China's major indices opened higher on September 22, with the Shanghai Composite rising 0.35% to 3,963.81 points, the Shenzhen Component Index gaining 0.94% to 13,858.62 points, and the ChiNext Index climbing 1.37% to 3,446.33 points. The STAR 50 Index led gains with a 2.51% jump to 1,699.05 points. By 9:34 AM, 2,696 stocks advanced, 2,580 declined, and 291 remained flat across both the Shanghai and Shenzhen exchanges.



Where to Focus Today

Leading the gains were semiconductors, electronic components, real estate services, CPU concepts, AI computing chips, and electronic fabrics, while CRO concepts, coal, shipping, grain-related stocks, aquaculture, and tourism suffered losses. All four major indices opened higher this morning, with the STAR 50 surging 2.51%, the ChiNext up 1.37%, the Shenzhen Component adding 0.94%, and the Shanghai Composite gaining 0.35%. After the open, the market showed structural divergence: the Shanghai Composite struggled to sustain its gains and fell back below its opening level, while the Shenzhen Component and ChiNext pushed higher from their opening prices. By 9:34 AM, the Shanghai Composite was up 0.19% at 3,957.58 points, the Shenzhen Component rose 1.13% to 13,885.52 points, the ChiNext advanced 1.74% to 3,458.60 points, and the STAR 50 climbed 2.49% to 1,698.68 points.



At the sector level, computing hardware-related stocks rallied strongly, with CPU concepts jumping 6.99% to top all concept categories, AI computing chips rising 2.87%, and electronic fabrics adding 2.47%. Within industries, real estate services gained 3.06%, electronic components rose 2.81%, and semiconductors advanced 2.11%. The pharmaceutical sector, which led gains on September 21, saw profit-taking at the open, with CRO concepts posting the steepest declines. Coal, shipping, grain concepts, aquaculture, and tourism also moved lower. By 9:34 AM, 22 stocks hit the daily limit up, while one fell to the daily limit down.



Key Overnight Developments

US tech stocks rallied broadly on September 21 (ET): the Nasdaq surged 2.26% to a record closing high of 27,122.09 points, the Philadelphia Semiconductor Index jumped 4.29%, and Advanced Micro Devices' market value crossed the $1 trillion threshold for the first time. WTI crude oil futures for October delivery fell 4.51% to close at $95.78 per barrel. Separately, the People's Bank of China hosted a symposium with foreign financial institutions on September 21, where Governor Pan Gongsheng stated that the central bank will implement a moderately loose monetary policy and steadily expand two-way opening of financial markets. That same day, the PBOC conducted 165 billion yuan in 7-day reverse repurchase operations, injecting a net 165 billion yuan into the system, while the September Loan Prime Rate remained unchanged.



The humanoid robot supply chain received fresh catalysts: Tesla's robotics team launched a new round of production audits in Ningbo last week and visited supply chain companies in the Yangtze River Delta region, including Hangzhou and Shanghai, covering production line quality and compliance assessments. Several supply chain firms had previously secured orders for Tesla's humanoid robots.



Market Outlook

All four major indices opened higher today, with the STAR 50 and ChiNext significantly outperforming the Shanghai Composite. Capital flowed heavily into computing chips, semiconductors, and electronic components, while pharmaceuticals that led gains on September 21 reversed at the open. The rally was driven by improved overnight external conditions: strong gains in US tech stocks boosted global AI computing sentiment, a sharp drop in international oil prices eased inflation concerns, and the central bank's consecutive net liquidity injections supported interbank funding ahead of the quarter-end. CME interest rate futures show a roughly 56% probability of a Fed rate hike in October, which remains a source of uncertainty. Institutional consensus leans toward balanced positioning, suggesting that the sustainability of the recovery rally depends on whether overseas rates and oil prices continue to decline. Indices are likely to seek direction through rotational volatility.