China A-shares Hit New Records in September; ChiNext and STAR Market Lead the Rally

Key Points

China A-shares hit new records in September as ChiNext (Chuangyeban 创业板) and the STAR Market (KeChuangban 科创板) led a broad Q3 rally.

Quick take — the rally in plain terms

September and the third quarter closed with strong gains across China’s A‑share market and a fresh monthly trading‑volume record.

The ChiNext (Chuangyeban 创业板) and the STAR Market (KeChuangban 科创板) posted especially aggressive rallies.

ChiNext climbed sharply in both September and the quarter, while overall market turnover surged to all‑time highs.

Key index performance — September and Q3

• ChiNext (Chuangyeban 创业板 / index code 399006): +12.04% in September; +50.40% in Q3. Latest level shown: 3,238.16.
• STAR 50 (KeChuang50 科创50 / index code 000688): +11.48% in September; +49.02% in Q3. Latest level shown: 1,495.29.
• Shenzhen Component Index (Shenzhen Chengzhi 深证成指): +6.54% in September; +29.25% in Q3.
• Shanghai Composite Index (Shangzheng 上证指数): +0.64% in September; +12.73% in Q3.
• Beijing Stock Exchange 50 (Beijing Exchange 50 北证50): −2.90% in September (lagging the broader market).

Turnover: September set a new monthly record

Trading volumes and turnover expanded markedly in September across the three exchanges (Shanghai, Shenzhen and Beijing).

• Total shares traded: about 3.3 trillion shares (3.3 × 10¹² shares), the second‑highest monthly share count on record (behind November 2024).
• Total turnover (交易额): approximately ¥53.2 trillion RMB ($7.34 trillion USD).
• Single‑day turnover above ¥2 trillion RMB ($276 billion USD): has become common — since August 13, the A‑share market recorded 35 consecutive trading days with single‑day turnover exceeding ¥2 trillion.

Examples shown on market screens that day

• ChiNext — turnover ≈ ¥584 billion RMB ($80.55 billion USD).
• STAR 50 — turnover ≈ ¥99.8 billion RMB ($13.77 billion USD).

Currency conversions above use an approximate rate of 1 USD = ¥7.25 CNY (rounded). See references for source data.

Sector and size‑style performance

The third quarter brought broad gains across most sectors according to the industry classification used in the reporting.

Leaders included:

• Electronics (电子)
• Non‑ferrous metals (有色金属)
• Power equipment (电力设备)

Those sectors each posted gains of more than 20% in Q3.

Other strong performers included machinery equipment, autos and communications.

The banking sector (银行) was one of the few laggards, showing a small decline in Q3.

September showed more pronounced sector divergence:

• Month leaders: power equipment, real estate, electronics, autos and non‑ferrous metals.
• Underperformers: defense/military (国防军工), banks and food & beverage (食品饮料).

Stock‑level breadth and winners

Individual stock performance mirrored the strong headline returns.

• More than 3,800 A‑shares rose (over 70% of listed A‑shares).
• More than 1,000 stocks gained over 30% in the quarter.
• More than 90 stocks more than doubled (100%+ gains) during Q3; a number of names gained 200%+.

Representative stocks that recorded outsized gains (period cumulative rises of 200%+ in the quarter):

• Shangwei Xincai (Shangwei Xincai 上纬新材)
• Tianpu Gufen (Tianpu 股份 天普股份)
• Chunzhong Keji (Chunzhong 科技 淳中科技)
• Siquan Xincai (Siquan 新材 思泉新材)
• Haibosi Chuang (Haibosi 创 海博思创)
• Dongxin Gufen (Dongxin 股份 东芯股份)
• Kaipu Yun (Kaipuyun 开普云)
• Henghe Jingmi (Henghe 精密 横河精密)
• Huajian Jituan (Huajian 集团 华建集团)
• Pinming Keji (Pinming 科技 品茗科技)
• Foxconn Industrial Internet (Gongye Fulián 工业富联)
• Shoukai Gufen (Shoukai 股份 首开股份)

By industry, most of the more‑than‑90 doubling stocks were in electronics (20+ names) and machinery equipment (10+ names), reflecting concentrated leadership within these sectors.

What this means for investors

The market environment in September and Q3 combined robust price gains with record liquidity.

That tends to support higher dispersion — some sectors and small‑cap segments rallied much more strongly than large caps, and many individual names delivered outsized returns.

At the same time, broad participation (thousands of stocks rising) indicates momentum that extended beyond narrow pockets.

As always, high turnover and fast rallies can increase volatility and risk.

Historical records for volume do not guarantee continued outperformance; investors should weigh liquidity and valuation as part of portfolio decisions.

Actionable takeaways for investors, founders, and techies

• Watch liquidity: record turnover (¥53.2 trillion RMB / $7.34 trillion USD) increases tradeability but can also accelerate price swings.
• Focus on sector leadership: electronics, power equipment, and non‑ferrous metals led — look for thematic exposure if you have a conviction in those industries.
• Small‑cap vs. large‑cap: ChiNext and STAR Market outperformance shows the rally favored growth and small‑cap innovation names; allocate accordingly if you seek higher growth and accept higher volatility.
• Stretch goals and stop losses: when many names double in a quarter, set risk controls — momentum can reverse quickly.
• Research winners: the list of 200%+ gainers highlights pockets of concentrated performance in electronics and machinery equipment — these are areas to research for partnerships, hiring, or supply‑chain opportunities for founders and marketers.

How marketers and founders should think about this rally

High market activity often signals increased attention and capital for certain technologies and suppliers.

Founders building hardware, industrial software, or semiconductors should note where capital and valuation premiums are appearing — namely, on ChiNext and STAR Market‑listed peers.

Marketers can use sector momentum signals (electronics, autos, machinery) to tailor content, pitch decks, and investor outreach.

Risks & considerations

• Volatility: rapid rallies plus record turnover usually equals higher intraday moves and risk.
• Concentration: despite broad breadth, much of the outsized returns were concentrated in a subset of sectors and names.
• Macro & policy risk: equity markets remain sensitive to regulatory and macro changes; past volume records don’t remove event risk.

Final summary

September capped a powerful Q3 for China A-shares, with ChiNext and the STAR Market leading sharp gains and turnover hitting historic highs.

Record liquidity and broad participation created fertile ground for outsized returns, but volatility and concentration risks remain — balance conviction with risk controls when positioning around this A‑share momentum in China A-shares.

References

• A-share monthly turnover hits historic high in September – Eastmoney (东方财富网)
• Securities Times – 证券时报
• CSI Indexes – China Securities Index (中证指数公司)