A-share Market Opening Brief | All three major indices open lower; computing power hardware sector declines.

On September 14, the Shanghai Composite Index opened 0.54% lower at 3867.02 points, the Shenzhen Component Index opened 1.03% lower at 13333.07 points, and the ChiNext Index opened 1.29% lower at 3279.31 points. The STAR 50 opened 1.71% lower at 1526.80 points. As of 9:33, a total of 2,178 stocks in the Shanghai and Shenzhen markets rose, 3,055 fell, and 329 were flat. Top gainers: shipping ports, marine equipment II, oilfield services engineering, state-owned large banks II, Baltic Dry Index (BDI) concept, VPN concept, etc.; top decliners: non-metallic materials II, communication equipment, components, glass and fiberglass, other electronics II, etc. Market conditions After the open, index movements diverged. The Shanghai Composite edged up from its opening price, while the Shenzhen Component Index, ChiNext Index, and STAR 50 briefly dipped before recovering slightly. As of 9:33, on a current-price basis, the Shanghai Composite fell 0.43% to 3871.29 points, the Shenzhen Component Index fell 1.26% to 13301.04 points, the ChiNext Index fell 1.67% to 3266.50 points, and the STAR 50 fell 2.24% to 1518.63 points. Structurally, divergence was obvious. Low-valuation and cyclical sectors such as shipping ports, oilfield services engineering, and state-owned large banks strengthened against the trend, while the Baltic Dry Index (BDI) concept and VPN concept led gains; electronics and computing power hardware-related sectors were the main drags, with non-metallic materials, communication equipment, components, and glass and fiberglass among the biggest decliners, while concept segments such as optical chips, ChangXin Memory, Broadcom concept, and Google concept also moved lower in tandem. At the individual stock level, 15 stocks hit the daily limit up across the market and 6 hit the daily limit down, with decliners clearly outnumbering advancers. Overnight news brief 1. Overseas markets: On September 11, U.S. Eastern Time, the three major U.S. stock indices all closed higher, with the Dow up 0.98%, the S&P 500 up 0.86%, and the Nasdaq up 0.96%. U.S. core CPI rose 0.3% month-on-month in August, above market expectations; CME interest rate futures showed that the market's pricing for a 25 basis point Fed rate hike in September rose to 87.3%. 2. Domestic policy: On September 11, the State Council executive meeting studied work related to the construction of the computing power network. The meeting noted that the computing power network is the foundational support for the development of artificial intelligence and required promoting computing-power-electricity coordination and computing-network integration, and accelerating the implementation of projects such as green power direct connection and source-grid-load-storage. The People's Bank of China conducted overnight reverse repo operations from September 14 to 17, with a daily operation volume of no more than 600 billion yuan. 3. Key industries: On September 11, the Ministry of Industry and Information Technology and nine other departments published the "15th Five-Year" Plan for the Development of the Intelligent Connected New Energy Vehicle Industry, proposing that by 2030 the share of domestic new energy passenger vehicles and commercial vehicles in total new vehicle sales in their respective segments reach 70% and 40%, and that vehicles with autonomous driving functions achieve large-scale application. Trend assessment Today, the three major indices opened lower collectively, with the ChiNext Index and STAR 50 falling significantly more than the Shanghai Composite. Electronics and computing power hardware-related sectors were the main drags, while sectors such as shipping ports, oilfield services engineering, and state-owned large banks strengthened against the trend. The pressure mainly came from the overnight external environment: U.S. August core CPI exceeding expectations on a month-on-month basis pushed up expectations for a Fed rate hike in September, and U.S. Treasury yields remaining at high levels put pressure on growth sector valuations; domestically, the State Council executive meeting specifically studied computing power network construction, and the People's Bank of China conducted overnight reverse repo operations this week. Institutions believe that the current external disturbances still have a largely temporary impact on A-shares, and there is no need to be pessimistic about the market's medium-term trend. During periods when external shocks have a greater impact, the dividend style often tends to be relatively dominant. Institutions including Huatai, CITIC SEC, and China Securities Co.,Ltd. believe that as this week's Federal Reserve monetary policy meeting concludes, the short-term index may continue to fluctuate and diverge, and sentiment is expected to gradually recover.