Despite overnight declines in U.S. markets, domestic stocks showed resilience with continued rebounds across both exchanges. The Hang Seng Index climbed 1.09%. In efforts to stabilize markets, diplomatic maneuvers emerged involving potential negotiations between U.S. and Iranian officials. Reports indicate a 15-point proposal from the U.S. seeks to end hostilities, including Iranian commitments to abandon nuclear weapons development and open the Hormuz Strait as a "free maritime zone." Iran's counterconditions reportedly demand comprehensive resolution of issues dating back to 1979. The vast gap in objectives suggests negotiations may primarily serve as temporary market relief, especially with U.S. naval assets accelerating deployments to the Middle East.
Domestic market gains were largely driven by potential easing of Hormuz Strait restrictions. According to Singaporean media, Iran communicated to international bodies that "non-hostile vessels" could transit the strait after coordination, potentially easing economic pressures despite maintained restrictions against U.S.-aligned ships. This strategic move isolates opposing nations while garnering international support.
Domestic liquidity measures provided additional support. The People's Bank of China conducted 500 billion yuan in MLF operations on March 25, exceeding maturing 450 billion yuan—marking the 13th consecutive month of net injections. Regulatory shifts also impacted sectors, with market regulators condemning excessive subsidies in food delivery platforms. As subsidy wars conclude, profitability expectations rise, boosting stocks like Meituan (03690) which surged over 13% ahead of earnings.
The national data authority's official recognition of "Token" as a fundamental unit for AI value measurement sparked rallies in related stocks. Data shows Chinese AI models processed 4.69 trillion tokens weekly as of March 15, surpassing U.S. volumes for two consecutive weeks. MiniMax M2.5 led global model usage for five weeks. National supercomputing initiatives launched token giveaway campaigns, offering up to 30 million tokens per user to lower access barriers. Beneficiaries included token-related stocks like Xun Chi (03317) and Zhipu (02513), both jumping over 13%, while computing infrastructure plays like GDS Holdings (09698) and SUNeVision (01686) gained over 6%.
AI and data center energy demands boosted power stocks, particularly nuclear plays like CGN Power (01816), which rose over 5%. Thermal power outperformed green energy due to stronger profitability, with Huaneng Power (00902), Datang Power (00991), and Huadian Power (01071) all climbing over 5%. Energy storage firm Tianneng Power (00819) surged over 10%, while lithium miners Ganfeng Lithium (01772) and Tianqi Lithium (09696) advanced over 5%.
Positive signals from the Optical Fiber Communication Conference included capacity expansion plans and supply tightness evidence, propelling fiber optic stocks like Changfei Optical (06869) and FIT Hon Teng (06088) over 13%. Server component supplier Huiju Tech (01729) jumped nearly 12% on orders for advanced optical modules.
Despite weak annual results, L&L Energy (01277) gained over 10% on generous dividend plans and coal price resilience. New listings like Nations Tech (02701) and Guanghe Tech (01989) surged 21% and 11% respectively, leveraging battery materials and server PCB manufacturing themes.
Nickel futures rose 2.30% after Indonesia approved export taxes, benefiting related stocks like Lygend Resource (02245), CNGR (02579), and Xinxin Mining (03833).
Hans CNC (03200), a global PCB equipment leader, holds robust orders with laser drilling systems nearing mass production. The company's dominance in high-layer AI server boards and overseas expansion positions it for growth amid computing infrastructure investments.