A-share Market Open Express | Three major indices open slightly lower; copper-clad laminate and minor metals sectors strengthen.

On September 15, the Shanghai Composite Index opened 0.14% lower at 3879.73 points, the Shenzhen Component Index opened 0.17% lower at 13362.17 points, and the ChiNext Index opened 0.14% lower at 3280.85 points. The STAR 50 opened 0.26% lower at 1524.27 points. As of 9:32, a total of 1,615 stocks in the Shanghai and Shenzhen markets rose, 3,610 fell, and 337 were flat. Top gainers: components, minor metals, commercial vehicles, software development, copper-clad laminate concept, PTFE concept, tungsten concept, etc.; top decliners: planting industry, Shenzhen Agricultural Power Group processing, tourism and scenic spots, marine equipment II, ground armament II, agricultural reclamation concept, grain concept, cotton concept, etc. Market conditions The three major indices opened slightly lower and then fluctuated in a divergent pattern. As of 9:32, on a current-price basis, the Shanghai Composite Index fell 0.05% to 3883.44 points, the Shenzhen Component Index fell 0.03% to 13379.93 points, the ChiNext Index fell 0.20% to 3279.00 points, and the STAR 50 rose 0.34% to 1533.51 points. Structurally, the copper-clad laminate concept continued the activity from the previous trading day and led the market, the components sector strengthened in tandem, and the PTFE concept and ceramic substrate concept also moved higher; the minor metals sector rose, driven by varieties such as tungsten. On the other hand, the agriculture direction fell collectively, with planting, Shenzhen Agricultural Power Group processing, and fisheries among the biggest decliners, while agricultural reclamation, cotton, grain, corn, and other concept segments also retreated in tandem; tourism and scenic spots, hotels and catering, ground armament, marine equipment, and other sectors also performed relatively weakly. At the individual stock level, 13 stocks hit the daily limit up across the market and 8 hit the daily limit down, with gainers accounting for about 29%. Overnight news at a glance 1. Overseas markets: U.S. August CPI rose 3.4% year on year, in line with market expectations, while seasonally adjusted core CPI rose 0.3% month on month, above expectations. A Reuters survey showed that 86 of 101 economists expect the Federal Reserve to raise rates to 3.75%-4.00% on September 16. Late last week, three leading overseas AI companies called for slowing the development of frontier large models, and global computing power stocks came under pressure overnight. 2. Domestic policy: The Ministry of Commerce and seven other departments issued the Action Plan for Promoting Smart Home Consumption, proposing to make good use of the fiscal interest subsidy policy for personal consumer loans and guide financial institutions to increase loan support for smart home consumption and other areas. On the same day, the China Securities Regulatory Commission said it would guide listed companies to shorten payment periods and pay small and medium-sized enterprise accounts in a timely manner. At the end of August, the broad money supply M2 stood at 356.81 trillion yuan, up 7.5% year on year. 3. Key industries: The National Medical Products Administration approved and released the world's first medical device standard for brain-computer interfaces that uses artificial intelligence technology to process EEG data, which will take effect on September 1, 2027. On the industry side, research reports from brokerages including Sinolink and Kaiyuan Securities showed that expanding AI server demand is driving continued prosperity in upstream electronic materials segments such as copper-clad laminates and MLCCs. Trend assessment Today, the three major indices opened slightly lower and then fluctuated in a divergent pattern, with limited index volatility. The STAR 50 was relatively strong, while the ChiNext Index performed relatively weakly. Overnight inflation data and Federal Reserve rate hike expectations remain the main external disturbances, the overseas computing power chip chain pulled back, and A-share upstream electronic materials and minor metals were relatively active. On the market, copper-clad laminates, components, and other segments in the AI server industry chain remained active, while minor metals strengthened, driven by variety prices; previously active directions such as planting, fisheries, and tourism and scenic spots retreated, with hot spots rotating quickly and market divergence still present. Galaxy Securities believes that the impact of short-term external disturbances on A-shares remains largely, and the range-bound pattern may continue; going forward, it may be necessary to wait for a trend expansion in trading volume and improved policy expectations to form a resonance. Institutional attention is concentrated on areas of prosperous growth and cyclical improvement.