this tuition they paid today isn’t expensive.

**III. The Next Ones Who Took Over—They’re All Showing Up Today
**

After power went dark, the funds won’t disappear; they just move house. Today’s market gives you four directions:

1. Optical Communications—The Lone Seedling in Tech

Today’s strongest confidence is optical communications. Fresh data just came out: February fiber-optic exports were 3,779.9 tons, year over year +63.6%, with the amount up +126.8%. This wasn’t pulled up by sentiment—it’s being supported by real orders.
Fiberhome Optic Fiber, a large-cap with a market cap of nearly 250 billion yuan, pushed again close to historical highs today. Farescence hit a two-board streak in the morning, linking up with Hangdian Co., Hengtong Optic-Electric, and Yangtze River Communications.
Big-cap leads small-cap; small-caps resonate together; quant funds follow—this is a classic “trend diffusion” pattern. In institutional trend baskets, a stock that finishes one leg can still have another leg ahead. Optical communications is exactly in this state right now: you can accumulate on dips in the short term, but don’t chase higher.

2. Nonferrous Aluminum—Quant Fed You a Geopolitical “Prompt”

Iran attacked two major aluminum firms in the Middle East. In the UAE, Emirates Global Aluminium and Badrin Alumin received; combined capacity is over 6% of the global total. This is all the logic for today’s nonferrous aluminum—just this one sentence.
Quant scanned the news and directly built models to lift. Tianshan Aluminum stacked an earnings pre-growth; with dual catalysts, it delivered the strongest intraday rhythm. Changlu Aluminum, Minfa Aluminum, and Yiqiu Resources all followed and hit limit-ups.
But it needs to be made clear: for this kind of geopolitically driven theme, the question mark is whether it can sustain. When the event cools off, the tide goes out—don’t hold these short-term stocks as mid-term trend positions in your hands.

3. Commercial Space—Old Faces, Recovering After Severe Oversold
Shenjian Co. delivered a three-board streak, driving oversold rebound pullbacks in a batch of older space stocks like Zengsheng Technology, Jiangshun Technology, and Aerospace Power. Guanglian Airlines directly sealed a 20cm limit-up.
The space sector’s logic isn’t something that happens in a single day; it’s sustained attention under a background of dense event catalysts. West Test, and Zengsheng Technology, among this group, in terms of chart structure, have already formed “downtrend—high-volume turnover—rebound into a small trend.” If they can continue to make new highs, quants will follow and imitate, forming a second wave.

4. Pharmaceuticals—AI Drug-Making Gets Rekindled
Eli Lilly and Yhamp Siying Intelligence signed a $2.75 billion AI drug collaboration agreement. Once the news landed, the narrative for AI drug-making was reactivated. Minerva A had 6 boards in 7 days, becoming the leading high-cap leader in pharma today. Tianjin Pharma, Lianhuan Biopharm, and Shuanglu Pharma followed higher.
In the short term, this rebound is more a resonance of oversold plus news. Whether it can form a main line depends on whether funds can keep following.

**IV. Top/Bottom Board List: Retail “Bullish Funds” Wrote the Draft
**

Today’s activity on the top/board list is on par with last Friday. A few core seats came in with big sums:
Ziyang East Road: bought Pingtan Development 390 million, Yiqiu Resources 130 million, Xuelang Environmental 110 million, Zengsheng Technology 73 million; also sold Xibu Materials 120 million
Zhang Mengzhu: continuously bought Xibu Materials for 3 days, totaling 450 million; bought Pingtan Development 180 million; sold Guangxi Energy 100 million
Ningbo Cangtian Road: bought Pingtan Development 170 million, Nongnong United 38 million; sold Hangdian Co.

**Three core signals: **

1. Pingtan Development was bought simultaneously by three main routes today, totaling over 600 million. This kind of same-direction resonance isn’t common and is worth focusing on.
2. Guangxi Energy suffered continuous trimming; matched with today’s collective兑现 of the power theme—this is the main force “voting with their feet.”
3. Zengsheng Technology appeared on the buyers’ side in the top/board list—not a trial, but a formal position-building. The aerospace-sector layout is accelerating.

Retail “bullish funds’” moves are the draft for the next leg of the行情. The draft says: power is exiting; aerospace and oversold-rotation targets move in to fill the gap.

**V. On the last day of March—One sincere thing to say
**

Today’s highest consecutive-limit height was 5 boards: 1 stock at 5 boards, 1 stock at 3 boards, and 10 stocks at 2 boards. The gap is obvious.
When the consecutive-limit ceiling has been pressed below 3 boards for a long time, the probability of seeing even higher boards the next day tends to be higher. Sentiment has a repair inertia. But with 1.92 trillion yuan in turnover, it can’t support massive relay trades. In your opponent’s book, there are quants, there are retail bullish funds; retail traders are playing with sentiment and reaction speed. The win odds are too narrow.
Find trend-type names, wait for them to form structure before entering—that’s the correct approach.

For March’s market participants: early in the month you traded green power; mid-month you traded green methanol; at month’s end you watched power turn green—green for the whole month, and only the color was unified. This month’s行情 is just like a concert where the lead singer keeps swapping—every few days it changes the main vocalist; if the audience runs into the wrong hall, they have to pay—because the window is switching.

**VI. In April, what are we waiting for?
**

Today is the last trading day of March.
The Shanghai Composite is oscillating in a box range of 3850 to 3950; direction is unclear. If the U.S. market rebounds tonight, A-shares tomorrow may open higher. But when it opens higher, you should actually keep an eye out—don’t get carried into chasing just by sentiment. In a range-trading market, an upside gap often turns into a trap.

As we enter April, several directions are worth continuously watching:
Optical communications: the trend hasn’t broken; export data provides support; earnings expectations are clear—one of the few directions with certainty
Commercial aerospace: chart repair is in progress; event catalysts are still there; watch the window for making new highs continue
AI drug-making: new catalysts entering; observe whether funds can keep following through
Oversold growth (semiconductor equipment, robots): in a repair rhythm; wait for a launch signal
Power: that door is already closed for the near term.

Howard Marks has a line—use it as tonight’s closing note: respect cycles, doubt consensus.
The place where the high-level consensus in March was strongest is often also where it becomes the final exit. Today, the market demonstrated that line.

Written at the end

Today I’ve been thinking about one question: how long exactly has A-shares’ “independent market” really been independent?
Japan and South Korea fell nearly 4%, and we opened lower then rallied red. It looks strong. But with 1.92 trillion yuan in turnover—about 400 billion less than two weeks ago—plus the limit-high ceiling only at 5 boards as the top category, where is the “strength”? It’s clearly treading water in place, just stepping more steadily than others.

As March closes, the market didn’t give an answer. The power main line fell. Four roads showed takeover signals at the same time, but none produced enough joint force. What does that mean? That means the money in April will be harder to make—not that it can’t be made, but that it will require more patience and less impulse. Tonight’s U.S. stock market tariff news is still fermenting, and the TACO Index has already reached 2 standard deviations. Whether Trump can again “borrow the slope to slide down,” directly affects tomorrow’s sentiment open.

Get a good rest. I’ll keep watching tomorrow.

⚠️ This article is a personal recap and research, and does not constitute any investment advice. The market has risk; enter the market cautiously.