A-share market opens with a weak trend! The ChiNext Index drops more than 1%, and the concept of Shenzhen economic development remains active.

On October 22nd, A-shares weakened in the early trading session. As of 9:41, the Shanghai Composite Index fell by 0.52%, the Shenzhen Component Index fell by 0.95%, and the Growth Enterprise Board Index fell by 1.07%. On the market, the deep-sea economy and shale gas sectors continued to be active, hitting new highs with Shanghai SK Petroleum & Chemical Equipment Corporation and Sinopec Oilfield Equipment Corporation both hitting their third consecutive trading limit up. The innovative pharmaceutical concept rebounded, with Zhejiang Anglikang Pharmaceutical hitting the trading limit up. The real estate sector was also active again, with Winnovation Culturaltainment Development hitting its third consecutive trading limit up. On the downside, sectors like non-ferrous metals, semiconductors, coal, and military industries recorded the biggest losses. Looking ahead, Orient believes that the short-term impact of the trade war has been mostly absorbed by the market, and there are signs of a rebound in technology stocks. With blue-chip stocks leading the way, it should be logical for the Shanghai Composite Index to hit new highs. Hot sectors: 1. The shale gas sector remained active, hitting new highs. The shale gas sector continued to be active, hitting new highs, with Shanghai SK Petroleum & Chemical Equipment Corporation and Sinopec Oilfield Equipment Corporation both hitting their third consecutive trading limit up. Dezhou United Petroleum Technology Corp., Sinopec Oilfield Service Corporation, Shandong Molong Petroleum Machinery, and Sunward Intelligent Equipment followed the uptrend. Institutional viewpoints: 1. Shenwan Hongyuan Group: Technology will lead the market in the fourth quarter. Shenwan Hongyuan Group believes that last week's market has proven that the market is currently in a phase of consolidation since early September. Any breakthrough in A shares will depend on technology leading the way. The earnings effect of A shares has fallen to a medium-to-low level, and the consolidation phase is coming to an end. The high valuations of growth stocks are not sustainable in the short term. The fourth quarter of 2025 will still be led by technology. The spring of 2026 may be a temporary peak, but it is not likely to be the peak for the entire year or the current bull market. 2. Huaan: Growth remains the optimal main theme in the next phase of the market. Huaan believes that growth will remain the optimal theme in the next phase of the market. It is currently a good time to focus on two main themes: the ongoing verification of the new growth industry cycle and the hard support sectors such as electric power equipment, non-ferrous metals, and machinery equipment. 3. Orient: Technology stocks have rebounded and are at a good buying opportunity. Orient believes that the impact of the trade war has been absorbed by the market, and technology stocks have rebounded and are showing signs of a further rebound. The Agricultural Bank Of China has shown strong performance, reflecting investors' optimistic outlook on the bank's prospects. This has helped drive investment in the banking sector and to some extent limited the downside for the stock market. Overall, the performance of individual stocks and sectors in the fourth quarter is expected to be exciting.