A-shares midday review: Shanghai Composite Index opens higher, fluctuates, up 1.36%; over 4,300 stocks in the entire market are up.

(Source: 科创100 ETF fund)

As of the midday session, the Shanghai Composite Index was up 1.36%, the Shenzhen Component Index was up 1.2%, the ChiNext Index was up 1.18%, and the Beijing 50 was up 1.99%. The total trading value across the whole market was 13,336 billion yuan, down by 5.9 billion yuan compared with the previous trading day.

On a sector and theme basis, innovative drugs, components, and photovoltaic equipment led the gains; rail transit equipment led the declines.

On the trading board, the innovative drugs sector kept strengthening. Guangzhou Sang Tang (300436) and Wisdom Medicine (300149) hit the 20% limit up for four consecutive days and sealed the board; a number of stocks, including Aidi Pharmaceuticals and Chengda Pharmaceuticals (301201), rose more than 10%; several stocks, including Peking University Health (000788) and Yibai Pharmaceutical (600594), hit the limit up. The components sector strengthened: Ben Chuan Intelligent (300964) and Jing Sai Technology rose more than 10%, while Zhongjing Electronics (002579) hit the limit up and sealed the board. The photovoltaic equipment sector surged, with Laplace hitting the 20% limit up and sealed the board, and Guosheng Technology (603778) hitting the limit up and sealed the board. Rail transit equipment opened higher and then generally fell: Jiaotie Faring fell more than 8%, while Tongye Technology (300960) and Riyi Ming (300906) fell more than 7%.

Market highlights:

Limit-up ladder board:

【4 consecutive limit-ups】 Jin Yaowang Industry? (600488).

【2 consecutive limit-ups】 Wanbangde (002082), Tongda Shares (002560), Shengyang Shares (002580), Kileiying (002821), Xinghui Ancai (300834).

Main net inflow sectors:

NO.1 【East data to the West computing (computing power)】 received a net inflow from main funds of 6.625 billion yuan. Within the sector, 9 stocks hit limit up, and 318 stocks rose.

NO.2 【Data centers】 received a net inflow from main funds of 6.613 billion yuan. Within the sector, 10 stocks hit limit up, and 511 stocks rose.

NO.3 【Chip concept】 received a net inflow from main funds of 6.533 billion yuan. Within the sector, 5 stocks hit limit up, and 734 stocks rose.

What the market is trading today:

【Gold concept】

Related stocks: ShengTuan Mining, Luoyang Molybdenum, Jincheng Xinshi

News: On March 31, according to Xinhua News Agency, U.S. President Donald Trump, while signing an executive order in the White House, told the media that the U.S. could end its military action against Iran within two to three weeks. Iranian President Pezeshkian said Iran is willing to end the war, but only on the condition that its demands are met, especially guarantees that it will no longer suffer aggression. On April 1, spot gold broke through 4,706 USD per ounce; spot silver hovered around the 75 USD level; international oil prices fell back. U.S. oil and Brent both plunged in the short term, and this morning they rebounded slightly.

【Commercial aerospace】

Related stocks: Dingtong Technology, Ben Chuan Intelligent, Zhongjing Electronics

News: On March 30, Zhongke Aerospace’s Long March 2? test launch rocket (YI) successfully launched at the Dongfeng commercial aerospace innovation test area. It sent the Chu? Qingzhou preliminary prototype spacecraft, the Xinyu Cheng 01 satellite, and the Tianshi Satellite 01 into their planned orbits. On the same day, Zhongke Aerospace’s Science and Technology Innovation Board IPO status was officially changed to “Accepted,” and the sponsor is Guotai Haitong. It is worth noting that on the very day Zhongke Aerospace’s IPO was accepted, Blue Arrow Aerospace’s Science and Technology Innovation Board IPO审核 status was changed to “Suspended,” and the reason for the suspension was that the financial materials had passed their validity period. A person from Guotai Haitong’s investment banking team said that with Zhongke Aerospace’s IPO being successfully accepted and Blue Arrow Aerospace’s IPO review being suspended, Zhongke Aerospace has already gained an advantage in overtaking Blue Arrow Aerospace and being the first to list on the capital market, and it may become the domestic “first commercial aerospace stock.” The prospectus shows that Zhongke Aerospace mainly engages in the R&D, production, and launch services of a series of large and medium-sized commercial launch vehicles, while also opening up new space-economy business formats such as space manufacturing, space science experiments, and space tourism. Among the company’s core advantages, its strength is concentrated in the launch-vehicle business. Not only is it currently the only private and public launch-rocket company in China that has achieved launches of foreign satellites, but it also holds a leading position in the large launch-vehicle segment. In terms of performance and market results, Zhongke Aerospace’s leading position in the industry continues to be reinforced. By the end of 2025, Zhongke Aerospace had cumulatively launched payload weights exceeding 11 tons, ranking first among China’s private commercial launch-vehicle enterprises. Its main order types cover commercial orders, orders from research institutions, orders for national missions, and overseas orders. In this IPO, Zhongke Aerospace plans to raise 4.18 billion yuan. The raised funds will be used for building R&D for reusable large launch vehicles, R&D for reusable launch vehicles and spacecraft, a reusable liquid-engine industrial base, and also for repaying bank loans and supplementing working capital. It is important to note that Zhongke Aerospace has not yet achieved profitability. In 2022, 2023, 2024, and January–September 2025, the company’s operating revenue was approximately 5.9529 million yuan, 77.721 million yuan, 244 million yuan, and 84.2239 million yuan, respectively. In the same period, the company recorded net losses of approximately 1.761 billion yuan, 512 million yuan, 861 million yuan, and 749 million yuan, respectively. As of the end of the reporting period, the unrecouped losses under the consolidated basis totaled 2.497 billion yuan. The company chooses to apply the second set of listing standards for the Science and Technology Innovation Board, namely: “The estimated market value is not less than 1.5 billion yuan, the operating revenue in the most recent year is not less than 200 million yuan, and the cumulative R&D investment over the most recent three years as a proportion of the cumulative operating revenue over the most recent three years is not less than 15%.” Based on each indicator, Zhongke Aerospace fully meets the above listing standards.

【Innovative drugs】

Related stocks: Guangzhou Sang Tang, Wisdom Medicine, Aidi Pharmaceuticals

News: Chengxin International stated that the digital-and-intelligent transformation of the pharmaceutical distribution industry is accelerating across the board. Driven by deep resonance among policy guidance, technology enablement, and market demand, the digital-and-intelligent transformation of the pharmaceutical distribution industry is accelerating across the board. With technologies such as the Internet of Things and AI being implemented one after another, high-quality industry resources are expected to concentrate toward leading companies and achieve a major leap from growth in scale to growth in value. In 2026Q1, the total value of innovative drug BD authorizations exceeded 60 billion USD. The global cooperation value is accelerating its realization. In 2025, China’s innovative drug BD overseas authorization reached a record high: the total annual transaction amount was 135.655 billion USD, the upfront payment was 7 billion USD, and there were 157 transactions. After entering 2026, the momentum has continued. As of March 27, the total value of external authorization transactions had already exceeded 60 billion USD. The value of global collaborations for domestically developed innovative drugs continues to be realized.

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