China's three major A-share indices opened lower and remained under pressure throughout the session on September 24, with late-session buying lifting a cluster of Fujian-based local stocks against the broader downtrend. At the close, the Shanghai Composite Index settled at 3,888.37 points, down 1.22%; the Shenzhen Component Index finished at 13,316.97 points, shedding 2.34%; the ChiNext Index dropped 2.68% to 3,288.95 points; the STAR 50 Index fell 2.35% to 1,621.87 points; and the Beijing Stock Exchange 50 Index decreased 1.70% to 1,055.74 points.
Combined turnover on the Shanghai and Shenzhen bourses reached 1.6536 trillion yuan, contracting by 111.62 billion yuan from the previous trading day. Market breadth tilted heavily negative, with 1,120 stocks advancing, 4,306 declining, and 143 flat, marking a roughly 20% share of gainers. Among these, 53 names hit the daily upside limit while 16 fell to the downside limit.
Sector performance saw notable gains in textile manufacturing, coke, wind power equipment, education, China State Shipbuilding-related names, and forestry carbon sinks. On the flip side, copper-clad laminates, precious metals, components, energy metals, PCB concepts, and chemical pharmaceuticals led the losses.
What Drove the Market
The day's price action was shaped by three verifiable catalysts. First, overnight data showed the U.S. September S&P Global manufacturing PMI climbing to 57, services PMI to 58.7, and the composite PMI preliminary print at 58.4. A firmer U.S. dollar index pressured precious metals, which slid 5.03% as a sector. Second, computing-power-related materials and components—copper-clad laminates, PCB concepts, and electronic components—led declines, with copper-clad laminate concepts falling 5.05%, the components industry down 4.48%, and PCB concepts off 3.11%. Notably, copper-clad laminates had led sector gains on September 23 (+3.13%), underscoring rapid intra-sector rotation. Third, on the news front, the State Council Information Office held a themed press conference on September 22 on the "15th Five-Year Plan" series, where the Ministry of Natural Resources projected national marine gross product surpassing 13 trillion yuan by 2030 and offshore wind installed capacity doubling to 100 gigawatts. Wind power equipment rose 1.25% that day. Separately, Tesla CEO Elon Musk, in a September 23 interview with CCTV Finance, offered long-term forecasts for humanoid robot shipments, helping robot-concept stocks like Xiangyang Bearing, Changhua Group, Zhongma Transmission, and Ningbo Dongli hit daily limits.
Market turnover contracted for a second consecutive session, down more than 480 billion yuan from the September 22 stage peak of 2.1356 trillion yuan.
Hot Sector Highlights
1. Fujian local stocks staged a late-session surge with multiple names hitting daily limits. Strait Innovation advanced 19.98% on a 20%-limit gain, while Pingtan Development (+10.03%), Xiamen Port (+9.98%), Zhangzhou Development (+10.08%), and Fujian Cement (+9.97%, second consecutive limit) all hit their upside limits. Road & Bridge Information rose 29.99% on the 30%-limit board. The catalyst was the Fujian provincial government issuing the "Implementation Plan for Building Fujian as a National Beautiful China Pilot Zone," targeting basic completion of the pilot zone by the end of 2030, drawing capital into ecological forestry plays.
2. Robot concept stocks were selectively active, with Xiangyang Bearing (+10.00%), Changhua Group (+10.02%), Zhongma Transmission (+10.00%), and Ningbo Dongli (+10.03%) all hitting limits, while Luozhou Bearing rose 20% on its limit. Catalysts included Musk's September 23 CCTV interview predicting up to 100 billion humanoid robots within 20 years, and reports that Tesla's relevant team landed in Ningbo in mid-September to launch a new round of factory audits for Optimus production. Notably, the broader robot-concept index closed slightly lower, indicating stock-specific rather than sector-wide strength.
3. Wind power equipment rose 1.25% against the market backdrop, with Jixin Technology hitting the 10% limit, Zhenhong Technology gaining 10.19%, Weili Transmission up 9.97%, and Tianneng Heavy Industry adding 6.88%. The Ministry of Natural Resources' September 22 announcement on doubling offshore wind capacity to 100 gigawatts by 2030 provided the key tailwind. Additionally, Weili Transmission disclosed on an investor platform that it has entered the qualified supplier lists of leading international wind turbine makers including Siemens Gamesa, Nordex, and Adani and begun volume shipments.
Weaker Sectors
The session's decliners concentrated in precious metals, copper-clad laminates and PCBs, property-related chains, and innovative drugs. Precious metals fell 5.03%, with Shandong Gold down 6.01%, Chifeng Gold off 5.22%, and Hunan Silver losing 4.92%, as the stronger dollar weighed on international gold prices. Copper-clad laminate concepts dropped 5.05%, PCB concepts slid 3.11%, and the components industry lost 4.48%, with Ultrasonic Electronics hitting the downside limit and Yihao New Materials down 10.82%. Property services retreated 2.71%, as Huarong Family hit the downside limit after three consecutive upside-limit sessions, with Huayuan Holdings down 9.22% and Greenland Holdings off 5.30%. In the innovative drug space, chemical pharmaceuticals fell 3.11%, with InnoCare Pharma down 10.60% and Hayao hit the downside limit. Overall, clear rotation persisted across sectors.
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