A-share Midday Review | Shanghai Composite Index Rises 0.22%, Media and Chip Stocks Strengthen

On September 22, the three major A-share indices opened higher collectively. The Shanghai Composite Index fluctuated in positive territory during the morning session, while the Shenzhen dual innovation indices surged and then pulled back. The ChiNext Index rose more than 2% at one point during the session. The market showed a divergent pattern of "indices surging and pulling back, select themes active, and capital concentrating in technology growth." As of the midday close, the Shanghai Composite Index rose 0.22% to 3,958.64 points, the Shenzhen Component Index rose 0.62% to 13,814.87 points, and the ChiNext Index rose 0.93% to 3,431.11 points. Across the Shanghai and Shenzhen markets, 2,883 stocks rose and 2,475 stocks fell. Half-day turnover across the Shanghai, Beijing, and Shenzhen markets totaled 1,440.7 billion yuan, an increase of 101.7 billion yuan from the previous trading day. On the capital front, Cailian Press monitoring data showed that in the morning session, main funds recorded net inflows into sectors including electronics, semiconductors, and computers, and net outflows from sectors including basic chemicals, defense and military industry, and pharmaceuticals. Among them, the electronics sector saw net inflows exceeding 10.1 billion yuan. Market Overview On the board, on the gainers' side, real estate services, cultural media, publishing, biological products, and computing power chip sectors led the gains. The PCB concept strengthened repeatedly, while the components sector surged and pulled back during the session. On the decliners' side, shipping ports, tourism and hotels led the declines, while the oil and petrochemicals sector pulled back slightly. Overall, index gains narrowed significantly after the surge, capital concentrated toward technology growth directions such as electronics, semiconductors, and computers, theme rotation was rapid, and more stocks rose than fell overall. Hot Sectors 1. Northern United Publishing & Media sector saw a wave of limit-up moves The Northern United Publishing & Media sector opened higher and moved up, with Shanghai Xinhua Media, Xinhua Winshare publishing & Media, and Zhejiang Huamei Holding hitting one-word limit-up. Inner Mongolia Xinhua Distribution Group recorded five consecutive limit-up sessions. Inly Media Co., Ltd and China Publishing & Media Holdings hit limit-up. Anhui Xinhua Media and BlueFocus Intelligent Communications Group were among the top gainers. Comment: On the news front, the National Press and Publication Administration recently issued the "15th Five-Year Plan for the Development of the Publishing Industry," proposing the implementation of an AI-empowered publishing initiative, strengthening the research, development, and application of vertical publishing models and intelligent agents, and empowering and improving efficiency in publishing topic planning, content editing and proofreading, and binding and design. In addition, Shanghai Xinhua Media disclosed a restructuring plan on the evening of September 18, proposing to acquire 100% equity of Shanghai Jiemian Cailian Technology Co., Ltd. through the issuance of shares, with an issue price set at 3.93 yuan per share. This is expected to constitute a major asset restructuring. The company's stock has hit one-word limit-up for two consecutive days since resuming trading on September 21. 2. CRO and biological products sectors continued to move higher The CRO and biological products sectors opened lower and moved higher. Sino Biological, Inc. and NanJing Vazyme Biotech hit 20CM limit-up. Landfar Bio-medicine recorded four consecutive limit-up sessions. CanSino Biologics Inc. rose more than 11%. Bio-Thera Solutions and Sinocelltech Inc. were among the top gainers. Comment: On the news front, a Caitong research report stated that new drug out-licensing deals by domestic pharmaceutical companies have driven a gradual recovery in investment and financing, biotech R&D demand has rebounded, and the AI pharmaceutical transmission chain has entered a positive cycle. The model of accelerating design, validating through wet-lab experiments, and then feeding results back into AI model iteration has been preliminarily established, benefiting upstream protein synthesis and preclinical CRO segments first. In addition, according to 21st Century Business Herald, an industry draft titled "Main Rules for the Anhui-led Interprovincial Alliance Procurement of Monoclonal Antibody Biological Drugs (Draft for Comment)" recently circulated, proposing to include seven monoclonal antibody injection products, including adalimumab and bevacizumab, in the procurement scope. Multiple industry insiders have confirmed the authenticity of the document to the media, while the official document is still pending official release. The draft for comment shows that this batch of centralized procurement will report volume by brand and set dual price anchors to limit excessive low pricing. 3. Computing power chip and semiconductor sectors strengthened The computing power chip concept continued to strengthen. Beijing Watertek Information Technology hit 20CM limit-up. China Greatwall Technology Group, Jiangsu Zongyi, and Rockchip Electronics hit limit-up. Beken Corporation recorded three consecutive limit-up sessions. Hygon Information Technology and Moore Threads were among the top gainers. Comment: On the news front, U.S. semiconductor stocks surged overnight, with the Philadelphia Semiconductor Index rising 4.29%, its best single-day performance since August 4. Among them, ARM rose 17.16%, Intel rose 12.14%, Advanced Micro Devices rose 9.95% and its market value exceeded $1 trillion for the first time, and Qualcomm rose 9.29%. 4. PCB concept strengthened repeatedly The PCB concept strengthened repeatedly, while the components sector surged and pulled back during the session. Infund Holding and Changzhou Aohong Electronics hit limit-up. Ji'an Mankun Technology rose more than 11%. Ganzhou Yihao New Materials rose more than 9%. DELTON touched limit-up during the session and closed the morning up more than 7.8%. Comment: On the news front, according to Cailian Press, as upstream raw material prices continue to rise, PCB manufacturers have successively initiated re-quotations.