CSI 300 fell by 0.44%
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This week, the A-share market maintained an upward trend, with the overall market environment remaining positive. However, there was a clear divergence among major indices. The SSE Index(000001) fell by 1.3% for the week, still 2.05% away from its one-year high but remained 11.14% above its 200-day moving average, indicating that the medium to long-term bullish structure hasn’t changed. TheCSI 300(000300) slightly declined by 0.44%, staying within a strong range. The growth sector performed notably, with the Shenzhen Index(399001) and ChiNext(399006) rising by 1.14% and 2.34% respectively. The ChiNext index was 18.55% higher than its 50-day moving average, demonstrating sustained active capital flow into tech growth stocks. In the Hong Kong market, the Hang Seng Index(HSI)slightly increased by 0.59%, showing a stable trend.
The overseas market showed strength overall. The Nasdaq Composite(0NDQC) rose by 1.49%, just 0.31% away from its one-year high; the S & P 500 Index(0S&P5) gained 0.72%. Latest US economic data revealed that August retail sales grew by 0.6%, exceeding expectations of 0.2%, indicating persistent consumer resilience. Initial jobless claims dropped to 231,000, better than expected and previous values, pointing to a stable labor market. On the energy front, EIA crude oil inventories plunged by 9.285 million barrels, far surpassing the expected -0.857 million barrels, suggesting demand recovery and stabilizing oil prices. The Fed announced a 25 basis point cut to 4.25%, marking the first rate cut of the year. Powell emphasized no need for rapid adjustments again, signaling a moderate policy pace. This move injected new impetus into global liquidity, with Galaxy Securities noting it would boost global asset risk appetite. Goldman Sachs also believes that the A-share market is poised for a “liquidity feast”.
Positive signals in policy are increasing. Domestically, an important article published in Qiushi magazine on deepening the construction of a unified national market highlighted strengthening factor circulation and institutional unification, benefiting medium to long-term economic vitality. Nine departments jointly issued 19 measures to expand service consumption, which will unleash demand potential in areas such as culture and tourism, healthcare, and elderly care. The Ministry of Industry and Information Technology accelerated R&D in smart connected vehicles, solid-state batteries, sodium-ion batteries, and other cutting-edge technologies, providing policy support for emerging industries. These initiatives will form significant support for domestic demand expansion and high-tech industry development, aiding market confidence stabilization.
After the latest data adjustment, Transportation-Equip Mfg(G8075IG.CN)surged by 14.49% this week. This sector’s outstanding performance is closely related to upgrades in domestic and international transportation equipment, increased demand for new energy heavy trucks and rail transit equipment, and benefited from increased orders related to the “Belt and Road”. With continuous investment in domestic infrastructure and the establishment of intelligent logistics systems, the profit expectations of transportation equipment companies have significantly improved, promising sustained high prosperity. Elec-Semicondctor Fablss(G3676IG.CN) rose by 6.98%, continuing to reflect the high prosperity of chip design and IP authorization. Recent exposure of Huawei’s silicon carbide heat dissipation technology and the MIIT’s advancement of solid-state batteries and sodium-ion batteries have boosted demand for high-performance and efficient chips. Robust AI and automotive-grade chip orders globally enable fab-less semiconductor companies to sustain growth potential driven by gross margin improvements and R&D. Telecom-Consumer Prods(G4894IG.CN) rose by 5.69%, showing relatively mild performance, yet highlights include consumption momentum brought about by 5G applications and smart terminal upgrades. Multiple regions domestically promote digital economy and smart city construction, coupled with the popularization of AI phones, wearable devices, and vehicle networking, catalyzing structural opportunities in communication terminals and smart home industry chains.
In terms of individual stocks, the Top 33 portfolio collectively fell by 0.99%, with only 10 stocks rising, intensifying differentiation. Delton Technology Guangzhou(001389), with the best performance, saw a weekly increase of 14.71%, specializing in R&D and production of printed circuit boards. The company leads in the server PCB market, with an O’Neil Score of 75, RS Rating of 91, EPS Rating of 99, showcasing robust earnings growth capability, and an industry ranking of 28, falling within investors’ preference range. Clients include international giants like Inspur Information, DELL, Foxconn, with active capital inflows and prominent long-term growth potential.
Overall, despite the SSE Index’s decline this week, the A-share market remains in a bullish structure. The growth sector benefits from the Fed’s interest rate cut enhancing global liquidity and domestic policy support. The attractiveness of RMB-denominated assets has risen, offering more operational space for domestic monetary policies. Combining MarketSmith’s top 40 strong industries and stocks with high O’Neil Scores and RS Ratings, technology and consumer segments remain key focus areas currently.
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published on September 19, 2025