A-share Opening Express | The three major indices collectively have low computing power, and the hardware sector declined

The Zhitong Finance App learned that on September 14, the Shanghai Index opened 0.54% lower to 3867.02 points, the Shenzhen Index opened 1.03% lower to 13333.07 points, and the GEM Index opened 1.29% lower to 3279.31 points. Science Innovation 50 opened 1.71% lower and reported 1526.80 points.

As of 9:33, a total of 2,178 companies in the Shanghai and Shenzhen markets had risen, 3,055 had declined, and 329 were flat.

The increase was highest: shipping ports, navigation equipment II, oil service engineering, large state-owned banks II, the Baltic Dry Bulk Index (BDI) concept, VPN concept, etc.; the decline was highest: non-metallic materials II, communication equipment, components, glass fiber, other electronics II, etc.

Market conditions

The index trend diverged after the opening of the market. The Shanghai Index rose slightly from the opening price, and rebounded slightly after a brief decline in Shenzhen Index, GEM Index, and Science Innovation 50. As of 9:33, the current price of the Shanghai Index fell 0.43% to 3871.29 points, the Shenzhen Index fell 1.26% to 13301.04 points, the GEM index fell 1.67% to 3266.50 points, and Science and Technology Innovation 50 fell 2.24% to 1518.63 points. Structural differentiation is obvious. The undervaluation and cyclical direction of shipping ports, oil service projects, large state-owned banks, etc. bucked the trend, and the Baltic Dry Bulk Index (BDI) concept and VPN concept rose the highest; electronics and computing hardware related sectors constituted the main drag. Non-metallic materials, communication equipment, components, glass and glass fiber declined the most, and concepts such as optical chips, Changxin Storage, Broadcom concept, and Google concept declined simultaneously. At the level of individual stocks, the entire market rose and fell to 15 and 6. The number of companies that fell was clearly higher than the number of companies that rose.

Overnight quick facts

1. Overseas markets: On September 11, EST, the three major US stock indices closed higher across the board. The Dow rose 0.98%, the S&P 500 index rose 0.86%, and the NASDAQ rose 0.96%. The US core CPI rose 0.3% month-on-month in August, higher than market expectations; CME interest rate futures showed that the market price of the Federal Reserve's September rate hike of 25 basis points rose to 87.3%.

2. Domestic policy: On September 11, the executive meeting of the State Council studied work related to the construction of computing power networks. The conference pointed out that computing power networks are the basic support for the development of artificial intelligence. It calls for promoting collaboration and integration of computing networks, and speeding up the implementation of projects such as direct connection to green power and source network load storage. The People's Bank of China launched an overnight reverse repurchase operation from September 14 to 17, with a daily operation volume of no more than 600 billion yuan.

3. Key industries: Nine departments including the Ministry of Industry and Information Technology announced the “15th Five-Year Plan for the Development of the Intelligent Connected New Energy Vehicle Industry” on September 11, which proposes that domestic NEV passenger vehicles and commercial vehicles will account for 70% and 40% of total sales of new vehicles in their respective fields by 2030, respectively, and that vehicles with autonomous driving functions will achieve large-scale applications.

Trend analysis

Today, the three major indices opened lower collectively. The decline in the GEM Index and Science Innovation 50 was significantly greater than that of the Shanghai Index. Sectors related to electronics and computing power were a major drag, and shipping ports, oil service engineering, and large state-owned banks bucked the trend. The suppression mainly comes from an overnight external environment: the US core CPI exceeded expectations in August, driving up expectations for the Fed's interest rate hike in September, and maintaining high US bond yields put pressure on growth sector valuations; domestically, the Executive Meeting of the State Council specially studied the construction of a computing power network, and the People's Bank of China launched an overnight reverse repurchase operation this week.

The agency believes that the current impact of external disturbances on A-shares is still phased. There is no need to be pessimistic about the mid-term market trend; the dividend style at the stage where the impact of external shocks is greater is often relatively dominant. Institutions such as Huatai Securities, CITIC Securities, and CITIC Construction Investment Securities believe that with the implementation of the Federal Reserve's interest rate meeting this week, short-term indices may continue to fluctuate and diverge, and sentiment is expected to gradually recover.