ChiNext rises over 1%, 'Shrimp' sector declines, solar energy supply chain surges, 'Ningwang' A/H shares soar, Hang Seng Tech turns negative, NIO jumps 13%

The solar energy supply chain experienced a major surge, with 'Ningwang' (CATL) rallying during the session. Latest financial reports show CATL’s fourth-quarter net profit surged 57%, drawing strong enthusiasm from Wall Street. Despite rising lithium prices, expansion plans are expected to accelerate this year. Hong Kong-listed new energy vehicle stocks rose collectively, with NIO jumping 15%. Earlier, its latest earnings report revealed that NIO achieved historic breakthroughs in Q4 2025, turning its first quarterly profit.

On March 11, the A-share market saw a volatile yet upward trend throughout the day. The Shanghai Composite fluctuated narrowly, while ChiNext gained over 1%. The solar energy supply chain surged, with coal and chemical industries rallying in the afternoon. Computing hardware remained active, and concepts related to CPO and optical circuit switches climbed higher.

A-share and Hong Kong-listed 'shrimp' (OpenClaw) concepts declined.

Hong Kong's market surged initially but then retreated, with both the Hang Seng Index and Hang Seng Tech Index ending lower. The Hang Seng Tech Index briefly rose over 1% earlier in the day. New energy vehicles soared, with NIO up 15%, following its report of first-ever quarterly profitability. Most tech stocks ended lower.

In bond markets, government bond futures declined across the board. In commodities, domestic futures mostly rose, with the container freight index up 7%, while crude oil and fuel continued to fall sharply.

A-Share Market: As of reporting, the Shanghai Composite rose 0.05%, the Shenzhen Composite gained 0.85%, and the ChiNext Index advanced 1.74%.

Hong Kong Market: As of reporting, the Hang Seng Index rose 0.08%, and the Hang Seng Tech Index climbed 0.26%.

Bond Market: Government bond futures declined across the board. As of reporting, the 30-year main contract dropped 0.13%, the 10-year main contract fell 0.03%, the 5-year main contract declined 0.02%, and the 2-year main contract was flat.

Commodities: Domestic commodity futures mostly rose. As of reporting, shipping futures led gains, with the Container Freight Index (Europe route) up 6.04%; chemicals generally increased, with butadiene rubber up 3.95%; oilseeds and oils mostly rose, with soybean meal up 2.60%; base metals showed mixed movements, with aluminum up 2.31%; precious metals all rose, with silver up 1.75%; black metal sector mostly gained, with iron ore up 0.96%; energy products led losses, with crude oil down 10.24%; new energy materials mostly declined, with lithium carbonate down 2.91%.

On the market, A-share and Hong Kong-listed 'shrimp' (OpenClaw) concepts deepened their losses. Zhipu AI and Minimax both fell over 6%.

On March 10, the National Internet Emergency Response Center issued a risk alert regarding OpenClaw security applications. Previously, due to improper installation and use of OpenClaw AI agents, serious security risks had emerged, including 'prompt injection', 'misoperation', 'skills plugin poisoning', and vulnerabilities.

12:04

Large tech stocks diverged in performance. Tencent's gain narrowed to less than 1%, Meituan fell 2.65%, and Baidu rose 1.5%.

New energy vehicle stocks strengthened, with NIO soaring over 16% leading the gains. Lithium battery sector topped the list, with Zhongchu Innovation Aerospace and CATL both rising over 8%.

11:54

Overall, more stocks declined than advanced. Over 3,200 stocks in Shanghai, Shenzhen, and Beijing markets turned red, with morning trading volume reaching 1.68 trillion yuan. Half-day trading volume for Shanghai and Shenzhen totaled 1.67 trillion yuan, up 70 billion yuan from the previous day. Sector-wise, solar energy and lithium battery concepts surged, while wind power, brain-computer interface, stablecoin, energy storage, and CPO themes remained active. Defense, oil & gas, steel, and rare earth sectors weakened, and AI application and cloud computing stocks corrected.

Specifically, the solar energy supply chain surged dramatically. Photovoltaic inverters, lithium battery electrolytes, power batteries, energy storage, and photovoltaic sectors all rose sharply, with top performers including Shouhang Xineng, Airo Energy, Jinlang Technology, and Suno Power. CATL rose nearly 6%.

News-wise, according to an article on Wall Street Now, CATL delivered an unexpectedly strong performance. Its Q4 2025 parent company net profit reached 23.167 billion yuan, a YoY surge of 57.1%, and a MoM increase of 25%, significantly surpassing market expectations of around 19.6 billion yuan — marking the largest YoY growth in two and a half years. Full-year parent company net profit reached 72.2 billion yuan, up 42.28% YoY, with profit growth far outpacing revenue growth of 17%.

Following the earnings release, major institutions including HSBC Pioneer, Nomura, and Jefferies raised target prices and maintained buy ratings. Wall Street’s confidence in 'Ningwang' has never been stronger. JPMorgan directly quoted management stating: 'We expect stable unit profits in 2026, with no significant changes under normal circumstances.'

CATL has already secured upstream lithium mining through hedging mechanisms. Contract pricing uses a lithium carbonate-linked model, allowing cost increases to be smoothly passed on to customers. Compared to the last lithium cycle, CATL is better prepared. HSBC Pioneer also noted that the Yichun lithium mine project is accelerating reactivation approval; once approved, it will further strengthen the company’s cost hedging capability.

Computing hardware stocks continued to rally. Risecan and Changfei Fiber both hit two consecutive daily limits, while Changxin Bochu, Huagong Technology, and OptoChina led gains.

According to Securities Times, OpenRouter statistics show that over the past 30 days, Step3.5 Flash has recorded the highest total token usage on OpenClaw globally. Currently, the top three spots on OpenClaw’s daily and monthly charts are occupied by Chinese large models Step3.5 Flash, Kimi K2.5, and MiniMax M2.5.

Lately, OpenClaw (the 'shrimp') has gone viral. However, OpenClaw, as an open-source AI agent, fundamentally relies on continuous API calls to large models to operate. Its core mechanism depends on token utilization — which, behind the scenes, requires computing power and electricity.

Open Source Securities’ research report stated that ‘AIDC construction, DCI interconnection, and drone demand’ create a triple resonance driving fiber optic demand. From the supply side, optical preforms have long expansion cycles and high difficulty in scaling, suggesting supply-demand imbalance may persist, potentially leading to sustained price increases in fiber optics.

11:02

CATL A-share stock rose over 7%, crossing the 400 yuan mark. CATL H-share rose about 9%, breaching the 600 HKD threshold.

10:51

The Hang Seng Tech Index rose over 1%, with NIO up nearly 17%, XPeng Motors up over 6%, and Wuhan Semiconductor up over 5%.

10:09

The solar energy supply chain surged, with Shouhang New Energy, Zhengtai Power, Deyue Co., Ltd. hitting the daily limit, and Suno Power up nearly 9%.

10:04

NIO jumped 15%.

News-wise, according to an article on Wall Street Now, the earnings report shows that NIO achieved operating profit of 1.25 billion yuan in Q4 2025, marking its first-ever quarterly profitability in history. At the same time, the company’s cash reserves reached 45.9 billion yuan, up nearly 10 billion yuan month-on-month.

This means that after nearly a decade of investment and expansion, NIO has finally crossed a critical threshold. After the U.S. market opened, NIO surged over 10 percentage points in a straight line.

Li Bin had repeatedly publicly stated that NIO would eventually achieve profitability in a quarter. Now, that promise has been fulfilled. Whether this single-quarter profitability is a fleeting moment or a fundamental shift in Li Bin’s business model will depend entirely on NIO’s future performance.

09:46

Lithium mining concept stocks oscillated and rose, with Weiling Shares hitting the daily limit, and Yongxing Materials, Yibei Lithium Energy, Tibet Zhusu, Tianhua New Energy, and Hongxing Development following suit.

09:40

Liquid-cooled server concept strengthened, with Dayuan Pumpery hitting the daily limit, and Feilong Corporation, Yingwei Ke, Chuanrun Co., Ltd., and Yimikang following gains.

News-wise, the 2026 GTC Conference — Nvidia’s annual AI event held from March 16 to 19 in San Jose, California — will focus on artificial intelligence and next-generation AI infrastructure.

09:25

Ultra-hard materials concept maintained strength, with Huanghe Xuanfeng securing two consecutive daily limits, and Liliang Diamond, Sifang Da, Huifeng Diamond, and Wolde following gains.

09:26

The Shanghai Composite opened up 0.01%, and the ChiNext Index rose 0.37%. Industrial machine tools, cybersecurity, high-speed copper connectors, nuclear fusion, commercial spaceflight, and CPO themes performed well; oil & gas and coal sectors weakened, and cloud computing concepts corrected.

09:21

The Hang Seng Index opened up 0.59%, the Hang Seng Tech Index rose 0.87%, NIO jumped 15%, Tencent Holdings gained over 4%, and CATL and Baidu Group led gains.

09:01

Commodity futures opened, with crude oil main contracts down over 13%, fuel oil, pure benzene down over 8%, LU fuel oil down over 6%, liquefied gas, PTA, propylene, styrene, plastic down over 5%. Silver and soybean meal rose over 2%.