Zheng Quan Shi Bao·2025-10-23 05:55Market Overview - A-shares opened lower and experienced fluctuations, with the Shanghai Composite Index falling below 3900 points and the Shenzhen Component Index below 13000 points, indicating a broader market decline with more stocks falling than rising [1][2] - The coal, real estate, banking, and Shenzhen local stocks showed active performance, while sectors like communication equipment, glass fiber, precious metals, and engineering machinery faced significant declines [2] Coal Sector Performance - Coal stocks strengthened against the market trend, with the coal index surpassing 2200 points, reaching a new high for the year. Major companies like Dayou Energy saw their stock price hit a 10-year high, with nearly all trading days in the past 10 recording gains [3][5] - The coal industry is entering a demand peak due to the onset of cold weather, with daily coal consumption in power plants reported at 388.9 million tons, a week-on-week increase of 26.4 million tons [5][6] - The coal ETF has seen significant inflows, with over 1.3 billion yuan net inflow in the past five days and a year-to-date growth of over 360%, indicating strong market interest [6] Shenzhen Local Stocks - Several Shenzhen local stocks experienced a surge, with companies like JianKexuan and Guangtian Group hitting their daily limit up, reflecting strong market sentiment towards local enterprises [7][8] - The Shenzhen Municipal Financial Management Bureau has launched an action plan aimed at promoting high-quality mergers and acquisitions, targeting a total market value of over 20 trillion yuan for listed companies by the end of 2027 [9][10]