10月30日大盘简评

Market Overview - The three major A-share indices collectively retreated today, with the Shanghai Composite Index falling below the 4000-point mark, closing down 0.73% at 3986.9 points [1] - The Shenzhen Component Index decreased by 1.16%, closing at 13532.13 points, while the ChiNext Index dropped 1.84% to 3263.02 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 242.17 billion yuan, an increase of 165.6 billion yuan compared to the previous day [1] Sector Performance - Most industry sectors experienced declines, with the non-ferrous metals sector showing significant gains, while the steel, battery, gaming, power equipment, electronic chemicals, coal, securities, pesticides, and electronic components sectors faced the largest declines [1][2] - The non-ferrous metals sector reported a year-on-year increase of 7.8% in industrial added value for the first three quarters of 2025, outperforming the national industrial growth rate by 1.6 percentage points [2] - The production of ten common non-ferrous metals reached 61.25 million tons, reflecting a year-on-year growth of 3.0% [2] Market Dynamics - The current market rally is characterized by a fundamental shift in driving forces, with the technology growth sector contributing over half of the index's gains, contrasting with previous rallies that relied on traditional sectors like finance and real estate [3] - The number of technology companies in the Shanghai Composite Index has increased fourfold since 2015, with their weight rising from less than 5% to 17%, indicating a transition from resource-dependent growth to innovation-driven growth [3] - This shift highlights the synchronization between capital markets and national economic development strategies, as the capital market adapts to the demands of new productive forces, fostering a virtuous cycle of growth [3]