301667, surges to the "20cm" daily limit! Energy storage concept explodes

On the morning of March 17, the A-shares surged then pulled back. Large-cap stocks performed relatively well, with the Shanghai 50 Index opening higher and rising over 1%. The Shanghai Composite Index regained 4,100 points after losing it, while the Beijing 50 also faced resistance around 1,400 points. The ChiNext Index also stalled just below 3,400 points. Declining stocks far outnumbered rising ones, and market trading volume showed signs of contraction.

In terms of sectors, real estate, finance, hotels and catering, and gaming led the gains, while communication equipment, oil services engineering, glass fiber, and cultivated diamonds declined.

Energy storage concepts strengthened, with Nabaichuan (301667) soaring and hitting the “20cm” limit-up, while Xiangming Intelligent and Gude Electric Materials rose over 10%.

News-wise, Dongwu Securities forecasts continued growth driven by U.S. data center energy storage, with strong demand from projects in Europe and the Middle East. It is expected that household energy storage will enter a new growth cycle, with global energy storage installations possibly increasing by over 60% by 2026, and growing at a compound rate of 30%–50% from 2027 to 2029.

Positive News for Real Estate

Real estate stocks surged across the board in the morning, led by property services. The sector index opened high and continued to rise, with a significant intraday jump of over 5%. Within an hour of opening, trading volume exceeded that of the entire previous day. All stocks in the sector were in the green, with Shilianxing and I Love My Home among the top gainers.

Segments such as leasing equal rights, real estate development, property management, and commercial property operation also rose. Shenzhen Huafa A opened with a limit-up, hitting the daily cap for the second consecutive day. Jingtou Development also opened with a limit-up for the third day, with a year-to-date increase of over 148%. Zhongzhou Holdings and Jinneng Real Estate also hit the daily limit.

According to the Ministry of Natural Resources’ press conference yesterday, the “Notice on Further Improving Natural Resource Element Guarantee” emphasizes that newly added construction land should prioritize major projects and public welfare development, generally not used for commercial real estate development.

The China Index Academy believes that the principle of not using new construction land for commercial real estate will reduce land supply at the source. Coupled with accelerated activation of existing land, this will help reduce inventory and further improve the supply-demand relationship in the real estate market, supporting market stability.

On the same day, the National Bureau of Statistics released data showing that in February 2026, the month-on-month decline in the sales prices of commercial residential properties in 70 large and medium-sized cities continued to narrow. The number of cities where new commercial residential sales prices increased or remained flat month-on-month increased compared to the previous month.

Specifically, in first-tier cities, the month-on-month decline in new commercial residential sales prices narrowed from 0.3% last month to flat, stabilizing the decline. In second- and third-tier cities, the declines were 0.2% and 0.3%, respectively, both narrowing by 0.1 percentage points.

Shenwan Hongyuan believes that after the adjustment in China’s real estate sector, the industry’s fundamentals are gradually approaching a bottom. The profitability recovery of high-quality real estate companies is expected to occur earlier and be more resilient. Currently, sector allocations are at historic lows, with some top companies’ PB valuations or market caps at historic lows, making the sector attractive.

Major Financials Support the Market

The financial sector led the rally early in the morning, becoming the backbone of the market’s strength. The securities firms index surged nearly 3%, with trading volume in less than an hour exceeding that of the entire previous day. Guosen Securities and GF Securities led the gains.

Hong Kong-listed securities stocks also rose sharply, with the Hong Kong Stock Connect non-bank financial index surging nearly 4%. Yau Tai Securities Financial resumed trading today, with a peak increase of over 82%, hitting an eight-month high.

On the news front, on the evening of March 16, Yau Tai Securities Financial announced that the takeover offer initiated by Ant Group had been approved by relevant authorities, with settlement expected by March 30. After completion, Ant Group will officially hold controlling interest in Yau Tai Securities Financial.

Insurance stocks also rose across the board, with the sector index up over 3%. Leading gains included New China Insurance, Ping An Insurance, China Pacific Insurance, and PICC.

Guotai Haitong stated that on the liability side, strong savings demand is expected to drive continued growth in the NBV of listed insurance companies in 2026, with continued improvement in property insurance underwriting profits. On the investment side, insurance companies are expected to steadily increase their allocation to equity assets, improve duration gaps, and support steady profit growth, maintaining an “overweight” industry rating.

The banking sector index rose over 1%, marking the fifth consecutive day of gains and reaching a two-month high. Hangzhou Bank hit a record high intraday, while CITIC Bank, Ruifeng Bank, and Wuxi Bank rose for six consecutive days. Bank of China, ICBC, and CCB also rose for five consecutive days.

Western Securities forecasts that in 2026, the banking sector will be driven by stable net interest margins, improved real estate-related business, and activated retail banking. It recommends increasing holdings of high-profitability city commercial banks at reasonable valuation levels and maintaining high-dividend large banks in core positions.

Proofreader: Liao Shengchao