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U.S. Treasury yields rise and holiday effect drag A-share indices to new lows
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On September 28, China's A-share market experienced a sharp decline, with the Shanghai Composite Index and the ChiNext Index both hitting new lows for the period. The downturn was attributed to rising U.S. Treasury yields, which lifted the global risk-free rate and dampened risk appetite, combined with China's pre-holiday 'long holiday effect' where investors tend to cash out. The sell-off was broad, with 4,803 stocks falling versus only 676 rising, and high-valuation growth sectors like CPO, optical communications, and PCB were hit hardest. Economist Pan Helin stated that the core trigger was the global liquidity tightening from central bank rate hikes and rising bond yields, which suggests further tightening ahead, amplified by the holiday effect. He forecasted that if overseas markets and the Middle East situation do not worsen during the National Day holiday, A-shares could rebound afterward; otherwise, they may need to wait for overseas risks to fully dissipate.
Source report
来源：极目新闻 | 记者：吕少峰
受美债收益率持续走高及“长假效应”双重影响，A股市场9月28日大幅回调，上证指数与创业板指双双下探阶段新低。
海外债市波动传导，亚太市场普遍承压
隔夜海外债市再起波澜，美国长端国债收益率上行，全球无风险利率中枢抬升，市场风险偏好快速回落。受此冲击，9月28日亚太主要股市开盘普遍走弱，A股同步大幅回调，成长板块承压尤为明显。
隔夜交易时段，美国10年期国债收益率再度冲高，30年期长端美债收益率同步攀升。市场重新评估美联储货币政策路径，投资者担忧高利率环境的持续时间或将超出此前预期。
受外部环境影响，亚太市场集体承压，日本、韩国、印度等股市震荡下行。截至发稿：
- 韩国KOSPI指数大跌2.54%
- 日经225指数小幅收跌
- 香港恒生指数逆势上涨0.64%
A股三大指数全线收跌，个股普跌
A股同样遭遇外围情绪冲击，三大股指大幅低开，全天弱势震荡。收盘时：
- 上证指数、深证成指、创业板指全线收跌
- 上证指数一度触及阶段新低，考验3815点关键支撑
- 创业板指创下7月下旬以来新低
板块层面，高估值成长赛道调整幅度居前。CPO、铜缆高速连接、光通信、复合铜箔、PCB等科技股受冲击最为显著，部分防御性板块相对抗跌。全市个股普跌，4803只个股下跌，仅676只个股上涨。
专家解读：流动性收紧与长假效应共振
知名经济学家盘和林表示，本次亚太股市调整的核心诱因在于全球流动性收紧与A股节前“长假效应”共振。
他指出，美日欧等主要经济体央行加息叠加国债收益率上行，其中国债收益率上行预示着未来美日欧央行将进一步加息，全球流动性紧缩是最核心的因素。此外，A股的情绪化行情特质，在长假来临前容易形成投资者落袋为安的心态，进一步加剧股市波动。
后市展望：节后有望反弹，但需关注海外风险
关于何时止跌，盘和林表示：
- 若国庆假期海外股市、中东局势不出现显著恶化，节后A股有望迎来反弹
- 倘若假期外围新增风险扰动，则A股需要等待海外风险充分释放后方能企稳
【本文系报道，不构成投资建议。】
（来源：极目新闻）
Source
21世纪经济报道Eastern
Part of this Story
China A-shares plunge as pre-holiday effect and US yields trigger broad sell-off