CSI 300 up 1.07%
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This week, A-shares maintained an upward trend, with the overall market condition being good and investor sentiment positive. Major indices generally closed higher, with the CSI 300(000300) rising 1.07% for the week and hitting a new annual high, demonstrating the robust performance of blue-chip sectors. The Shenzhen Index(399001) and ChiNext(399006) rose by 1.06% and 1.96%, respectively, both reaching new annual highs, with technology and growth stocks continuing their strong momentum. The SSE Index(000001) saw a slight increase of 0.21%, still 1.84% away from its one-year high but remained in a strong zone, 10.97% above its 200-day moving average. In terms of trading volume, major A-share indices saw a slight decline compared to last week, but prices were stable and on the rise, with capital sentiment remaining healthy. The Hang Seng Index(HSI) fell 1.57%, still 3.43% away from its one-year high, under pressure due to external environmental influences.
Performance was mixed in overseas markets. The Nasdaq Composite(0NDQC)fell 1.09%, and the S & P 500 Index(0S&P5) dropped 0.89%, both experiencing minor corrections after hitting new annual highs. Wall Street is concerned that consecutive interest rate cuts by the Federal Reserve might push up long-term bond yields, which would be detrimental to high-valuation US stocks. Recent comments from Fed officials leaned hawkish, emphasizing the “fragility” of the job market but cautioning against hasty consecutive rate cuts, leading to a cautious outlook on future interest rate paths. The US Dollar Index has weakened recently, with CITIC Securities predicting this weakness could persist throughout 2025, potentially aiding capital inflows into emerging markets.
On the macro data front, US EIA crude oil inventories for the week ending September 19th decreased by 607,000 barrels, indicating resilient demand. Initial jobless claims for the week ending September 20th fell to 218,000, below expectations, showing the American job market remains solid. China’s total social electricity consumption in August increased by 5% year-on-year, down from 8.6% previously but still suggesting overall expansion in industrial and consumer demand.
The domestic policy environment continues to be supportive. Multiple financial leaders, including Pan Gongsheng and Li Yunze, spoke out on the same day, signaling support for economic stability and the real economy; during the 14th Five-Year Plan period, the financial industry will precisely channel 17 trillion yuan into the real economy, providing ample liquidity to the capital market. Eight departments jointly issued guidelines on vigorously developing digital consumption, coupled with new measures supporting service exports, aiming to promote the upgrade of the digital economy and outward-oriented industries. The stabilization plan for the building materials industry proposes prohibiting additional cement and glass production capacity, contributing to supply-side optimization and price stability.
Industry fund flows have been adjusted based on the latest data. Elec-Semiconductor Equip(G3674IG.CN) surged 10.36% this week, leading all sectors. The sector benefits from accelerated global semiconductor capacity expansion and domestic substitution, with strong demand for lithography machines, etching equipment, and key materials. Ongoing announcements of domestic wafer fab expansion plans, coupled with rising computing power demand from AI and high-performance computing, continue to drive equipment investment. As domestic equipment validation accelerates and overseas customer bases diversify, overall industry profit expectations continue to improve. Sustained capital inflows reflect strong institutional confidence in the sector’s future growth. Elec-Semicondctor Fablss(G3676IG.CN)rose 8.60%, maintaining high momentum in the chip design and IP licensing fields. Growing global demand for AI computing power and automotive-grade chip orders, combined with MIIT’s promotion of cutting-edge technologies such as silicon carbide and sodium-ion batteries, are creating new application scenarios for high-efficiency chips. Domestic manufacturers’ R&D investments in AI processors, GPUs, and custom chips are opening up room for gross margin expansion, and the sector continues to exhibit strong growth elasticity. Computer-Data Storage(G3578IG.CN) gained 7.62% for the week, also performing notably. With accelerated construction of AI infrastructure and intelligent computing centers, data storage demand continues to expand. Strong demand for high-end servers and enterprise-grade SSDs, along with increasing penetration of cloud and edge computing, is driving upward revisions in earnings expectations for storage equipment and solution providers. Domestic policy support for the digital economy also provides long-term growth momentum for the data storage supply chain.
In terms of individual stocks, the top 33 portfolio collectively rose 0.75%, with 20 stocks increasing. Among them, Anji Microelectronics Technology Shanghai Co(688019) stood out, surging 19.05% this week. As part of the Electronic-Semiconductor Equipment industry, ranked 15th, it demonstrates a strong sector-leading effect. Its O’Neil Score is 77, RS Rating is 92, and EPS Rating is 99, showcasing outstanding profitability and stock performance. By breaking foreign manufacturers’ monopoly and achieving import substitution for semiconductor chemical mechanical polishing fluids, the company has accumulated quality clients like SMIC and TSMC, laying a solid foundation for future growth.
Overall, policy support and industry structure upgrades are jointly driving the A-share market to maintain an upward rhythm, with funds continuously flowing towards high-growth areas such as semiconductors, intelligent manufacturing, and the digital economy. Investors should focus on leading stocks with high rankings within MarketSmith Hong Kong’s industry classification, high O’Neil Scores, and RS Ratings, as high-quality growth stocks remain valuable in a market that maintains strength.
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published on September 26, 2025