A-Share Midday Review: ChiNext Index Falls 2.13%, Semiconductors Lead Decline, Shipping and Oil & Gas Strengthen
nashnova research
On October 8 — the first trading day after the holiday — A-shares split sharply: ChiNext fell 2.13% and the STAR 50 dropped 3.66%, while shipping and oil-and-gas stocks hit limit-up across the board, as capital rotated out of high-valuation tech-growth names into resource plays and dividend assets.
How wide is the index divergence?
The Shanghai Composite dipped just 0.27% to 3,831, the Shenzhen Component fell 1.24%, ChiNext dropped 2.13%, and the STAR 50 led losses at 3.66%.
More than 2,000 stocks rose while over 3,300 fell; half-day turnover hit ¥1.11 trillion, up ¥197 billion from the prior session.
This means → the market is not selling off broadly — capital is relocating. Money is leaving high-valuation tech-growth sectors and flowing into resources and dividend assets. The jump in turnover shows strong trading conviction; only the direction has changed.
Why did semis and biotech fall hardest?
Semiconductors, CPO — co-packaged optics, a design that puts optical modules directly inside chip packages — and biologics led declines. Net outflows from the electronics sector topped ¥7.1 billion in the morning session alone.
Optical-chip stocks were dragged down by 1.6T optical-chip price cuts: Yuanjie Technology and Dongshan Precision both hit limit-down (-20%); Changguang Huaxin and Shijia Photon fell over 17%.
In innovative drugs, Aelis Pharma disclosed that its Phase III trial for furmonertinib missed its primary endpoint. U.S.-listed partner ArriVent had already plunged 47% in a single session; Aelis opened at its 20% limit-down.
In plain terms = the optical-chip selloff is a "product price cut → profit outlook slashed" story; the drug selloff is a "flagship trial failed → the thesis is gone" story. Different catalysts, same bottom line: bad fundamental news.
Why are shipping and oil & gas rallying against the tide?
COSCO Shipping Energy hit limit-up within one minute of the open; China Merchants Shipping and China Merchants Nanyou also locked limit-up. In oil and gas, Guoxin Energy hit limit-up and Capital Gas rose nearly 8%.
On the news front, Iran signalled it would block Strait of Hormuz shipping lanes, and a tanker was struck by multiple projectiles near Qatar. Brent crude climbed to around $102/barrel over the holiday.
The freight data is even more telling: chartering a VLCC — a very large crude carrier — to ship U.S. oil to Asia now costs $77 million, versus a 2025 average of just $9.2 million — a more-than-sevenfold increase.
This means → Middle East tensions are directly repricing freight and crude. The shipping and oil rally is not sentiment-driven — it is real freight-cost inflation being priced in.
Why is solid-state battery bucking the selloff?
Times Wanheng posted a four-day limit-up streak; Zizhu Hightech and Transart Tech each logged three consecutive limit-ups; Jinyinhe closed midday up over 16%; Liwang Shares touched its 30% limit-up intraday.
The policy catalyst is clear: on September 28, seven ministries including the MIIT published a "15th Five-Year Plan for New Battery Industries," targeting initial commercial-scale deployment of all-solid-state batteries by 2030 and long-life lithium cells with 15,000-cycle lifespans.
In plain terms = solid-state battery is "a sector with a national-level timeline." While tech-growth names sold off across the board, capital clustered around this policy-backed niche.
Whose money are dividend assets and property stocks absorbing?
Bank of China and ICBC both hit all-time highs intraday, with banks and other dividend plays absorbing outflows from tech-growth sectors.
Property stocks opened low but climbed through the morning: Lujiazui hit limit-up; Shenwuye A closed midday up nearly 8%.
On the policy side, the Ministry of Finance and two regulators issued a mortgage interest-subsidy policy on September 29, effective October 1, offering subsidies on first-home loans for a trial period of one year.
This reflects the core post-holiday capital logic: exit high-valuation tech-growth names that lack near-term catalysts, rotate into sectors with either policy support or a valuation floor — banks via dividend yield, property via the new subsidy.
What matters most in the afternoon session?
The midday picture is clear: outflows from high-valuation tech-growth are pronounced, and the STAR 50's 3.66% drop is the session's deepest.
This means → whether tech-growth stabilises and attracts inflows in the afternoon is the key near-term signal for STAR-market direction.
If outflows continue, ChiNext and the STAR 50 may probe lower; if capital returns after lunch, it would suggest pre-holiday profit-taking has run its course and a rebound window remains.
市场有风险，内容仅供研究参考，不构成投资建议。