A-share Market Open Express | All three major indices open higher; real estate sector pulls back from highs

September 30 The Shanghai Composite opened 0.23% higher at 3,839.25 points, the Shenzhen Component opened up 0.44% at 12,958.08 points, and the ChiNext Index opened 0.70% higher at 3,164.70 points. The STAR 50 opened up 0.46% at 1,576.51 points. As of 9:33, a total of 3,690 stocks in the Shanghai and Shenzhen markets were advancing, 1,506 were declining, and 376 were flat. Top gainers: biological products, planting, publishing, non-baijiu, personal care products, communications equipment, etc.; top decliners: real estate services, real estate development, home leasing, equal rights for renting and buying, property management concepts, etc. Market Overview The four major indices all opened higher today, with opening gains and losses all within 0.7%. The ChiNext Index led with a 0.70% gain, as growth sectors that had been undergoing continuous adjustment strengthened at the open. As of 9:33, the Shanghai Composite stood at 3,839.69 points, up 0.24%; the Shenzhen Component at 12,949.23 points, up 0.37%; the ChiNext Index at 3,166.86 points, up 0.77%; and the STAR 50 at 1,578.07 points, up 0.55%. The four indices largely fluctuated near their opening prices. In terms of structure, concepts such as optical communications, the laser industry, CPO, and high-speed connectors were active at the open, with the communications equipment sector among the top gainers; pharmaceuticals, agriculture, and consumer directions such as biological products, planting, publishing, non-baijiu, and personal care products strengthened in tandem, with the tumor vaccine concept ranking among the top concept gainers, while disperse dyes, cultivated diamonds, and other concepts also showed movement. The real estate chain retreated significantly, with real estate services and real estate development sectors among the top decliners, while home leasing, equal rights for renting and buying, and property management concepts weakened in tandem. In terms of volume and sentiment, as of 9:33, 3,690 stocks in the Shanghai and Shenzhen markets were advancing and 1,506 were declining, with advancers accounting for about 66%. There were 18 limit-up stocks and 6 limit-down stocks, and the money-making effect rebounded noticeably from the previous trading day. The previous trading day saw combined turnover of 1,409.2 billion yuan, a shrinkage of about 293.6 billion yuan from the day before, hitting a new low since July 8, 2025. Overnight News at a Glance U.S. stocks fell for a second consecutive day: the 30-year U.S. Treasury yield rose above 5.60%, the highest since June 2002, while the 10-year yield touched 5.29% intraday. The U.S. Department of Energy announced the release of 40 million barrels of strategic petroleum reserves through a swap arrangement, and New York light crude futures for November delivery fell 3.48% to $89.38 per barrel. The central bank adjusted multiple monetary policy tools: it cut the pledged supplementary lending rate by 0.25 percentage points, lowering the one-year rate from 1.75% to 1.5%, and included the construction of six networks, including water networks and computing power networks, among supported areas; it increased the relending quota for technological innovation and technological upgrading by 200 billion yuan and raised the support ratio from 60% to 100%; and it increased the relending quota for agriculture and small businesses by 500 billion yuan. The official manufacturing PMI for September came in at 50.1%, up 0.3 percentage points from 49.4% in August, returning to expansion territory. The Ministry of Industry and Information Technology and six other departments recently issued the "15th Five-Year" plan for the new battery industry, proposing that all-solid-state batteries initially achieve large-scale application by 2030. TrendForce estimates that the average price of high-bandwidth memory will rise 121% by 2027. Trend Analysis Today is the last trading day before the National Day holiday. The four major indices all opened higher, with opening gains and losses all within 0.7%, and growth sectors that had been undergoing continuous adjustment led the gains. U.S. stocks fell for a second consecutive day overnight, the 30-year U.S. Treasury yield hit a new high since 2002, and the sharp drop in oil prices and elevated U.S. Treasury yields had limited pressure on the open, as the market mainly digested policies introduced before the holiday. The real estate sector, which surged more than 4% on the previous trading day, retreated significantly, while directions such as optical communications and the laser industry took over as the active plays. Advancers accounted for about 66% of the two markets, with 18 limit-up stocks, and the money-making effect rebounded from the previous trading day. Several institutions believe that the contraction in turnover before the long holiday is a seasonal phenomenon, and capital returning after the holiday may bring more positive performance.