A‑Shares Set a Monthly Turnover Record in September; ChiNext and STAR 50 Lead the Rally

Key Points

  • ChiNext Index (创业板指) and STAR 50 (科创50) led gains — ChiNext +12.04% in September (and +50.40% in Q3), STAR 50 +11.48% in September (and +49.02% in Q3).
  • A‑Shares monthly turnover record: about ¥53.2万亿元 RMB (~$7.39 trillion USD) in traded value and ~3.3万亿股 traded; single‑day volumes above ¥2万亿元 RMB are common and have exceeded that level for 35 consecutive trading days.
  • Breadth was broad: over 3,800 A‑shares rose in Q3 (> 70% of the universe), with > 1,000 stocks gaining > 30% and more than 90 stocks doubling (≥100%).
  • Rally concentration and sector leadership: September saw about 2,000 stocks advance versus more than 3,000 decline, while sectors like electronics, 有色金属 and electric power equipment posted > 20% quarterly gains — signalling a concentrated, sector‑driven rally.
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A‑Shares monthly turnover record in September marked a fresh liquidity milestone for China’s markets and turbocharged the Q3 2025 rally.

 

Overview — Quick take

China’s A‑share complex posted broad gains in September and across Q3 2025.

The strongest performers were the growth‑and‑tech heavy ChiNext Index (Chuangyeban 指 创业板指, ChiNext 创业板指) and the STAR 50 Index (KeChuang50 科创50).

Trading activity expanded sharply at the same time, with a new historical monthly trading value high recorded in September.

 

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Winners: ChiNext and STAR 50 — who led the rally

Index returns for September showed clear leadership from innovation and tech‑heavy cohorts.

  • ChiNext Index (Chuangyeban 创业板指) rose 12.04% for September.

  • STAR 50 Index (KeChuang50 科创50) rose 11.48% for September.

  • SZSE Component Index (深证成指) climbed 6.54% for September.

  • SSE Composite Index (上证指数) gained 0.64% for September.

  • Beijing Stock Exchange 50 Index (北证50) trended weaker, down 2.90% for the month.

 

Quarterly scoreboard (Q3 2025)

  • ChiNext Index (创业板指) soared 50.40% for the quarter.

  • STAR 50 Index (科创50) jumped 49.02% for the quarter.

  • SZSE Component Index (深证成指) rose 29.25% for the quarter.

  • SSE Composite Index (上证指数) rose 12.73% for the quarter.

 

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Index and sector leadership — where money flowed

Mid‑cap names outperformed the smallest caps, reflecting selective investor appetite.

The CSI 500 Index (Zhongzheng 500 中证500), CSI 1000 Index (中证1000) and CSI 2000 Index (中证2000) all rose, with CSI 500 performing best and CSI 2000 relatively weaker.

By sector (Shenwan first‑level classification), winners included electronics, nonferrous metals (Youse jinshu 有色金属), and electric power equipment, each with >20% quarterly gains.

Other strong sectors: mechanical equipment, autos and communications.

One of the few underperformers in Q3 was banks (Banking 银行), which posted a small decline.

In September specifically, leaders were electric power equipment, real estate, electronics, autos and nonferrous metals.

Lagging sectors in September included defense/military (Guofang jun‑gong 国防军工), banking, and food & beverage (Shipin yinliao 食品饮料).

 

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Turnover: New monthly record in September — the liquidity story

Trading volume and value expanded sharply in September across the three mainland venues.

  • Total shares traded across Shanghai, Shenzhen and the Beijing Stock Exchange: about 3.3万亿股 (approximately 3.3 trillion shares), the second‑highest monthly share turnover on record (behind November 2024).

  • Total trading value across the three markets in September: about ¥53.2万亿元 RMB (¥53.2 trillion RMB, approximately $7.39 trillion USD).

  • Single‑day trading values above ¥2万亿元 RMB (¥2.0 trillion RMB, approx. $277.8 billion USD) have become common.

  • Since August 13, 2025, A‑share single‑day turnover has exceeded ¥2 trillion for 35 consecutive trading days.

 

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Third‑quarter breadth and individual stock performance — breadth was real

Q3’s surge translated into widespread, though uneven, stock gains.

  • More than 3,800 A‑shares rose in Q3 — over 70% of the listed universe.

  • Over 1,000 stocks gained more than 30% in the quarter.

  • More than 90 stocks more than doubled (≥100% gain) during Q3.

  • Several names delivered multi‑hundred‑percent moves, including:

    • Shangwei New Materials (Shangwei Xincai 上纬新材)

    • Tianpu Co., Ltd. (Tianpu Gufen 天普股份)

    • Chunzhong Technology (Chunzhong Keji 淳中科技)

    • Siquan New Materials (Siquan Xincai 思泉新材)

    • Haibosi Chuang (Haibo Sichuang 海博思创)

    • Dongxin Co., Ltd. (Dongxin Gufen 东芯股份)

    • Capu Cloud (Kaipuyun 开普云)

    • Henghe Precision (Henghe Jingmi 横河精密)

    • Huajian Group (Huajian Jituan 华建集团)

    • Pinming Technology (Pinming Keji 品茗科技)

    • Foxconn Industrial Internet (FII 工业富联)

    • Shoukai Co., Ltd. (Shoukai Gufen 首开股份)

  • Of the >90 stocks that doubled, electronics accounted for the largest share (20+ names), followed by mechanical equipment (10+ names).

 

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Market divergence in September — headline strength, concentrated gains

September’s numbers hide a split at the stock level.

About 2,000 stocks advanced in the month while more than 3,000 declined.

That signals a concentrated rally where headline indexes rose but gains were clustered in particular sectors and names.

 

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What this means for investors — practical takeaways

High liquidity and risk appetite are back in China’s A‑shares, especially in technology, materials and equipment plays.

But concentrated rallies mean stock selection and risk management are more important than index exposure alone.

If you’re an investor, consider these practical actions:

  • Focus on mid‑cap leaders: CSI 500 outperformance suggests mid‑caps are where active alpha may be found.

  • Watch liquidity metrics: persistent single‑day turnovers above ¥2 trillion indicate lower transaction costs for large flows but also potential volatility spikes.

  • Be sector-aware: rotate exposure into electronics, electric power equipment and nonferrous metals where Q3 momentum was strongest.

  • Prepare for dispersion: diversify across strategies and size buckets to avoid single‑name shocks during concentrated rallies.

 

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How founders, techies and marketers should read this

For founders and operators, higher market liquidity and investor focus on tech and materials signal improved funding sentiment for innovation plays.

For marketers and growth teams, a stronger ChiNext and STAR 50 narrative makes storytelling around R&D, IP and manufacturing scale more resonant for investors.

For analysts and product builders, monitor sector rotation and single‑stock dispersion to tailor research and product positioning for institutional demand.

 

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Quick summary

The headline: ChiNext and STAR 50 led gains while September set a new A‑Shares monthly turnover record, with ¥53.2万亿元 RMB ($7.39 trillion USD) in traded value and persistent single‑day turnovers above ¥2万亿元 RMB.

Broad Q3 breadth coexisted with concentrated monthly rallies, underlining the need for targeted stock selection and active risk management.

 

A‑Shares monthly turnover record in September underscores both opportunity and the importance of disciplined, research‑driven positioning.

 

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References

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