On September 29, the three major A-share indices opened lower collectively before rebounding and turning positive, with the market showing a divergent pattern of "narrow index fluctuations, broad gains across individual stocks, and notably shrinking volume ahead of the holiday."
As of the midday close, the Shanghai Composite Index rose 0.08% to 3,826.51 points, the Shenzhen Component Index gained 0.41%, and the ChiNext Index added 0.34%. Across the entire market, 4,053 stocks advanced while 1,398 declined. Half-day turnover across the Shanghai, Beijing, and Shenzhen markets totaled 884.3 billion yuan, a contraction of roughly 290 billion yuan from the previous trading day. On the capital flow front, main funds during the morning session flowed net into sectors including pharmaceuticals, power equipment and new energy, and real estate, with the pharmaceutical sector seeing net inflows exceeding 1.4 billion yuan; the battery sector recorded net inflows from main funds surpassing 1.7 billion yuan.
Market Overview
On the board, gainers were led by battery, components, real estate, and cultural media sectors; decliners were led by coal mining and processing, lab-grown diamonds, and petroleum and petrochemical sectors. Overall, trading willingness cooled markedly ahead of the holiday, with hot spots rotating rapidly and capital concentrating toward directions with policy and industrial catalysts such as solid-state batteries and PCBs. Meanwhile, driven by the State Council's deployment to "study and introduce measures to stabilize the real estate market," the property chain strengthened collectively, with more stocks rising than falling and small- and mid-cap stocks outperforming heavyweight shares.
Hot Sectors
1. Solid-State Battery Concept Erupts
The solid-state battery concept strengthened collectively during intraday trading, with Wuhan Landian hitting the 30% limit-up, Shangshui Intelligent surging 20% to the limit, Shanghai Xiba, Guoxuan High-Tech, and Jinlongyu hitting the limit-up, Liyuanheng gaining over 12%, and Lingge Technology and Yinglian Shares among the top gainers.
Commentary: On the news front, on September 28, seven government bodies—including the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Transport, the Ministry of Commerce, the State Administration for Market Regulation, the National Energy Administration, and the National Railway Administration—jointly issued the "15th Five-Year Plan for the Development of the New-Type Battery Industry," proposing that by 2030 all-solid-state batteries would initially achieve large-scale application, with long-life lithium batteries reaching a cycle life of 15,000 cycles. The plan outlines 19 key tasks across five areas including full-chain innovation development and industrial transformation and upgrading, and explicitly calls for accelerating breakthroughs in all-solid-state battery industrialization technology. Rising expectations for solid-state battery industrialization drove related concept stocks higher collectively.
2. Real Estate Sector Strengthens Collectively
The real estate sector showed active performance, with Shenzhen Property A hitting its second consecutive limit-up, Xinda Real Estate, Hualian Holdings, and Binjiang Group hitting the limit-up. Vanke A touched the limit-up intraday and rose over 7% by midday, Tefa Service gained over 9%, and Rongsheng Development, China Enterprise, and Gemdale Group were among the top gainers.
Commentary: On the news front, the State Council executive meeting was held on September 28, stating that a batch of pragmatic and effective incremental policies should be introduced, fiscal expenditure arrangements optimized, local government debt carryover limits well utilized, monetary policy tools comprehensively applied and adjusted in a timely manner, and relending quotas for technological innovation and technical upgrading as well as agricultural support and small business support increased. The meeting also called for studying and introducing policies to stabilize the real estate market and promote employment and income growth. On the same day, the Shanghai Municipal Housing and Urban-Rural Development Management Committee and three other departments jointly issued the "Implementation Opinions on Implementing the Notice on Improving the Commercial Housing Sales System," specifying six measures including strengthening pre-sale management and orderly implementing sales of completed homes, effective from September 28, 2026.
3. PCB and Components Concept Rises
The PCB concept rebounded in choppy trading, with Xunjiexing hitting the 20% limit-up, Yidun Electronics, Aoshikang, and ChaoSheng Electronics hitting the limit-up, and Shengyi Electronics, Jinlu Electronics, Qiangda Circuit, and Jinbaize among the top gainers.
Commentary: On the news front, since the start of 2026, copper prices, electronic cloth, substrates, and PCBs have continued their upward price trend, with high industry prosperity persisting. Multiple institutional research reports noted that as upstream raw material prices continue to rise, PCB manufacturers have successively initiated re-quotations, and the price transmission mechanism along the industrial chain is gradually being unblocked. According to Choice data, as of September 28, institutions conducted research on 221 electronics and semiconductor companies in September, with leading companies in the PCB sector and various semiconductor sub-sectors becoming key focuses of institutional attention.
4. Cultural Media Sector Pulls Up
The cultural media sector showed active performance, with Xinhua Media hitting its sixth limit-up in six days, Xinhua Winshare hitting the limit-up, Yinli Media, Zhangyue Technology, and Huamei Holdings hitting the limit-up, and Zhidemai, Mango Super Media, and China Publishing among the top gainers.
Commentary: On the news front, on September 27, during the 10th Pingyao International Film Festival, ByteDance's Volcano Engine officially launched the Seedance film and television cooperation plan, which will provide Token subsidies, promotional resources, and technical and tool support to professional film and television projects worldwide, with incentives of up to one million RMB per project, driving strength in AI film and television, short drama, and related directions.
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