A-share review | The Shanghai Index fell 1.59% and narrowly kept 3,700 points. Liquor and PCB concepts bucked the trend and were active

The Zhitong Finance App learned that on October 15, the three major A-share indices fluctuated and declined after opening low. The decline narrowed slightly in the afternoon. The Shanghai Index dropped to a low of 3674.82 points and closed at a close of 3,700 points. The Double Innovation Index led the decline. At the close, the Shanghai Stock Exchange Index fell 1.59% to 3707.48 points, the Shenzhen Securities Index fell 2.43% to 11816.79 points, the GEM index fell 2.92% to 2783.17 points, the Science and Technology Innovation 50 Index fell 1.50% to 1359.52 points, and the Beijing Stock Exchange 50 Index fell 3.44% to 967.51 points. The turnover of the Shanghai and Shenzhen markets was 1632.996 billion yuan, an increase of 218.594 billion yuan over the previous trading day. In the entire market, 430 stocks rose, 5108 fell, and 38 flat markets. Of these, 36 rose or stopped, and 28 fell to a halt, accounting for about 8% of the rising stocks.

In terms of sectors, liquor II, large state-owned banks II, insurance II, white goods, and securities II bucked the trend; shipping ports, communication equipment, wind power equipment, optical communications, consumer electronics, semiconductors, and coal mining registered the highest declines.

driving factors

Overnight, the three major US stock indices collectively closed down. The NASDAQ fell 1.88% to 26692.87 points, the S&P 500 index fell 1.11%, the Dow fell 0.09%, the Philadelphia semiconductor index fell 4.30%, and the chip stock index fell six times in a row and set the longest decline record since May 2025; the US CPI rose 3.7% year on year and the core CPI rose 2.6% year on year in September, all higher than market expectations. The market's bet on the Federal Reserve's interest rate hike in October rose to 50%.

On October 15, the Asia-Pacific market weakened at the same time. Korea's KOSPI index fell 5.59% to 5673.01 points. At one point, the intraday decline extended to more than 6%. SK Hynix fell more than 9%, Samsung Electronics fell more than 7%, the Korea Exchange initiated the SIDECAR mechanism to suspend programmatic sales; the Nikkei 225 index fell more than 3% intraday. On the same day, A-share semiconductors fell 2.71%, communication equipment fell 5.26%, optical communications fell 4.04%, consumer electronics fell 3.07%, shipping ports fell 5.29%, while Liquor II rose 1.72%, large state-owned banks II rose 0.81%, insurance II rose 0.71%, white goods electricity rose 0.53%, and securities II rose 0.51%. The Shanghai Index fell less than the Shenzhen Securities Index and the GEM Index.

In terms of liquidity, on October 15, the central bank launched a 700 billion yuan 6-month reverse buyout operation using fixed amounts, interest rate tenders, and multiple price wins. Since the amount due during the same period of the month was 500 billion yuan, the 6-month variety was renewed by an additional 200 billion yuan; the combined 3-month variety had increased by 200 billion yuan, adding a total of 400 billion yuan for the two term varieties in October.

Popular sector aspects

1. [PCB Concept] PCB concept stocks bucked the trend. Jinlu Electronics rose and stopped at 20CM within 3 minutes of opening. Tianjin Pulin went up and down, Junya Technology went up and down in 3 days, Aohong Electronics went up and down, and 11 in 19 days and reached record highs. Shanghai Electric Power shares rose 1.03%. On the catalytic side, on the evening of October 14, Shanghai Electric Power Co., Ltd., Chongda Technology, and Jinlu Electronics centrally disclosed their performance forecasts for the first three quarters of 2026. Net profit due to mother is expected to increase 100.54% to 109.74%, 89.73% to 118.43%, and 192.88% to 218.92%, respectively. Among them, Jinlu Electronics' net profit for the third quarter of the third quarter is expected to increase 1266.91% to 1442.76% year on year. In terms of sector indices, PCB concept fell 2.88%, components fell 2.94%, and copper-clad plates fell 0.95%. The activity on the day was concentrated on individual stocks.

2. [AI skits and comics] The media showed a reverse boom in individual stocks. Ciwen Media opened and stopped, opened in the middle of the session, and closed back in the final session, breaking out of 5 consecutive markets; Reader Media rose and stopped, and Huanrui Century closed up 6.24% (at one point, the rise was close to a stop in the intraday period, and the increase narrowed at the end of the session). In terms of catalysis, Tencent recently launched the “Green Bubble Short Drama” mini program embedded in the WeChat ecosystem, which focuses on free viewing and targets red fruit skits owned by ByteDance; the WeChat Open Platform collaborated with WeChat Marketing to launch an incentive campaign for the fourth quarter of 2026 for the “Little Short Drama” applet on October 16, 2026. The incentive period is from October 16 to December 31. In terms of sector indices, digital media fell 3.04%, film and television theaters fell 2.01%, Game II fell 1.63%, and publishing fell 0.71%. The activity on the day was concentrated on individual stocks within the concept.

3. [Liquor] Liquor II rose 1.72%, ranking first in Shenwan's second-tier industry. Huangtai Liquor rose out of the 2-tier market in 3 days, while Golden Seed Liquor rose 6.90%. Now Shiyuan and Jinhui Liquor rose 3.25% respectively. According to the news, according to a report by the Financial Federation, dealers, wholesalers and terminal retailers in Henan, Shandong, Guangdong, and Anhui reported that liquor channel inventory is still in a continuous phase of elimination. Some surveyed winers' inventories fell by about 10% to 20% year-on-year, and some terminal inventories have been controlled for 1 to 2 months.

Adjust the section

Shipping ports led the way with a decline of 5.29%. China Merchants Southern Oil, COSCO Haineng, and China Merchants Shipping all fell to a halt. Among them, China Merchants Shipping closed at 19.33 yuan, down 10.01%. The sector rose 1.05% on the previous trading day; communications equipment fell 5.26%, optical communication fell 4.04%, Xinyisheng, Changfei Optical Fiber, and Zhongji Xuchuang fell 7.49%, 6.80%, and 5.19%, semiconductors fell by 2.71%, Lanqi Technology and Zhaoyi Innovation, respectively.

Wind power equipment fell 4.13%; consumer electronics fell 3.07%; coal mining fell 2.08%, Yunmei Energy fell to a halt. Haohua Energy and Shaanxi Heimo fell 8.88% and 7.75% respectively. The sector rose 1.41% on the previous trading day; precious metals fell 1.92%.