A-share Closing Review | Index Divergence, Shanghai Composite Index Rises 0.28%, Coal and Shipping Lead Gains

On September 9, the major indices of the A-shares showed divergent trends. The Shanghai Composite Index rebounded from a midday low, closing at 3951.51 points, up 0.28%; the Shenzhen Component Index closed at 13723.32 points, up 0.15%; the ChiNext Index closed at 3354.97 points, down 0.14%; the STAR Market 50 Index closed at 1580.06 points, down 0.69%; the BSE 50 Index closed at 1081.81 points, down 0.41%. The total trading volume of the Shanghai and Shenzhen markets was approximately 1.86 trillion yuan (18556.07 billion yuan), a decrease of over 100 billion yuan compared to the previous trading day. The overall market saw more stocks decline than rise, with 1794 stocks up, 3642 stocks down, and 124 stocks flat; there were 49 stocks hitting their upper limits and 9 hitting their lower limits, with the proportion of rising stocks being about 30%, indicating a generally weak profit effect. In terms of sectors, coal mining, port shipping, rubber, precious metals, and certain processing companies in the Shenzhen Agricultural Power Group led the gains among resource and cyclical sectors, while gaming, cultural media, and intellectual property protection sectors lagged behind. Driving Factors On that day, the mainboard rebounded on strength from cyclical weights like coal and shipping, while indices such as the ChiNext and STAR Market 50 saw declines, leading to a clear divergence in index movements. The trading volume of the two markets decreased by over 100 billion yuan compared to the previous day, with more than 3600 stocks declining, and the proportion of rising stocks only around 30%, presenting a typical structural divergence rather than a broad-based rally. In terms of leading sectors, the CCI index for thermal coal rose across the board on September 8 (with 5500 kcal reported at 984 yuan/ton, an increase of 17 yuan from the previous day), acting as a catalyst for the coal sector; synthetic diamonds gained momentum thanks to reports from institutions regarding AI chip heat dissipation materials; other cyclical themes like BDI, yellow wine, and sugar were also active. Conversely, gaming and cultural media sectors saw a concentrated pullback in recent thematic stocks, but the declines in the ChiNext and STAR Market 50 were relatively limited. Hot Sectors [Coal] The coal sector was active throughout the day, leading in gains, with Zhengzhou Coal Industry & Electric Power up 10.04%, Yunnan Coal & Energy up 10.07%, and Henan Dayou Energy hitting its upper limit. The rise in the thermal coal CCI index on September 8 acted as a catalyst, with the spot price for 5500 kcal reported at 984 yuan/ton, up 17 yuan/ton from the previous day, boosting sentiment in the sector. [Port Shipping/BDI] The port and shipping sector strengthened, with Nanjing Port up 10.03% and China Merchants Energy Shipping up 10.01%, also hitting their upper limits. The BDI concept rose 4.05%, with strong performance in dry bulk shipping. [Synthetic Diamonds/Precious Metals] The synthetic diamond sector rose 3.12%, with companies like Beijing Worldia Diamond Tools showing significant gains; institutional reports indicated that diamond-copper materials, due to their thermal conductivity, cost, and thermal expansion matching advantages, are expected to achieve early large-scale applications, with a projected global compound growth rate of 237% for the diamond-copper market for AI chips from 2025 to 2029. Precious metals and non-ferrous (antimony) sectors also showed performance, with Hunan Gold Corporation up 10.02% and hitting its upper limit. Adjusting Sectors On that day, the gaming, cultural media, and intellectual property protection sectors saw significant declines, with the gaming stock Dasheng Times Cultural Investment hitting its lower limit (down 9.98%); the cultural media stock Mango Excellent Media fell over 9% (down 9.94%), with Northern United Publishing & Media also hitting its lower limit, and Threes hitting its lower limit; the real estate sector also collectively declined, led by 5i5j Holding Group (down 9.30%). The declines in these sectors correlated with the strong performance in cyclical resources and the pullback in thematic directions.