On October 21, the three major A-share indices all closed lower. By the closing bell, the Shanghai Composite Index fell 0.6%, the Shenzhen Component Index dropped 0.82%, and the ChiNext Index declined 1.62%. The Beijing Stock Exchange 50 Index slipped 0.72%, while the STAR 50 Index edged up a marginal 0.06%. Total market turnover reached 1.4421 trillion yuan, shrinking by 29.5 billion yuan compared with the previous trading day. More than 3,300 individual stocks across the market ended in negative territory.
Earlier in the day, the three major indices opened with collective losses. By the midday break, the Shanghai Composite was down 0.31%, the Shenzhen Component was down 0.31%, and the ChiNext was down 1.07%. In the afternoon session, the declines widened further. Some netizens remarked that the market action was simply too agonizing to watch.
Sector performance was clearly divided. Data rights confirmation, pork, livestock farming, cultural media, and IT services led the gains, while batteries, energy metals, education, graphite electrodes, and baijiu lagged behind.
Data Rights Confirmation Sector Rallies
On this day, the data rights confirmation sector opened high and continued climbing, with companies like Sanwei Tiandi and Nanwei Software hitting the daily limit. The previously issued Opinions on Developing New Quality Productive Forces explicitly calls for improving the policy system that promotes digital industrialization and industrial digitalization, and for building digital industry clusters with international competitiveness. Some experts believe that the empowering potential of data elements has yet to be fully unleashed, and that mechanisms for data circulation and security still need to be strengthened. Cross-regional and cross-industry efficient allocation mechanisms for data resources remain to be improved, and standards for data asset pricing, rights confirmation, and revenue distribution require further regulation. At the same time, under the premise of safeguarding data security and privacy protection, the willingness of cluster enterprises to share data and the efficiency of cross-domain circulation still need enhancement.
Cultural Media Sector Shows Vigor
Cultural media stocks displayed strong momentum, with multiple shares hitting the daily limit. Zhaoxun Media and Fantawild Digital led the advances. On the news front, the recently jointly issued 15th Five-Year Plan for the Development of the Advertising Industry proposes that by 2030, the advertising industry scale should achieve an average annual growth of around 10%. In addition, the first domestic theatrical film produced using AI technology and granted a public screening license by the China Film Administration, Sanxingdui: Future Past, is scheduled for release on October 23. The film runs approximately 100 minutes, and all characters are original digital creations, without involving digital replica replacements of real actors. Huayuan Securities believes that AI film and television is evolving toward platform-based and serialized content supply. As AI video generation capabilities continue to improve, industrial value is expected to shift from producing more materials to producing higher-quality content, further opening up content supply space for high-visual-effects, high-production-investment genres such as science fiction, mythology, and history, with the pace of industrial implementation likely to accelerate further.
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