Opening Data
On September 28, the Shanghai Composite Index opened 0.26% lower at 3,878.41 points, the Shenzhen Component Index opened 0.38% lower at 13,265.79 points, and the ChiNext Index opened 0.65% lower at 3,267.60 points. The STAR 50 Index opened 0.68% lower at 1,610.92 points. As of 9:33, a total of 1,646 stocks in the Shanghai and Shenzhen markets rose, 3,606 fell, and 317 remained flat. Top gainers: non-baijiu liquor, small household appliances, commercial vehicles, internet e-commerce, yellow rice wine concept, cotton concept, etc. Top decliners: precious metals, communication equipment, non-ferrous metals, glass and fiberglass, semiconductors, coal, etc.
Market Conditions
On the morning of September 28, the three major indices opened collectively lower and extended their weakness after the open. As of 9:33, the Shanghai Composite fell 0.52% to 3,868.22 points, the Shenzhen Component fell 0.81% to 13,209.49 points, the ChiNext Index fell 1.22% to 3,248.76 points, and the STAR 50 fell 0.92% to 1,606.91 points. The Shenzhen market and the dual innovation boards declined more than the Shanghai Composite, with growth-style stocks facing relatively evident pressure. At the sector level, non-baijiu liquor, small household appliances, commercial vehicles, and internet e-commerce showed counter-trend activity, while the yellow rice wine concept and cotton concept led gains. Precious metals, communication equipment, non-ferrous metals, glass and fiberglass, semiconductors, and coal led declines. Precious metals, which weakened in the previous trading session, continued their adjustment, the forestry sector that led gains in the previous session gave back gains after the open, and the CRO concept opened higher. As of 9:33, 16 stocks hit the daily limit up in the Shanghai and Shenzhen markets, 12 hit the limit down, and advancers accounted for less than 30% of the total, reflecting cautious market sentiment.
Overnight News Highlights
Overseas Markets: Last Friday (September 25), the three major US stock indices closed collectively higher. The Dow rose 0.93% to 51,828.62 points, the S&P 500 rose 0.51% to 7,743.41 points, and the Nasdaq rose 0.48% to 27,068.72 points. Memory chip stocks gained broadly, while international oil prices fell more than 2%. On the morning of September 28, US stock index futures for the three major indices traded collectively lower.
Domestic Policy: The Monetary Policy Committee of the People's Bank of China, at its third-quarter 2026 regular meeting, proposed stepping up counter-cyclical adjustment and better leveraging the dual functions of monetary policy tools in terms of both aggregate and structure. On September 28, the central bank conducted 139 billion yuan of 7-day reverse repurchase operations, along with 661 billion yuan of overnight reverse repurchase operations and 300 billion yuan of 14-day reverse repurchase operations.
Industry Developments: Several A-share listed companies recently disclosed intensive progress in computing power businesses, covering server procurement, computing center expansion, GPU procurement, and computing power leasing. China Life plans to invest no more than 4.5 billion yuan to step up its presence in AI and semiconductors, and Alibaba at the Yunqi Conference clarified its hundred-billion-yuan capital expenditure and global computing power expansion plans.
Trend Assessment
At the September 28 open, the three major indices extended the adjustment trend from the previous trading session, with the ChiNext Index and STAR 50 opening lower by a wider margin, as high-valuation growth sectors continued to digest external interest rate pressure. Consumer and agricultural concepts such as yellow rice wine and cotton showed counter-trend activity, with capital concentrating into thematic directions. Last Friday (September 25), US stocks closed collectively higher, but the 10-year US Treasury yield remained at a high level, and the suppression of long-end rates on risk asset valuations has not yet eased noticeably. Institutions believe that the earlier adjustment has already released considerable valuation and trading risk, the odds for holding stocks through the holiday have improved somewhat this round, and allocation focus may shift toward directions with higher earnings certainty and relatively sufficient valuation digestion. The short-term market may maintain range-bound consolidation, and whether trading volume can recover is the main point to watch.
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