A-shares, a sudden change in the afternoon! 301008 hits two consecutive limit-ups, "Zhang Xue Motorcycle" concept explodes!

“Zhang Xue Motorcycle” has become one of the market’s hot concepts.

On March 31, China’s A-shares fell across the board, with the Shanghai Composite Index losing the 3,900-point level; the ChiNext Index, the Science and Technology Innovation Composite Index, and others dropped more than 2%. Hong Kong stocks also weakened, with the Hang Seng Tech Index briefly falling more than 1% during the day.

More specifically, major A-share indices accelerated downward in the afternoon, with the ChiNext Index and others down more than 2%. By the close, the Shanghai Composite Index fell 0.8% to 3,891.86 points; the Shenzhen Component Index fell 1.81%; the ChiNext Index fell 2.7%; and the Science and Technology Innovation Composite Index fell 2.48%. The combined trading value across the three markets—Shanghai, Shenzhen, and Beijing—was about 2.01 trillion yuan, an increase of about 100 billion yuan versus the previous trading day.

Nearly 4,400 A-share stocks finished the day in the red. Resource stocks such as coal, oil, and electric power, as well as chemicals, all fell collectively. Goldfinch Chemical neared its daily limit down; China National Offshore Oil and China Petroleum fell by more than 2% each. The storage concept also sank: 佰维存储 and 香农芯创 fell by more than 8%, and 兆易创新 fell by about 7%. The high-speed rail concept surged: 金鹰重工 hit the 20% daily limit up; 神州高铁 won a second consecutive daily limit up. Bank stocks rose: Bank of China and Agricultural Bank of China rose by more than 3%; and others such as 建设银行 rose by more than 1%. The innovative drug concept remained active: 津药药业 notched a third consecutive daily limit up; 凯莱英 hit the daily limit up; and 万邦德 hit the daily limit up at the close, setting a historical high. The sports concept was also active, with 舒华体育 and 中体产业 both hitting the daily limit up. Notably, the “Zhang Xue Motorcycle” concept exploded, and 宏昌科技 (301008) hit the daily limit for two straight days.

In Hong Kong, by the close, 凯莱英 rose by more than 13%, 药明生物 rose by more than 5%, and 美的集团 rose by nearly 7%.

Banking sector rises

Banking stocks rallied against the trend during the day. By the close, Bank of China and Agricultural Bank of China rose by more than 3%, 浦发银行 rose by nearly 2%, and others such as 建设银行 rose by more than 1%.

Industry-wise, as of March 29, 2026, 22 listed banks had disclosed their 2025 annual reports or annual performance express reports. Of these, 13 disclosed annual reports and 9 disclosed performance express reports. The operating results of banks that have already released their 2025 annual reports show that, among the 22 banks, the year-on-year growth rates of weighted-average revenue and profit were 1.05% and 1.77%, respectively, which largely meets expectations. It is expected that the divergence between subsequent disclosed operating results will be smaller.

CITIC Securities said that looking ahead to the first quarter, bank asset deployment will remain steady; net interest margins will decline as expected; and the credit risk situation will remain relatively stable, with the trend of profit growth continuing to stabilize and move upward. Because market risk appetite is declining, and the broader liquidity environment is relatively stable, equity assets such as bank stocks may be even more favored under lower drawdown requirements; both relative and absolute returns are expected to continue.

Galaxy Securities believes that the escalation of the Iran-U.S. conflict brings imported inflation, posing potential challenges to bank operations. However, at present, policy still mainly focuses on expanding domestic demand. In addition, banks’ credit structure continues to be optimized, which is expected to ease demand pressure brought by inflation. Continued capital replenishment for large banks and strengthened risk-control capabilities mean the overall impact is controllable. Although the banking sector has seen a recent pullback, near-term hedging demand is a short-term positive for banks’ allocation value. Looking ahead, repairs are expected to come more from improvements in fundamentals, and profit elasticity for 2026 is expected to be released further. In an environment of lower interest rates and accelerated entry of medium- to long-term capital into the market, the banks’ dividend-and-value style—high dividend yield and low valuation—still has sustained appeal to long-term funds such as insurance capital, driving accelerated valuation repricing and reconstruction.

“Zhang Xue Motorcycle” concept surges

Boosted by the outstanding performance of Zhang Xue Motorcycle in the World Superbike Championship, related A-share companies’ stock prices surged across the board. Among them, 宏昌科技 hit the daily limit again in the afternoon, earning two consecutive daily limit ups; 鸿泉技术 jumped by more than 16% and briefly touched the daily limit up during the day; 征和工业 also hit the daily limit up in the afternoon.

Zhang Xue Motorcycle recently won the WS BK midweight event championship, drawing market attention. This is the first time a Chinese motorcycle manufacturer has won in the WSBK top-tier event, breaking the long-standing dominance of Western and Japanese brands such as Ducati and Yamaha.

According to reports from CCTV News, Beijing time on March 28, in the first race of the SSP class at the World Superbike Championship (WSBK) Portugal round, French rider piloted the 820RR-RS race bike of Zhang Xue Motorcycle and won the championship with a lead of nearly 4 seconds over second place. In the second race held on the 29th, Zhang Xue Motorcycle again took victory, achieving back-to-back wins.

According to materials, 征和工业 is Zhang Xue Motorcycle’s official technical cooperation partner. For a long time, the company has been committed to fighting side by side with the world’s top racing teams, and jointly developing race-grade chain system products.

鸿泉技术 said in a message released in February this year that it has been awarded the “strategic cooperation partner” title by Zhang Xue Motorcycle. The company officially sponsors Zhang Xue Motorcycle as it heads to the 2026 WSBK World Superbike Championship.

Storage concept falls

The storage concept saw a sharp drop during the day. By the close, 佰维存储 and 香农芯创 fell by more than 8%, 兆易创新 fell by about 7%, and 炬光科技, 普冉股份, 北京君正, among others, fell by more than 5%.

On the news front, Google has recently introduced the TurboQuant memory compression technology. Google said TurboQuant can reduce the memory footprint of the key parts of large language model runtimes—key-value cache (KVCache)—to 1/6 of the original, without losing accuracy. Some market views believe this technology will reduce AI’s demand for memory.

However, Guolian Minsheng Securities believes that breakthroughs in memory compression technology will drive sustained expansion of demand in the storage market over the long term. The leap in memory efficiency brought by TurboQuant may, in the long run, pull storage demand growth through multiple transmission mechanisms rather than compressing market space. Based on “Jeavons’ paradox” in economics, by significantly lowering the AI inference compute power and memory thresholds, the technology is expected to promote AI capabilities to permeate across all scenarios, and could also drive the total number of global AI server deployments to grow by multiples, thereby expanding overall storage demand.

CITIC Securities said that according to “Jeavons’ paradox,” improvements in algorithmic efficiency can significantly reduce the per-Token generation cost, which in turn will stimulate users to enable higher concurrency and longer context. Ultimately, this leads to total computing power demand not decreasing but increasing. At NVIDIA’s GTC2026 conference, “Token factory economics” was highlighted. Its core significance is strengthening the strategic position of storage in AI infrastructure—storage power metrics such as bandwidth and capacity have become central to system upgrades. Similar to how TurboQuant reduces per-Token generation costs, it helps cloud providers improve capital return rates, supporting continued AICapex investment. At the same time, this also implies that the storage industry’s profit ceiling will be opened up for the long term.

Proofread by 彭其华