The three major A-share indices all opened lower on September 24, with the Shanghai Composite Index down 0.28% at 3925.32 points, the Shenzhen Component Index down 0.45% at 13575.07 points, and the ChiNext Index down 0.38% at 3366.89 points. The STAR 50 Index also opened lower by 0.49% to 1652.69 points. As of 9:34 AM, 2,425 stocks were advancing compared to 2,783 declining across the Shanghai and Shenzhen markets, with 361 remaining flat. Leading gainers were publishing, television broadcasting, textile manufacturing, education, and hyperbaric oxygen chamber concepts, while precious metals, semiconductors, real estate services, and copper-clad laminate concepts saw notable declines.

All four indices started the day in negative territory, with the STAR 50 Index falling 0.49% to lead losses, while the Shenzhen Component Index and ChiNext Index each dropped 0.45% and 0.38% respectively, and the Shanghai Composite dipped 0.28%. After the opening bell, indices fluctuated within a narrow range, with the Shanghai Composite recovering slightly from its lows. By 9:34 AM, the Shanghai Composite was down 0.22% at 3927.98 points, the Shenzhen Component Index slipped 0.51% to 13566.83 points, the ChiNext fell 0.50% to 3362.75 points, and the STAR 50 dropped 0.73% to 1648.69 points, with growth-oriented sectors experiencing relatively larger adjustments.

Most sectors traded lower during the session, with precious metals following the pullback in international gold and silver prices from the overnight session, and computing hardware segments including semiconductors and copper-clad laminates also weakening in tandem. Counter-trend strength was seen in publishing, television broadcasting, textile manufacturing, and education sectors. At the same time, 17 stocks hit their daily upside limit while 2 hit their downside limit, with advancing names accounting for roughly 43% of market breadth.

Overnight key developments

U.S. stocks saw a collective decline across the three major indices, as the U.S. S&P Global Composite PMI flash reading for September climbed to 58.4, marking the highest level since July 2021. Combined with persistent hawkish signals from Federal Reserve officials, market expectations for at least a 25 basis point rate hike in October rose to about 75%, or roughly 70% under the CME FedWatch framework. The 10-year U.S. Treasury yield briefly surged to 5.133%, the highest level since 2007.

The People's Bank of China expanded its medium-term lending facility operations and arranged cross-holiday liquidity support, announcing an 800 billion yuan one-year MLF operation on September 24. From September 28 through October 8, overnight reverse repurchase operations will be conducted using a fixed rate and quantity bidding method, with daily operation volumes capped at 1 trillion yuan.

The Ministry of Industry and Information Technology is advancing the construction of next-generation communication networks. Vice Minister Yu Xiaohui stated at the 2026 China International Information and Communication Exhibition that during the 15th Five-Year Plan period, China will systematically and moderately advance the construction of new-generation communication networks ahead of demand, promote the evolution of broadband networks toward dual 10-gigabit capabilities, and push forward the construction of low-orbit satellite internet systems.

International oil prices rebounded sharply, with November delivery Brent crude futures settling up 3.86% at $103.08 per barrel.

Market outlook

The four indices collectively opened lower today, with the STAR 50 Index showing the weakest performance with a 0.49% decline. The Shanghai Composite Index, after opening down 0.28%, recovered modestly, while growth-oriented segments remained under pressure. As of 9:34 AM, 2,425 stocks were rising against 2,783 falling across the Shanghai and Shenzhen markets, with indices fluctuating narrowly near their opening prices. The primary drivers came from overnight overseas developments, with U.S. stocks declining across the board, the Nasdaq falling 1.13%, and sharply higher U.S. Treasury yields increasing valuation pressure on global risk assets. London spot gold and silver each fell 1.64% and 3.91% respectively, dragging the precious metals sector lower at the open, while copper-clad laminates, semiconductors, and computer hardware within the computing infrastructure chain also followed with pullbacks. On the structural side, publishing, textile manufacturing, and education sectors remained active against the broader downtrend.