A-share ChiNext and STAR 50 fell collectively, banks bucked the trend and rallied with CCB hitting a new high, Zhipu rose over 9%

On October 27, the three major A-share indices opened collectively higher and then fluctuated downward all the way, with the three major indices turning negative one after another during the session. The ChiNext Index rose more than 1% at the open before giving up its gains, and the STAR 50 Index fell more than 1% in the half-day session. The banking sector bucked the trend and strengthened, with Shanghai Rural Commercial Bank rising nearly 4% to a new high for the year, China Construction Bank setting another all-time high, computing power hardware recovering somewhat, optical communications and optical modules rebounding locally, some memory chips moving higher, and ChangXin Technology's market value once returning to 3 trillion. The biopharmaceutical sector fell into a sharp correction, with CROs, innovative drugs and others all declining, while humanoid robots remained active.

Hong Kong stocks also opened higher and moved lower, with both the Hang Seng Index and the Hang Seng Tech Index falling. Most heavyweight tech stocks declined, while Lenovo Group bucked the trend and rose nearly 6%. Tech stocks such as chips and optical modules rebounded, with Montage Technology and Hygon leading the gains. AI large models rebounded, with Zhipu surging more than 9%, after Anthropic previously filed for an IPO; OpenAI launched GPT-6.1 Terra. In the bond market, treasury bond futures were mixed. In commodities, domestic commodity futures were mixed. Core market moves:

A-shares: As of press time, the Shanghai Composite Index fell 0.13%, the Shenzhen Component Index fell 2.33%, and the ChiNext Index fell 0.45%.

Hong Kong stocks: As of press time, the Hang Seng Index fell 0.14%, and the Hang Seng Tech Index fell 0.77%.

Bonds: Treasury bond futures were mixed. As of press time, the 30-year main contract rose 0.13%, the 10-year main contract rose 0.01%, the 5-year main contract fell 0.01%, and the 2-year main contract fell 0.01%.

Commodities: Domestic commodity futures were mixed. As of press time, new energy materials led the gains, with lithium carbonate up 3.37%; most chemicals rose, with asphalt up 2.52%; most base metals rose, with lead up 1.06%; shipping futures led the declines, with the container freight index (Europe route) down 4.77%; most oils and oilseeds fell, with palm oil down 3.04%; energy products were mixed, with low-sulfur fuel oil down 2.57%; most precious metals fell, with platinum down 2.00%; all non-metallic building materials fell, with PVC down 1.72%; most ferrous metals fell, with stainless steel down 1.36%; most agricultural by-products fell, with eggs down 0.81%.

11:51

On the board, more stocks fell than rose, with over 3,700 stocks in the Shanghai, Shenzhen and Beijing markets in the red, and half-day turnover of 877.5 billion yuan. The Shanghai and Shenzhen markets had half-day turnover of 870 billion yuan, a shrinkage of over 130 billion yuan from the previous trading day. By sector, defense, innovative drugs, real estate and semiconductors corrected, while banking, coal and transportation strengthened, and fiberglass and optical communications were active.

Specifically, Shanghai Rural Commercial Bank rose nearly 4% to a new high for the year, China Construction Bank set another all-time high, Bank of Beijing, Bank of Chongqing and China Zheshang Bank rose more than 2%, and China Everbright Bank, Bank of Jiangsu and others followed.

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Western Securities pointed out that long-end rates continued to decline in the third quarter, the spread between bank dividend yields and risk-free yields widened, and insurance funds and state-owned enterprise legal persons still have the incentive to increase holdings of bank assets.

Robot concept stocks remained active, with Duolun Technology, Saifutian and Xiangyang Bearing posting four consecutive limit-ups, Guangyang Co., Ltd. and Daxiyang two consecutive limit-ups, and Dayang Electric, Huapei Power, Dongbei Group, Henghe Precision, Fangzheng Motor and others hitting the limit, while Haon Auto Electronics, Shangwei New Materials, Ruide Zhiqu, Yiheda and others followed.

The catalyst came from the resonance of policy data and industry expectations: Ministry of Commerce data showed that in the first three quarters of this year, sales of embodied intelligent robots on key platforms grew 22.6% year on year. At the institutional level, Guosen Securities released a research report predicting that the humanoid robot industry will, with its high intelligence and flexibility, create more diverse application scenarios, greatly broaden market coverage, and further unleash huge commercial value and development potential.

The consumer sector fluctuated and pulled up in the morning session, with food and beverage and retail leading the gains. Guifaxiang, Sunshine Dairy and Qingdao Food all posted two consecutive limit-ups, Guangzhou Grandbuy, Maoye Commercial and Shanghai Jiubai hit the limit, and Yiming Food, Zhu Laoliu, Haixin Foods, Xujiahui, Sanjiang Shopping, Hongqi Chain and others followed.

The catalyst came from the continued strengthening of consumer policy: recently, the head of the Consumer Promotion Department of the Ministry of Commerce introduced the situation of China's consumer market in the first three quarters of 2026. In the first three quarters, the Ministry of Commerce deeply implemented the special action to boost consumption and introduced a series of policies and measures to promote consumption, promoting the steady expansion of the consumer market scale and the continuous optimization of residents' consumption structure.

Driven by the overnight repair of global AI sentiment, the chip industry chain once led the gains in the morning session, with Tiandeyu and Zhongjing Technology hitting the limit, and Darui Electronics, Jinghe Integrated, Xindong Lianke, Bochang Optoelectronics and others following. Tiandeyu's third-quarter report showed that single-quarter net profit in the third quarter grew 167.13% year on year; in the memory direction, ChangXin Technology's total market value returned above 3 trillion yuan during the session, with turnover ranking first in the entire A-share market, and trillion-market-cap memory concept stocks such as Montage Technology, GigaDevice, Longsys and DapuStor rose to varying degrees.

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A Nomura research report dated October 25 argued that the market's concerns about the outlook for AI investment are "overreaction," that the memory chip shortage will persist until 2028, that the current valuation of the memory sector has entered a "severely undervalued" range, that it maintains a positive view on the memory industry, and that it lists Samsung Electronics and SK Hynix as "key stocks to watch."

The pharmaceutical sector weakened, with Lingkang Pharmaceutical hitting the limit down, Nearshore Protein falling more than 10%, and Wantai Biological, Wanze shares and others falling sharply; the innovative drug concept fluctuated and adjusted, with Nearshore Protein down more than 10%, and Yue Wannianqing, Tebao Biological, Toujing Life, Zhongsheng Pharmaceutical and Baiyang Pharmaceutical among the biggest decliners.

11:23

Dividend assets such as banks, transportation and coal once again received market funding attention, with China Construction Bank continuing to hit a new high.

10:08

The Hang Seng Biotech Index fell more than 2%, at one point losing the 14,000-point mark. Inno Biologics-B fell nearly 29%, and WuXi Biologics fell nearly 5%.

09:52

Zhipu continued its rebound, with its share price rising more than 10%, and MINIMAX-W followed. On the news front, Anthropic submitted an IPO application; OpenAI launched GPT-6.1 Terra.

09:48

The CRO concept fluctuated and pulled back, with Nearshore Protein falling more than 10%, and Sino Biological, Lingkang Pharmaceutical, Lanwei Medical, Jinshi Yayao and Boji Pharmaceutical following the decline.

In early trading, the chip industry chain fluctuated and rebounded, with Tiandeyu and Zhongjing Technology hitting the limit up, and Darui Electronics, Jinghe Integrated, Xindong Lianke, Bochang Optoelectronics and others following the gains.

The retail concept was active, with Maoye Commercial hitting the limit up, after Shanghai Jiubai's five consecutive limit-ups, and Guoguang Chain, Sanjiang Shopping and Dongbai Group following the gains.

On the news front, an official of the Circulation Development Department of the Ministry of Commerce said that, according to National Bureau of Statistics data, in January-September, China's wholesale and retail added value was 11.1 trillion yuan, up 4.4% year on year, 0.7 percentage points faster than in the first half, accounting for 10.4% of GDP.

The humanoid robot concept was repeatedly active, with Guangyang shares posting two consecutive limit-ups, Huapei Power and Dongbei Group hitting the limit up, after Saifutian's four consecutive limit-ups, Jack Technology touching the limit up, and Haoen Auto Electronics, Zhongjian Technology, Fulai New Materials and Shangwei New Materials following the gains.

09:34

The ChiNext Index rose more than 1%, the Shanghai Composite Index rose 0.10%, and the Shenzhen Component Index rose 0.71%. Computing power hardware, semiconductor chips and other directions were among the biggest decliners, with nearly 4,000 stocks rising across the Shanghai, Shenzhen and Beijing markets.

09:26

The Shanghai Composite Index opened 0.02% higher, and the ChiNext Index rose 0.89%. AI hardware clearly warmed up, with optical communications leading the gains, and Zhongji Innolight rising nearly 3%.

09:21

The Hang Seng Index opened 0.21% higher, and the Hang Seng Tech Index rose 0.74%. WuXi AppTec rose nearly 5%. Cambridge Technology, Zhongji Innolight, Yangtze Optical Fibre and Cable, and Ganfeng Lithium strengthened. Risk warning and disclaimer

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