On October 8, the market experienced a volatile correction, with the three major indices collectively spiking and then retreating, while the STAR 50 Index opened lower and drifted down throughout the day.
By the close, the Shanghai Composite Index fell 0.79%, the Shenzhen Component Index dropped 2.07%, and the ChiNext Index slid 3.15%.
On the trading board, solid-state battery concepts bucked the trend and stayed active, while the shipping and banking sectors showed intraday strength amid volatility. On the decline side, CPO concepts continued to weaken, and the semiconductor supply chain underwent volatile adjustment. Over 3,700 individual stocks across the entire market closed lower. The combined turnover of the Shanghai and Shenzhen markets reached 1.68 trillion yuan, up 244.1 billion yuan from the previous trading day.
After a week-long break, the A-share market delivered a rather "heartburn-inducing" performance today (October 8): spiking and then pulling back, diving in the afternoon, and only managing a modest rebound at the close.
At the open, the index quickly bottomed out and rebounded, but the broad rally lasted less than 15 minutes. Around 9:45, the major stock indices began to spike and retreat one after another, with the Shanghai Composite briefly losing the 3,800-point mark; subsequently, the number of advancing stocks gradually shrank from over 4,000, and by 10:27, decliners officially outnumbered advancers.
In terms of the outcome, with the dual-innovation indices hitting new phase lows as the representative, most stock indices "replicated" the medium-length bearish candles seen on September 27 and 28 before the holiday. The daily K-line chart, stepping down continuously, seems about to confirm the establishment of a "downtrend continuation" (though if there is a rapid recovery in the near term, one could still wait and see).
The direct reason for the dual-innovation indices leading the decline again points to the weakness in heavyweight stocks within the two major sectors of "optics" and "chips." It is even observable that high-priced stocks (Lianxun Instruments, Yuanjie Technology), heavyweight stocks ("Yi Zhongtian," Dongshan Precision, etc.), and high-turnover tech stocks mostly weakened earliest in the morning session.
On the news front, rumors had previously circulated in the market about optical chip price cuts, claiming that current optical chip prices are already under pressure and that 1.6T-compatible optical chips face downward pricing pressure. However, Changguang Huaxin, Shijia Photons, and Yongding Co. responded to media that they have not received any information about price reductions. Shijia Photons stated that the company has not obtained any news regarding optical chip price cuts but believes this round of sector adjustment may stem from a research report published by Morgan Stanley on October 1 regarding U.S. Federal Communications Commission (FCC) policy. Another view holds that with only two trading days this week, funds adopting a wait-and-see attitude are relatively abundant, so caution is warranted in trading; (starting next week) the market may see more short-term capital return, but the medium-term direction still needs further clarification.
Relatively healthier in trend are the dividend index and the micro-cap stock index. The former signals that defensive sentiment in the current market is relatively heavy, while the latter illustrates another very important point: the current short-term profit effect in the market is more concentrated in directions such as "small market cap," "low weighting," and "non-institutional," which includes both speculation leaning toward "pure gambling" and "value speculation" embodying new logic. This is vastly different from the market style a few months ago, but naturally more sensitive short-term traders have surely noticed.
Back to sectors. Among today's leading gainers, the main ones worth noting are: batteries. The "15th Five-Year Plan for the Development of New Battery Industry" released before the holiday continues to ferment. This is China's first national-level special plan in the new battery field, explicitly proposing that by 2030, all-solid-state batteries will initially achieve large-scale application, and long-life lithium batteries will reach a cycle life of 15,000 times. In addition, recently, the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration jointly issued the "Announcement on Adjusting the Consumption Tax Policy for Certain Battery Products," clarifying that starting September 1, 2026, the consumption tax policy for certain battery products will be adjusted in steps. Among them, the announcement specifies that from September 1, 2026, to December 31, 2028, consumption tax will be exempted for sodium-ion batteries, solid-state batteries, fuel cells, and perovskite cells, tandem cells, and gallium arsenide cells among photovoltaic cells.
Oil, gas, and shipping: On the news front, Brent crude oil broke through $101 per barrel, up 0.86% intraday; the Shanghai Futures Exchange fuel oil main contract surged 16%. On Tuesday, European natural gas prices rose, with gains of up to 5.5%, reaching 77.55 euros per megawatt-hour. According to Clarksons data, the average VLCC earnings in the third quarter reached $277,995 per day, and by early October, some routes had earnings exceeding $1.6 million per day, with the overall market earnings level once surpassing $600,000 per day. At the same time, some high-priced long-haul cargoes began seeking alternatives such as Suezmax tankers, and demand-side sensitivity to high freight rates has increased somewhat. Future new ship order pressure is limited, and the high prosperity of oil shipping is expected to be sustainable.
Banking and power (dividend direction): Data shows that 42 A-share listed banks collectively achieved operating revenue of approximately 3.14 trillion yuan in the first half of the year, a year-on-year increase of 7.42%; total net profit attributable to shareholders was approximately 1.13 trillion yuan, a year-on-year increase of 2.96%. Among them, 32 banks achieved dual growth in operating revenue and net profit attributable to shareholders, accounting for 76.19%. Some analysts believe that during the long holiday, overseas variables were密集 — oil prices surged, U.S. stocks continued to hit new highs, but the dollar index rose above 102 and the 10-year U.S. Treasury yield stood at a multi-year high above 5.3%. The two narratives of "post-holiday recovery" and "high interest rate suppression" are simultaneously on the table. For dividend assets, if the high interest rate environment persists, the "bond-like" attribute is not a weakness but armor at this time; and if risk appetite recovers after the holiday, dividend assets also benefit from the beta rebound, making them worth watching.