Chinese Concept Stocks | Nasdaq Golden Dragon Index Falls 6.85% Amid Mixed Performance

On October 8th, Eastern Time (Tuesday), the three major U.S. stock indices collectively closed higher. The S&P 500 Index rose 0.97% to 5751.13 points; the Dow Jones Index increased 0.30% to 42080.37 points; and the Nasdaq Index climbed 1.45% to 18182.92 points.

On October 8th, the Nasdaq Golden Dragon China Index fell 6.85%.

Regarding popular Chinese concept stocks, TSMC rose 0.84%, NIO fell 8.03%, JD.com dropped 7.52%, Baidu decreased 7.39%, Xpeng Motors declined 7.34%, Alibaba fell 6.63%, Pinduoduo dropped 5.38%, NetEase declined 5.14%, and Bilibili fell 12.93%.

Continuous Rising Chinese Stocks: Distoken rose 0.18% for 16 consecutive days with a cumulative increase of 0.46%. TSMC rose 0.83% for 5 days with a total increase of 8.12%. Tiandi Hui rose 9.79% for 5 days with a total increase of 35.34%. Fulang Group rose 0.61% for 3 days with a total increase of 4.40%. Xingtong International rose 36.48% for 3 days with a total increase of 70.76%. Suntech Education rose 4.68% for 3 days with a total increase of 29.90%. Fanhua Holdings Group rose 2.78% for 3 days with a total increase of 27.59%. Taihe Cheng Medical rose 1.83% for 3 days with a total increase of 5.09%. Jin Xuan Group rose 3.80% for 3 days with a total increase of 4.47%.

Continuous Falling Chinese Stocks: 51talk dropped 6.75% for 7 consecutive days with a cumulative decrease of 21.77%. ChinaNet Online fell 4.24% for 6 days with a total decrease of 48.64%. Huapu Group fell 9.16% for 5 days with a total decrease of 40.72%. XChange fell 18.73% for 5 days with a total decrease of 50.75%. Tencent Music fell 5.32% for 4 days with a total decrease of 8.01%. Studio City dropped 5.46% for 4 days with a total decrease of 15.98%. Smart Chain Group fell 0.23% for 4 days with a total decrease of 7.33%. Allies dropped 1.97% for 4 days with a total decrease of 28.37%. Monster Charging fell 1.52% for 4 days with a total decrease of 9.33%. Tuniu fell 5.22% for 4 days with a total decrease of 16.45%. Kandi Technologies fell 1.72% for 4 days with a total decrease of 13.20%. Fanhua Financial fell 22.29% for 4 days with a total decrease of 44.94%. Haichuan Securities fell 25.59% for 4 days with a total decrease of 43.93%. FTZ Holdings dropped 13.86% for 4 days with a total decrease of 23.76%. Cheche Technology fell 8.58% for 4 days with a total decrease of 33.49%. Ebang International fell 2.08% for 4 days with a total decrease of 6.74%. Huadi International fell 5.84% for 4 days with a total decrease of 15.68%. China Green Agriculture fell 11.16% for 4 days with a total decrease of 25.08%. GD Culture Group fell 10.38% for 4 days with a total decrease of 20.17%. Yujia Insurance fell 3.17% for 4 days with a total decrease of 12.08%. Guangke Meibo fell 3.53% for 4 days with a total decrease of 13.83%. Fangdd Network fell 23.50% for 4 days with a total decrease of 62.10%. Union Tech fell 5.84% for 4 days with a total decrease of 14.62%. Sunko Life Sciences fell 7.88% for 4 days with a total decrease of 29.73%. Tianrui Xiang fell 2.62% for 4 days with a total decrease of 12.26%. Zhongbei Energy fell 12.03% for 4 days with a total decrease of 22.79%. Carbon Master Holdings fell 5.59% for 4 days with a total decrease of 26.76%.

Chinese Concept Stock News:

Alipay's HarmonyOS Version Launched on October 8th
The Alipay HarmonyOS version has been launched on the HarmonyOS App Market as of October 8th. Beyond payment functions, it supports mini-programs, food delivery, movie watching, and medical insurance. Users who have upgraded to the native HarmonyOS, HarmonyOS NEXT, can download and install it from the Huawei App Market to experience the latest Alipay HarmonyOS version.

Baidu Announces New Executive Rotation
Baidu has announced a new executive rotation. Group Executive Vice President Luo Rong (Julius) will rotate to serve as the head of the Mobile Ecosystem Group (MEG), no longer serving as the Group CFO. Meanwhile, the Health Business Group (HCG) will be merged into MEG. Group Senior Vice President He Junjie (Jackson) will rotate to act as the CFO, no longer serving as the MEG head.

Yang Delong: P/E Ratios Are Below Four Historical Bottoms Since 2000
Yang Delong, Chief Economist of Qianhai Kaiyuan Fund, noted that before the start of this wave, the market had fallen to an irreparable point, with the price-to-book and price-to-earnings ratios of the CSI 300, Shanghai Composite, and Wind Equity Index all below the four historical bottoms since 2000. Thus, when favorable policies were introduced, the market quickly reacted, forming a resonance effect. Yang Delong is optimistic about future market trends. He believes that the overlap of policy and market bottoms has created a resonance effect. As long as policies continue to exert force and the economy gradually improves, the market is expected to continue to rise. He mentioned that the stock market is a barometer of the economy and will react in advance to economic changes. Therefore, even if current economic data has not fully improved, the stock market has already reacted to future economic changes. Yang Delong suggests that investors should develop investment strategies based on market trends and their own risk tolerance. He believes that although the market has gone through a first wave of rapid rise, overall, the levels are not high and still within the bottom region. Therefore, investors can decisively position some good assets and wait for the market to arrive.

Beike Chengdu Research Institute: Record High Transactions During National Day Holiday
According to the 2024 National Day Chengdu Real Estate Briefing by Beike Chengdu Research Institute, the Chengdu real estate market reached a transaction peak on September 28th and surged again during the National Day holiday, setting a transaction record on October 7th. From October 1st to 7th, compared to the average daily transaction volume in September, second-hand housing transactions in Chengdu via Beike increased by about 60%, and new home subscriptions increased by over three times. According to data disclosed by Beike, over 2,500 new homes were transacted through Beike channels in Chengdu from October 1st to 7th.

Hangzhou Beike: Record High for Second-Hand and New Home Transactions
According to data released today by Hangzhou Beike Research Institute, during this year's National Day holiday, Hangzhou Beike's second-hand housing inquiries increased by 114% compared to last year's National Day daily average (last year's National Day was 8 days), showings increased by 102%, and second-hand housing orders increased by 170%, reaching the highest value for National Day periods since 2019. In terms of new homes, inquiries decreased by 6% compared to last year's National Day daily average, showings increased by 125%, and subscriptions increased by 399%, also reaching the highest value for National Day periods since 2019.