A-share Market Close Review | ChiNext Index rebounds from lows to gain 4.16%, multiple stocks in the Siasun Robot&Automation industry chain hit limit up

On October 23, the three major A-share indices collectively opened lower in the morning and moved unilaterally downward, then rebounded rapidly in the afternoon and collectively turned positive, forming a deep-V reversal, with the Shanghai Composite closing near its intraday high. As of the close, the Shanghai Composite rose 0.89% to 3690.48 points, the Shenzhen Component rose 2.79% to 11673.83 points, the ChiNext Index rose 4.16% to 2684.10 points, the STAR 50 rose 3.04% to 1345.51 points, and the BSE 50 rose 1.88% to 984.90 points. Turnover across the Shanghai and Shenzhen markets was 1,956.258 billion yuan, an increase of 427.544 billion yuan from the previous trading day. Across the Shanghai and Shenzhen markets, 4,526 stocks rose, 909 fell, and 142 were flat, with 84 hitting the daily limit up and 9 hitting the daily limit down, and rising stocks accounting for about 81%. In terms of sectors, batteries, software development, automation equipment, electric motors, film and cinema lines, and digital media led the gains; banks, utilities, steel, and power led the declines. Drivers Overnight, U.S. technology stocks collectively sold off sharply, with the Nasdaq Index falling 2.60% to 26008.86 points and the Philadelphia Semiconductor Index falling 6.72%. The three major A-share indices opened lower in the morning, with the Shanghai Composite hitting an intraday low of 3574.27 points (down 2.29% from the previous close) and the ChiNext Index hitting an intraday low of 2494.22 points (down 3.21%), while components, precious metals, and communications equipment led the declines at the open. The first batch of 18 active ETFs officially began issuance on October 23, with a fundraising cap of 2 billion yuan per fund and the 18 funds together bringing in at most 36 billion yuan of incremental capital. E Fund, Fullgoal Fund, ChinaAMC, and China Universal Asset Management each subscribed 200 million yuan of their own products with proprietary capital, while Morgan Fund shareholders subscribed $75 million through affiliated parties. On the day, multiple broad-based ETFs saw heavy volume, with the ChiNext ETF E Fund's turnover exceeding 19.5 billion yuan, a new high since October 9, 2024, and the CSI 300 ETF Huatai-PineBridge trading more than 15 billion yuan for the full day. News flow around the Siasun Robot&Automation industry chain was intensive. On October 22, the 2026 World Physical AI Conference and Unitree Partner Ecosystem Conference was held in Hangzhou. Unitree Technology founder Wang Xingxing said physical AI has "shown signs of being broken through," and the "Yuchuang Plan" was launched at the meeting, with plans to incubate more than 200 ecosystem companies over the next five years. OpenAI CEO Altman announced in June this year the formation of the "OpenAI Robotics" team, and in an October interview said the company would develop humanoid Siasun Robot&Automation in-house. Ministry of Commerce big data showed that in the first three quarters, embodied intelligent Siasun Robot&Automation sales on key platforms grew 22.6%. At the company level, Contemporary Amperex Technology repurchased a total of about 5.7596 million A-shares over the two trading days of October 21 and 22, spending about 1.299 billion yuan, and rose 7.80% on the day. At midday, Zhongji Innolight, Eoptolink Technology Inc., Suzhou TFC Optical Communication, Accelink Technologies, and Yuanjie Semiconductor Technology collectively disclosed sufficient orders on hand, and Eoptolink Technology Inc. simultaneously announced a plan to repurchase 800 million to 1 billion yuan. Among hot sectors 1. Humanoid Siasun Robot&Automation and physical AI: Among SW level-2 industries, electric motors rose 5.55% and automation equipment rose 5.66%, while the physical AI concept rose 10.50%, ranking first among concept sectors. Unitree Technology hit the 20CM limit up at 624 yuan, with a total market value of 252.386 billion yuan, its first limit up since listing on August 19, and it has risen more than 54% over the past six trading days. Shandong Daye hit its sixth consecutive limit up, while Ningbo Cixing, Opt Machine Vision Tech Co., Ltd., Jiangsu Huayang Intelligent Equipment, and Guangzhou Frontop Digital Creative Technology all hit the 20CM limit up, and Shenzhen Zhaowei Machinery & Electronics, Goertek Inc., Paslin digital technology co., ltd., and Wanxiang Qianchao hit the limit up. The catalyst came from the 2026 World Physical AI Conference and Unitree Partner Ecosystem Conference held in Hangzhou on October 22. 2. Batteries: The battery sector rose 5.98%, ranking first among SW level-2 industries. Contemporary Amperex Technology rose 7.80% to 237.60 yuan, with turnover of 25.396 billion yuan, and Guangdong Lyric Robot Automation rose 16.04%. On the evening of October 22, Contemporary Amperex Technology announced on the Hong Kong Stock Exchange that it repurchased 2.271 million A-shares on the Shenzhen Stock Exchange that day, spending nearly 500 million yuan; together with the 3.4886 million shares repurchased on October 21 (about 800 million yuan), the two trading days totaled about 1.299 billion yuan. 3. Computing power hardware and non-bank financials: Semiconductors rose 3.30% and communications rose 1.87%. Shanghai Bright Power Semiconductor Co., Ltd. hit the 20CM limit up, Jiangsu Dagang hit the limit up, Moore Threads rose 11.36%, and MetaX rose 13.46%. Zhongji Innolight rose 3.82%, Eoptolink Technology Inc. rose 1.16%, and Suzhou TFC Optical Communication rose 1.93%, all reversing from morning declines to close higher. Non-bank financials rose 1.52% and software development rose 5.79%. SGSG Science&Technology hit the 20CM limit up, while ChinaLin and Shanghai DZH Limited hit the limit up. On the news front, at midday five optical module companies collectively announced sufficient orders on hand, and the first batch of 18 active ETFs began issuance that day. Adjusting sectors Banks fell 1.30%, the largest decline among SW level-1 industries on the day, with Bank Of China falling 4.02%; utilities fell 0.60% and steel fell 0.19%. Among SW level-2 industries, power fell 0.68%, with Fujian Mindong Electric Power Group falling 7.76%, An Hui Wenergy falling 6.46%, and Guizhou Qianyuan Power falling 6.70%. The banking sector had just seen Industrial and Commercial Bank of China and China Construction Bank Corporation shares hit nearly one-year highs on October 22, before turning lower on the day.