A-share Market Close Review | Shanghai Composite Index fell 0.54%, wind power equipment and semiconductors led the gains

On September 15, the three major A-share indices opened slightly lower, rallied in early trading before fluctuating downward, remained weak in the afternoon, and closed collectively lower, while the STAR 50 Index bucked the trend and strengthened. As of the close, the Shanghai Composite Index reported 3,864.28 points, down 0.54%; the Shenzhen Component Index reported 13,287.97 points, down 0.72%; the ChiNext Index reported 3,247.92 points, down 1.15%; the STAR 50 Index reported 1,551.96 points, up 1.55%; the BSE 50 Index reported 1,028.51 points, up 0.65%. Combined turnover of the Shanghai and Shenzhen markets was 1,612.717 billion yuan, down 16.459 billion yuan from the previous trading day; total turnover across the Shanghai, Shenzhen, and Beijing markets was 1,625.3 billion yuan, down 17.7 billion yuan from the previous day, setting a new low for single-day turnover this year. Across the entire market, 1,120 stocks rose and 4,376 fell, with 32 hitting the daily limit up and 34 hitting the daily limit down, and advancing stocks accounting for about 20%. By sector, wind power equipment, glass and fiberglass, electronic chemicals, copper foil/copper-clad laminate, semiconductors, and minor metals led the gains; tourism and hotels, grain concept, retail, film and cinema lines, and planting and forestry led the declines. Drivers Market divergence was evident on the day, with the main Shanghai and Shenzhen stock indices and the ChiNext Index all closing lower while the STAR 50 Index rose 1.55% against the trend, and more than 4,300 stocks across the market declined, showing that index performance and the distribution of stock gains and losses were not consistent; in terms of volume, combined turnover of the Shanghai and Shenzhen markets was 1,612.717 billion yuan, down 16.459 billion yuan from the previous trading day, while total turnover across the Shanghai, Shenzhen, and Beijing markets was 1,625.3 billion yuan, setting a new low for single-day turnover this year; on the news front, the National Bureau of Statistics released August national economic performance data on September 15, showing that in August the value added of industrial enterprises above designated size rose 5.2% year on year, 0.7 percentage points faster than the previous month, with equipment manufacturing value added up 12.1% and high-tech manufacturing up 16.7%; on the same day, the central bank conducted a 500 billion yuan 6-month outright reverse repurchase operation through fixed-quantity, rate-based bidding with multiple price awards, matching a maturity amount of 500 billion yuan for an equal rollover; at the sector level, the wind power equipment sector rose on institutional analysis of overseas offshore wind supply constraints, semiconductor equipment and storage-related directions were active on memory chip price increases and institutional research views, and the copper foil/copper-clad laminate direction strengthened on news of upstream material price increases and PCB makers starting to re-quote. Among hot sectors 1. [Wind power equipment] The sector led the gains. Jiangsu SINOJIT Wind Energy Technology, Dajin Heavy Industry, Titan Wind Energy, and Jiangsu Xihua New Energy Technology hit the daily limit up, Jiangsu Haili Wind Power Equipment Technology rose 12.84%, Yinchuan Weili Transmission Technology rose 9.92%, and Qingdao Paguld Intelligent Manufacturing rose 4.87%. On the news front, Norwegian consultancy Rystad Energy said in analysis that Europe's offshore wind expansion is facing structural supply constraints, and since 2020 the selling price of complete offshore wind turbines (per MW) has risen 40%45%, far exceeding the 20%25% increase in manufacturing costs over the same period. 2. [Semiconductor equipment, electronic chemicals] The semiconductor industry chain rebounded collectively. China Chippacking Technology Co., Ltd. rose 15.93%, Chongqing Genori Technology rose 12.34%, Hwatsing Technology rose 8.64%, Piotech Inc. rose 7.99%, and Beijing E-Town Semiconductor Technology rose 5.51%; the electronic chemicals sector opened lower and moved higher, with Xilong Scientific hitting the daily limit up. On the news front, institutional data showed that average DRAM and NAND prices hit record highs in August, JPMorgan raised its forecast for wafer fab equipment market growth from 2025 to 2028 to a compound annual growth rate of 28%, and a Guosen research report was bullish that segments of semiconductor equipment with low domestic substitution rates are ushering in a window of customer introduction, order volume expansion, and share gains. 3. [Copper foil/copper-clad laminate, electronic materials] The electronic materials direction was repeatedly active. The copper-clad laminate concept index rose 4.51%, ranking first on the concept gainers list; Changzhou Aohong Electronics posted a third consecutive limit-up, Zhejiang Wazam New Materials and Nuode New Materials hit the daily limit up, and Guangzhou Fangbang Electronics rose 8.46%; Jiangsu Shuangxing Color Plastic New Materials posted a third consecutive limit-up and Hunan Hualian China Industry hit the daily limit up, while the MLCC concept index rose only 0.43% on the day, reflecting localized stock activity. Institutional research reports noted that as prices for electronic cloth, copper foil, and CCL continue to rise, PCB makers have successively started re-quoting, and the third quarter is expected to become the starting point for joint improvement in product prices, capacity utilization, and order structure. Adjusting sectors The tourism and hotels sector opened lower and moved lower, with Huatian Hotel Group, Guilin Tourism Corporation, Jiangsu Tianmu Lake Tourism, and Yunnan Tourism hitting the daily limit down; the grain concept continued to weaken, with Gansu Dunhuang Seed Group and Xinjiang Talimu Agriculture Development hitting the daily limit down for two consecutive days, and Jinjian Cereals Industry and Sdic Fengle Seed hitting the daily limit down; in the retail sector, Jiangxi Guoguang Commercial Chains, Baida Group Co.,Ltd, and Gansu Guofang Industry & Trade hit the daily limit down. Among the above directions, the agricultural planting theme surged and then pulled back last week, and has led the declines for two consecutive trading days this week.