On March 11, the A-share market continued its rebound, with major indices closing higher collectively. The technology sector erupted strongly, becoming the core force driving the market upward. As of yesterday’s close, the Shanghai Composite Index rose 0.65% with shrinking volume, the Shenzhen Component Index rose 2.04%, the ChiNext Index soared 3.04%, the Sci-Tech Innovation Composite Index rose 3.02%, and the Beijing Stock Exchange 50 Index rose 1.94%. Individual stocks in the two markets showed a “broad-based rise pattern”, with 4,352 rising and 808 falling, and the turnover reached 2.42 trillion yuan.

In terms of sector performance, the differentiation feature is obvious. The semiconductor and computing power hardware industrial chains became the biggest bright spots, with related concepts such as CPO, optical communication, advanced packaging, and liquid-cooled servers leading the gains. News such as AOI receiving a $200 million first batch of mass production orders for 1.6T and MGC announcing a 30% price increase for copper-clad laminates starting in April further boosted sector sentiment. At the same time, affected by fluctuations in international oil prices, energy sectors such as petroleum, coal, and gas supply and heating fell sharply, becoming one of the only declining sectors of the day.

Institutional views indicate that the current A-share market is in a rebound phase. Although trading volume has shrunk, the strong return of the technology sector highlights structural market opportunities. Goldman Sachs’ latest report maintains an “overweight” rating on Chinese stocks, believing that A-shares have a higher risk-return ratio. Going forward, it is necessary to pay attention to the market’s volume replenishment today. If a high opening with volume can be achieved, the rebound is expected to continue, and focus can be placed on technology main lines such as chips, 6G, and commercial aerospace.