A-share Opening News | The three major indices opened lower collectively, while gold and insurance strengthened against the trend.

Opening Data On August 21, the Shanghai Composite Index opened down 0.32% at 3,891.18 points, the Shenzhen Component Index opened down 0.27% at 13,935.64 points, the ChiNext Index opened down 0.01% at 3,495.11 points, and the Sci-Tech Innovation 50 Index opened down 0.22% at 1,649.28 points. As of 9:32 AM, there were 674 stocks rising and 4,771 stocks falling across the two markets and the Beijing Stock Exchange, with 104 stocks unchanged. Leading sectors: insurance, precious metals, shipping and ports, oilfield engineering, gas, and large state-owned banks; lagging sectors: construction materials, pharmaceuticals and biotechnology, agriculture, forestry, animal husbandry and fishery, real estate, media, and comprehensive sectors. Market Situation On August 21, all four major A-share indices opened lower, but the declines were limited: the Shanghai Composite Index opened down 0.32%, and the Sci-Tech Innovation 50 Index opened down 0.22%, while the Shenzhen Component Index and ChiNext Index opened down 0.27% and 0.01%, respectively. The market showed a pattern of "indices resilient against declines, with broad declines among individual stocks"; as of 9:32 AM, only 674 stocks were rising while 4,771 were declining, with a profit effect of about 12%. Defensive and pro-cyclical sectors such as insurance, precious metals, shipping and ports, oilfield engineering, gas, and large state-owned banks performed well against the trend, while sectors such as pharmaceuticals and biotechnology, construction materials, agriculture, forestry, animal husbandry and fishery, real estate, and media led the decline, indicating a rise in risk-averse sentiment. Overnight News Summary U.S. stock indices closed lower, and international oil prices rose: On August 20, the three major U.S. stock indices closed lower, with the Dow Jones down 1.32% at 52,759.21 points, the S&P 500 down 0.87%, and the Nasdaq down 1.00%. The Fed's July meeting minutes were hawkish, with 7 votes to maintain interest rates and 3 votes in favor of a 25 basis point hike. International oil prices rose, with WTI crude oil gaining 2.33% to close at $87.83. Shanghai's "Eight Measures" implemented, LPR unchanged for 15 months: Shanghai announced its "Eight Measures" for the real estate market, optimizing purchase restrictions, down payments, and interest rate policies. The Loan Prime Rate (LPR) was announced on August 20 at 3.00% for one year and 3.50% for five years and above, remaining unchanged for 15 consecutive months. On the morning of August 21 at 10 AM, Liao Min, Vice Minister of Finance, will introduce the role of positive fiscal policy. Innovative drugs approved, brokerages restructuring: Jiangsu Hengrui Pharmaceuticals' class 1 new drug, fumarate lacosamide capsules, has been approved for market entry, planning to repurchase shares worth 1 to 2 billion yuan; CanSino Biologics Inc.'s adsorbed tetanus vaccine has received a registration certificate. CICC's share swap and acquisition of Dongxing and Cinda are scheduled for review on August 27. Many companies in sectors including semiconductor equipment and electrolytes reported high year-on-year net profit growth. Market Trend Analysis Today, the three major A-share indices opened lower but with limited decline, with only 674 stocks rising and 4,771 falling in the entire market, resulting in a profit effect of less than 20%, showing a "resilient index but broad losses among individual stocks" pattern. Sectors like pharmaceuticals and biotechnology, construction materials, and agriculture, forestry, and animal husbandry led the declines, while defensive and pro-cyclical sectors such as insurance, precious metals, shipping and ports, oilfield engineering, gas, and large state-owned banks performed well against the trend, indicating a narrowing risk appetite among investors. The overnight U.S. stock indices closed lower, and the Fed's July minutes were hawkish, combined with rising international oil prices, which dampened global risk appetite. Institutional consensus suggests that the market may continue to experience fluctuating consolidation in the short term, and the concentrated disclosure period of mid-term reports may return to performance-oriented themes. The technology sector presents a pattern of separating truth from falsity and internal differentiation, with directional opportunities depending on further confirmation from incremental funds.