A-share Market Close | ChiNext Index Falls 1.62%, Slips Below 2700 Points; Data Elements Buck the Trend with Active Trading

On October 21, the three major A-share indices collectively opened higher, surged, and then pulled back, fluctuating lower in the afternoon. The ChiNext Index lost the 2700-point mark, hitting a new low since August 25, 2025. As of the close, the Shanghai Composite Index fell 0.60% to 3713.03 points, the Shenzhen Component Index fell 0.82% to 11704.35 points, the ChiNext Index fell 1.62% to 2694.71 points, the STAR 50 rose 0.06% to 1343.28 points, and the BSE 50 fell 0.72% to 975.78 points. The combined turnover of the Shanghai and Shenzhen markets was 1,429.344 billion yuan, a decrease of 26.768 billion yuan from the previous trading day. In the Shanghai and Shenzhen A-share markets, 1,981 stocks rose, 3,364 fell, and 231 were flat, with 50 hitting the daily limit up and 5 hitting the daily limit down; rising stocks accounted for about 35%. In terms of sectors, livestock farming, television broadcasting, fishery, publishing, IT services, and electronic components led the gains; batteries, coal mining, baijiu, energy metals, gaming, and securities led the declines. Drivers On October 20, China Data Group Co., Ltd. was unveiled and established in Xiong'an New Area, Hebei. The State-owned Assets Supervision and Administration Commission of the State Council announced the same day that, with the approval of the State Council, the group was established and listed as No. 28 on the central SOE roster, increasing the number of central SOEs under SASAC supervision from 99 to 100. Today, the IT services, television broadcasting, and publishing sectors rose 1.69%, 2.47%, and 1.81%, respectively. Data from the National Bureau of Statistics showed that at the end of the third quarter, the national breeding sow inventory stood at 36.02 million head, down 1.78 million head month-on-month (a decline of 4.7%), a markedly larger decline than the 1.4% in the first quarter and 3.2% in the second quarter. The livestock farming sector topped the Shenwan Level-2 industries with a gain of 2.97%. Contemporary Amperex Technology disclosed its third-quarter report on the evening of October 20. Third-quarter net profit attributable to shareholders was 21.246 billion yuan, up 14.54% year-on-year and down 5.77% quarter-on-quarter. Citi cut its A-share target price to 479 yuan from 500 yuan, and JPMorgan downgraded its H-share rating to "Neutral." The stock closed down 12.03% that day. The battery sector fell 7.56%, and the power equipment industry fell 3.67%, both the largest decliners at their respective levels for the day. Volcano Engine launched the Seedance premium AI drama incentive plan on October 19, offering incentives of 50,000 to 200,000 yuan per title to AI comic dramas launched on the Hongguo Short Drama App based on monthly rankings by Hongguo popularity value. The AI comic drama theme was repeatedly active during the day. In overseas markets, South Korea's KOSPI closed up 3.29%, SK Hynix rose 5.8%, and Samsung Electronics rose 5.67%; Japan's Nikkei 225 rose 0.85%. A-share electronics rose 0.79%, and semiconductors rose 0.29%. Hot sectors 1. Data elements: China Data Group landed in Xiong'an, and the sector strengthened against the trend. Linewell Software and Cnlight Co.,Ltd both posted 3 limit-ups in 4 days, Beijing Vastdata Technology and Taiji Computer Corporation hit the daily limit up, and Beijing SunwayWorld Science & Technology rose 20% to the daily limit. On the catalyst side, China Data Group Co., Ltd. was established in Xiong'an New Area, Hebei on October 20, with a main business of developing and utilizing data resources, filling the gap for a state-owned entity in the data field. 2. Livestock farming: Breeding sow destocking accelerated, and the sector ranked first among Shenwan Level-2 industries by gain. Dongrui Food Group hit the daily limit up, Tecon Biology Co.Ltd rose 5.87%, Yunnan Shennong Agricultural Industry Group rose 5.65%, and Leshan Giantstar Farming&Husbandry Corporation rose 5.03%. On the catalyst side, National Bureau of Statistics data showed that at the end of the third quarter, live hog inventory fell 2.6% year-on-year, turning negative for the first time since 2025, while breeding sow inventory stood at 36.02 million head, down 4.7% month-on-month, a larger decline than in the first and second quarters. 3. AI comic dramas: Volcano Engine's incentive plan landed, and the concept was repeatedly active. Guangdong Guangzhou Daily Media posted a second consecutive limit-up, and Cultural Investment Holdings hit the daily limit up. On the catalyst side, Volcano Engine launched the Seedance premium AI drama incentive plan on October 19. Eligible works are divided into three tiers based on monthly rankings by Hongguo popularity value, with a maximum incentive of 200,000 yuan per title. The media direction diverged internally during the day: the digital media sector edged up 0.49%, while film and cinema and gaming fell 0.04% and 1.59%, respectively. Declining sectors The battery sector fell 7.56%, the largest decline among Shenwan Level-2 industries for the day. Contemporary Amperex Technology fell 12.03% to 227.90 yuan, down more than 50% from its historical high on May 7, 2026. Liaoning Shidai Wanheng and Shanghai Emperor of Cleaning Hi-Tech hit the daily limit down, Jiangsu Azure Corporation fell 9.25%, Shanghai Zizhu High-Tech Science And Technology fell 9.03%, and Wuxi Lead Intelligent Equipment fell 9.00%. The power equipment industry fell 3.67%, ranking last among Shenwan Level-1 industries. The corresponding verifiable news was Contemporary Amperex Technology's third-quarter report disclosed on the evening of October 20, showing a 5.77% quarter-on-quarter decline in third-quarter net profit, as well as Citi's cut to its A-share target price and JPMorgan's downgrade of its H-share rating. Coal mining and baijiu fell 2.00% and 1.88%, respectively. Shanxi Coal International Energy Group fell 2.65%, Shanxi Xinghuacun Fen Wine Factory fell 5.73%, and Anhui Gujing Distillery fell 3.59%. The securities sector fell 1.09%, Guangdong Golden Dragon Development Inc. hit the daily limit down, and Xiangcai Co.,Ltd fell 3.42%.