A-share Midday Review | STAR 50 rises 1.79%, semiconductors and wind power equipment strengthen.

On September 15, the three major A-share indices opened lower collectively, then rallied together in early trading to turn positive. The STAR 50 Index intraday expanded its gain to more than 3% at one point before pulling back from highs, with the market showing a pattern of "narrow index divergence, broad declines in individual stocks, and counter-trend activity in technology hardware." As of the midday close, the Shanghai Composite Index fell 0.10% to 3881.41 points, the Shenzhen Component Index rose 0.04% to 13389.63 points, and the ChiNext Index fell 0.18% to 3279.62 points. The STAR 50 Index rose 1.79% to 1555.65 points, and the BSE 50 Index rose 0.99%. In the Shanghai and Shenzhen markets, 1,547 stocks rose and 3,916 stocks fell. Half-day turnover across the Shanghai, Beijing, and Shenzhen markets was 1.0652 trillion yuan, a decrease of 48.7 billion yuan from the previous trading day. On the capital front, Cailian Press monitoring data showed that in early trading, main funds recorded net inflows into sectors including electronics, semiconductors, and building materials, and net outflows from sectors including banking, pharmaceuticals, and commercial retail, with the electronics sector seeing net inflows of more than 7.4 billion yuan. Market Overview On the board, gainers were led by wind power equipment, electronic chemicals, semiconductors, and copper-clad laminates; decliners were led by planting and forestry, tourism and hotels, grain concepts, and retail. Overall, turnover in the two markets continued to shrink from the previous trading day, more than 3,900 stocks in the Shanghai and Shenzhen markets fell, and capital concentrated into directions such as semiconductors, copper-clad laminates, and wind power equipment, while most other sectors generally pulled back, with the indices showing narrow divergence between heavyweight sectors and technology sectors. Hot Sectors 1. The semiconductor supply chain performed actively The semiconductor sector strengthened, with Shenzhen Dawei Innovation Technology hitting the daily limit, China Chippacking Technology Co., Ltd. and Chongqing Genori Technology rising more than 13%, and Hwatsing Technology, Guangzhou Fangbang Electronics, Tongyu Advanced Materials, and Hubei Sinophorus Electronic Materials among the top gainers. Comment: On the news front, on September 15, the Ministry of Industry and Information Technology and the National Development and Reform Commission jointly issued the "15th Five-Year Plan for the Development of the Electronic Information Manufacturing Industry," proposing to promote full-chain breakthroughs in integrated circuits, develop high-end chip products such as high-performance processors, high-density memory, and high-reliability analog and mixed-signal chips, refine mature process nodes, improve advanced process capabilities, and clearly target breakthroughs in edge intelligent computing chips and high-end memory chips, while developing new architectures such as near-memory computing and compute-in-memory. 2. The wind power equipment sector rebounded in choppy trade The wind power equipment sector strengthened, with Dajin Heavy Industry, Jiangsu Xihua New Energy Technology, and Jiangsu SINOJIT Wind Energy Technology hitting the daily limit, Titan Wind Energy posting 2 limit-up days in 4 sessions, and Jiangsu Haili Wind Power Equipment Technology, ZENKUNG, and Luoyang Xinqianglian Slewing Bearing among the top gainers. Comment: On the news front, according to Cailian Press, the latest analysis by Norwegian consultancy Rystad Energy said that Europe's offshore wind power expansion is facing structural supply constraints. Since 2020, the selling price of complete offshore wind turbines (per MW) has risen 40%-45%, far exceeding the 20%-25% increase in manufacturing costs over the same period. 3. The PCB and copper-clad laminate concepts remained repeatedly active The PCB concept remained repeatedly active, with Zhejiang Wazam New Materials posting 3 limit-up days in 7 sessions, Changzhou Aohong Electronics rising for 3 consecutive sessions, and Nuode New Materials and OK Science and Technology hitting the daily limit. Guangdong Goworld, Guangzhou Fangbang Electronics, Nanya New Material Technology, and Guangdong Champion were among the top gainers, and the copper-clad laminate sector ranked among the top concept sectors by gain. Comment: On the news front, according to reports by Shanghai Securities News and others, copper-clad laminate leader KB LAMINATES issued its seventh price increase notice of the year on August 28, raising prices uniformly by 10% for all thicknesses of FR-4 copper-clad laminates, with 7628 and above thick cloth in prepreg rising 10% and thin cloth below 7628 rising 20%; China Jushi Co., Ltd. raised electronic cloth prices starting in September, with thick cloth up 15% and thin cloth up 20%. With upstream copper-clad laminate and electronic cloth prices continuing to rise, price increase pressure has begun to transmit to the PCB segment, and PCB manufacturers have successively launched a new round of product price adjustments. 4. Cybersecurity concept stocks performed actively Within the cybersecurity concept, multiple stocks rose by the daily limit for consecutive sessions and individual stocks were locally active. Shenzhen Sinovatio Technology opened at the daily limit, briefly opened during the session, then sealed the limit again, extending its streak to 4 consecutive limit-up sessions. Qiming Information Technology posted 2 consecutive limit-up sessions. Topsec Technologies Group Inc. touched the daily limit at one point during the session, while Integrity Technology Group Inc., Zhongfu Information Inc., and Beijing Haohan Data Technology surged and then pulled back during the session. Comment: On the news front, on September 12, Anthropic CEO Dario Amodei published a long article calling on the industry to slow the pace of capability improvements in frontier artificial intelligence models to allow more time for model alignment and safety research; in addition, according to The Information, Nvidia, Palantir, and Booz Allen Hamilton are restricting or even threatening to stop using OpenAI's and Anthropic's most advanced AI models, and are demanding that the two companies provide stricter data protection and "zero data retention" guarantees.