A-share review | Volume fell, Shanghai index closed down 1.18%, AI hardware bucked the trend and was active

The Zhitong Finance App learned that on September 11, the three major A-share indices closed down in volume. The Shanghai Stock Exchange closed down 1.18% at 3888.11 points, the Shenzhen Securities Index closed down 1.08% at 13471.26 points, the GEM index fell 0.49% at 3322.04 points, Science and Technology Innovation 50 closed at 1553.39 points, down 1.01%, and the Beijing Stock Exchange 50 closed at 1023.46 points, down 2.66%. The turnover of the Shanghai and Shenzhen markets was 1.97 trillion yuan, up 324.751 billion yuan from the previous trading day; the entire market rose 643 units, fell 4,870 units, rose and stopped by 40 units, and dropped 21 units, with a profit effect of about 11%. On the market, AI hardware and military sectors such as ground weapons II, glass fiberglass, components, communication equipment, copper-clad panels, and MLCC bucked the trend; sectors such as industrial metals, securities IT, agricultural products processing, agrochemicals, and diversified finance registered the highest declines.

driving factors

The three major indices collectively declined. The Shanghai Index, Shenzhen Stock Exchange Index, and GEM all fell by more than 2% in the afternoon (the lowest 3852.03 points in the Shanghai Index, the lowest 13263.35 points, and the GEM index's minimum 3261.10 points). The decline narrowed to around 1% at the end of the session. More than 4,800 individual stocks in the market fell, accounting for only 11%, and the volume was about 324.751 billion yuan compared to the previous day; the non-ferrous metals sector led the decline. Among them, the industrial metals sector closed down 5.04%, the Northern Copper Industry fell to a standstill. Micro shares fell to a standstill, and Jinlong shares hit an intraday decline. Peripheral disturbances intensified on the same day. The price of Brent crude oil once broke through 109 US dollars, the Asia Pacific stock market collectively dived, and the Hang Seng Technology Index hit a two-and-a-half-month low. The National Development and Reform Commission announced on September 11 that the prices of refined oil products were temporarily adjusted (gasoline and diesel were actually reduced by 260 yuan and 250 yuan per ton). The escalation of the Middle East geopolitical conflict and rising oil prices boosted risk aversion; the main contract for lithium carbonate futures fell 10% during the intraday period, falling below 130,000 yuan/ton, and the lithium ore and non-ferrous sectors simultaneously weakened; On the same day, the Ministry of Industry and Information Technology held the “Artificial Intelligence+Software” project “Action Implementation Plan” press conference. The “Plan” proposed a significant increase in the level of intelligence in the software and information technology service industry by 2028, organizing and implementing a total of 100 intelligent technology reform projects for software enterprises, which may form marginal catalysts for AI hardware and intelligent software.

Popular sector aspects

[Components/PCB/copper-clad board] bucked the trend: the component sector closed up 1.80%, communication equipment closed up 1.66%, the copper-clad plate concept closed up 4.31%, MLCC closed up 1.76%, passive components closed 2.22%, Chongda Technology, Junya Technology, Jialichuang, Bomin Electronics, Fenghua Hi-Tech, Double Star New Materials rose and stopped, and ultrasonic electronics moved out of the 3-board in 5 days. The catalyst mainly came from the Ministry of Industry and Information Technology's September 11th press conference to implement intelligent programming and programming of the “Artificial Intelligence+Software” Special Action Plan Introduction to collaborative deployment of forces, and the copper-clad plate industry Continued impact of chain price increases (Jiantao Laminate's seventh price increase letter during the year, China Jushi electronic thick cloth +15% /thin cloth +20% in September).

[Military] Buck the trend: The ground armaments II sector closed up 4.44%, leading the market. Optoelectronics, Inner Mongolia, and Galaxy Electronics rose and stopped. The catalyst came from CITIC Construction Investment's September 10 research report on a marginal improvement in the share of military holdings in public funds rebounding to 3.77% in the second quarter of 2026 from a low of 3.25% in the fourth quarter of 2025, as well as expectations for the construction of new combat power and global military trade expansion in the early “15th Five-Year Plan”.

[Electricity] Relatively strong: East Fujian Electric Power has stepped out of the trifecta, with Hangzhou Thermal Power and Jiangsu Xinneng rising and falling, catalyzing research opinions from Orient Securities that the long-term ceiling for computing power consumption is high and that computational power collaboration is expected to drive a revaluation of power asset values, as well as Changjiang Electric Power's financing in January, net purchases of 841 million yuan, and Huaneng Hydropower continued to increase leveraged capital of 304 million yuan.

Adjust the section

The non-ferrous metals sector had the highest decline, with industrial metals falling 5.04%, lead and zinc concepts falling 4.83%, silver concepts falling 4.69%, non-ferrous (tin) falling 4.66%, non-ferrous (antimony) falling 4.37%, precious metals falling 2.42%, the northern copper industry stalled, the sector saw a large increase in the previous period, and the Middle East geopolitical conflict fueled risk aversion and the disturbance of industrial metals prices; the connected finance sector pulled back sharply, Cuiwei shares fell 4.85%, and the IT sector fell 4.85% There was a clear adjustment on the same day; the agricultural products processing sector fell 4.36% (Shen (Agriculture, forestry, animal husbandry, and fishing fell 2.19%). The increase was large in the early stages, driven by a sharp rise in agricultural product futures and news that the six departments improved the price formation mechanism for important agricultural products such as grain, etc., and adjustments occurred today.