A-shares and Hong Kong stocks fluctuate higher in the afternoon: Shanghai Composite Index rises over 1.3%, Hang Seng Index's gains expand to 2%

On the afternoon of March 24, both the A-share and Hong Kong stock markets rose consecutively.

As of the time of writing, the Shanghai Composite Index increased by over 1.3%, and the Shenzhen Component Index also rose by over 1%. The ChiNext Index, which had once dropped over 2.4% in early trading, successfully turned positive.

From a sector perspective, the small metals sector saw a short-term surge, with Yunnan Tin Company (002428) hitting the daily limit, and Yian Technology (300328), Xiamen Tungsten (600549), and Zhangyuan Tungsten (002378) also following suit.

Guosen Securities believes that the current market pullback is a normal adjustment in the later stages of the market, and external disturbances are merely amplifiers of the adjustments rather than triggers for a bull-bear switch. It is essential to avoid losing sight of the medium to long-term direction due to short-term panic. History shows that significant pullbacks in the market typically follow a pattern of “sharp decline - rebound - consolidation,” and reaching new highs requires time to digest pressure. This adjustment period often presents good opportunities for gradual positioning. Directionally, in the short-term fluctuations, market styles may rebalance, and some undervalued “old economy assets” may temporarily outperform. In terms of mid-term themes, sectors representing economic transformation and security, such as artificial intelligence, advanced manufacturing, and strategic resources, remain core allocation directions. These sectors have real industrial policies and fundamental support, making them more likely to lead the market to new trends after adjustments.

The Hong Kong stock market also performed impressively, with the Hang Seng Index rising over 2% as of the time of writing, and the Hang Seng Tech Index currently up over 1.4%.

Specifically, Lao Pu Gold rose over 12%. On the evening of March 23, Lao Pu Gold disclosed its performance announcement for the fiscal year 2025. The announcement indicated that the group’s sales performance (sales performance refers to the amount of revenue including taxes) for 2025 is approximately RMB 31.375 billion, a year-on-year increase of about 220.3%, with operating income of approximately RMB 27.303 billion, a year-on-year increase of about 221.0%. In terms of profit, Lao Pu Gold’s gross profit for 2025 is approximately RMB 10.274 billion, an increase of about 193.4% compared to the gross profit for 2024, with an annual profit of approximately RMB 4.868 billion, a year-on-year increase of about 230.5%.

Among other constituents of the Hang Seng Index, stocks such as AIA Group, Master Kong Holdings, and Zijin Mining also saw significant gains.

Reporter: Xu Hongwen, The Paper

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