A-share Market Close Review | ChiNext Index Falls 2.68%, Fujian Local Stocks Buck the Trend and Strengthen

On September 24, the three major A-share indices opened lower and moved lower collectively, fluctuating and adjusting throughout the day, with Fujian local stocks surging in late trading. As of the close, the Shanghai Composite Index reported 3888.37 points, down 1.22%; the Shenzhen Component Index reported 13316.97 points, down 2.34%; the ChiNext Index reported 3288.95 points, down 2.68%; the STAR 50 reported 1621.87 points, down 2.35%; the BSE 50 reported 1055.74 points, down 1.70%. The combined turnover of the Shanghai and Shenzhen markets was 1,653.357 billion yuan, a decrease of 111.619 billion yuan from the previous trading day. In the two markets, 1,120 stocks rose, 4,306 stocks fell, and 143 stocks were flat, among which 53 hit the limit up and 16 hit the limit down, with rising stocks accounting for about 20%. In terms of sectors, textile manufacturing, coke, wind power equipment, education, China Shipbuilding Group-related stocks, and forestry carbon sequestration led the gains; copper clad laminates, precious metals, components, energy metals, PCB concept, and chemical pharmaceuticals led the declines. Drivers The day's market performance was composed of three verifiable pieces of information: First, overnight, the U.S. September S&P Global Manufacturing PMI rose to 57, the Services PMI rose to 58.7, and the Composite PMI preliminary reading rose to 58.4, the U.S. dollar index strengthened, and the precious metals sector came under pressure and closed down 5.03%; second, copper clad laminates, PCB concept, components, and other computing power materials and components sectors led the declines, with the copper clad laminate concept closing down 5.05%, the components industry closing down 4.48%, and the PCB concept closing down 3.11%. Among them, the copper clad laminate concept had led the concept sectors on September 23 (+3.13%) and turned to lead the declines on that day, showing obvious intra-sector rotation characteristics; third, on the news front, at the State Council Information Office's September 22 "Starting the 15th Five-Year Plan" series of themed press conferences, the Ministry of Natural Resources proposed that by 2030 the national gross ocean product is expected to exceed 13 trillion yuan and offshore wind power installed capacity will double to 100 million kilowatts. The wind power equipment sector rose 1.25% that day. Meanwhile, Tesla CEO Musk, in an exclusive interview with CCTV Finance on September 23, gave a long-term forecast for humanoid Siasun Robot&Automation shipments. Within the Siasun Robot&Automation concept, Xiangyang Automobile Bearing, Changhua Holding Group, Zhejiang Zomax Transmission, Ningbo Donly, and many other stocks hit the limit up. In addition, the combined turnover of the Shanghai and Shenzhen markets shrank for the second consecutive trading day, falling by more than 480 billion yuan from the stage high of 2,135.550 billion yuan on September 22. Hot sectors 1. [Fujian local stocks] surged in late trading, with multiple stocks sealing the limit up. Strait Innovation Internet hit the 20CM limit up (+19.98%), Zhongfu Straits (+10.03%), Xiamen Port Development (+9.98%), and Fujian Zhangzhou Development (+10.08%) hit the limit up, Fujian Cement Inc. (+9.97%) recorded a second consecutive limit up, and XMRBI hit the 30CM limit up (+29.99%). On the news front, the Fujian Provincial People's Government issued the "Implementation Plan for Building Fujian Province into a Beautiful China Pioneer Zone," proposing that by the end of 2030 the Beautiful China Pioneer Zone will be basically completed, and the ecological forestry direction attracted capital attention. 2. [Siasun Robot&Automation] Multiple stocks within the concept hit the limit up, with localized activity. Xiangyang Automobile Bearing (+10.00%), Changhua Holding Group (+10.02%), Zhejiang Zomax Transmission (+10.00%), and Ningbo Donly (+10.03%) hit the limit up, while Luozhou Bearing hit the 20CM limit up. In terms of catalysts, Musk predicted in an exclusive interview with CCTV Finance on September 23 that the number of humanoid Siasun Robot&Automation units could reach 100 billion in the next 20 years; according to Shanghai Securities News, the relevant Tesla team landed in Ningbo in mid-September and started a new round of mass production factory audits for Optimus. It should be noted that the Siasun Robot&Automation concept sector index closed slightly lower that day, with stocks within the concept showing localized activity. 3. [Wind power equipment] The sector rose against the trend by 1.25%, with localized activity in the new energy equipment direction. Jiangsu SINOJIT Wind Energy Technology (+10.00%) hit the limit up, ZENKUNG rose more than 10% (+10.19%), Yinchuan Weili Transmission Technology rose nearly 10% (+9.97%), and Qingdao Tianneng Heavy Industries (+6.88%) followed the gains. On the news front, the September 22 press conference by the State Council Information Office proposed that by 2030 offshore wind power installed capacity will double to 100 million kilowatts; Yinchuan Weili Transmission Technology previously stated on the investor interaction platform that it has entered the qualified supplier lists of international wind power leaders such as Siemens Gamesa, Germany's Nordex, and India's Adani and achieved batch supply. Adjusting sectors The day's adjustment directions were concentrated in precious metals, copper clad laminates and PCB, the real estate chain, and innovative drugs. The precious metals sector closed down 5.03%, with Shandong Gold Mining down 6.01%, Chifeng Jilong Gold Mining down 5.22%, and Hunan Silver down 4.92%. On the news front, overnight U.S. September S&P manufacturing and services PMIs both exceeded expectations, the U.S. dollar index strengthened, and international gold prices came under pressure. The copper clad laminate concept closed down 5.05%, the PCB concept closed down 3.11%, and the components industry closed down 4.48%, with Guangdong Goworld hitting the limit down and Ganzhou Yihao New Materials down 10.82%. The real estate chain weakened, with the real estate services sector closing down 2.71%. Deluxe Family hit the limit down that day after three consecutive limit-up boards, Beijing Huayuan Xinhang Holding fell 9.22%, and Greenland Holdings Corporation fell 5.30%; in the innovative drugs direction, the chemical pharmaceuticals sector closed down 3.11%, with InnoCare Pharma down 10.60% and Harbin Pharmaceutical Group hitting the limit down. The sectors showed obvious internal rotation.