Opening data shows that on October 13, the Shanghai Composite Index opened 0.96% lower at 3,760.80 points, the Shenzhen Component Index opened 1.79% lower at 12,163.23 points, and the ChiNext Index opened 2.18% lower at 2,899.15 points. The STAR 50 opened 2.61% lower at 1,389.53 points. As of 9:35 AM, a total of 438 stocks in the Shanghai and Shenzhen markets advanced, 5,011 declined, and 125 remained flat. Sectors leading gains included: coking coal, planting, coal mining, white goods, and large state-owned banks; sectors leading declines included: CPO concept, semiconductors, computing power hardware, storage chips, and lithium batteries.
Market Overview
As of 9:35 AM, the four indices continued weak fluctuations after opening lower, with the Shanghai Composite at 3,760.64 points down 0.96%, the Shenzhen Component at 12,161.19 points down 1.81%, the ChiNext at 2,893.15 points down 2.38%, and the STAR 50 at 1,392.22 points down 2.42%. Structurally, there is a clear divergence between value and growth. The coal sector was active against the trend, with coking coal up 0.98%, planting up 0.79%, and coal mining up 0.67%; white goods and large state-owned banks edged slightly higher, up 0.46% and 0.44% respectively. Growth-oriented sectors including CPO concept, semiconductors, computing power hardware, storage chips, and lithium batteries led the declines. There were 18 stocks hitting the daily limit up and 8 hitting the limit down, with advancing stocks accounting for about 8% of the total, indicating broad-based declines at the individual stock level.
Overnight News Highlights
1. Export tax rebate policy adjustment: The Ministry of Finance and the State Taxation Administration announced on October 12 that starting April 1, 2027, the export tax rebate rate for new energy vehicle value-added tax will be reduced from 13% to 9%, and export tax rebates for products such as electronic cigarette devices will be canceled. Data from the China Association of Automobile Manufacturers shows that in the first three quarters, the proportion of new energy vehicle sales rose to 53.6%.
2. Dense capital market policy signals: CSRC Chairman Wu Qing will attend the 2026 Financial Street Forum Annual Meeting opening on October 19 and deliver a keynote speech; Wang Li, Deputy Director of the CSRC General Office, stated that more suitable systems and practices for innovative small and medium-sized enterprises will be explored. Four commodity exchanges simultaneously solicited public opinions on revised measures for handling violations on the same day.
3. Overnight overseas markets under pressure: On October 12, the three major U.S. indices closed mixed, with the Dow up 0.38% at 51,850.55 points, the S&P 500 down 0.06%, the Nasdaq down 0.44%, and the Philadelphia Semiconductor Index down 2.67%. The U.S. dollar index hit a new high for the year, WTI crude oil futures rose 2.06% to $93.74 per barrel, and Brent crude oil futures rose 1.84% to $106.65 per barrel.
Trend Assessment
The three major indices collectively opened lower, with the Shanghai Composite down 0.96% at 3,760.80 points, and the ChiNext and STAR 50 down 2.18% and 2.61% respectively, with growth sectors experiencing larger adjustments than large-cap blue chips. Structurally, there is a divergence between value and growth, with sectors such as coal, planting, white goods, and large state-owned banks posting slight gains, while growth sectors including CPO concept, semiconductors, storage chips, and lithium batteries led the declines. Overnight weakness in U.S. storage and optical communication sectors, a sharp drop in the Korean stock market in early trading, and a decline of over 2% in the Nikkei 225 may exert pressure on A-share computing power sectors. Institutional consensus leans cautious, suggesting that third-quarter earnings verification may become a core variable for sector divergence in the fourth quarter, and the index may continue to fluctuate in the short term.
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