A-share Market Opening Brief | The three major indices opened lower collectively, while the yellow rice wine concept bucked the trend and remained active.

Opening Data On September 28, the Shanghai Composite Index opened 0.26% lower at 3,878.41 points, the Shenzhen Component Index opened 0.38% lower at 13,265.79 points, and the ChiNext Index opened 0.65% lower at 3,267.60 points. The STAR 50 opened 0.68% lower at 1,610.92 points. As of 9:33, a total of 1,646 stocks in the Shanghai and Shenzhen markets rose, 3,606 fell, and 317 were flat. Top gainers: non-baijiu, small home appliances, commercial vehicles, internet e-commerce, yellow rice wine concept, cotton concept, etc.; top decliners: precious metals, communication equipment, nonferrous metals, glass and fiberglass, semiconductors, coal, etc. Market Conditions On the morning of September 28, the three major indices opened lower collectively and extended their weakness after the open. As of 9:33, the Shanghai Composite Index fell 0.52% to 3,868.22 points, the Shenzhen Component Index fell 0.81% to 13,209.49 points, the ChiNext Index fell 1.22% to 3,248.76 points, and the STAR 50 fell 0.92% to 1,606.91 points. The declines in Shenzhen and the dual innovation boards were larger than that of the Shanghai Composite Index, with growth styles under relatively obvious pressure. At the sector level, non-baijiu, small home appliances, commercial vehicles, internet e-commerce and other directions were active against the trend, while the yellow rice wine concept and cotton concept led gains; precious metals, communication equipment, nonferrous metals, glass and fiberglass, semiconductors, coal and other directions led declines. Precious metals, which weakened in the previous trading day, continued to adjust, the forestry direction that led gains in the previous trading day gave back gains at the open, and the CRO concept opened higher. As of 9:33, 16 stocks in the Shanghai and Shenzhen markets hit the daily limit up, 12 hit the daily limit down, and the proportion of advancing stocks was less than 30%, indicating relatively cautious market sentiment. Overnight News Briefing Overseas markets: Last Friday (September 25), the three major U.S. stock indices closed higher collectively, with the Dow up 0.93% at 51,828.62 points, the S&P 500 up 0.51% at 7,743.41 points, and the Nasdaq up 0.48% at 27,068.72 points. Memory chip stocks rose broadly, and international oil prices fell more than 2%; on the morning of September 28, U.S. stock index futures for the three major indices fell collectively. Domestic policy: The Monetary Policy Committee of the People's Bank of China proposed at its third-quarter 2026 regular meeting to step up countercyclical adjustment and better leverage the aggregate and structural dual functions of monetary policy tools. On September 28, the central bank conducted 139 billion yuan of 7-day reverse repurchase operations, as well as 661 billion yuan of overnight reverse repurchase operations and 300 billion yuan of 14-day reverse repurchase operations. Industry developments: A number of A-share listed companies have recently disclosed intensive progress in computing power businesses, covering server procurement, computing center expansion, GPU procurement and computing power leasing; China Life Insurance plans to contribute no more than 4.5 billion yuan to step up investment in AI and semiconductors, and Alibaba clarified at the Yunqi Conference its hundred-billion-level capital expenditure and global computing power expansion plans. Trend Analysis At the open on September 28, the three major indices continued the adjustment trend of the previous trading day, with the ChiNext Index and STAR 50 opening lower by the largest margins, as high-valuation growth directions were still digesting external interest rate pressure; consumer and agricultural concepts such as yellow rice wine and cotton were active against the trend, with funds concentrating toward thematic directions. Last Friday (September 25), U.S. stocks closed higher collectively, but the 10-year U.S. Treasury yield remained at a high level, and the suppression of risk asset valuations by long-end rates has not yet eased significantly. Institutions believe that the earlier adjustment has already released a great deal of valuation and trading risk, the odds for holding stocks through the holiday this time have improved somewhat, and allocation focus may need to shift toward directions with higher earnings certainty and relatively fully digested valuations. In the short term, the market may maintain consolidation, and whether trading volume can recover is the main point to watch.