The Zhitong Finance App learned that on August 31, the Shanghai Index opened 0.65% lower to 3926.53 points, the Shenzhen Index opened 1.35% lower to 13764.41 points, the GEM index opened 1.67% lower to 336.7.04 points, and the Science and Innovation 50 opened 2.34% lower to 1623.20 points. As of 9:33, a total of 1,168 companies had risen in the two markets, 4,137 were down, and 246 were flat. The increase was highest: real estate services, digital media, real estate development, decoration, construction machinery, large state-owned banks, etc.; the decline was highest: non-ferrous metals, pharmaceuticals, biotechnology, photovoltaic equipment, accessories, etc.
Market conditions
In early trading on August 31, the four major A-share indices collectively opened lower. The Shanghai Index opened 0.65% lower to 3926.53 points, the Shenzhen Index opened 1.35% lower, the GEM Index opened 1.67% lower, and the Science and Innovation 50 opened 2.34% lower. The direction of technological growth was clearly under pressure. Individual stocks rose by only 1,168 and fell by 4,137 in the entire market, accounting for about 21% of the increase, and the profit effect was weak. On the market, boosted by real estate credit management opinions issued on August 28, real estate chain sectors such as real estate services and real estate development bucked the trend; while dragged down by the sharp drop in international gold prices last Friday, the non-ferrous metals sector led the decline. Precious metals and industrial metals had the highest declines, while pharmaceuticals, biotechnology, photovoltaic equipment, etc. followed suit and weakened.
Overnight quick facts
The hawkish signals from the Federal Reserve put pressure on the price of gold, and US stocks fell: Federal Reserve Chairman Walsh delivered his first keynote speech since taking office at the Jackson Hole Global Central Bank Annual Meeting on August 28 (EST), saying that inflation “is still too high”. “There is still work to be done” if he is unsure that underlying inflation falls fast enough, “there is still work to be done”, and the market price of the September rate hike once rose to 57%. Spot gold fell 2.95% to 4453.67 US dollars/ounce, ending three consecutive weekly gains; the three major US stock indices closed down, with the Dow falling 0.02% to 53559.99 points, the S&P 500 index falling 0.25% to 7711.76 points, and the NASDAQ falling 0.52% to 26402.42 points.
Oil prices have skyrocketed. Iran claims that the Strait of Hormuz is closed: affected by the US military's attack on Iran's Lalak Island rocket launch facility on August 30, Brent crude oil futures rose 1.88% to 89.76 US dollars/barrel in early Asian trading on August 31, breaking through 90 US dollars during the intraday period. Iran's Deputy Foreign Minister Garib Abadi said on August 29 that the Strait of Hormuz is currently completely closed, and that any ship passing through the strait must be coordinated and approved by Iran, adding that the US side's statement that the ship has passed is “completely untrue.”
The real estate credit opinion was implemented, and the mortgage period was extended to 40 years: The People's Bank of China and the General Administration of Financial Supervision jointly issued “Opinions on Reforming and Improving Real Estate Credit Management to Promote the Construction of a New Model of Real Estate Development” on August 28. The maximum period for personal housing loans was extended from 30 to 40 years, and stock floating interest rate mortgages can be negotiated to adjust interest rates or replace loans; the Ministry of Finance, the State Administration of Taxation, and the Securities Regulatory Commission issued Notice No. 26 of 2026 on the same day to regulate the personal income tax policy for the transfer of restricted shares of listed companies, applying a 20% tax rate according to “income from property transfer” and lifting the ban on restricted shares Transferred shares are included in the scope of taxation, and the requirement to determine the original value of the original cost based on 15% of the transfer income was abolished (“new and old segmentation” was adopted).
Changxin LPDDR6 mass production, semi-annual report final performance differentiation: Changxin Storage announced official mass production of LPDDR6 memory chips on August 29, with a peak rate of 12,800 Mbps and a maximum capacity of 16 GB; the National Data Administration will test a new batch of data labeling in 32 cities; the semi-annual report ended. CNPC's net profit to mother in the first half of the year was 103,936 billion yuan, an increase of 22% year on year. China's ships' net profit to mother increased by 163.51% year on year. Turning a loss into a profit, Longji Green Energy's revenue for the first half of the year was 27.045 billion yuan, a year-on-year decrease of 17.58%, and a net loss of 3,684 billion yuan.
Trend analysis
Today, the four major indices collectively opened lower. Science and Innovation 50 opened 2.34% lower, and the GEM index opened 1.67% lower, leading the decline. Individual stocks rose only 21% in the entire market. Federal Reserve Chairman Walsh sent a hawkish signal at the Jackson Hole annual meeting on Friday. Spot gold fell 2.95%, suppressing the direction of high valuations such as non-ferrous metals, pharmaceuticals, etc.; the real estate credit opinion issued on August 28 bucked the trend and became one of the few bright spots on the market.
The institutional consensus is biased towards the judgment that external disturbances go hand in hand with internal underpinning. In the short term, the market may focus on stabilizing shocks and consolidating, allocating or continuing the idea of “rebalancing”, focusing on hard technology core assets that resonate with performance and industry trends and the direction of compensating for the low level.