A-share three major indices collectively opened higher on October 28, dipped slightly, then strengthened in afternoon trading. By close, the Shanghai Composite rose 0.91% to 3,681.47 points, the Shenzhen Component rose 2.02% to 11,473.18 points, the ChiNext Index rose 3.40% to 2,634.76 points, the Sci-Tech 50 rose 2.45% to 1,282.93 points, and the Beijing 50 rose 1.63% to 946.83 points. Combined trading volume across the Shanghai and Shenzhen markets reached 1.628 trillion yuan, an increase of 167.52 billion yuan from the previous trading day. Across both markets, 4,156 stocks advanced, 1,239 declined, and 181 were flat, with 74 hitting the daily limit up and 8 hitting the limit down. Advancing stocks accounted for approximately 74% of the total.
Sector-wise, non-metallic materials II rose 6.17%, communication equipment rose 6.01%, automation equipment rose 5.38%, plastics rose 5.30%, components rose 4.97%, and aerospace equipment II rose 4.40%. Among Shenwan first-tier industries, communications rose 5.01% and electronics rose 3.97%. The worst-performing second-tier industries were liquor II, down 2.20%, securities II, down 0.87%, and precious metals, down 0.82%, while first-tier industries food and beverage fell 1.46% and banking fell 0.58%.
On the driving factors front, overnight in the U.S. market, Anthropic filed an S-1 prospectus with the U.S. Securities and Exchange Commission on October 26 U.S. Eastern Time, disclosing revenue of 16.286 billion USD for the first half of 2026, roughly 14 times that of the same period last year. Market concerns about the sustainability of AI capital expenditures eased somewhat, and U.S. chip stocks rose for a third consecutive trading day. On October 27, the Philadelphia Semiconductor Index rose 3.60%, the Nasdaq rose 1.18%, Western Digital rose 6.95%, AMD rose 5.45%, Coherent rose 6.45%, and Lumentum rose 5.88%. On October 28 before the Korean market opened, SK Hynix released its fiscal 2026 third-quarter results, with revenue of 104.62 trillion won and operating profit of 83.33 trillion won, both exceeding market expectations of 98.96 trillion and 77.5 trillion won. Net profit was 39.78 trillion won, up 216% year-on-year, but below the expected 59.66 trillion won. The company also announced a shareholder return arrangement of approximately 100 trillion won and projected that the memory supply shortage will persist until 2030.
A-share third-quarter earnings reports were also released intensively during the same period. From the evening of October 27 to October 28, Fullhan Microelectronics reported third-quarter net profit of 425 million yuan, up 620.99% year-on-year. JPT reported 233 million yuan, up 114%. Founder Technology reported 616 million yuan, up 327.49%. Sg Micro reported 303 million yuan, up 401.54%. Eoptolink stated on its interactive platform that it expects fourth-quarter production and shipments to increase significantly compared to earlier periods, and the 1.6T ramp-up pace is expected to accelerate further.
In market trading, communication equipment, components, and semiconductors rose 6.01%, 4.97%, and 4.20% respectively, while the first-tier electronics and communications industries rose 3.97% and 5.01%.
Hot Sectors
1. Humanoid Robotics: The concept index rose 4.12%, with multiple stocks hitting consecutive daily limit ups. Xiangyang Bearing rose 9.99% for a fifth consecutive limit up, Guangyang Co rose 9.99% for a third consecutive limit up, Wanxiang Qianchao rose 10.02% (three limit ups in four days), Ningbo Dongli rose 10.03%, Wuzhou Xinchun rose 9.99% to the limit up, Tianzhong Precision rose 19.05% (touching the 20CM limit up intraday), and Anpeilong rose 14.19%. Over the same period, automation equipment rose 5.38%, the robot actuator concept rose 5.63%, and coreless motors rose 10.67%. On the catalyst side, on October 26, AgiBot released the safety-grade heavy-load embodied robot Elf G2 Max, featuring a single-arm payload of 20 kg, dual-arm rated payload of 40 kg, peak payload of 50 kg, and arm repeat positioning accuracy of no more than ±0.5 mm. It has already been deployed on production lines of leading daily chemical, e-commerce, and food enterprises. On October 27, Musk stated that robots' demand for memory will be greater than anything else on Earth and noted that robots use low-power DRAM rather than HBM. The Elf G2 Max will be unveiled on October 29 at the 2026 AgiBot Innovation Day.
2. Computing Hardware: Communication equipment rose 6.01% and components rose 4.97%. Zhongji Innolight rose 10.28% to 636.30 yuan, Eoptolink rose 8.08%, JPT rose 16.61%, Founder Technology, Shiyun Circuit, and Guanghua Technology hit the daily limit up, and Edadoc rose 13.29%. On the catalyst side, Eoptolink stated on its interactive platform on October 27 that it expects fourth-quarter production and shipments to achieve significant growth compared to earlier periods, and the 1.6T ramp-up pace is expected to accelerate further. JPT reported third-quarter net profit of 233 million yuan, up 114% year-on-year.
3. Semiconductors: Semiconductors rose 4.20% and the analog chip concept rose 6.46%. Kiwi Instruments and Fullhan Microelectronics both hit the 20CM limit up, Beijing Ingenic rose 18.37%, Chipsea Technologies rose 17.50%, and Sg Micro rose 11.20%. On the catalyst side, SK Hynix released its third-quarter results on October 28, with both revenue and operating profit exceeding market expectations, and announced a shareholder return arrangement of approximately 100 trillion won. On the A-share side, Fullhan Microelectronics reported third-quarter net profit of 425 million yuan, up 620.99% year-on-year, and Sg Micro reported 303 million yuan, up 401.54%.
Declining Sectors
Food and beverage fell 1.46% and liquor II fell 2.20%, making them the worst-performing industries of the day. On the evening of October 27, Wuliangye disclosed third-quarter net profit of 958 million yuan, down 48.25% year-on-year, serving as the direct trigger for the sector's weakness. Among individual stocks, Anji Food hit the limit down, Guifaxiang fell 7.67%, Jinhui Liquor fell 6.15%, Gujing Distillery fell 4.29%, Wuliangye fell 3.95%, and Kweichow Moutai fell 1.85%. The non-bank financial sector also weakened in tandem, with securities II down 0.87%, East Money down 0.55%, banking down 0.58%, and insurance II down 0.44%. Precious metals fell 0.82%, with Shandong Gold down 0.91%, China Gold down 1.72%, and Chifeng Gold down 0.53%.
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