A-Share Opening Brief | A-Shares Open Lower Collectively, Shanghai Index Falls 0.28%, Oil, Coal Continue Strong Performance

MaticHoleFiller · 2026-03-13T02:05:18+00:00

On March 13, the three major A-share indices opened lower, with the Shanghai Composite Index declining 0.28%. In the market, oil and coal sectors performed strongly, while precious metals and communications equipment sectors saw larger declines. Institutional analysis suggests that the current China-US economic cycle differs from the Russia-Ukraine conflict, with opportunities outweighing risks, and recommends focusing on sectors such as energy. Should the Middle East conflict persist, asset pricing logic may shift, and gold and energy assets will gain new premiums. From a technical perspective, the Shanghai Composite Index has the potential to challenge the 4,150-point level.

MaticHoleFiller

2026-03-13 02:05:18

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On March 13, the three major A-share stock indices all opened lower, with the Shanghai Composite down 0.28% and the ChiNext Index down 0.63%. In the market, sectors such as oil and coal continued to perform strongly, with China Petroleum & Chemical Corporation (Sinopec) rising over 2%; the gaming sector was active, with Glacier Network up over 8%; sectors like precious metals and communication equipment saw the largest declines.

Institutions’ outlook on the market

Guojin Securities: Currently, the China-U.S. economic cycle differs from the Russia-Ukraine conflict, and opportunities still outweigh risks

Guojin Securities believes that AI is triggering deflation in the service industry and the rise of hardware assets. Market focus is shifting from light asset “tech narratives” to heavy asset “hardware realities.” Chinese assets, due to their high manufacturing share and tangible assets, are seen as “HALO assets” (heavy assets with low淘汰). Amid global turbulence and reshaping of the landscape, after the outbreak of the US-Iran conflict and the closure of the Strait of Hormuz, oil prices have moved higher but the increase will gradually stabilize. The current China-U.S. economic cycle is different from the Russia-Ukraine conflict, and opportunities still outweigh risks. Industry-wise, sectors such as energy, industrial metals, Chinese chemicals, power equipment, and machinery are optimistic. Consumption recovery is expected as foreign exchange inflows increase.

Galaxy Securities: If Middle East conflicts become prolonged, asset pricing logic may change

Galaxy Securities believes that in traditional valuation logic, U.S. Treasuries, the dollar, and core U.S. stocks are considered “safe assets.” However, if the conflict prolongs, rising energy costs, weakened U.S. fiscal constraints, and damaged strategic credit will shake this system. Gold, energy assets, non-dollar currencies, and markets with supply chain resilience and geopolitical stability (such as China) may gain new premiums.

Orient Securities: From a technical perspective, the Shanghai Composite Index may challenge the 4150 level

Orient Securities states that from a technical standpoint, they believe the Shanghai Composite Index will challenge the 4150 level. It already reached around 4141 yesterday, and although it pulled back quickly, the resistance at this level remains clear. The index may continue to challenge new highs in the future.

This article is reprinted from “Tencent Self-Selected Stocks,” edited by Feng Qiuyi of Zhitong Finance.

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