On September 23, China's A-share market experienced a volatile trading session with all three major indices moving lower during the morning session. Real estate stocks once again surged, with China Vanke Co.,Ltd. hitting the daily limit. Meanwhile, sectors such as CRO, glass substrates, and circuit boards showed resilience, climbing against the broader market trend. On the downside, energy equipment, culture and media, and AI office-related stocks faced adjustments.

Hong Kong stocks opened lower and extended losses, with both the Hang Seng Index and the Hang Seng Tech Index declining. The Hang Seng Tech Index fell 1%, weighed down by major tech stocks. Alibaba dropped nearly 4%, while Tencent lost over 2%. Memory chip stocks were active, with GigaDevice and Montage Technology pushing higher. In the bond market, treasury bond futures collectively declined. Commodities saw most domestic futures contracts fall.

Key market movements:

A-shares: As of writing, the Shanghai Composite Index was down 0.23%, the Shenzhen Component Index fell 0.45%, and the ChiNext Index dropped 0.53%.

Hong Kong stocks: As of writing, the Hang Seng Index was down 0.89%, while the Hang Seng Tech Index slipped 0.88%.

Bond market: Treasury bond futures fell across the board. As of writing, the 30-year main contract was down 0.01%, the 10-year main contract lost 0.02%, the 5-year main contract declined 0.02%, and the 2-year main contract was down 0.01%.

Commodities: Domestic commodity futures were mixed. As of writing, Shanghai nickel, industrial silicon, and manganese silicon gained over 1%, while platinum, stainless steel, container shipping index, polysilicon, rubber, iron ore, Shanghai silver, alumina, Shanghai tin, hot-rolled coil, and Shanghai gold also advanced. Eggs, Shanghai copper, soybean meal, rebar, Shanghai aluminum, coking coal, coke, glass, palladium, caustic soda, and rapeseed declined. Lithium carbonate, pulp, fuel oil, and bitumen dropped over 1%, while crude oil fell more than 3%.

10:06

The CRO sector continues to lead concept boards, with OPM Biosciences and InnoCare Pharma rising over 11%. Wuxi Apptec Co.,Ltd., Pharmaron, Asymchem, and Tigermed are advancing steadily. Analysts point to multiple catalysts behind the CRO sector's strength: the 15th Five-Year Plan policy support, AI-driven drug development momentum, strong earnings and order backlogs, and improving financing conditions.

09:55

China Vanke Co.,Ltd. hit the daily limit, driving the real estate rebound.

09:51

CRO concepts remain active, with Sino Biological up over 10% and Nanhua Bio hitting the daily limit. InnoCare Pharma, Aoxing Pharma, Porton Pharma Solutions, and Geneuniversal are following gains.

The glass substrate concept is active, with Wuhu G光电 nearing the daily limit. Dazu Laser, Rainbow Shares, Lino Pharmaceutical Packaging, and BOE Technology are also moving higher.

PCB concepts strengthened again in early trading, with Daya Shenggxiang recording a fourth consecutive limit-up. Mankun Technology gained over 10%, while Sihui Fu Shi, Xiehe Electronics, Aohong Electronics, and Wei'er High-Tech led the gains.

09:44

The real estate sector surged once more, with I Love My Family and Huayuan Holdings posting three consecutive limit-ups. China Enterprise Company hit the daily limit, joined by China Vanke Co.,Ltd., Huali Family, Shilianxing, and Tefa Service.

Memory chip stocks heated up, with Dapu Micro-UW and Biwin Storage rising over 3% to lead gains. Montage Technology, Changxin Technology, Longsys, and Decent also moved higher collectively. Overnight, US-listed memory chip stocks rallied, with Sandisk gaining over 6% and Micron Technology up 5%.

09:36

The MLCC sector surged, with Sanyuan Group, Fenghua Advanced Technology, Sinocera, Sidike, and Jiemei Technology all moving up. Recently, global MLCC leaders have raised product prices, driven by robust demand for high-capacity models from the computing power supply chain.

09:26

The Shanghai Composite Index opened down 0.02%, while the ChiNext Index opened up 0.37%. Shipping, power, oil & gas, and CRO sectors are adjusting, while memory chips and non-ferrous metals are active.

09:21

The Hang Seng Index opened down 0.09%, while the Hang Seng Tech Index opened up 0.01%. Financial and oil & gas sectors are adjusting. Montage Technology, Asymchem, and GigaDevice are strengthening.