Sou Hu Cai Jing·2025-09-18 12:11Core Viewpoint - The A-share market experienced a collective decline on September 18, with the Shanghai Composite Index down 1.15%, the Shenzhen Component down 1.06%, and the ChiNext Index down 1.64% [1] Industry Performance - The securities sector, previously a leader in market performance, saw a significant drop of 3.13% on the same day, despite being the most popular sector among investors [1][3] - Out of 50 stocks in the securities sector, 49 experienced declines, with only CITIC Securities showing a slight increase of 0.30% [4] - Notable declines included Longcheng Securities and Guosheng Financial, both dropping over 6%, while nearly 10 stocks fell more than 4% [4] Fund Performance - Due to the poor performance of individual securities stocks, 12 out of the 15 ETFs with the largest declines were from the securities sector [5] Market Sentiment - The performance of the securities sector has been notably weaker since September compared to August, with CITIC Securities recording a 2.21% drop on September 18 [7][8] - CITIC Securities experienced significant net outflows, with large orders totaling 70.92 billion outflows against 44.18 billion inflows, resulting in a net outflow of 26.74 billion [8][10] Investor Reactions - The decline in securities stocks has led to various speculations among investors, including profit-taking after a strong market rally since September 24, 2024, where the "Securities Selected Index" rose by 41.80% [11] - Some investors speculate that large funds may be controlling the market rhythm by suppressing major securities stocks like CITIC Securities to prevent rapid index increases [11] - Another viewpoint suggests that expectations of a Federal Reserve interest rate cut may have influenced the selling of CITIC Securities, as market predictions varied between a 25 to 50 basis point cut [13]