A-share reviews | The three major indices contracted and closed slightly, and the solid-state battery and real estate sectors set off a tide of gains and stagnation

The Zhitong Finance App learned that on September 29, the three major A-share indices opened low, fluctuated and rebounded in a narrow range throughout the day, and declined slightly at the end of the session. The market showed a pattern where the index rose slightly, individual stocks generally rose, and pre-holiday volume shrank markedly. At the close, the Shanghai Index reported 3830.45 points, up 0.18%; the Shenzhen Securities Index reported 12901.95 points, up 0.34%; the GEM Index reported 3142.56 points, up 0.09%; Science and Innovation 50 reported 1569.34 points, up 0.86%; and the Beijing Stock Exchange 50 reported 1032.36 points, up 0.56%. The turnover of the Shanghai and Shenzhen markets was 149.198 billion yuan, down 293.62 billion yuan from the previous trading day, a new low since July 8, 2025.

In the entire market, 3,471 stocks rose, 1,933 stocks fell, and 167 were flat. Of these, 57 rose or stopped, and 12 fell to a halt, accounting for about 62% of the rising stocks. In terms of sectors, real estate development, real estate services, digital media, publishing, components, and batteries registered the highest gains; petroleum and petrochemical, coal, cultivated diamonds, glass substrates, gas, and planting industries registered the highest declines.

driving factors

The day's market was composed of several verifiable information: First, the index rose in a narrow range. The Shanghai Index rose 0.18%, the Shenzhen Securities Index rose 0.34%, and the Science and Innovation 50 rose 0.86%, while the turnover of the Shanghai and Shenzhen markets was 1409,198 billion yuan, down 293.62 billion yuan from the previous trading day, a new low since July 8, 2025. Individual stocks rose by about 62%, and individual stocks performed better than the index;

Second, the executive meeting of the State Council was held on September 28. While studying the work related to macroeconomic policy efforts to improve efficiency, it was pointed out that it is necessary to step up countercyclical adjustment of macroeconomic policies, introduce a number of practical and effective incremental policies, and study and introduce policies and measures to stabilize the real estate market and promote employment income growth;

Third, seven departments including the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Transport, the Ministry of Commerce, the General Administration of Market Supervision, the National Energy Administration, and the State Railway Administration jointly issued the “Fifteenth Five-Year Plan for the Development of the New Battery Industry” on September 28, proposing that all solid-state batteries will initially be used on a large scale by 2030, and the cycle life of long-life lithium batteries will reach 15,000 cycles, and 19 key tasks will be deployed in 5 areas including full-chain innovation and development and industrial transformation and upgrading;

Fourth, four departments including the Shanghai Housing, Urban-Rural Development Administration Committee jointly issued the “Implementation Opinions on Implementing the 'Notice on Improving the Commercial Housing Sales System'”, which clearly strengthens pre-sale management and implements existing housing sales in an orderly manner, and will take effect from September 28, 2026;

Fifth, recent research reports from various institutions indicate that as the prices of upstream raw materials continue to rise, PCB (printed circuit board) manufacturers have initiated re-quotations one after another.

Adjust the section

1. Solid-state batteries: The concept sector strengthened throughout the day. The battery industry index and the solid-liquid battery concept index closed up 0.44% and 3.19% respectively, Wuhan Blue Electric 30CM rose and stopped (+29.98%), Shangshui Smart 20CM (+20.00%), Shanghai Shiba (+10.01%), Guoxuan Hi-Tech (+10.01%), Jinlongyu (+10.01%), Vico Technology (+10.05%), Chuanyi Technology (+10.03%), etc. In terms of catalysis, seven departments including the Ministry of Industry and Information Technology jointly issued the “15th Five-Year Plan for the Development of the New Battery Industry” on September 28, proposing that all solid-state batteries will initially be used on a large scale by 2030.

2. Real estate: The real estate sector strengthened collectively. The real estate development industry index closed up 4.16%, real estate services closed up 2.70%, Cinda Real Estate (+10.10%), Huafa shares (+10.07%), Binjiang Group (+10.00%), Shenzhen Property A (+9.98%, second consecutive board), Vanke A (+9.97%) rose and stopped, and TEFA services rose 13.49%. On the catalytic side, on September 28, the executive meeting of the State Council pointed out the study and introduction of policies and measures to stabilize the real estate market and promote employment income growth. On the same day, four departments of Shanghai jointly issued the “Implementation Opinions on Implementing the 'Notice on Improving the Commercial Housing Sales System'”, which took effect on the same day.

3. PCB/components: The increase in the direction was highest. The component industry index closed up 2.51%, the copper-clad plate concept closed up 3.75%, Xunjiexing 20CM rose and stopped (+20.01%), Aohong Electronics (+10.00%), Oshcon (+10.00%), Eaton Electronics (+9.98%), ultrasonic electronics (+10.01%), and Chongda Technology (+9.99%). In terms of catalysis, several institutional research reports indicate that as prices of upstream raw materials continue to rise, PCB manufacturers have initiated re-quotations one after another, and it is expected that the third quarter of 2026 will be a starting point for improving sector profits.

4. Cultural media/AI applications: The direction is active. The publishing industry index closed up 3.17%, digital media closed up 3.67%, AI marketing concepts closed up 3.55%, China Publishing (+10.07%), Xinhua Wenxuan (+9.99%), Palm Reading Technology (+10.00%), Gravity Media (+10.01%), Supercom Technology (+10.02%), etc. rose and stopped, making it worth buying up 10.71%. Among them, Xinhua Media (+10.05%) opened the market and went up and down 6 times.

Adjust the section

The direction of the day's adjustments focused on cyclical resources and some popular near-end concepts. The petroleum and petrochemical industry index closed down 0.38%, coal mining fell 1.00%, gas closed down 1.19%, cultivating diamond concepts fell 2.70%, glass substrate packaging closed down 3.38%: Yellow River Cyclone fell 9.70%, Vogue Optoelectronics fell 9.39%, Rainbow shares fell 7.80%, and Wanxiang Denong fell 0.82%. The same day's decline was the highest in the above direction. Among them, the petroleum, petrochemical, and coal sectors had a certain increase in the previous period and had the highest declines on the same day.