A Shares Fall at Noon: Shanghai Composite Down 0.93%, Over 4,300 Stocks Decline, Wind Power and Banks Buck Trend

Date: September 24

Key Data at Midday Close:

• Shanghai Composite Index: Down 0.93% to 3,900.00 points
• Shenzhen Component Index: Down 1.74% to 13,399.34 points
• ChiNext Index: Down 1.84% to 3,317.33 points
• Market Breadth: Over 4,300 stocks declined, while just over 1,000 advanced
• Half-Day Turnover: 1.0781 trillion yuan across Shanghai, Shenzhen, and Beijing exchanges, contracting by 93 billion yuan from the previous trading day

Market Overview

A-share三大 indices opened lower on September 24 and continued to weaken through the morning session, forming a differentiated pattern characterized by "indices opening low and trending lower, broad-based stock declines, and relative resilience in low-valuation heavyweight sectors."

Capital Flows (Morning Session):

• Net Inflows: Transportation equipment, national defense & military, general equipment
• Net Outflows: Electronics, semiconductors, non-ferrous metals
• The electronics sector alone saw net outflows exceeding 9.2 billion yuan.

Sector Highlights

1. Wind Power Equipment: Opened Lower, Recovered Strongly

The wind power equipment sector opened lower but staged a recovery. Notable movers included:

• Luozhou Bearing: Hit the 20% daily limit
• Jixin Technology: Hit the 10% daily limit
• Weili Transmission: Rose over 11%
• Zhenhong Co., Ltd., Dajin Heavy Industry, Xin Qiang Lian: Among the top gainers

Catalyst: The National Energy Administration reported on September 24 that China's installed wind power capacity reached 693 GW as of end-August, up 19.6% year-on-year. Additionally, on September 22, the Ministry of Natural Resources stated at a State Council press conference that it plans to expand marine renewable energy industries during the "15th Five-Year Plan" period, targeting a doubling of offshore wind capacity to 100 GW by 2030.

2. Humanoid Robot Supply Chain: Defied the Downtrend

Stocks along the humanoid robot supply chain showed resilience:

• Xiangyang Bearing, Zhongma Transmission, Changhua Group, Ningbo Dongli: Hit daily limits
• Joyson Electronics: Rose over 7%
• Xiangming Intelligent, Fulai New Materials, Fengguang Precision: Among the top gainers

Catalyst: The International Federation of Robotics reported on September 24 that China's new industrial robot installations in 2025 reached 354,000 units, accounting for approximately 59% of global installations—a record high. The federation also projected a 5%–10% annual growth rate for the Chinese market through 2029. Separately, on September 23, Tesla CEO Elon Musk stated in an interview with CCTV Finance that he predicts global humanoid robot numbers could reach 10 billion units within the next 15 years.

3. Textile Manufacturing: Active Trading

The textile manufacturing sector saw active trading:

• Huamao Co., Ltd.: Hit the daily limit for a second consecutive session, opening with a one-word limit-up
• Huasheng Co., Ltd.: Hit the daily limit
• Huali Group: Rose over 3%
• Weixing Co., Ltd., Bailong Oriental: Among the top gainers

Catalyst: The State Administration for Market Regulation revised the national standard "Green Product Evaluation—Textile Products" (GB/T 35611—2024), which will take effect on October 1. The standard classifies textile products into three categories (infant, direct skin contact, and non-direct skin contact), establishes a comprehensive evaluation system covering resources, energy, environment, quality, and low-carbon attributes, and adds a new low-carbon assessment dimension.

4. Education Sector: Short-Term Surge

The education sector experienced a short-term rally:

• Kede Education: Rose over 13%
• Only Education: Rose over 5%
• Kaiwen Education, Quantong Education, Xueda Education: Followed the uptrend

Catalyst: On September 23, at a State Council press conference, Guo Peng, Director of the Department of Development Planning at the Ministry of Education, announced that undergraduate enrollment at "Double First-Class" universities will expand by an additional 76,000 students between 2027 and 2030. The expansion will prioritize frontier technologies and emerging interdisciplinary fields, including artificial intelligence, integrated circuits, biomedicine, and new energy.

Sector Performance Summary

| Strengthening Sectors | Weakening Sectors | |---------------------------|------------------------| | Wind power equipment | Precious metals | | Textile manufacturing | Components | | Education | Real estate | | Banking | |

Overall, the three major indices remained weak after opening lower, with technology growth stocks and cyclical sectors such as non-ferrous metals and real estate broadly adjusting. Defensive sectors like banking and education showed relative resilience. The number of declining stocks significantly outpaced advancers, and half-day turnover contracted notably compared to the previous session.