Opening data
The Zhitong Finance App learned that on October 29, the Shanghai Index opened 0.13% lower to 3676.77 points, the Shenzhen Index opened 0.82% lower to 11,379.00 points, and the GEM Index opened 1.46% lower to 2596.22 points. Science Innovation 50 opened 0.87% lower at 1271.81 points.
As of 9:31, a total of 1,260 companies in the Shanghai and Shenzhen markets had risen, 4,020 were down, and 297 were flat.
The increase was highest: papermaking, coke, shipping ports, snack food, non-metallic materials, urban commercial banks, diamond cultivation concepts, etc.; the decline was highest: components, optical communication, computing power hardware, PEEK material concepts, physical AI concepts, etc.
Market conditions
The three major indices collectively opened lower. The Shanghai Index opened 0.13% lower, and the Shenzhen Index and the GEM Index opened 0.82% and 1.46% lower, respectively. The growth side opened significantly lower than the main board. After the opening of the market, the index declined slightly. As of 9:31, the Shanghai Index reported 3668.42 points, down 0.35%; the Shenzhen Index reported 11353.94 points, down 1.04%; the GEM Index reported 2590.24 points, down 1.69%; and Science and Technology Innovation 50 reported 1261.94 points, down 1.64%.
The structure showed high and low switching: low cycles such as papermaking, coke, shipping ports, and urban commercial banks bucked the trend in the direction of banks. The Baltic Sea Dry Bulk Index rose 1.88% to 2,652 points on October 28. Among them, the Cape Shipping Price Index rose 4.97%, driving the active shipping port sector. The computing power chain that led the rise on the previous trading day collectively returned, with concepts such as components, optical communication, computing power hardware, PEEK materials, and physical AI falling the highest.
The market breadth was weak. The Shanghai and Shenzhen markets rose 1,260 companies and fell 4,020, accounting for 22% of the increase. 14 companies rose and stopped at 0, and active capital was concentrated in a few low directions.
Overnight quick facts
The Federal Reserve kept interest rates unchanged: On October 28, the Federal Reserve kept the federal funds rate target range unchanged at 3.75% to 4% by 10-2. Two members of the committee advocated raising interest rates by 25 basis points. The three major US stock indices closed higher for the third consecutive trading day. The Dow rose 0.19%, the NASDAQ rose 0.27%, and the S&P 500 index rose 0.28%.
Launch of policy financial instruments: As of October 28, all 800 billion yuan of new policy financial instruments have been launched in 2026. The three policy banks have invested 365 billion yuan, 120 billion yuan, and 315 billion yuan respectively. All funds will be used to supplement project capital, focusing on artificial intelligence, digital economy, green and low-carbon, biomedicine, etc.
The memory chip boom continues: SK Hynix's third-quarter revenue of 104.62 trillion won, surpassing 100 trillion won for the first time, operating profit increased 5.57 times year-on-year, and announced an additional return of about 45 billion US dollars to shareholders. US stocks rose 13.3% on October 28, driving storage stocks such as SanDisk and Micron Technology higher, and the semiconductor sector continued to rise.
Trend analysis
The volume of the Shanghai and Shenzhen markets generally rose on the previous trading day, with a turnover of about 1.63 trillion yuan. The GEM index rose 3.40%, leading the way in technological growth; the three major indices opened on October 29. The GEM Index and Science and Innovation 50 had the highest low opening margins, and capital flowed back from the computing power chain to low cycles and banking directions such as papermaking, coke, and shipping ports.
Overnight, the Federal Reserve kept interest rates unchanged, but two members advocated interest rate hikes. The 10-year US Treasury yield rose 2.5 basis points to 5.022%, putting pressure on high-valuation growth; the storage chain continued to be strong overseas, while the A-share related direction saw a profit settlement after a rapid increase in the previous period.
Institutional opinions are divided: Jufeng Investment and others believe that there is still momentum for restoration, but whether the volume can continue to expand and the results of the three-quarter report are key verification points; the Huaan Securities Strategy Team judged that the overall market will continue to operate weakly in late May. The short-term fluctuation may be maintained, and the direction may be selected and confirmed by the transaction and the three quarterly reports.