A-share Market Open Express | All three major indices open higher; real estate sector pulls back from highs.

September 30 The Shanghai Composite opened 0.23% higher at 3839.25 points, the Shenzhen Component opened 0.44% higher at 12958.08 points, and the ChiNext Index opened 0.70% higher at 3164.70 points. The STAR 50 opened 0.46% higher at 1576.51 points. As of 9:33, a total of 3,690 stocks in the Shanghai and Shenzhen markets rose, 1,506 fell, and 376 were flat. Top gainers: biological products, planting, publishing, non-baijiu, personal care products, communications equipment, etc.; top decliners: real estate services, real estate development, home leasing, equal rights for renting and buying, property management concepts, etc. Market Overview The four major indices all opened higher today, with opening gains and losses all within 0.7%. The ChiNext Index led with a gain of 0.70%, as growth sectors that had previously undergone consecutive adjustments strengthened at the open. As of 9:33, the Shanghai Composite stood at 3839.69 points, up 0.24%; the Shenzhen Component stood at 12949.23 points, up 0.37%; the ChiNext Index stood at 3166.86 points, up 0.77%; and the STAR 50 stood at 1578.07 points, up 0.55%. The four indices basically fluctuated near their opening prices. In terms of structure, concepts such as optical communications, laser industry, CPO, and high-speed connectors were active at the open, with the communications equipment sector among the top gainers; pharmaceuticals, agriculture, and consumer directions such as biological products, planting, publishing, non-baijiu, and personal care products strengthened simultaneously, with tumor vaccine concepts ranking among the top concept gainers, while disperse dyes, cultivated diamonds, and other concepts also showed performance. The real estate chain retreated significantly, with real estate services and real estate development sectors among the top decliners, while concepts such as home leasing, equal rights for renting and buying, and property management weakened in tandem. In terms of volume and sentiment, as of 9:33, 3,690 stocks in the Shanghai and Shenzhen markets rose and 1,506 fell, with advancers accounting for about 66%. There were 18 limit-up stocks and 6 limit-down stocks, and the money-making effect rebounded noticeably from the previous trading day. The previous trading day's combined turnover in the two markets was 1,409.2 billion yuan, a shrinkage of about 293.6 billion yuan from the day before, hitting a new low since July 8, 2025. Overnight News at a Glance U.S. stocks closed lower for a second consecutive day: the 30-year U.S. Treasury yield rose above 5.60%, the highest since June 2002, while the 10-year yield touched 5.29% intraday. The U.S. Department of Energy announced the release of 40 million barrels of strategic petroleum reserves through swaps, and New York light crude oil futures for November delivery fell 3.48% to $89.38 per barrel. The central bank adjusted multiple monetary policy tools: it lowered the pledged supplementary lending rate by 0.25 percentage points, with the one-year rate reduced from 1.75% to 1.5%, and included the construction of six networks, including water networks and computing power networks, among supported areas; the relending quota for technological innovation and technological upgrading was increased by 200 billion yuan, with the support ratio raised from 60% to 100%; the relending quota for agriculture and small businesses was increased by 500 billion yuan. The official manufacturing PMI for September was 50.1%, up 0.3 percentage points from 49.4% in August, returning to expansion territory. The Ministry of Industry and Information Technology and six other departments recently issued the "15th Five-Year" plan for the new battery industry, proposing that all-solid-state batteries initially achieve large-scale application by 2030. TrendForce estimates that the average price of high-bandwidth memory will rise 121% in 2027. Trend Analysis Today is the last trading day before the National Day long holiday. The four major indices all opened higher, with opening gains and losses all within 0.7%, and growth sectors that had previously undergone consecutive adjustments led the gains. U.S. stocks fell for a second consecutive day overnight, the 30-year U.S. Treasury yield hit a new high since 2002, and the sharp drop in oil prices and elevated U.S. Treasury yields had limited pressure on the open, as the market mainly digested policies introduced before the holiday. The real estate sector, which surged more than 4% on the previous trading day, retreated significantly, while directions such as optical communications and the laser industry took over as the active leaders. Advancers in the two markets accounted for about 66%, with 18 limit-up stocks, and the money-making effect rebounded from the previous trading day. Several institutions believe that the contraction in turnover before the long holiday is a seasonal phenomenon, and capital returning after the holiday may bring more positive performance.