A-shares Opening News | Three Major Indices Open Lower, Technology Sector Weakens at Opening

On September 10, the Shanghai Composite Index opened down 0.31% at 3939.09 points, the Shenzhen Component opened down 0.60% at 13641.18 points, and the ChiNext Index opened down 0.91% at 3324.33 points. The Sci-Tech Innovation 50 opened down 0.67% at 1569.46 points. As of 9:35 AM, a total of 426 stocks in the Shanghai and Shenzhen markets had risen, 5076 had fallen, and 59 were flat. Top gainers included sectors such as glass fiber, marine equipment, engineering consulting services, gas, and electronic cloth concepts; while top losers included aquaculture, components, optical fiber, optical communication modules, CPO, liquid metals, and 5.5G. Market Overview Today, all three major A-share indices opened lower, with the Shanghai Composite down 0.31%, the Shenzhen Component down 0.60%, the ChiNext Index down 0.91%, and the Sci-Tech Innovation 50 down 0.67%. After the opening, the indices continued to oscillate at lower levels, with the declines slightly widening compared to the opening. As of 9:35 AM, the Shanghai Composite was at 3931.40 points, down 0.51%; the Shenzhen Component at 13613.12 points, down 0.80%; the ChiNext Index at 3327.78 points, down 0.81%; and the Sci-Tech Innovation 50 at 1567.12 points, down 0.82%. There was a noticeable sector rotation: glass fiber, marine equipment, engineering consulting services, and gas sectors performed relatively well, while technology sectors such as components, optical communication modules, CPO, liquid metals, and 5.5G opened weaker. Structurally, there were only 426 gainers versus 5076 losers across the markets, with gains making up approximately 7%, reflecting a lower market sentiment, with 11 stocks hitting the daily limit up and 2 hitting the daily limit down. In terms of trading volume, the combined turnover of the Shanghai and Shenzhen markets was 230.474 billion yuan, a decrease of 18.503 billion compared to the same period of the previous trading day. Highlights of Overnight News Overseas markets under pressure: the three major U.S. stock indices fell for the third consecutive day, with the Dow Jones down 0.77%, the S&P 500 down 0.48%, and the Nasdaq down 0.64%. The 10-year U.S. Treasury bond yield rose above 4.85%, reaching a new high since November 2023; Brent crude oil returned to above $100 per barrel. CME interest rate futures indicated that the implied probability of the Federal Reserve raising interest rates again in September has risen to around 60%. Domestic policies and price data: The State Council Information Office held a special press conference today at 3 PM on the "14th Five-Year Plan" for finance, where the central bank, financial regulatory bureau, securities regulatory commission, and foreign exchange bureau jointly introduced the construction of a strong financial nation. The National Bureau of Statistics announced that the CPI in August rose 0.8% year-on-year and turned positive month-on-month, while the PPI increased by 3.8% year-on-year and shifted from decline to growth month-on-month, mainly driven by rising prices of upstream resource products. Key Industry Developments: Apple launched its first foldable smartphone, the iPhone Duo, starting at $1999 and 15999 yuan in China, attracting attention to the foldable screen supply chain. Market news indicates that DeepSeek has commissioned CITIC SEC to prepare for its IPO in the Sci-Tech Innovation Board, currently in the due diligence phase, but the parties have yet to sign a formal guidance agreement; Suiruan Technology will debut on the Sci-Tech Innovation Board on September 11. Beijing has issued the "14th Five-Year Plan" for high-end technology, accelerating the development of commercial space. Market Trends Analysis Today, the three major A-share indices opened lower, with the Shanghai Composite down 0.31% and the ChiNext Index down 0.91%. There was a rotation between sectors, with glass fiber, marine equipment, and gas performing relatively well, while technology sectors such as components, optical communication modules, and CPO weakened. The number of gainers made up only about 7%. From a driving perspective, overnight U.S. stocks fell, the 10-year U.S. Treasury yield hit a new high since November 2023, and Brent crude oil returned to above $100 per barrel, leading to diminished external risk appetite which constrains high-valuation growth; the upcoming "14th Five-Year Plan" finance special press conference at 3 PM today supports expectations for financial reform and medium- to long-term capital entering the market. Institutional consensus leans towards the view that the market may continue to experience structural differentiation in the short term, with resource products and high dividends relatively favored, while index levels could maintain fluctuations.