The Zhitong Finance App learned that on October 23, the Shanghai Index opened 0.94% lower to 3623.57 points, the Shenzhen Index opened 1.49% lower to 11,187.55 points, and the GEM Index opened 1.66% lower to 2534.16 points. Science Innovation 50 opened 1.38% lower to 1287.87 points. As of 9:33, a total of 337 companies in the Shanghai and Shenzhen markets had risen, 5,167 were down, and 73 were flat.
The increase was highest: a few industries, such as flavoring and fermented products, film and television, liquor, and publishing, were slightly popular, generally within 0.4%; the decline was the highest: precious metals, communication equipment, AMD concepts, components, non-ferrous metals, optical communications, CPO concepts, semiconductors, etc.
Market conditions
The four major indices opened lower across the board, and the decline on the growth side of the Shenzhen market was significantly greater than that of Shanghai. After the opening of the market, the two markets continued to be weak. As of 9:33, the Shanghai Index fell 1.23% to 3613.14 points, the Shenzhen Index fell 1.56% to 11179.75 points, the GEM index fell 1.65% to 2534.48 points, and Science and Technology Innovation 50 fell 2.11% to 1278.34 points. The decline widened to the top of the four major indices. Structurally, only a few industries, such as flavoring and fermented products, film and television, liquor, and publishing, remained slightly popular, but non-liquor, joint-stock banks, banks, etc. turned down after rising in the market; precious metals, communication equipment, components, optical communications, CPO concepts, AMD concepts, and semiconductors had the deepest decline, in line with the concentrated correction of high-ranking topics on the previous trading day. Only 337 companies rose and 5,167 fell in the entire market, rising and stopping 9 and 7, accounting for about 6% of the increase.
Overnight quick facts
US stock differentiation The NASDAQ fell 2.6%: On October 22, the three major US indices diverged. The Dow rose 0.02%, the NASDAQ fell 2.6%, and the S&P 500 index fell 1.21%. The Philadelphia Semiconductor Index closed down 6.72%, with storage and chip stocks leading the decline. Intel, SanDisk, and SK Hynix fell more than 8%, and AMD fell more than 8%. London spot gold fell 2.79% to 4024.33 US dollars/ounce, and the NYMEX WTI crude oil main contract rose 2.01% to 99.10 US dollars/barrel.
The new foreign investment regulations came into effect in December: The National Development and Reform Commission announced a new version of the “Administrative Measures on Foreign Investment” on October 22, with a total of 76 articles. It came into effect on December 1, and the 2017 edition of the “Administrative Measures on Overseas Investment by Enterprises” was abolished simultaneously. According to data for the same period, the actual amount of foreign capital used by the country from January to September was 548.81 billion yuan, a year-on-year decrease of 4.3%, and a 2.5% year-on-year increase in September.
Semiconductor sealing and testing accelerated production expansion: Changdian Technology disclosed on the evening of October 22 that the board of directors reviewed and approved an increase in the 2026 investment plan from 11.01 billion yuan to 18.20 billion yuan, of which fixed asset investment was increased from 9.98 billion yuan to 17.31 billion yuan; the company has been approved by the State Council's State-owned Assets Administration Commission and agreed in principle to its fixed increase plan to raise no more than 6.5 billion yuan in capital. The pace of production expansion accelerated during the sealing and testing process, in contrast to the sharp pullback in overseas chip stocks overnight.
Trend analysis
The sharp decline in overseas technology stocks directly suppressed the growth sector. This was reflected by the fact that the decline in the 50 science and technology innovation market widened to the top of the four major indices. On the policy side, the Financial Street Forum has announced the first batch of 18 active ETF registrations. The three departments of the Central Bank, the General Administration of Financial Supervision, and the Securities Regulatory Commission plan to establish liquidity support tools to deal with large redemptions by non-bank institutions, but it will take time to spread to market.
In terms of capital, the share of market gains was only about 6%, and the money-making effect was low; low-ranking varieties such as fermented flavorings, liquor, and movie theaters were relatively resistant to decline, indicating that some of the capital stocks were shifting to defense, but the banking sector has weakened at the same time, and defensive varieties have not formed a joint effort.
In terms of direction, the Shanghai Index may repeatedly tug of war around 3,600 points, mainly due to shock digestion; the linkage between precious metals and international pricing varieties still needs to be observed, and short-term emotional recovery depends on energy cooperation.