A-shares, sudden change in the afternoon! 301008 hits two consecutive limit-ups, "Zhang Xue Motorcycle" concept explodes!

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The “Zhangxue Motorcycle” concept has become one of the market’s hotspots.

On March 31, A-shares across the board fell sharply; the Shanghai Composite Index slipped below 3,900 points. The ChiNext Index, the Sci-Tech Innovation Composite Index, and others dropped more than 2%. Hong Kong stocks also weakened, with the Hang Seng Tech Index once falling more than 1% intraday.

Specifically, in A-shares, major indexes accelerated downward after noon, with the ChiNext Index and others down more than 2%. As of the close, the Shanghai Composite Index fell 0.8% to 3,891.86 points. The Shenzhen Component Index fell 1.81%, the ChiNext Index fell 2.7%, and the Sci-Tech Innovation Composite Index fell 2.48%. Across the three exchanges in Shanghai and Shenzhen and Beijing, total trading volume was about 2.01 trillion yuan, up about 100 billion yuan from the previous day.

Nearly 4,400 stocks in the A-share market ended the session in the red. Resource stocks such as coal, oil, power, and chemicals all fell together. Golden Bull Chemical neared the daily limit-down; CNOOC and PetroChina fell by more than 2%. Under the storage concept, stocks slid—100Wei Storage and Scaron Chip Creation fell by more than 8%, while Zhaoyi Innovation fell by about 7%. The high-speed rail concept surged: Eagle Wing Heavy Industry hit the 20% daily limit-up, and China Railway Express won back-to-back limit-ups. Bank stocks rose: Bank of China and Agricultural Bank of China rose more than 3%. Innovation drug concepts remained active: Tianjin Pharmaceuticals hit three consecutive limit-ups, Qialaiying hit the daily limit-up, and Wanbangde hit the daily limit-up at the close, setting a historical high. Sports concepts were active as well, with Shuhua Sports and Zhōngtǐ Industry both hitting the daily limit-up. Notably, the “Zhangxue Motorcycle” concept exploded, with Hongchang Technology (301008) hitting the daily limit-up for two straight days.

In Hong Kong stocks, as of the close, Qialaiying rose more than 13%, Wuxi Biologics rose more than 5%, and Midea Group rose nearly 7%.

Banking sector lifts

Bank stocks rose against the trend intraday. As of the close, Bank of China and Agricultural Bank of China rose more than 3%. Shanghai Pudong Development Bank rose nearly 2%, while China Construction Bank and others rose more than 1%.

In terms of the industry, as of March 29, 2026, 22 listed banks have disclosed their 2025 annual reports or annual performance express reports. Among them, 13 disclosed annual reports, and 9 disclosed performance express reports. Based on the operating results shown in the 2025 annual reports already released, for the 22 banks, the year-on-year growth rates of weighted-average revenue and profit were 1.05% and 1.77%, respectively, broadly in line with expectations. It is expected that the gap versus subsequent disclosed bank operating results will be small.

CITIC Securities said that looking ahead to the first quarter, banks’ asset deployment will remain steady; net interest margin will decline as expected; the credit risk situation is relatively stable; and the profit growth rate trend will continue its pattern of stabilizing and moving upward. Because market funding risk appetite has declined and the broad liquidity environment remains relatively stable, equity assets such as bank stocks may be more favored by funds with a preference for lower drawdowns. Accordingly, both relative and absolute returns are expected to remain in continuation.

Galaxy Securities believes that the escalation of the Iran-U.S. conflict brings imported inflation, posing potential challenges to bank operations. But for now, policies at the macro level still mainly focus on boosting domestic demand. In addition, banks’ credit structure continues to improve, which could ease demand pressures caused by inflation. Large banks’ capital replenishment continues, risk control capabilities are further strengthened, and overall impact remains controllable. In the near term, although the banking sector has seen some pullbacks, risk-hedging demand provides a short-term positive factor for the sector’s allocation value. In the later stage, repairs are expected to come more from improvements in fundamentals. In 2026, profit performance elasticity is expected to be released further. In an environment of low interest rates and accelerating entry of medium- and long-term capital into the market, the banking sector’s “high dividend yield and low valuation” dividend attribute still offers ongoing appeal to long-term capital such as insurance funds, supporting accelerated valuation and pricing restructuring.

The “Zhangxue Motorcycle” concept surges sharply

Fueled by Zhangxue Motorcycle’s outstanding performance in the World Superbike Championship (WSBK), related A-share companies’ stock prices all surged. Among them, Hongchang Technology hit the limit-up again after noon for a second consecutive day; Hongquan Technology jumped more than 16%, once touching the daily limit-up intraday; and Zhenghe Industrial hit the daily limit-up after noon.

Zhangxue Motorcycle recently won the championship in the WSBK middleweight category, drawing market attention. This is the first time a Chinese motorcycle manufacturer has won in the WSBK top-tier event, breaking the long-standing dominance pattern led by brands such as Ducati and Yamaha from Europe and the U.S. and Japan.

According to a report by CCTV News, Beijing time on March 28, in the first race of the SSP class at the World Superbike Championship (WSBK) Portuguese round, French rider drove the Zhangxue Motorcycle 820RR-RS racing bike. With a lead of nearly 4 seconds over the second-place finisher, he took the win. In the second race held on the 29th, Zhangxue Motorcycle again won, achieving back-to-back victories.

According to available information, Zhenghe Industrial is the official technical cooperation partner for Zhangxue Motorcycle. The company has long been committed to fighting alongside the world’s top racing teams and jointly developing competition-level chained system product solutions.

In February this year, Hongquan Technology released a statement saying that Zhangxue Motorcycle awarded Hongquan Technology the “strategic cooperation partner” title. The company formally sponsors Zhangxue Motorcycle and will participate in the 2026 WSBK World Superbike Championship.

Storage concept slides

The storage concept fell sharply during trading hours. As of the close, 100Wei Storage and Scaron Chip Creation fell by more than 8%, Zhaoyi Innovation fell by about 7%, and Juguang Technology, Purun Co., Ltd., Beijing Junsun and others fell by more than 5%.

On the news front, Google recently rolled out its TurboQuant memory compression technology for storage of memory data. Google says TurboQuant can reduce memory usage of the key parts of large language model runtimes—key-value caches (KVCache)—to 1/6 of the original without losing accuracy. Some market views believe this technology will reduce AI’s demand for memory.

But Guolian Minsheng Securities believes that breakthroughs in memory compression technology will, in the long run, continue to drive sustained expansion of demand in the storage market. The improvement in memory efficiency brought by TurboQuant, over the long term, may drive storage demand growth through multiple transmission mechanisms rather than compressing the market space. Based on the “Jeans paradox” in economics, this technology significantly lowers the compute and memory thresholds for AI inference, which could help AI capabilities permeate into all scenarios. It may also cause the total number of global AI server deployments to grow by multiples, thereby expanding overall storage demand.

CITIC Securities said that according to the “Jeans paradox,” improvements in algorithm efficiency will greatly reduce the cost of generating each token, which in turn will stimulate users to enable higher concurrency and longer context. Ultimately, total storage capacity demand will not decrease but increase. At the NVIDIA GTC2026 conference, the concept of “Token factory economics” was highlighted. Its core significance is to reinforce the strategic position of storage in AI infrastructure—storage-power indicators such as bandwidth and capacity have become key to system upgrades. Similar to how TurboQuant reduces the cost of generating a single token, it helps cloud vendors improve capital return rates, supporting ongoing AICapex investment. At the same time, this also implies that the profit ceiling of the storage industry will be opened up for the long term.

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责任编辑：刘万里 SF014