On September 14, China's A-share market opened lower and maintained a weak trend, with the three major indices initially declining together. The ChiNext Board fell over 1% before the indices staged a collective comeback and turned positive during the session. Shares in computing hardware and chip semiconductors experienced a broad pullback, following backing by Elon Musk and Sam Altman for Dario Amodei's call to slow down global AI development. Sectors such as agriculture and aerospace defense continued their downward slide, while cybersecurity and data security concept stocks surged sharply. Banking, power, shipping, and new energy vehicle sectors showed strength.

Hong Kong stocks were sluggish in early trading, with the Hang Seng Index and Hang Seng Tech Index initially under pressure before turning positive at midday. Key internet stocks saw a partial rebound, while chip stocks and AI large-model shares fell across the board. In the bond market, treasury bond futures traded higher with fluctuations. In commodities, most domestic commodity futures declined, while crude oil rallied strongly against the trend.

Core market performance:

As of the latest report, the Shanghai Composite Index was down 0.29%, the Shenzhen Component Index fell 0.88%, and the ChiNext Board dropped 1.15%.

In Hong Kong, the Hang Seng Index edged up 0.07% and the Hang Seng Tech Index gained 0.02%.

Treasury bond futures saw modest gains, with the 30-year main contract flat, the 10-year main contract up 0.04%, the 5-year main contract adding 0.04%, and the 2-year main contract rising 0.02%.

Most domestic commodity futures were in negative territory, yet crude oil soared over 9%. Container shipping indices and fuel oil jumped 4%, asphalt rose 3%, while egg, palladium, polysilicon, platinum, lithium carbonate, and rapeseed moved higher. Silver, pulp, gold, manganese silicon, copper, industrial silicon, rebar, stainless steel, hot-rolled coils, aluminum, coking coal, and soybean meal declined. Iron ore, rubber, nickel, coke, and alumina dropped more than 1%, caustic soda and tin slipped over 2%, and glass plunged 4%.

Key intraday developments:

At 10:49 AM, A-share and Hong Kong innovative drug stocks rallied in tandem, with WuXi AppTec, Pharmaron, Asymchem, and Tigermed advancing together. Institutions highlighted that the innovative drug sector's valuation is at the 10th-20th percentile of its historical range, positioning it in a clearly undervalued zone.

At 10:24 AM, all three major A-share indices turned positive, after the Shenzhen Component Index and ChiNext Board had each fallen over 1% earlier.

At 10:17 AM, the Wind All-China Index recovered, with pharmaceuticals, fiberglass, cultivated diamonds, and copper-clad laminate sectors rising quickly.

At 9:57 AM, Contemporary Amperex Technology Co Ltd (CATL) stabilized and rebounded, boosting the new energy vehicle supply chain as BYD, Seres, Changan Automobile, and others rose together. Reports indicate CATL has initiated a share buyback, with the first repurchase of 200 million yuan completed last Friday. Additionally, the "15th Five-Year Plan for the Development of Intelligent Connected New Energy Vehicle Industry" was released.

At 9:45 AM, the banking sector climbed steadily, with Bank of Jiangsu and Bank of Chengdu setting new highs, and the four major state-owned banks advancing in unison. CITIC Securities noted that the banking sector is trending toward valuation upside, with full-year absolute returns expected to continue.

At 9:42 AM, MLCC concept stocks oscillated higher, with Shuangxing New Material hitting its second consecutive daily limit. Fenghua Advanced Technology, Yunju Technology, Sinocera, Torch Electronics, and CCTC followed suit. Murata officially announced the discontinuation of certain MLCC product codes, notifying customers of a "product line optimization," planning to cease production and adjust capacity for selected MLCC products starting fiscal 2026 while expanding other capacity.

At 9:37 AM, the power sector remained active, with green power leading gains. Mindong Electric hit its fourth consecutive daily limit, Hangzhou Heat touched the daily limit, with Yuneng Holdings, CSG Energy, Leshan Electric Power, Shenzhen Nanshan Power, and Guangxi Energy rising in tandem.

At 9:37 AM, the storage sector came under significant pressure, with CXMT, GigaDevice, Montage Technology, Dapu Micro, Longsys, Xiechuang Data, Biwin Storage, and Demingli broadly declining. South Korea's SK Hynix fell over 5% amid market jitters caused by Anthropic, OpenAI, and SpaceX slowing AI development pace.

At 9:34 AM, tourism and hotel concepts opened actively, with Guilin Tourism hitting the daily limit straight away, Tianmu Lake touching its limit, and Huatian Hotel and Zhangjiajie following.

At 9:32 AM, shipping stocks surged against the trend in early trade, with Ningbo Shipping hitting the daily limit. Zhongyuan Offshore, Phoenix Shipping, China Merchants Energy Shipping, Ningbo Ocean, and Xingtong Shipping rose. Baltic Exchange data as of September 11 showed TCE for the 270K Middle East Gulf-to-China TD3C route reaching $982,072 per day, close to $1 million, while the VLCC comprehensive index also broke $550,000 per day at $554,170.

At 9:28 AM, cybersecurity concepts opened sharply higher, with Zhongxin Saike hitting its third consecutive limit, Topssec locking at the daily limit, Yongxin Zhi and Anheng Information up over 10%, and Ren Zihang, Qi An Xin, Guo'an Shares, and NSFOCUS among the top gainers. Anthropic CEO Dario Amodei stated in a blog that the AI industry needs to slow the pace of new model development to allow sufficient time for alignment with human goals and safety measures.

At 9:26 AM, the Shanghai Composite Index opened down 0.54%, and the ChiNext Board fell 1.29%. AI hardware, agriculture, and non-ferrous metals adjusted, while cybersecurity, big data, shipping, and oil & gas sectors strengthened.

At 9:21 AM, the Hang Seng Index opened down 0.42%, and the Hang Seng Tech Index dipped 0.69%. Zhipu AI, MINIMAX-W, Zhongji Innolight, and Alibaba led the declines.