A-shares drop below 3,900 points again, with telecommunications surging 2.66% against the trend! Computing power "bank" policy ignites new infrastructure

Ask AI · How specifically do the power bank policies promote the development of new infrastructure?

Key points: Today, the Shanghai Composite fell 1% to close at 3,880 points, with trading volume shrinking to 1.67 trillion yuan, and over 4,700 stocks declined. The communication sector surged 2.66 against the trend, igniting enthusiasm for the “bank” of computing power policies. In the short term, markets are consolidating with volatility; in the medium to long term, focus remains on computing power, innovative drugs, and dividend themes.

Today’s A-shares left many investors feeling heavy-hearted.

The Shanghai Composite closed down 1% at 3,880.1 points, losing the 3,900-point threshold again; Shenzhen Component Index fell 0.99%, ChiNext Index dropped 0.73%, STAR 50 declined 0.47%, and Northbound Capital 50 fell 2.12%. The total market turnover was 1.67 trillion yuan, about 190 billion yuan less than the previous day, with over 4,700 stocks declining. For the week, the Shanghai Index declined a total of 0.86%, while the ChiNext Index dropped 4.44%, indicating overall weak sentiment.

However, not all sectors were without bright spots.

The communication sector led the rally, soaring 2.66%, becoming the only major industry to close significantly higher today. DekeLi, Yitian Shares, and Weiten Electric hit the 20% daily limit, Tengjing Technology and Guangku Technology rose over 10%. The electronics sector edged up 0.13%, while most other sectors declined. Agriculture, forestry, animal husbandry, and fishery fell 2.84%, power equipment down 2.68%, textiles, apparel, utilities, and media all declined over 2.3%. Coal stocks continued to weaken, with Yunmei Energy and Shaanxi Black Cat dropping over 8%; oil and gas stocks such as Bohui Co. fell over 10%; breeding industry Jingji Zhinnong hit the limit down.

Why did the communication sector outperform against the trend? The core catalyst came from the Ministry of Industry and Information Technology’s release yesterday of the “Special Action Plan for Inclusive Computing Power Empowering Small and Medium-sized Enterprises.”

The document explicitly proposed exploring innovative businesses like “computing power banks” and “computing power supermarkets,” supporting SMEs to activate idle computing resources, and enabling flexible use through cross-region and cross-cycle scheduling. It also called for promoting the deployment of technologies like all-optical switching (OCS) to reduce network latency and improve application interaction experience. This is akin to giving computing resources a “financial circulation” wing, directly igniting enthusiasm in segments like computing power scheduling and OCS. The concept of computing power leasing moved in tandem, with Sttech, ZhiZhen Technology hitting the limit up, and others like Orient Guoxin and Guanghuan Xinwang following suit.

Industry-level resonance also emerged. Tencent Cloud launched ClawPro, the first domestic enterprise AI intelligent agent management platform verified with millions of users, accelerating AI application deployment and continuously benefiting from the upgrade demand of communication networks. ZTE announced the latest progress on share buybacks, signaling long-term confidence to the market.

The policy dividends for the computing power industry are continuously being released. From macro data, new infrastructure investments remain high—State Grid’s fixed asset investment in Q1 reached nearly 130 billion yuan, up about 37% year-over-year, driving upstream and downstream investments in the industry chain exceeding 250 billion yuan, with new energy grid connection projects increasing over 50%. The synergy between computing power and electricity is moving from concept to reality, which is the fundamental reason why the communication sector can stand out during market adjustments.

Other active sectors also have their own logic.

The innovative drug concept showed partial strength, with Laimei Pharmaceutical hitting the 20% limit, and JinYao Pharmaceutical hitting six consecutive limits. The AACR annual meeting will be held on April 17, with over 100 Chinese pharmaceutical companies expected to present nearly 400 research results. Coupled with the over-expected growth in innovative drug BD transactions since 2026, leading companies are entering profit inflection points. Cross-border payment concepts were active, with Cuiwei Shares hitting the limit, China Oil Capital reaching the limit, and the Strait of Hormuz achieving RMB settlement for the first time.

Stocks with larger adjustments today include power equipment, agriculture, forestry, animal husbandry, and fishery sectors, mainly due to sector rotation rather than clear fundamental negative signals. Continued attention to industry chain demand changes is needed.

What about the outlook? In the short term, the market is in a consolidation phase. Today’s total trading volume shrank to 1.67 trillion yuan, with cautious sentiment ahead of the weekend. April marks the peak period for annual and Q1 earnings disclosures, shifting market focus from “policy expectations” to “performance realization,” with earnings certainty becoming key. However, the downside space for indices is relatively limited, and adjustments often breed opportunities.

In the medium to long term, policy dividends continue to be released, new infrastructure investment remains high, and A-shares still offer abundant structural opportunities. Key themes to watch include:

First, the computing power industry chain (optical modules, all-optical switching, computing power scheduling, power-electrical synergy), with clear policy support and industry trends, offering strong earnings visibility; second, innovative drugs, as AACR and other international conferences approach, with profit inflection points for leading companies already visible and pipeline data catalyzing intensively; third, dividend strategies, which can serve as core holdings during market volatility, with strong resilience and currently low valuation levels relative to growth.

In terms of trading, remain cautious of overhyped stocks lacking performance support, and avoid stocks at risk of delisting. During volatile markets, maintaining core positions and patiently waiting for the right entry points is often more important than frequent trading.

Note: The market involves risks; investment should be cautious. This article is based on publicly available information and does not constitute any investment advice.

Author’s statement: Personal opinions only, for reference purposes.