A-share Midday Review | ChiNext Index rises 2.35%, semiconductor industry chain sees wave of limit-up stocks

On September 16, the three major A-share indices opened slightly lower, then fluctuated upward and collectively turned positive, with the STAR 50 Index leading gains strongly. The market showed a structural divergence pattern of "technology growth leading gains, semiconductor industry chain strengthening across the board." As of the midday close, the Shanghai Composite Index rose 0.57% to 3886.48 points, the Shenzhen Component Index rose 1.42% to 13476.85 points, the ChiNext Index rose 2.35% to 3324.36 points, and the STAR 50 Index rose 4.50% to 1621.75 points. More than 4,200 stocks in the entire market rose. The half-day turnover of the Shanghai, Shenzhen, and Beijing markets was 1.1738 trillion yuan, an increase of 108.6 billion yuan from the previous trading day. In terms of capital flows, main funds in the morning session flowed net into sectors such as communications, electronics, and semiconductors, with the communications direction seeing the largest inflow. Market Overview On the board, on the gainers' side, semiconductor materials, lithography machines, optical fiber concepts, and CPO sectors led gains, while precious metals and PCB concepts were active; on the decliners' side, automobile, banks, and insurance sectors led losses. Overall, funds concentrated into electronic technology directions such as semiconductors and communications, while heavyweight financials and consumer directions such as automobile and pork pulled back slightly. More stocks rose than fell across the entire market. Hot Sectors 1. Semiconductor industry chain strengthened across the board The semiconductor materials direction showed strong performance, with GRINM Semiconductor Materials hitting the 20% limit up, Zhejiang MTCN Technology achieving a second consecutive limit up, Grinm Advanced Materials and Roshow Technology hitting the limit up, Crystal Growth & Energy Equipment Inc. and Shenzhen MinDe Electronics Technology also hitting the 20% limit up, and Wafer Works, SICC Co.,Ltd., and National Silicon Industry Group among the top gainers. Comment: On the news front, on September 15, the Ministry of Industry and Information Technology and the National Development and Reform Commission jointly issued the "15th Five-Year Plan for the Development of the Electronic Information Manufacturing Industry," proposing that by 2030 the operating revenue of enterprises above designated size exceed 30 trillion yuan, clearly promoting full-chain breakthroughs in integrated circuits, advancing the high-end development of electronic components and electronic materials, and consolidating the foundation for the development of the photonics industry. 2. Optical fiber concept opened lower and moved higher The optical fiber concept sector opened lower and moved higher, with Accelink Technologies, Nanjing Huamai Technology, Jiangsu Etern, and Shenzhen Zesum Technology hitting the limit up, and EverProX Technologies, Suzhou Everbright Photonics, and Shenzhen JPT Opto-Electronics among the top gainers. Comment: On the news front, after visiting 15 optical communications companies in China, Goldman Sachs significantly raised its demand forecast for high-speed optical modules, revising up 2027 and 2028 demand forecasts for 800G and above optical modules by 39% and 36%, respectively, and judging that the price of 1.6T optical modules will remain above $700. At the same time, the FCC's final rules did not include optical modules within the scope of restrictions, and the supply chain restriction scenario previously feared by the market did not materialize. In addition, at the 27th China International Optoelectronic Exposition (CIOE 2026), multiple optical communications manufacturers concentrated on exhibiting NPO solutions and supporting external light source modules. 3. Precious metals sector fluctuated upward The precious metals sector fluctuated upward, with Leysen Jewellery Inc. hitting the limit up, and Sichuan Gold, Zhaojin International Gold, and Chifeng Jilong Gold Mining among the top gainers. Comment: On the news front, spot gold once touched $4,330 per ounce, up about 0.8% intraday; spot silver's intraday gain widened to more than 1.5%. 4. PCB concept repeatedly active The PCB concept was repeatedly active, with Changzhou Aohong Electronics achieving a fourth consecutive limit up, Jiangxi Welgao Electronics hitting the 20% limit up, Aoshikang Technology hitting the limit up, and Shenzhen Edadoc Technology, Camelot Electronics Technology, Huizhou CEE Technology Inc., and others following the gains. Comment: On the news front, prices of upstream copper-clad laminates and electronic cloth for PCBs continued to rise. According to Sublime China Information data, the ex-factory price of 7628 electronic cloth has risen to 11.5 yuan/meter to 12.1 yuan/meter, up 10% to 20% month-on-month; China Jushi Co., Ltd. raised its September electronic cloth quotations, with thick cloth up 15% and thin cloth up 20%.