CSI 300 fell by 0.51%
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This week, the A-shares market continued its upward trend, with the market structure remaining healthy and investor sentiment positive. Major indices showed mixed performance. The SSE Index(000001) rose slightly 0.37% to 3,897.03 points, reaching a new annual high and just 1.00% below the one-year peak, indicating that the medium-term uptrend remains intact. The CSI 300(000300) edged down 0.51% to 4,616.83 points, undergoing a technical consolidation after consecutive gains. Growth sectors underperformed, with the Shenzhen Index(399001) and ChiNext(399006) declining 1.26% and 3.86%, respectively, as funds rotated from previously strong growth stocks back into heavyweight blue chips. Overall, major A-share indices remain above their 200-DMA, with the Shanghai Composite 12.65% above and the CSI 300 15.11% above, reflecting a still-solid medium- to long-term trend.
Overseas, market performance was mixed. The S & P 500 Index(0S&P5) rose 0.3% and the Nasdaq Composite(0NDQC) gained 1.1%, both reaching new all-time highs, while the Dow Jones Indus Actual(0DJIA) continued to retreat, down 0.9%. The U.S. government “shutdown” introduced uncertainty, with Trump threatening layoffs and demanding budget cuts. Additionally, he announced a 25% tariff on imported medium- and heavy-duty trucks.
On the macro front, data from the Institute for Supply Management showed that the U.S. ISM manufacturing PMI contracted for the seventh consecutive month in September but remained above expectations and the previous reading. The new orders index contracted again, and the prices paid index hit a yearly low. The U.S. services sector stagnated in September, with the ISM non-manufacturing index significantly below expectations. Data from the Bureau of Economic Analysis showed that in August, the PCE price index rose 2.7% y/y and 0.3% m/m, in line with expectations; the core PCE price index rose 2.9% y/y and 0.2% m/m, showing stable monthly inflation pressure; real personal consumption expenditures increased 0.4% for the third consecutive month.
Domestically, data from the National Bureau of Statistics indicated that the September manufacturing PMI was 49.8%, up 0.4 points m/m, marking the second consecutive month of improvement; the non-manufacturing PMI was 50.0%, down 0.3 points m/m, remaining at the critical threshold with stable business activity; the composite PMI output index was 50.6%, up 0.1 points m/m and above the critical level, signaling accelerated overall expansion in Chinese business operations. From January to August, total profits of industrial enterprises above designated size rose 0.9% y/y, with August monthly profits turning positive, up 20.4% y/y. According to RatingDog, the September manufacturing PMI (formerly Caixin) was 51.2, above the previous reading and above the boom/bust line for the second consecutive month, with the largest improvement since November 2024; the services PMI was 52.9, slightly lower than before; the composite PMI was 52.5, above the previous reading.
In terms of sector performance, within the O’Neil classification, the top-performing sectors this week were Steel – Specialty Alloys (G3313IG), Utilities – Gas (G4920IG), and Security/Safety (G3999IG), which rose 5.93%, 5.76%, and 5.61%, respectively. The specialty alloys sector benefited from a manufacturing recovery and new materials policies, attracting significant capital inflows; the gas sector was supported by rising energy demand in the autumn-winter season and expectations of urban gas price adjustments; security stocks continued to benefit from policy support and improved order flow. Sector rotation was evident, with certain defensive and high-dividend sectors attracting short-term capital allocation.
At the stock level, the TOP33 stocks fell an average of 0.54%, with Fujian Aonong Biological Tech Group (Aonong Bio) standing out, surging 11.88%. The company belongs to the O’Neil sector G1000 (Agricultural Operations) and is primarily engaged in feed production and pig farming. Its EPS Rating of 81 and RS Rating of 77 indicate strong earnings growth and stock price momentum. Although the O’Neil Score of 45 remains at a mid-level, the ongoing recovery in the livestock sector provides ample upside potential for the stock.
Overall, the A-shares market maintains its upward trend, supported by healthy sector rotation and capital structure. High-quality stocks remain highly attractive. According to O’Neil system indicators, leading companies ranked within the top 40 by sector and exhibiting high EPS and RS Ratings continue to represent the core allocation focus in the current market.
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Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. It is for educational purposes only.
published on October 10, 2025