A-share Market Opening Brief | Three Major Indices Open Lower Collectively; Publishing, Textiles and Others Buck the Trend

Opening Data On September 24, the Shanghai Composite Index opened 0.28% lower at 3925.32 points, the Shenzhen Component Index opened 0.45% lower at 13575.07 points, and the ChiNext Index opened 0.38% lower at 3366.89 points. The STAR 50 opened 0.49% lower at 1652.69 points. As of 9:34, a total of 2,425 stocks in the Shanghai and Shenzhen markets rose, 2,783 fell, and 361 were flat. Top gainers: publishing, television broadcasting, textile manufacturing, education, hyperbaric oxygen chamber concept, etc.; top decliners: precious metals, semiconductors, real estate services, copper-clad laminate concept, etc. Market Conditions The four indices collectively opened lower today, with the STAR 50 down 0.49% at the open, the largest decline, followed by the Shenzhen Component Index and ChiNext Index, which opened 0.45% and 0.38% lower, respectively, while the Shanghai Composite Index opened 0.28% lower. After the open, the indices fluctuated within a narrow range. The Shanghai Composite Index edged up after opening lower. As of 9:34, the Shanghai Composite Index was down 0.22% at 3927.98 points, the Shenzhen Component Index was down 0.51% at 13566.83 points, the ChiNext Index was down 0.50% at 3362.75 points, and the STAR 50 was down 0.73% at 1648.69 points, with growth-oriented sectors posting relatively larger adjustments. Most sectors declined. Precious metals fell in line with the overnight drop in international gold and silver prices, while semiconductors, copper-clad laminates, and other computing power hardware sectors weakened in tandem; publishing, television broadcasting, textile manufacturing, education, and other sectors strengthened against the trend. At the same time, 17 stocks hit the daily limit up and 2 hit the daily limit down in the Shanghai and Shenzhen markets, with advancers accounting for about 43%. Overnight News at a Glance The three major U.S. stock indices closed lower collectively: the preliminary U.S. S&P Global Composite PMI for September rose to 58.4, the highest since July 2021. Combined with continued hawkish signals from Federal Reserve officials, the market expects the probability of the Fed raising rates by at least 25 basis points in October to have risen to about 75% (about 70% based on CME's "FedWatch"). According to Shanghai Securities News' China Securities Network, the 10-year U.S. Treasury yield rose as high as 5.133%, the highest level since 2007. The central bank increased the volume of its medium-term lending facility rollover and arranged cross-holiday liquidity: the central bank announced that on September 24 it conducted an 800 billion yuan one-year medium-term lending facility operation. From September 28 to October 8, it will conduct overnight reverse repo operations using a fixed rate and quantity tender, with a daily operation volume of no more than 1 trillion yuan. The Ministry of Industry and Information Technology promotes the construction of a new-generation communications network: Vice Minister Yu Xiaohui said at the 2026 China International Information and Communication Exhibition that during the "15th Five-Year Plan" period, China will advance the construction of a new-generation communications network in a moderately and systematic manner, promote the evolution of broadband networks toward dual 10-gigabit, and advance the construction of a low-orbit satellite internet system. International oil prices rebounded sharply: according to Shanghai Securities News' China Securities Network, London Brent crude oil futures for November delivery rose 3.86% to close at $103.08 per barrel. Trend Analysis The four indices collectively opened lower today, with the STAR 50 down 0.49% at the open, the weakest performance. The Shanghai Composite Index opened 0.28% lower and then edged up slightly, while growth-oriented sectors came under overall pressure. As of 9:34, 2,425 stocks in the Shanghai and Shenzhen markets rose and 2,783 fell, with the indices fluctuating within a narrow range near their opening prices. The main drivers came from overnight external markets: the three major U.S. stock indices closed lower collectively, with the Nasdaq down 1.13%. The sharp rise in U.S. Treasury yields increased valuation pressure on global equity assets. London spot gold and silver fell 1.64% and 3.91%, respectively, dragging the precious metals sector lower at the open, while copper-clad laminates, semiconductors, computer hardware, and other parts of the computing power hardware chain also pulled back. In terms of structure, publishing, textile manufacturing, education, and other sectors were active against the trend.