A-share Market Opening Brief | All three major indices open lower; glass and fiberglass sector strengthens.

Opening Data On September 17, the Shanghai Composite Index opened 0.38% lower at 3,877.00 points, the Shenzhen Component Index opened 0.33% lower at 13,409.88 points, and the ChiNext Index opened 0.43% lower at 3,297.31 points. The STAR 50 opened 0.52% lower at 1,607.85 points. As of 9:31, a total of 2,486 stocks in the Shanghai and Shenzhen markets rose, 2,694 fell, and 385 were flat. Top gainers: glass and fiberglass, electronic cloth concept, germanium and gallium concept, real estate services, optics and optoelectronics, large silicon wafer concept, etc.; top decliners: oilfield services engineering, coke, wind power equipment, precious metals, gas, power, etc. Market Conditions The three major indices collectively opened lower in the morning session, and their declines narrowed rapidly after the open. As of 9:31, the Shanghai Composite Index stood at 3,891.35 points, down 0.01% on a current-price basis; the Shenzhen Component Index stood at 13,485.56 points, up 0.23%; the ChiNext Index stood at 3,317.51 points, up 0.18%; and the STAR 50 stood at 1,619.23 points, up 0.19%. The Shenzhen Component Index, ChiNext Index, and STAR 50 all turned from opening lower to modest gains, while the Shanghai Composite Index basically returned to near the previous trading day's closing level. At the sector level, glass and fiberglass ranked first among industries with a gain of more than 4%, while electronic materials directions such as electronic cloth, germanium and gallium, and large silicon wafers strengthened in tandem, with sectors including optics and optoelectronics, real estate services, and medical services following upward; on the decliners' side, sectors including oilfield services engineering, coke, wind power equipment, precious metals, gas, and power adjusted at the open. As of 9:31, there were 7 limit-up stocks and 2 limit-down stocks in the Shanghai and Shenzhen markets, with gainers accounting for about 44%, and the distribution of advancers and decliners was relatively balanced. Overnight News Briefs Fed raises rates for the first time in three years: On September 16, the Federal Reserve raised the target range for the federal funds rate by 25 basis points to 3.75% to 4.00%, with all 12 voting members in support. The three major U.S. stock indices closed lower collectively, with the Dow down 1.21%, the S&P 500 down 0.45%, and the 10-year U.S. Treasury yield closing at 5.023%. The "15th Five-Year Plan" for the electronic information manufacturing industry was issued: 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 that by 2030 operating revenue of enterprises above designated size exceed 30 trillion yuan, and listing full-chain breakthroughs in integrated circuits as the first task under "strengthening the foundational capacity of the industry." Huawei Connect opens: Huawei Connect 2026 is being held in Shanghai from September 17 to 19, with topics centered on AI infrastructure and industry intelligence, and its Ascend 950 super node is expected to reveal more commercial details and measured data. Data from the China Enterprise Confederation showed that electricity consumption in the internet data services industry increased by more than 40% year on year. Trend Analysis Today the three major indices collectively opened lower, mainly affected by the pullback in overseas risk appetite overnight. The Federal Reserve restarted rate hikes after three years and released a relatively hawkish signal, the three major U.S. stock indices closed lower collectively, and the 10-year U.S. Treasury yield rose to 5.023%; international oil prices fell significantly, driving adjustments at the open in directions such as oilfield services engineering and oil and gas. However, after opening lower, the indices' declines narrowed rapidly, and the STAR 50 and Shenzhen Component Index turned positive one after another. Structurally, the main line remains concentrated in the technology direction, with electronic materials and upstream segments such as glass and fiberglass, electronic cloth, germanium and gallium, and large silicon wafers leading gains at the open. In the short term, the indices may maintain a choppy pattern, and the choice of direction still awaits clarity in liquidity conditions and external interest rate expectations.