On October 23, the three major A-share indices collectively opened lower in the morning session and slid in a one-way decline, then rebounded rapidly in the afternoon and collectively turned positive, forming a deep V-shaped reversal, with the Shanghai Composite closing near its intraday high.
As of close, the Shanghai Composite rose 0.89% to 3,690.48 points, the Shenzhen Component Index rose 2.79% to 11,673.83 points, the ChiNext Index rose 4.16% to 2,684.10 points, the STAR 50 rose 3.04% to 1,345.51 points, and the Beijing Stock Exchange 50 rose 1.88% to 984.90 points.
Combined trading volume across the Shanghai and Shenzhen markets reached 1,956.258 billion yuan, an increase of 427.544 billion yuan from the previous trading day. Across the two markets, 4,526 stocks advanced, 909 declined, and 142 were flat, with 84 hitting the daily limit up and 9 hitting the daily limit down, meaning advancing stocks accounted for approximately 81% of the total. By sector, battery, software development, automation equipment, electric motors, film and cinema, and digital media led the gains; banking, utilities, steel, and power led the declines.
Driving factors: Overnight, U.S. tech stocks collectively plunged, with the Nasdaq falling 2.60% to 26,008.86 points and the Philadelphia Semiconductor Index dropping 6.72%. A-share indices opened lower in the morning, with the Shanghai Composite dipping to a low of 3,574.27 points (down 2.29% from the previous close) and the ChiNext Index touching a low of 2,494.22 points (down 3.21%), as components, precious metals, and communication equipment led losses at the open.
The first batch of 18 active ETFs officially launched on October 23, each with a fundraising cap of 2 billion yuan, with the 18 funds potentially bringing in up to 36 billion yuan in incremental capital combined. E Fund, Fullgoal Fund, China AMC, and China Universal Asset Management each subscribed 200 million yuan of their own products using proprietary capital, while Morgan Fund's shareholder subscribed US$75 million through an affiliated party. On the day, multiple broad-based ETFs saw heavy volume, with the ChiNext ETF managed by E Fund surpassing 19.5 billion yuan in turnover, a new high since October 9, 2024, while the CSI 300 ETF managed by Huatai-PineBridge traded over 15 billion yuan for the full day.
News flow around the robotics supply chain was密集...
At the company level, CATL repurchased approximately 5.7596 million A-shares over the two trading days of October 21 and 22 for about 1.299 billion yuan, with its shares rising 7.80% on the day. At midday, Zhongji Innolight, Eoptolink, T&S Communications, Accelink Technologies, and Yuanjie Semiconductor collectively disclosed ample orders on hand, with Eoptolink simultaneously announcing a planned repurchase of 800 million to 1 billion yuan.
Hot sectors
1. Humanoid robots and physical AI: Within Shenwan secondary industries, electric motors rose 5.55% and automation equipment rose 5.66%, while the physical AI concept gained 10.50%, ranking first among concept sectors. Unitree Robotics hit the 20% limit up at 624 yuan with a total market capitalization of 252.386 billion yuan, its first limit-up since listing on August 19, with cumulative gains exceeding 54% over the past six trading days. Daye Co. rose for a sixth consecutive session, while Cixing Co., OPT Machine Vision, Huayang Intelligent, and Fantuo Digital all hit the 20% limit up, and Zhaowei Machinery, GoerTek, Paslin, and Wanxiang Qianchao also 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 Shenwan secondary industries. CATL gained 7.80% to 237.60 yuan with turnover of 25.396 billion yuan, while Lyric Robot rose 16.04%. On the evening of October 22, CATL announced on the Hong Kong Stock Exchange that it repurchased 2.271 million A-shares on the Shenzhen Stock Exchange that day for nearly 500 million yuan, which together with the 3.4886 million shares repurchased on October 21 (about 800 million yuan) brought total spending over the two trading days to approximately 1.299 billion yuan.
3. Computing hardware and non-bank financials: Semiconductors rose 3.30% and communications rose 1.87%, with Bright Power Semiconductor hitting the 20% limit up, Dagang Holdings hitting the limit up, Moore Threads rising 11.36%, MetaX rising 13.46%, Zhongji Innolight rising 3.82%, Eoptolink rising 1.16%, and T&S Communications rising 1.93%, all reversing from morning declines to close higher. Non-bank financials rose 1.52% and software development rose 5.79%, with Huijin Technology hitting the 20% limit up, and Hualin Securities and Dazhihui hitting the limit up. On the news front, five optical module companies collectively announced ample orders on hand at midday, and the first batch of 18 active ETFs began issuance on the same day.
Sectors in decline
Banking fell 1.30%, the largest decline among Shenwan primary industries on the day, with Bank of China dropping 4.02%; utilities fell 0.60% and steel fell 0.19%. Within Shenwan secondary industries, power fell 0.68%, with Mindong Electric dropping 7.76%, Wanneng Power falling 6.46%, and Qianyuan Power dropping 6.70%. The banking sector had just seen ICBC and China Construction Bank shares hit near one-year highs on October 22 before turning lower on the day.
Comments