A-share morning: Over 4,300 stocks rise, pharma sector leads on policy boost

Shanghai, September 21 — Major A-share indices opened higher and maintained gains through the morning session. The Shanghai Composite Index rose steadily, while the Shenzhen Component Index and the ChiNext Index traded in positive territory with some fluctuation.

Key Market Data

• Half-day turnover: RMB 1.33 trillion on the Shanghai and Shenzhen exchanges, up RMB 8.9 billion from the previous trading day
• Advancing stocks: Over 4,300 stocks rose across the market
• Shanghai Composite Index: +0.55%
• Shenzhen Component Index: +0.57%
• ChiNext Index: +0.93%

Sector Highlights

Leading Sectors

Pharmaceutical & Healthcare — Strongest performer

• Nanhua Bioscience: 3 consecutive limit-up days
• Baihua Pharmaceutical: 2 limit-up days in 3 sessions
• Multiple stocks hit limit-up, including Xinhua Pharmaceutical, Harbin Pharmaceutical, and Novoprotein

PCB (Printed Circuit Board)

• Guanghe Technology: limit-up
• Xunjiexing: surged over 12%

Elderly Care

• Oujiawei and Aoyang Health: both hit limit-up

Robotics

• Meihu Co., Ltd., Mingxin Xuteng, and Hongchang Technology: all hit limit-up

Underperforming Sectors

Precious Metals — Relatively weak

• Shanjin International and Chifeng Gold: declined

Limit-Up Stock Analysis (Morning Session)

• Total limit-up stocks: 81 (excluding ST stocks and newly listed stocks)
• Capping rate: 82%
• Consecutive limit-up stocks: 17

5 consecutive limit-ups: Huaci Co., Ltd.

4 consecutive limit-ups: Inner Mongolia First Machinery

3 consecutive limit-ups: Nanhua Bioscience, Huaruan Technology, Jinjian Rice, Longtou Co., Ltd.

2 consecutive limit-ups: Sanyangma, Baitong Energy, Ruikang Pharmaceutical, Greenland Holdings, Guofang Group, Makuang Co., Ltd., Kuaijishan, Xinhua Winshare, Aokang International, Boting Integration, Chengbang Co., Ltd.

Sub-Sector Highlights

AI Pharmaceuticals & CRO Concepts

• Leading gainers: Novoprotein, Baihua Pharmaceutical, Hainan Haiyao (all limit-up)
• Other notable gainers: Chengdu XianDao, Wanbang Pharmaceutical, Hongbo Pharmaceutical, Dian Diagnostics, CanSino

Catalyst: On September 18, ten government departments including the Ministry of Industry and Information Technology jointly issued the "Fifteenth Five-Year Plan for Pharmaceutical Industry Development." The plan calls for accelerating the application of AI, quantum computing, supercomputing, and computational medicine in drug R&D, and exploring new production models such as super-limit manufacturing, space pharmaceuticals, and biomanufacturing.

Analyst Comment: CITIC Securities noted that China's innovative drugs have entered a global value realization phase, with leading internationalized innovative drug companies expected to see product value realization globally. Additionally, product volume growth for leading innovative drug companies has entered a new growth stage, and pipeline assets with global potential are expected to accelerate internationalization.

PCB Concept Stocks

• Guanghe Technology: limit-up
• Xunjiexing: surged over 12%
• Followed by: Chaoying Electronics, Sihui Fushi, Shiyu Electric, Founder Technology

Background: Multiple research reports indicate that as upstream raw material prices continue to rise, PCB manufacturers have begun re-quoting. This signals the unblocking of the industrial chain price transmission mechanism, with Q3 2026 expected to be the inflection point for sector profit improvement.

Elderly Care Concept

• Oujiawei and Aoyang Health: limit-up
• Followed by: Yuexin Health, Xiangyu Medical, Xinlicheng, Shapuaisi, Dian Diagnostics

Catalyst: On September 18, the State Council executive meeting emphasized the need for a comprehensive and objective understanding of the impact of population aging, deepening the implementation of the national strategy for actively responding to population aging, and promoting comprehensive progress in elderly care services. Data shows that by 2030, China's population aged 60 and above is expected to exceed 400 million, accounting for over 30% of the total population, with the silver economy reaching approximately RMB 30 trillion.

Robotics Concept Stocks

• Meihu Co., Ltd., Mingxin Xuteng, Hongchang Technology, Oujiawei, Xinhua Medical: limit-up
• Followed by: Junpu Intelligence, Tongxing Technology, Xiangxin Technology, Wanxiang Qianchao

Catalyst: Drone footage showed that the main structure of Tesla's Optimus dedicated production line in Texas, USA, may be near completion, with steel structure and concrete pouring progressing simultaneously. The production line is planned to commence operations in 2027, with an annual production capacity target of 10 million units.

Market Summary

The three major indices trended higher in the morning session, with over 4,300 stocks rising. Hot sectors rotated rapidly, with the pharmaceutical sector seeing broad-based strength across AI pharmaceuticals, CRO, and pharmaceutical commerce sub-sectors. PCB, robotics, retail, agricultural planting, and AI-related sectors also showed intraday activity. Overall, the market maintained a volatile upward rebound structure, with sector rotation timing emerging as a key factor.

Market News Highlights

1. Hainan Advances Space Tourism Platform Formation

September 21 — Hainan Province is accelerating the cultivation of locally characteristic space tourism enterprises. The province continues to advance the formation of a space tourism platform, with relevant business entities having signed cooperation agreements. New project planning and other preliminary work are proceeding in accordance with laws and regulations, alongside project evaluation and approval procedures.

In terms of attracting and cultivating business entities, Hainan will leverage existing space tourism resources, focus on commercial project implementation, business entity cultivation, and tourism product innovation, and actively guide various business entities to participate deeply in the space tourism industry. Social capital is encouraged to invest in space tourism-related projects.

Hainan will align with Wenchang's goal of building a "Space Tourism Capital," coordinate with the "Hainan Free Trade Port Commercial Space Promotion Regulations," integrate space launch resources and coastal tourism resources, continuously monitor space tourism industry developments, and study targeted policy measures to support Wenchang in building a world-class space tourism destination.

2. Tesla Robot Team Conducts Factory Inspections in Yangtze River Delta

Industry sources report that Tesla's robot team has begun factory inspections at supply chain companies including Tuopu Group, Sanhua Intelligent Controls, and Juneng Electronics in the Yangtze River Delta region. These companies primarily supply core electromechanical components such as joint modules, actuators, and precision structural parts.

"Before these inspections, these companies had already received orders for Tesla's humanoid robots, with differences only in volume. The inspections will evaluate production line quality, compliance, and other aspects. Once passed, production will begin soon," the source said.

The source also noted that the inspection work is not limited to Ningbo as rumored online. The Tesla robot team's visit also covers supply chain companies in Hangzhou, Shanghai, and other Yangtze River Delta regions. Most of these companies were already Tesla's automotive supply chain partners.

Tesla reportedly plans to produce several thousand humanoid robots this year. The commencement of supply chain factory inspections indicates further progress toward mass production of Tesla's humanoid robots.