A-share three major indices consolidate with fluctuations; agrochemical products and wind power equipment sectors strengthen

The three major Chinese stock indices fluctuate and consolidate. In the market, sectors such as kitchen and bathroom appliances, agrochemical products, coke, wind power equipment, energy metals, and batteries lead in gains, while small metals, precious metals, state-owned cloud concepts, power grid equipment, and oil and gas extraction sectors perform weakly.

As of midday close, the Shanghai Composite Index fell 0.22% to 4,120.14 points; the Shenzhen Component Index declined 0.17% to 14,350.01 points; the ChiNext Index decreased 0.03% to 3,316.55 points.

Today’s Highlights

Iran Deputy Foreign Minister: Allowing some countries’ ships to pass through the Strait of Hormuz

According to the Islamic Republic News Agency on the 12th, Iran’s Deputy Foreign Minister Ravanji stated in an interview that Iran allows ships from certain countries to pass through the Strait of Hormuz. Ravanji said that some countries have discussed navigation issues with Iran regarding the Strait of Hormuz, and Iran has cooperated with them, but countries involved in aggression against Iran do not enjoy “safe passage rights” through the Strait.

Apple announces reduction of App Store commission rates in China

On the 13th, it was reported on Apple’s developer official website that, following communication with Chinese regulators, Apple will lower the commission rates for mobile and tablet operating systems within the Chinese App Store. The standard commission rate for in-app purchases and paid apps will be reduced from 30% to 25%. Eligible apps under the App Store Small Business Program and Mini Apps Partner Program will see their first-year automatic renewal subscription commission rate lowered from 15% to 12%.

China successfully launches 20 satellite internet low-earth orbit satellites

At 3:48 AM on March 13, China successfully launched 20 satellite internet low-earth orbit satellites using the Long March 8甲 rocket from the Hainan Commercial Space Launch Site. The satellites entered their designated orbits smoothly, and the launch was a complete success.

Breakthrough in 14-inch domestic semiconductor company! Major moves in chip cooling

On March 11, Tiancheng Semiconductor announced that, relying on its self-developed equipment, it successfully produced 14-inch silicon carbide single crystal materials with an effective thickness of 30mm. This breakthrough not only fills a technical gap in the domestic field but also marks a significant step in China’s silicon carbide industry from “12-inch popularization” to “14-inch breakthrough.”

U.S. issues license allowing some Russian oil sales

According to the U.S. Department of the Treasury website, the U.S. has issued a new general license related to Russia. The license permits the sale of Russian crude oil and petroleum products loaded onto ships from March 12, until 00:01 Eastern Time on April 11, allowing such sales of Russian oil and products.

Trump administration prepares to waive the Jones Act to address soaring fuel prices

The Trump administration is considering a temporary waiver of the century-old Jones Act to ensure the free transportation of energy and agricultural products between U.S. ports. White House Press Secretary Karine Leavitt stated on Thursday that this move aims to address supply disruptions caused by the Iran situation.

Institutional Views

Huatai Securities: Emphasize investment opportunities in pipeline network renovation during the 14th Five-Year Plan

Huatai Securities research report states that looking ahead to the 14th Five-Year Plan, the shift from “incremental” to “stock” demand applies not only to housing renovation but also to infrastructure investment. By the end of the 14th Five-Year Plan, China’s urbanization rate of the permanent population has reached 67.9%, with a growing scale of existing buildings. Urban development may shift from a “large demolition and construction” phase to a “quality improvement” phase for existing stock. Since 2024, policies have repeatedly emphasized “promoting urban renewal,” and with recent extreme weather and flood disasters, pipeline network renovation has great potential and could be a key investment focus during the 14th Five-Year period. It is recommended to pay attention to related supply chains and stocks in engineering pipes, waterproof materials, and pipeline inspection and maintenance.

CITIC Securities: Wind power industry to undergo triple valuation reassessment

CITIC Securities’ research report states that the green fuel industry concerns national energy security, positioning as an alternative to oil and gas. The sector has shifted from a decarbonization optional to a mandatory national strategy, with clear growth potential. The valuation premium logic driven by oil substitution and energy security will fundamentally reshape the development logic of the wind power industry, leading to a systemic upward shift in valuation centers, a comprehensive change in valuation systems, and a long-term growth ceiling being fully unlocked, resulting in a triple valuation reassessment.

CICC: Optimistic about China’s development of green methanol as a decarbonization fuel for shipping

CICC’s research report indicates that the global shipping industry’s policy-driven or spontaneous decarbonization trend is expected to continue strengthening. China’s development of green fuels like green methanol can promote new energy non-electric utilization and ensure energy security. The trend of developing green methanol as a shipping decarbonization fuel is promising, and green methanol projects that can attract high-quality overseas clients are expected to benefit first. Companies capable of early green methanol capacity construction, production, and order locking are favored. CICC believes that green methanol may still be in short supply over the next 1-2 years, but project order locking and production stability will be critical.

CITIC Securities: 2026 will be a key year for establishing a turning point in the consumer industry

CITIC Securities’ research report states that the current consumer market is at a critical window of weak recovery and policy expectations. Based on marginal macroeconomic improvements and high-frequency micro data, 2026 is expected to be the year when the consumer industry’s turning point is confirmed. Due to the still-weak macro environment, the self-repair of consumer confidence will take time. In the short term, opportunities include policies related to fiscal stimulus, with a focus on high-dividend and growth-oriented consumption stocks—through service consumption and other sectors to leverage policy and wealth effects; and through high-dividend assets for defensive positioning, while closely monitoring CPI turning positive and related opportunities in catering supply chains and dairy products. Long-term, emphasis remains on changes in consumption structure.

CITIC Construction Investment: Work report first introduces carbon reduction targets; active fiscal policy to support government debt

CITIC Construction Investment’s research states that the 2026 government work report explicitly promotes accelerating green transformation, coordinating carbon reduction, pollution control, green expansion, and growth to enhance green development momentum. The report sets a target for a 3.8% reduction in CO2 emissions per unit of GDP by 2026, marking the first time a carbon reduction goal is included in the government work report, replacing the previous energy consumption intensity target. This signifies China’s shift from energy consumption control to carbon emission control. Under this context, the impact of carbon emissions on corporate operations may continue to grow, benefiting clean energy and low-carbon technology companies. The report also proposes continuing proactive fiscal policies, with local government special bonds of 4.4 trillion yuan planned to support major projects, replace hidden debt, and address government arrears. The implementation of active fiscal policies is expected to improve government payment capacity and enhance receivables for environmental companies.