Bosera Market Commentary March 23: All Three Major Indices Adjusted, Declines Exceeded 3%

🌟【Bosera Market Review March 23】Major Indices Adjust, All Down Over 3%

📝Daily Viewpoint

🎈Today, the Shanghai and Shenzhen markets experienced significant declines, with all three major indices falling over 3%. The Shanghai Composite dropped below 3,800 points, and trading volume across both markets increased to nearly 2.45 trillion yuan compared to last Friday. In the short term, ongoing escalation of US-Iran conflicts has heightened global risk aversion, with crude oil price fluctuations boosting inflation expectations. This has exerted pressure on the market from three aspects: corporate profits, liquidity, and risk appetite, likely leading to continued volatility and adjustment in the near term. From a medium- to long-term perspective, repeated geopolitical conflicts may accelerate global capital allocation toward safe assets, and a better domestic security environment could attract cross-border investment. Meanwhile, the overall domestic economic fundamentals are marginally improving. As a key stage in the “14th Five-Year Plan” and the path toward doubling per capita GDP by 2035, policy guidance includes “interval-based GDP targets + new quality productivity focus + increased quasi-fiscal tools,” forming a new medium- to long-term growth and asset pricing anchor. For short-term allocation, it is recommended to control positions, adopt defensive strategies, and consider low-buying points after geopolitical shocks clear. Structurally, focus may be placed on sectors such as “high dividends + revaluation of physical assets + certainty of growth.”

🔥News Highlights

🎈On March 21, Beijing hosted the 2026 China Development High-Level Forum themed “China in the ‘14th Five-Year Plan’: High-Quality Development and New Opportunities.” Vice Director Han Wenshou of the Central Financial Work Office announced plans to implement income-increasing measures for urban and rural residents to significantly boost consumption; Minister of Finance Lan Fuan stated that 250 billion yuan of ultra-long special government bonds will be issued to support old-for-new consumer goods; Minister of Industry and Information Technology Li Lecheng emphasized advancing breakthroughs in quantum technology, biomanufacturing, hydrogen energy, embodied intelligence, and 6G; PBOC Governor Pan Gongsheng indicated steady progress in opening up the financial sector to facilitate more foreign investment in China’s financial markets.

Brief Comment: The forum signals clear policy intentions to stabilize growth, expand domestic demand, and promote opening-up in the first year of the “14th Five-Year Plan.” The issuance of ultra-long special bonds to boost consumption subsidies and income-increasing plans for residents are positive for consumer-related sectors (home appliances, automobiles, tourism). The focus on future industries like quantum tech, 6G, and embodied intelligence provides policy support directions for relevant tech sectors. The PBOC’s stance on welcoming foreign investment helps stabilize foreign capital expectations. For A-shares, these policy signals can boost market confidence, with ongoing policy dividends expected in consumption, technology, and new energy sectors.

🎈On March 22, the China Internet Emergency Center and China Cyberspace Security Association jointly released the “OpenClaw Security Best Practices Guide.” The guide offers tiered security protection recommendations for general users, enterprise users, cloud service providers, and developers: general users should use dedicated devices or virtual machines, avoid running with administrator privileges, and not store private data in the environment; enterprises should establish security management systems and implement permission controls.

Brief Comment: This is the first time regulators have issued a systematic security guide for AI intelligent agents, marking a transition from “wild growth” to “regulated development” of emerging technologies. The guide highlights core risks such as high-permission operation and default configuration vulnerabilities of OpenClaw, which may temporarily suppress sentiment in AI and related sectors. In the medium to long term, establishing security standards will promote healthy industry development, and segments like cybersecurity and data encryption with security solution capabilities are expected to see increased demand.

👉Market Review

🎈On March 23, the three major A-share indices declined. By the close, the Shanghai Composite was at 3,813.28 points, down 3.63%; the Shenzhen Component was at 13,345.51 points, down 3.76%; the ChiNext Index was at 3,235.22 points, down 3.49%; the STAR 50 was at 1,458.53 points, down 4.53%. Among primary industries, only coal and petrochemical sectors rose, with gains of 0.20% and 0.06%, respectively. Social services, beauty care, and agriculture, forestry, animal husbandry, and fishery sectors declined sharply, by 6.41%, 6.02%, and 5.56%. A total of 293 stocks rose, while 4,962 declined.

💰Fund Flow Tracking

🎈Market trading volume reached 2.4485 trillion yuan, up from the previous trading day. The margin financing balance last Friday was 26.3229 trillion yuan, down from the previous day.

Data source: Tonghuashun, as of March 23, 2026. Funds carry risks; investment should be cautious. Fund managers commit to managing and using fund assets with honesty, diligence, and responsibility but do not guarantee profits or returns. Past performance does not predict future results.

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