A-share Market Open Brief | All Three Major Indices Open Lower; Livestock Sector Leads Gains Against the Trend

Opening Data On October 20, the Shanghai Composite Index opened 0.33% lower at 3,718.44 points, the Shenzhen Component Index opened 0.36% lower at 11,774.39 points, and the ChiNext Index opened 0.50% lower at 2,732.68 points. The STAR 50 opened 0.72% lower at 1,319.66 points. As of 9:32, a total of 2,016 stocks in the Shanghai and Shenzhen markets rose, 3,167 fell, and 392 were flat. Top gainers: livestock farming, lighting equipment, feed, animal health, education, pork concept, FAW Group concept, physical AI concept, etc.; top decliners: precious metals, nonferrous metals, shipping and ports, semiconductors, gold and jewelry concept, cultural media concept, etc. Market Conditions The three major indices all opened lower in the morning and continued weak fluctuations after the open. As of 9:32, the Shanghai Composite Index fell 0.33% to 3,718.77 points, the Shenzhen Component Index fell 0.62% to 11,743.74 points, the ChiNext Index fell 0.86% to 2,722.73 points, and the STAR 50 fell 1.13% to 1,314.12 points. The livestock farming, pork, and feed industry chains led gains against the trend, while lighting equipment, animal health, education, and the physical AI concept were relatively active; the precious metals and gold and jewelry concepts weakened as spot gold prices retreated, nonferrous metals declined in tandem, and shipping and ports, semiconductors, and cultural media concepts were among the biggest decliners. Across the market, 15 stocks hit the daily limit up and 2 hit the daily limit down, with advancers accounting for 36% of the market; growth style underperformed value. Overnight News at a Glance Nasdaq rebounds 1.11%, semiconductor memory sector strengthens: U.S. stocks closed mixed on October 19, with the Nasdaq up 1.11%, the S&P 500 up 0.41%, and the Dow down 0.07%; the Philadelphia Semiconductor Index rose 1.61%, ending an eight-day losing streak, with memory and semiconductor sectors leading gains, while the three major European stock indices all fell more than 1%. Financial Street Holdings Forum releases a policy package, 18 active ETFs approved: People's Bank of China Governor Pan Gongsheng said on October 19 at the annual meeting of the 2026 Financial Street Holdings Forum that a liquidity support tool will be established to address large redemptions by non-bank institutions, and that the central bank will study the timing of switching the main open market operation tenor to overnight, with the overnight repo rate accordingly becoming the main policy rate. On the same day, China Securities Regulatory Commission Chairman Wu Qing said at the same event that the CSRC approved the registration of the first batch of 18 active ETFs. GDP grew 4.6% year on year in the first three quarters: The National Bureau of Statistics announced on October 19 that GDP in the first three quarters was 107,107.1 billion yuan, up 4.6% year on year at constant prices, with year-on-year growth of 4.5% and quarter-on-quarter growth of 1.2% in the third quarter; value-added of industrial enterprises above designated size grew 5.3%, and industrial Siasun Robot&Automation output grew 29.1%. Trend Analysis On the previous trading day, the three major A-share indices showed divergent performance, with the Shanghai Composite Index closing up 0.39% at 3,730.92 points, the Shenzhen Component Index up 0.13%, and the ChiNext Index down 0.94%. Market-wide turnover was 1,448.8 billion yuan, down 120.3 billion yuan from the previous trading day, with more stocks falling than rising; banks, home appliances, and defense and military industries rose against the trend, while electronics and real estate weakened. Overnight, the Nasdaq rose 1.11%, the Philadelphia Semiconductor Index ended an eight-day losing streak, and memory and semiconductor sectors recovered; the Financial Street Holdings Forum intensively released liquidity tools and incremental ETF arrangements, and economic data for the first three quarters was stable. Several institutions favor a balanced defensive stance; in the short term, the index may remain range-bound, and sector rotation may accelerate.