On October 30, the market opened sharply lower, then oscillated upward, only to weaken again in the afternoon, with the Shenzhen Component Index falling nearly 3%, the ChiNext Index dropping more than 4%, and the STAR 50 Index declining over 5%.
On the sector front, liquor and food and beverage concepts strengthened significantly, while the pharmaceutical sector was active against the trend; on the downside, artificial intelligence concepts weakened, and telecommunications and semiconductor concepts fluctuated lower.
More than 4,500 individual stocks across the entire market declined.
The turnover of Wind All A reached 1.69 trillion yuan, an increase of 117 billion yuan from the previous trading day.
For the whole month, major indices in October all closed lower, showing an overall trend of declining with shrinking volume. The dual-innovation indices fell more than 23% cumulatively for the month, the ChiNext Index dropped more than 44% from its historical high in June this year, and the Shenzhen Component Index, CSI 500, and CSI 2000 all fell more than 15%.
More than 4,500 stocks in the Shanghai and Shenzhen markets posted monthly losses, with the median monthly change exceeding -12%.
The three major A-share indices fell sharply again today.
As of the close, the Shanghai Composite Index dropped 1.44%, the Shenzhen Component Index fell 2.73%, the ChiNext Index declined 4.13%, and the STAR 50 Index dropped 5.48%.
Affected by the decline in U.S. stocks yesterday, the three major A-share indices all opened lower this morning, but after the opening, buying support was strong, and stock indices oscillated upward throughout the morning.
In addition, the B-share index quickly turned positive after opening lower, while Hong Kong's Hang Seng Index even opened higher and moved up.
The Shanghai B-share is denominated in U.S. dollars. Although its scale is not large, it represents to some extent the attitude of some foreign capital and has strong leading indicator significance.
After 11 a.m., the Hang Seng Index rose again, with gains approaching 2%.
With the influx of bottom-fishing funds, A-shares strengthened across the board, with the Shanghai Composite and Shenzhen Component turning positive at one point, and the dual-innovation indices surging nearly 3 percentage points during the session.
At this point, various stock chat groups seemed to regain their former lively atmosphere.
However, after searching the market at noon, no sudden news was found. After the afternoon opening, the situation changed immediately, and the previously lively stock groups fell silent again.
It was not until the last 15 minutes of trading that several broad-based ETFs began to see increased volume, with funds flowing into Huatai-PineBridge CSI 300 ETF, Harvest CSI 300 ETF, China Southern CSI 1000 ETF, and China Southern CSI 500 ETF.
A-share third-quarter reports are nearing completion. Last night, several leading companies reported earnings that fell short of expectations, and their stock prices declined today.
For example, Eoptolink Technology Inc Ltd (300502.SZ) fell 14.19%. Its third-quarter net profit was 3.843 billion yuan, up 61.15% year-on-year but down 19.08% quarter-on-quarter; Victory Giant Technology (300476.SZ) dropped 13.31%. Its third-quarter net profit was 527 million yuan, down 52.17% year-on-year and 66.39% quarter-on-quarter; GigaDevice Semiconductor Inc (603986.SH) declined 6.59%. Its third-quarter net profit was 4.209 billion yuan, up 728.93% year-on-year but down 22% quarter-on-quarter.
In addition, recently, U.S. tech stocks have seen frequent black swan events.
Yesterday, all three major U.S. stock indices closed lower: the Nasdaq fell 1.38%, the S&P 500 dropped 0.30%, and the Dow fell 0.25%.
Alphabet's third-quarter results missed expectations, and it also disclosed that AI investment will be significantly accelerated, causing market doubts about whether tech giants can convert massive AI spending into profits to suddenly heat up.
Google posted its largest single-day drop since its listing yesterday.
After the U.S. market close, Intel and Amazon both reported earnings that fell short of market expectations, triggering another plunge in tech stocks.
Today, Nasdaq 100 futures fell more than 2.4% during the session.
The global AI narrative is undergoing a stress test.
Revenue growth at frontier model companies has shown marginal slowdown, and the financing costs and equipment depreciation pressures of some highly leveraged cloud vendors are beginning to become apparent. Market confidence in whether AI capital expenditure can continue to expand has consequently loosened, risk appetite has declined, and multiple markets have adjusted in sync.
At the same time, the mutual reinforcement of high debt and high interest rates in the U.S. and Europe is shaking the stability of global interest rate benchmarks and the financing system.
For Chinese assets, which are still in the process of recovery, this is an unavoidable external disturbance.
Some analysts believe that the optimistic growth expectations in certain sectors from earlier need to be digested, overseas financing and credit risks bring new disturbances, and domestic demand recovery still needs to be consolidated.
Rather than simply chasing growth narratives, more attention should be paid to earnings sustainability, cash flow quality, and balance sheet resilience under reasonable valuations.
For A-shares, the market is currently still repeatedly confirming between the end of bottoming and a rebound window, and maintaining patience is more important than chasing short-term fluctuations.
Most third-quarter reports will be disclosed this week, and the dust is about to settle.
After earnings landmines are cleared, a new round of bottom-fishing and position-building by funds may bring a turning point to the market.
The restoration of market confidence has never been a matter of one or two days.
Finally, let's look at today's hot spots.
Food and beverage strengthened throughout the day, with Luzhou Laojiao Co Ltd (000568.SZ), Anhui Gujing Distillery Co Ltd (000596.SZ), and Gansu Huangtai Wine-Marketing Industry Co Ltd (000995.SZ) hitting the daily limit.
Some views hold that the liquor sector is still in a stage of channel consolidation and inventory control to stabilize prices, but leading regional liquor companies have taken the initiative to optimize their operating foundations. As channel inventories are gradually digested, subsequent improvement in terminal sales is expected to be transmitted to financial statements. A full-scale reversal of the liquor sector still needs time, but high-quality regional targets already have allocation value.
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