On October 8, A-shares opened for the first trading day after the National Day holiday, with the three major indices collectively surging then pulling back and weakening throughout the session. Resource and dividend-oriented sectors rose against the trend, while technology growth sectors saw significant corrections, presenting a pattern of "index divergence, resource stocks strengthening, tech growth retreating."

As of the close, the Shanghai Composite Index stood at 3811.90 points, down 0.79%; the Shenzhen Component Index was at 12620.90 points, down 2.07%; the ChiNext Index was at 3036.66 points, down 3.15%; the STAR 50 was at 1456.32 points, down 4.82%; and the Beijing Stock Exchange 50 was at 1012.10 points, down 2.65%. Total turnover across the Shanghai and Shenzhen markets reached 1,682.109 billion yuan, an increase of 244.091 billion yuan compared to the previous trading day (September 30).

Across the two markets, 1,698 stocks advanced, 3,748 declined, and 126 remained flat, with 45 hitting the daily limit up and 16 hitting the limit down. Advancing stocks accounted for approximately 30% of the total. In terms of sectors, shipping ports, coke II, oilfield engineering, refining and trading, gas, petroleum and petrochemicals, and coal led the gains; while optical chips, semiconductors, glass substrate packaging, electronics, optical communications, CPO, biological products, consumer electronics, and memory led the declines.

Drivers of the session: The divergence among indices was pronounced, with the Shanghai Composite falling 0.79% and the STAR 50 dropping 4.82%. Technology growth sectors such as semiconductors, electronics, and communications led the declines, while resource and dividend-oriented sectors including shipping ports, petroleum and petrochemicals, coal, gas, and banking led the gains. Among them, Industrial and Commercial Bank of China, Bank of China, and Bank of Hangzhou all hit record highs intraday. The minutes of the September meeting released by the Federal Reserve on October 7 showed that most participants believed further increases in the federal funds rate target range before the end of the year could be appropriate. On the same day, the 10-year U.S. Treasury yield rose to as high as 5.36% intraday, and the 30-year U.S. Treasury yield touched 5.73%, both hitting new highs since 2002. According to CCTV News, on October 7 local time, Iran stated it would block the "illegal" shipping lanes in the Strait of Hormuz, and on the same day an oil tanker was hit by multiple projectiles near Qatar. The Middle East situation disrupted expectations for crude oil maritime supply, with Brent crude remaining above $100 per barrel, boosting oil and gas and oil transportation sectors that day. On September 28, the Ministry of Industry and Information Technology and six other departments issued the "15th Five-Year Plan for the Development of the New Battery Industry," proposing that all-solid-state batteries achieve initial large-scale application by 2030, which spurred activity in solid-state battery concepts against the trend. On the evening of September 30, China Merchants Energy Shipping announced that its wholly-owned subsidiary signed a 25-year long-term transport agreement with a customer for six very large ore carriers (VLOC), with the total contract value expected to be no less than $2.8 billion. That day, China Merchants Energy Shipping touched the limit up intraday and closed up 9.33%. Morgan Stanley released a research report on October 1, judging that potential restrictions by the U.S. Federal Communications Commission (FCC) on Chinese-made optical modules would most likely be implemented in phases starting from the 3.2T generation, with a "U.S. content exemption" path (where if U.S. companies account for 65% of the bill of materials value, imports might still be approved). The report continued to ferment during the National Day holiday, compounded by market rumors of price reduction pressure on 1.6T supporting optical chips, leading to sharp declines in optical chips, CPO, and semiconductors that day.

Hot sectors:

1. Shipping ports: The industry index closed up 3.78%, the shipping concept rose 1.35%, and the Baltic Dry Index (BDI) concept rose 3.77%. Cosco Shipping Energy Transportation (+10.02%) and China Merchants Energy Shipping (+9.96%) hit the limit up, while China Merchants Energy Shipping touched the limit up intraday and closed up 9.33%. Haitong Development rose 3.53%, and Cosco Shipping Specialized Carriers rose 2.52%. Catalysts: According to CCTV News, on October 7 local time, Iran stated it would block the "illegal" shipping lanes in the Strait of Hormuz, and on the same day an oil tanker was hit by multiple projectiles near Qatar. The Middle East situation continued to disrupt crude oil maritime supply expectations. A CITIC Securities research report also noted that the reshaping of the cyclical paradigm in the third quarter is expected to drive profit elasticity in oil transportation and container shipping.

2. Solid-state batteries: The concept index closed up 0.75%, the solid-liquid battery concept rose 3.08%. Liwang Shares hit the 30CM limit up (+29.96%), Shidai Wanheng sealed a fourth consecutive limit up (+9.98%), Zizhu High-Tech and Chuanyi Technology both sealed a third consecutive limit up (+10.00%), and Lingpai Technology hit the 20CM limit up (+19.98%). Catalyst: On September 28, the Ministry of Industry and Information Technology and six other departments issued the "15th Five-Year Plan for the Development of the New Battery Industry," proposing that all-solid-state batteries achieve initial large-scale application by 2030.

3. Petroleum and petrochemicals, coal, and gas: The petroleum and petrochemical industry index closed up 2.46%, gas II rose 2.50%, coke II rose 2.79%, and coal rose 1.15%. Shandong Molong (+9.99%) hit the limit up, Antai Group (+9.90%) and Guoxin Energy (+10.00%) hit the limit up, while PetroChina rose 3.39% and Sinopec rose 3.79%. Catalyst: Rising Middle East tensions boosted expectations for crude oil prices to remain elevated.

Adjusting sectors:

The sectors with the largest declines that day were mainly in technology growth directions: the optical chip concept index closed down 7.39%, the semiconductor industry index fell 5.13%, glass substrate packaging fell 4.61%, the electronics industry fell 4.25%, optical communications fell 4.16%, the CPO concept fell 4.08%, consumer electronics fell 3.51%, and memory fell 3.41%. The biological products industry index within pharmaceuticals and biologics fell 4.00%. In terms of individual stocks, Yuanjie Technology and Changguang Huaxin both hit the 20CM limit down, Dongshan Precision and Wogeguang Electric hit the limit down, Lianxun Instruments fell 8.19%, and Changxin Technology fell 7.79%. Among them, optical chips, CPO, semiconductors, and electronics have been continuously adjusting since late September (the optical chip concept index fell from 5348.60 points on September 21 to 4400.40 points that day, a decline of about 17.7%), and continued to lead the declines that day. Regarding new information that day, Changguang Huaxin, Shijia Photons, and Yongding Shares all told China Securities Journal that they had not received any news related to optical chip price reductions. Shijia Photons believed that this round of sector adjustment might stem from the aforementioned Morgan Stanley FCC policy research report released on October 1. Industry insiders pointed out that current mainstream 800G and 1.6T products are not yet subject to the potential rules, and there is no official policy text for the relevant restrictions, leaving significant uncertainty about their implementation.