A-share Opening Express | The three major indices collectively have low computing power, hardware is under pressure, and precious metals lead the way

The Zhitong Finance App learned that on October 9, the Shanghai Index opened 0.20% lower to 3804.09 points, the Shenzhen Index opened 0.51% lower to 12557.02 points, and the GEM Index opened 0.50% lower to 3021.33 points. Science Innovation 50 opened 1.00% lower and reported 1441.72 points. As of 9:40, a total of 972 companies in the Shanghai and Shenzhen markets had risen, 4,444 were down, and 157 were flat.

The increase was highest: precious metals, publishing, coal mining, shipping ports, cosmetics, cinema lines, etc.; the decline was highest: semiconductors, electronic chemicals, communication equipment, building materials, glass and glass fiber, etc.

Market conditions

As of 9:40, the index's decline widened further after opening low. The Shanghai Index fell 0.67% to 3786.55 points, the Shenzhen Index fell 1.27% to 12460.32 points, the GEM index fell 1.46% to 2992.38 points, and Science and Technology Innovation 50 fell 2.28% to 1423.16 points.

Structurally, there is a clear differentiation between the direction of defense and the direction of growth. Precious metals rose 1.72%, batteries rose 1.31%, coal mining rose 0.84%, and home appliances, insurance, and publishing rose slightly; semiconductors fell 2.45%, communication equipment fell 2.18%, and electronic components, optical modules, and electronic chemicals weakened simultaneously. There were 15 ups and downs, and 3. The number of companies that rose accounted for about 17%. At the individual stock level, there was a lot of decline and little increase, and there was no effective increase in volume capacity.

Overnight quick facts

The situation in the Middle East has disrupted oil prices: due to repeated effects of the situation in the US and Iran, European and American stock markets collectively declined. At one point, international oil prices surged by more than 5%, and market concerns about inflation and long-term interest rates are heating up. The Ministry of Foreign Affairs announced that French President Foreign Affairs Adviser Bonner will visit China from October 9 to 13 to hold a new round of Sino-French strategic dialogue with Wang Yi, director of the Central Foreign Affairs Office.

The central bank issued a policy position on the RMB exchange rate: The People's Bank of China issued the “Policy Position on the RMB Exchange Rate” on October 8, which clearly does not set target exchange rate levels, does not interfere with long-term exchange rate trends, maintains exchange rate flexibility and two-way fluctuation, and states that there is no need or intention to gain competitive advantage in trade through exchange rate depreciation.

Intensive implementation of fiscal and industrial policies: On October 8, the Ministry of Finance issued 150 billion yuan of special treasury bonds (first instalment) funded by central financial institutions, with a coupon interest rate of 1.37%. Interest will be accrued from October 9. Seven departments including the Ministry of Industry and Information Technology issued the “Fifteenth Five-Year Plan” for the Development of the New Battery Industry, which is the first national-level special plan for the battery sector.

Trend analysis

A-shares fluctuated and declined after opening higher on the previous trading day. The Shanghai Index closed down 0.79% to 3811.90 points, the Shenzhen Development Index fell 2.07%, and the GEM index fell 3.15%. Computing power hardware such as optical chips, optical communications, and semiconductors led the decline, and oil and gas, batteries, and shipping bucked the trend.

Today's opening continued structural differentiation: low levels such as precious metals and publishing were active, and technological growth directions such as semiconductors and communication equipment continued to be under pressure. Science and Innovation 50 opened 1.00% lower, making the four indices weakest, and the decline widened further after opening.

The agency believes that the post-holiday market is expected to recover after the short-term factors have been digested. In October, A-shares entered a performance verification period. The short-term index may remain volatile and divergent, and attention needs to be paid to whether volume can continue to rise.