To The Moon

On September 28, A-shares opened lower and drifted down in morning trading, with all three major indices falling across the board at the open. The ChiNext Index dropped 3%, the Shenzhen Component Index fell more than 2%, computing hardware plunged sharply, and optical communications, optical modules, circuit boards, copper-clad laminates, optical circuit switches, fiberglass and other sectors all sold off across the board. Chip semiconductors, non-ferrous metals, fine chemicals and other sectors also entered correction, while real estate, power, banking and biomedicine sectors were active.

Hong Kong stocks diverged in morning trading, with the Hang Seng Index opening higher and extending gains, briefly rising more than 1% at the open, while the Hang Seng Tech Index opened higher before turning lower in the morning session. Most heavyweight tech internet stocks rose, while chip semiconductors, optical modules and other concept stocks also underwent correction, with Zhongji Innolight and Cambridge Technology among the biggest decliners. AI large model leaders suffered heavy selling, with MINIMAX falling more than 9%. In the bond market, treasury futures fluctuated lower. In commodities, domestic commodity futures fell broadly. Core market movements:

A-shares: As of press time, the Shanghai Composite Index fell 0.86%, the Shenzhen Component Index dropped 2.04%, and the ChiNext Index declined 2.72%.

Hong Kong stocks: As of press time, the Hang Seng Index rose 0.73%, while the Hang Seng Tech Index fell 0.30%.

Bond market: Treasury futures fluctuated lower. As of press time, the 30-year main contract was flat, the 10-year main contract was flat, the 5-year main contract was flat, and the 2-year main contract fell 0.02%.

Commodities: Domestic commodity futures fell broadly. As of press time, fuel oil rose more than 3%, asphalt gained more than 1%, and crude oil, alumina, stainless steel, polysilicon, rubber and soybean meal moved higher, while manganese silicon, hot-rolled coils, rebar, Shanghai aluminum, rapeseed, Shanghai copper, industrial silicon and Shanghai tin all declined. Platinum, iron ore, Shanghai nickel, eggs, coke, pulp, Shanghai gold and caustic soda fell more than 1%, container shipping index, palladium and glass dropped over 2%, and Shanghai silver, coking coal and lithium carbonate fell more than 3%.

09:59

The real estate sector fluctuated higher, with Shenzhen Property A hitting the limit up, while Shahe Industrial, Binjiang Group, Tefa Service and Seazen Holdings followed gains.

09:51

In early trading, the power sector was active against the trend, with Zhejiang Xinneng hitting the limit up, while Dalian Thermal Power, Jiangsu Xinneng, Jiawei Renewable Energy, Ningbo Energy, Xineng Technology and Guodian Power were among the top gainers.

On the news front, on September 24, the National Energy Administration released national electricity statistics for January to August. As of the end of August, national cumulative installed power generation capacity reached 4.103 billion kilowatts, up 11.1% year-on-year. Among this, solar power installed capacity was 1.299 billion kilowatts, up 16.3% year-on-year; wind power installed capacity was 693 million kilowatts, up 19.6% year-on-year.

09:41

The agriculture sector weakened, with Wanxiang Doneed and Jinjian Cereals Industry both hitting the limit down, while Agricultural Development Seed Industry, Beidahuang, Shennong Seed Industry and Denghai Seed Industry followed declines.

In early trading, gold concept stocks fluctuated lower, with Shandong Gold falling more than 9%, while Xiaocheng Technology, Hunan Silver, Shengda Resources, Silver Nonferrous and Huayu Mining followed declines.

09:38

The ChiNext Index fell more than 2%. Computing hardware, precious metals, coal and other sectors led declines, with nearly 4,000 stocks falling across the Shanghai, Shenzhen and Beijing markets.

09:26

The Shanghai Composite Index opened 0.26% lower, while the ChiNext Index fell 0.65%. Precious metals, communication equipment, base metals and semiconductor sectors declined, while biotechnology and leisure goods sectors led gains.

09:21

The Hang Seng Index opened up 0.18% at 24,554.58 points, the Hang Seng Tech Index rose 0.29%, and the Hang Seng China Enterprises Index rose 0.36%. NetEase gained nearly 2% to lead blue chips. Goodbaby International rose nearly 15% after receiving a privatization offer from the company's board chairman at a premium.