A-Share Pre-Market Brief | 2026-09-29, Tuesday

Time window: after the 2026-09-28 (Monday) 15:00 close → pre-market 2026-09-29. Today is the 2nd-to-last trading day before National Day; cross-quarter funding conditions and cash-holding selling pressure into the holiday coexist. Market data basis: overnight US stocks are the 9/28 (Monday ET) close; individual stock quotes are the 9/28 A-share close (public market data sources); fundamental data comes from company periodic reports (see Section 4). Price limit rules: main board ±10%｜ChiNext/STAR ±20%｜Beijing Stock Exchange ±30%; every stock below is labeled by board, and limit-up determinations follow the limit of its board. External environment: the three major US indices all closed lower overnight (10Y Treasury yield at a new high since 2007, 30Y touching its 2004 high; see Section 1, item 8); FTSE A50 night session -0.01% at 13923 points, essentially flat — neutral-to-slightly-negative for today's open, but no incremental panic.

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0. Today's One-Line Summary

In the pre-holiday ebb phase, the strongest catalyst in this morning's news flow is announcement-grade: GAC Group (广汽集团, 601238, main board) resumes trading today after a halt of about two weeks, planning to issue shares to acquire a 50% stake in FAW Toyota (issue price RMB 5.75/share) — an S-tier restructuring event that directly rewrites the financial statements. In the supporting auto chain: the 9/28 HIMA (Harmony Intelligent Mobility, 鸿蒙智行) launch event (Zhijie RX (智界 RX) launched from RMB 259,800; AITO (问界) cooperation model adjustment) and, in lithium battery going-overseas, Gotion High-Tech (国轩高科, 002074, main board) planning to team up with Volkswagen's PowerCo to invest EUR 3.222 billion in three overseas JV plants. Earnings-type tech has hard substance: SMEC (芯联集成, 688469, STAR) pre-announcing first-three-quarters net profit of RMB 681 million — a turnaround to profit — and Shengyi Electronics (生益电子, 688183, STAR) adding RMB 1.1 billion into its computing-power board fundraising project; in an environment of "US Treasury yields suppressing high-PE growth," targets like these with "results already delivered to the statements" are a sturdier watch direction than pure concept plays. The AI agent race is heating up (OpenAI reportedly releasing a persistent assistant "o" today to take on Meta Muse), providing a sentiment catalyst for the AI application / on-device directions. Driver types: restructuring · orders · earnings · overseas industry · policy liquidity advancing on multiple lines. Pre-market state read: at the index level still in ebb-and-defense (yesterday Shanghai Composite -1.67%, 56 limit-downs), funds will most likely keep crowding into "low-position + announcement-backed + earnings-backed" structural opportunities; we do not predict a high open — the opening auction decides strength.

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1. News Overview

Slow variables to track: ① US 10Y/30Y Treasury yields (spiked again last night — the master gate on high-PE growth); ② Micron's 9/30 after-hours earnings (the storage chain's biggest variable before the holiday; overnight SK Hynix -5% has fired the early warning); ③ US-Iran talk progress (decides the two-way swing direction for tankers / oil & gas); ④ today's PBOC cross-quarter OMO rollover strength (9/28 was a net drain; today's rollover size decides the quality of cross-quarter liquidity).

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2. Strongest Positive Branches, Descending

Branch dictionary for the whole piece: Auto OEMs (restructuring / Huawei chain)｜Lithium battery overseas｜AI compute hardware (incl. contract manufacturing / PCB / leasing)｜Robotics / AI agents｜Oil & gas / tankers｜Storage & semiconductor events. Each stock belongs to exactly one branch; Sections 3/7 are consistent with this section.

Branch notes:

• Auto OEMs (No. 1): Why positive — for GAC this is a statement-level event of "directly injecting 50% of FAW Toyota's profit"; the issue price of RMB 5.75 is above the halt price of RMB 5.09, a below-book (PB 0.52) SOE restructuring in a policy-encouraged direction; the HIMA launch event lends sentiment support to JAC, BAIC BluePark (北汽蓝谷), etc. Short-term or mid-term: the GAC resumption trade is a short-term 1-3 day event. Earnings delivery path: once GAC passes review and consolidates, it is delivered (the plan discloses the target's 2025 net profit of ~RMB 4.23 billion and 2026H1 of ~RMB 1.01 billion, unaudited; see Section 5①). Is it fully priced: GAC was halted for about two weeks, catch-up expectations are full, and today's auction is the pricing moment; JAC's 4-days-3-limit-ups is already highly expected. High-position one-day-trip risk: high-position names like JAC and Xuelong Group (雪龙集团, 603949, main board) carry big risk; a one-word limit-up for GAC lifts the whole sector, while a high-volume open board means divergence. Board distribution: all on the main board (±10%).
• AI compute hardware (No. 2): Why positive — in a valuation-destroying environment, only compute stocks with "results already delivered to the statements" can hold up; SMEC's Q3 single-quarter net profit attributable of ~RMB 400 million is a hard inflection, Shengyi's H1 net profit +109% with good cash flow, both announcement-backed last night; Bee Assistant's contract value is large but its "buy servers, sublease compute" model is thin-margin and high-leverage — it is grouped in this branch but downgraded separately. Short-term or mid-term: a mid-term earnings logic, short-term bounce on announcements. Delivery path: clear for SMEC/Shengyi (capacity / orders), questionable for Bee Assistant. Is it fully priced: Shengyi's PE of 44x already embeds much expectation; part of the risk has been released after the ~20-day -19% pullback; SMEC's PB of 5.4x is likewise not cheap. One-day-trip risk: low for SMEC/Shengyi (earnings anchor), high for Bee Assistant. Board distribution: STAR/ChiNext ±20%, amplified volatility.
• Lithium battery overseas (No. 3): the announcement is hard but the cycle is long; the parent's own high earnings growth (H1 net profit attributable +278%) is a real floor, but the EUR 3.222 billion total investment is the largest single overseas expansion in company history relative to its size, showing up near term as spending and financing. One-day-trip risk: low, but elasticity is below the auto restructuring.
• Robotics / AI agents (No. 4): if OpenAI's "o" debuts today it is a sentiment amplifier; the ASD field test is a POC demo (last day today), far from commercial revenue; Joyson has the most solid fundamentals but the "Tesla factory audit" has no announcement support. One-day-trip risk: highest for small-cap theme names like ASD.
• Oil & gas / tankers (No. 5): the logic is two-way — a talks breakdown lifts both oil and freight rates, a reached deal reverses them. Yesterday's recap already framed it as "trade only the freight rate, don't bet on direction"; that stands today.
• Storage & semiconductor events (No. 6): the storage chain only has watch value before Micron's 9/30 earnings; overnight SK Hynix -5% is the leading indicator; Yuanlin's acquisition of Hualan Micro is a small-cap event-driven play and is not merged into the auto / compute branches.

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3. Stock Positive-Intensity Leaderboard (descending by total score; ties share a rank)

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4. Stock Scoring Model (total 100; maps 1:1 to Section 3 total scores)

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5. Top 10 Stock Deep Dives

1GAC Group601238S-tier | priority deep-dive · 广汽集团 · main board

• Related news: major asset restructuring plan disclosed 9/28 21:41 — plans to issue shares at RMB 5.75/share to acquire the 50% FAW Toyota stake held by FAW Co., plus supporting fundraising; the transaction price is not yet determined; trading resumes 9/29 (STCN¹⁹、SSE Paper / Sina²⁰). Caixin reported on 9/26: the north-south Toyota restructuring has been brewing for a long time and recently pressed the accelerator (Caixin²¹).
• Positive logic: Direct. FAW Toyota is Toyota's main JV in China (Tianjin / Changchun / Chengdu bases), consistently profitable; GAC's parent lost RMB 8.78 billion in 2025 and RMB 4.47 billion in H1 — if the 50% Toyota stake injection goes through, the statements switch from "bleeding" to "JV transfusion." Quantitative anchor: per the plan and media reports, FAW Toyota's 2025 net profit was ~RMB 4.23 billion and 2026H1 net profit ~RMB 1.01 billion (unaudited); the 50% stake corresponds to annualized profit on the order of RMB 2 billion — versus the parent's ~-RMB 10.7 billion TTM net profit attributable, a qualitative change; "largest elasticity" is anchored right here.
• Industry branch stage: the auto OEM branch is in its fermentation phase — bellwether JAC Motors at 4 days 3 limit-ups, Xuelong Group (雪龙集团, 603949, main board) at 3 limit-ups, Xiangyang Bearing (襄阳轴承, 000678, main board) at 2 limit-ups; the ladder is intact, and GAC's resumption is the branch's "new event leader."
• Fundamentals check: halt price RMB 5.09 (9/11 close), total market cap RMB 51.9 billion; 2025A revenue RMB 96.54 billion (-10.4%), net profit attributable -RMB 8.78 billion; 2026H1 revenue RMB 46.5 billion (+9.1%), net profit attributable -RMB 4.47 billion (loss widened ~76% YoY), gross margin -1.1%, operating cash flow -RMB 7.1 billion, debt-to-asset ratio 55%. PB just 0.52, deeply below book. The RMB 5.75 issue price is a 12.9% premium to the halt price.
• Industry position: a group-type automaker with a weak own-brand segment kept alive by the two Toyota JVs; after this deal it will form a unified "north-south Toyota" synergy platform.
• Technical sentiment: main board ±10%, catch-up + restructuring double-boost expectation after a halt of about two weeks; today likely a big gap-up or even a one-word limit; a high-volume open board would mean divergence.
• Final call: priority deep-dive. The biggest risks are that the dilution ratio, target valuation, and regulatory review timeline are all unclear; the auction's sealed orders and opening follow-through decide the branch's sentiment ceiling today.

2SMEC688469A-tier | priority deep-dive · 芯联集成 · STAR ±20%

• Related news: voluntary earnings pre-announcement on the evening of 9/28 — 2026 first-three-quarters net profit attributable of ~RMB 681 million (vs -RMB 463 million a year earlier, +RMB 1.144 billion YoY), a turnaround; revenue ~RMB 7.766 billion (+43.2%) (21jingji⁴、Xinhua Finance²²). Drivers: semiconductor technology iteration, demand upgrades, domestic substitution, and emerging AI applications.
• Positive logic: Direct and already delivering — Q3 single-quarter net profit attributable of ~RMB 400 million (H1 was RMB 278 million); utilization + gross margin (H1 12.7%, 2025A only 5.5%) both rising; operating cash flow +RMB 1.27 billion — a textbook inflection for a depreciation-heavy fab.
• Industry branch stage: semiconductor foundry (grouped under AI compute hardware) is independent of the "storage ebb," sitting between launch and fermentation — no limit-up ladder, trending.
• Fundamentals check: total market cap RMB 72.1 billion; 2025A revenue RMB 8.18 billion (+25.7%), net profit attributable -RMB 595 million (loss narrowed 38%); 2026H1 net profit attributable +RMB 278 million (+263%). Note: H1 ex-non-recurring was still -RMB 65 million; the turnaround includes non-recurring items; PB 5.4x already prices in a fair amount of expectation.
• Industry position: a leading power / MEMS / analog wafer foundry, with foundry revenue ~73% of the total.
• Technical sentiment: STAR ±20%, 60-day -8%, yesterday +0.1% notably resilient, low position; no limit-up yesterday — the trending type.
• Final call: priority deep-dive (highest earnings-delivery certainty on today's list). Risks: valuation not cheap + ex-non-recurring still negative + pre-holiday volume; don't chase a gap-up >8%; a flat or mildly higher open with volume follow-through is better.

3Gotion High-Tech002074A-tier | priority deep-dive · 国轩高科 · main board

• Related news: announcement on the evening of 9/28: with Volkswagen and PowerCo, it plans to sign an "Investment Agreement" to form three JVs — Valencia, Spain (29.1 GWh batteries, total investment ~EUR 2.262 billion, Gotion 49%); Surany, Slovakia (8.4 GWh); Kenitra, Morocco (100,000 tonnes of LFP cathode, Gotion 51%) — total investment ~EUR 3.222 billion (Gotion's share ~EUR 1.598 billion); a subsidiary also plans a EUR 1.094 billion EPC contract (CLS²³、NBD²⁴).
• Positive logic: Indirect but large-scale — EUR 3.222 billion at ~RMB 7.8 per euro is roughly RMB 25 billion, about half of Gotion's current market cap (RMB 47.3 billion) and 55% of 2025 revenue (RMB 45.07 billion) — the largest single overseas expansion in company history; it binds Gotion into VW's Europe / Africa supply chain. Near term it shows up as capital expenditure and EPC revenue; capacity profit needs 2-3 years to ramp.
• Industry branch stage: an independent lithium-overseas branch making its first appearance today; no ladder; single-stock play.
• Fundamentals check: yesterday's close RMB 26.07 (-2.6%), market cap RMB 47.3 billion; 2025A revenue RMB 45.07 billion (+27.4%), net profit attributable RMB 2.38 billion (+97.5%); 2026H1 revenue RMB 27.78 billion (+43.2%), net profit attributable RMB 1.39 billion (+278%), gross margin 15.6%; debt ratio 71.7%, net cash conversion just 0.31.
• Industry position: top of China's power-battery second tier, with Volkswagen as the largest shareholder, and an industry-leading overseas layout.
• Technical sentiment: main board ±10%, 60-day -3.3% low position; yesterday's volume-shrinking 2.6% decline is a normal pullback on a big index-down day; overhead trapped supply is not heavy.
• Final call: priority deep-dive. The parent's high earnings growth is a real floor and the JVs are a mid-term story; the risks are the debt ratio and financing pressure from the large capex, plus the policy / execution uncertainty of building plants overseas.

4Shengyi Electronics688183A- tier | watch closely · 生益电子 · STAR ±20%

• Related news: announcement on the evening of 9/28 — the board approved using RMB 1.1 billion of raised funds to inject capital into the wholly-owned subsidiary Ji'an Shengyi for the "smart manufacturing high-multilayer computing-power PCB project" (one of the 2025 private-placement projects; the Ji'an project plans 700,000 m² of annual capacity, mainly average-16-layer high-multilayer boards; phase 1 is in trial production) (Eastmoney⁵、STAR Market Daily²⁵).
• Positive logic: Direct but an "execution announcement of already-planned capacity expansion," not new demand; AI server high-multilayer boards are tight, so capacity coming online means high revenue visibility.
• Industry branch stage: compute PCB had pulled back with the AI hardware ebb and is in its divergence phase; this announcement is an "earnings anchor" event within the branch.
• Fundamentals check: yesterday's close RMB 105.96 (-7.1%), market cap RMB 91.2 billion; 2025A revenue RMB 9.49 billion (+102.6%), net profit attributable RMB 1.47 billion (+343.8%); 2026H1 revenue RMB 5.78 billion (+53.5%), net profit attributable RMB 1.11 billion (+109.4%), gross margin 34.3%, operating cash flow +RMB 920 million (net cash conversion 0.83). PE (TTM) 44x, PB 10x; already pulled back -19% over the past 20 days.
• Industry position: niche leader in high-multilayer compute boards (server boards ~96% of revenue).
• Technical sentiment: STAR ±20%; the -7.1% yesterday amid a sector rout is catch-down selling; today a high open needs guarding against "announcement realized = rebound sell point," while a low open that stabilizes is the repair point to watch.
• Final call: watch closely (the earnings-type compute core after a pullback). Don't chase; wait for a volume-shrink stabilization signal; valuation and the rate environment are the main suppressants.

5Bee Assistant301382B-tier | watch only · 蜂助手 · ChiNext ±20%

• Related news: announcement on the evening of 9/28: a RMB 3.96 billion compute-server procurement agreement with Company C (80-95% via finance leasing, own funds just 5-20%) and a RMB 5.717 billion compute-service agreement with Company D, RMB 9.677 billion combined; ~RMB 17.3 billion of compute contracts accumulated over the past two months (company announcement PDF²⁶、cnr.cn²⁷).
• Positive logic: The contract value is direct but the business model is questionable — a heavy-asset, thin-margin "buy servers, sublease compute" model: full-2025 revenue was only RMB 2.09 billion, and cumulative contracts are ≈8x annual revenue; H1 already showed revenue-up-profit-flat (net profit attributable +1.9%) and operating cash flow turning negative (-RMB 528 million, advance funding); the counterparties are anonymous (trade secrets) and the agreements still need shareholder approval.
• Industry branch stage: the compute-leasing direction keeps pulsing on big orders during the ebb phase, with no ladder; grouped under AI compute hardware but downgraded separately.
• Fundamentals check: yesterday's close RMB 37.69, market cap RMB 10.8 billion; PE (TTM) 69x, PB 5.5x; debt ratio 50.2%. In-depth market coverage has flagged the "middleman heavy-asset risky path" (moomoo in-depth²⁸).
• Industry position: core business is digital-goods operation (88% of revenue); compute is a 2026 cross-over new business.
• Technical sentiment: ChiNext ±20%, position not high after the 60-day -19.7% pullback, prone to impulse spikes on news.
• Final call: watch only. Contract authenticity is per the announcement, but the cash flow / leverage / counterparty-credit risks are all unresolved; if the auction pins a one-word limit-up, that is sentiment gambling, not a value entry.

6JAC Motors600418B-tier | watch only · 江淮汽车 · main board

• Related news: HIMA launch event on the afternoon of 9/28 (Zhijie RX launched from RMB 259,800, Xiangjie V8 (享界 V8) and more new models; AITO switching to a new cooperation model); market rumor of a Stellantis / Huawei / JAC three-way tie-up and Maserati EVs possibly using the HIMA platform — the company responded that it has "no information that should be disclosed but has not been disclosed" and that it "has always cooperated with Huawei" (NBD²⁹、Eastmoney³⁰、Eastmoney interpretation³¹).
• Positive logic: Sentiment-led. The launch event benefits the HIMA ecosystem, but neither Zunjie volume nor the three-way tie-up has announcement-grade confirmation; the chairman's "firmly joining hands with Huawei" is a rhetorical response.
• Industry branch stage: the Huawei auto chain's sentiment leader — 4 days 3 limit-ups, yesterday's close RMB 25.22 at limit-up, sealed orders once exceeding 360,000 lots; the branch bellwether, but the high-position relay ecology is near freezing point (yesterday's advance rate 15%).
• Fundamentals check: 2025A revenue RMB 46.57 billion (+10.4%), net profit attributable -RMB 1.70 billion; 2026H1 net profit attributable -RMB 749 million (the loss pattern is unchanged), operating cash flow -RMB 5.29 billion, debt ratio 72.5%, PB 4.6x. Zunjie's P&L has never been separately disclosed.
• Industry position: commercial vehicles dominate (51%); passenger vehicles include Zunjie; one of Huawei HIMA's "four realms."
• Technical sentiment: main board ±10%; after 4 days 3 limit-ups, today it either accelerates or diverges; yesterday's recap set the tone: "a low open below -3% = rotation over."
• Final call: watch only. An ebb-phase high-position sentiment stock plus rumor-grade evidence means a poor risk-reward; just watch the auction as the branch's sentiment weathervane.

7Joyson Electronics600699B+ tier | watch closely (don't chase) · 均胜电子 · main board

• Related news: no new announcement. The "Tesla factory audit / robot orders" story is a market rumor with no announcement support whatsoever; yesterday +6.19% on RMB 12.9 billion of turnover — the only persistent survivor in the robotics direction (per yesterday's recap).
• Positive logic: The core business (auto safety margin improvement) is real; robotics is an option. 2026H1 revenue -7.4% but net profit attributable +4.4% — integration cost cuts are working; operating cash flow +RMB 1.93 billion (net cash conversion 2.6).
• Industry branch stage: the robotics branch's trend bellwether; after the branch downgraded to "single-stock action," it is where funds cluster.
• Fundamentals check: yesterday's close RMB 24.02, market cap RMB 37.3 billion; PE (TTM) 27.3x, PB 2.3x — the mildest among candidates; 2025A net profit attributable RMB 1.34 billion (+39.1%).
• Industry position: global No. 2 in auto safety, a top-tier auto-electronics player, dual-listed A+H.
• Technical sentiment: +26.4% over 20 days is a big run; yesterday +6.19% without sealing the limit; today, an open within -3% that quickly turns red = funds not withdrawn; catch-down selling would downgrade the whole robotics line.
• Final call: watch closely (don't chase). It is the sturdiest of the "robotics + fundamentals" dual-attribute names, but the short-term position is not low — wait for a pullback or sideways follow-through.

8ASD002403C+ tier | watch only · 爱仕达 · main board

• Related news: from 9/28 to 9/30, 100 of Zhiyuan's Lingxi X2 humanoid robots are deployed in 100 ASD stores nationwide for on-the-job field testing (on duty ≥10 hours daily, acting as shopping guides / health advisors; today is the last day) (Sina Finance¹³、China.com³²).
• Positive logic: POC-demo-grade positive — it validates service-scenario feasibility, but scaled commercial use and profit contribution are far away; it matters more to Zhiyuan than to ASD's P&L.
• Industry branch stage: a small-cap elasticity play within the robotics theme, not a leader.
• Fundamentals check: yesterday's close RMB 10.47, market cap RMB 3.57 billion; 2025A revenue RMB 2.68 billion (-8.5%), net profit attributable -RMB 217 million; 2026H1 net profit attributable -RMB 93 million (losses widening notably YoY); robotics H1 revenue RMB 165 million (~12% of the total). Loss-making on PE, PB 2.7.
• Industry position: cookware as the main business (75%) plus a robotics layout; a niche non-leader.
• Technical sentiment: +13.3% over 20 days; a small cap easily pulsed by funds; the field test ending today = the textbook "event realized = sell point" structure.
• Final call: watch only. Theme pulses are watchable, not tradable; there is no 1-2 year profit delivery path.

9COSCO Shipping Energy600026B+ tier | watch closely · 中远海能 · main board

• Related news: US-Iran: on 9/26 Trump rejected Iran's "seven-day strait opening" proposal; on 9/28 Brent rose 3% intraday, broke USD 105/barrel, then fell back (reports of conditionally eased US sanctions, WTI flipped from up to down); US-Iran talks are expected soon (CLS¹²、Caixin³³、IDN³⁴).
• Positive logic: A two-way volatility tool — a deepening stalemate lifts VLCC rates and stock elasticity; a reached deal quickly reverses. No directional bets before the holiday; trade only the freight-rate facts.
• Industry branch stage: the tanker branch at high-position divergence; yesterday every stock in the sector was resilient (Haineng -0.79%, Nanyou +1.12%, oilfield services +0.41%).
• Fundamentals check: tanker leader; rates at a high 3-year percentile are already partly priced; yesterday's big outperformance versus the index validated the defensive attribute.
• Technical sentiment: main board ±10%, no limit-up ladder, trending range.
• Final call: watch closely. Track the daily VLCC TCE and US-Iran headlines; a deal-landing signal means immediate removal from the watch pool.

10Yuanlin Co.605303C+ tier | watch only · 园林股份 · main board

• Related news: announcement on the evening of 9/28 planning to acquire 93.5031% of Hualan Micro (domestic storage controller chips and modules, array controller chip design); trading resumes 9/29 (China Securities Express¹⁴).
• Positive logic: cross-over into storage controllers, riding the domestic-storage heat; the target's size and profitability are undisclosed, and the injection quality awaits review.
• Industry branch stage: resumption-driven event with no ladder; the whole storage branch is suppressed by pre-Micron-earnings wait-and-see.
• Fundamentals check: small-cap landscaping main business, high cross-sector M&A uncertainty; no target financials.
• Final call: watch only. A pure event gamble; if it reopens at a one-word limit there is no entry; an open board means divergence.

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6. Pass List

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7. Intra-Branch Ranking

Auto OEMs (restructuring + Huawei chain — today's strongest branch)

Lithium battery overseas

AI compute hardware (earnings-type)

Robotics / AI agents

Oil & gas / tankers

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8. Today's Opening Verification Signals

• Auction signals (9:15-9:25):
  • GAC Group (广汽集团, 601238): sealed-order value vs free float (expect large one-word orders; if auction sealed orders are <500,000 lots or visibly cancelled after 9:20, divergence exceeds expectations — downgrade the whole auto chain);
  • SMEC (芯联集成, 688469) / Shengyi Electronics (生益电子, 688183): a 2-5% gap-up with mild auction volume = good follow-through; a gap-up >8% — guard against profit-taking sell pressure;
  • Gotion High-Tech (国轩高科, 002074): a gap-up within 3% is healthy; a volume-explosive high open needs guarding against "good-news distribution";
  • JAC Motors (江淮汽车, 600418): an auction open below -3% = the signal that auto-chain sentiment rotation is over;
  • Xinhua Media (新华传媒, 600825): auction catch-down selling means sentiment clearance is one step closer; another one-word limit pushes high-position risk further out.
• Sector signals: 3+ auto-chain names limit-up within 15 minutes (with GAC at one-word, watch FAW-system / Gotion / parts followers) = branch fermentation confirmed; for compute, watch whether the bellwethers Shengyi / SMEC can turn red on volume and lead the STAR 50 to stop falling; for robotics, watch whether Joyson quickly turns red after a low open.
• Stock signals: first-5-minute follow-through volume, GAC's re-seal speed after the board opens, whether SMEC / Shengyi hold volume without blow-ups; whether large-order net inflow shows up in "earnings-type" rather than "theme-type" names.
• Risk signals (cut positions / remove from watch on sight): the index breaks 3800 again on a weak open and slide; yesterday's strong names (JAC / Joyson / Xuelong) catch down together; an intraday new spike in 30Y Treasury yields with broad declines in Stock-Connect names; a US-Iran deal-landing headline (tankers reverse); storage / optical modules keep being sold by the main funds (the electronics chain hasn't stopped bleeding).
• Macro watch: today's PBOC OMO rollover size versus maturities (9/28 was a net drain of ~RMB 160 billion; another large net drain today means tight cross-quarter liquidity); whether the SCIO "15th Five-Year" agriculture press conference after 9:30 brings surprise language (an intraday ag-stock pulse is a policy event, not this list's main line).

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9. Final Recommendations

① The 5 stocks most worth watching today

Note: the Top 5 is a subjective selection balancing branch coverage, delivery path, and trading attributes — not a pure score ranking; the pure score order is in the Section 3 leaderboard (COSCO Shipping Energy's 53 pts sits in the watch tier because it is a two-way volatility tool and is not in the Top 5).

② Today's 3 strongest branches (aligned with Section 2 ordering)

③ Directions not to chase today

• Storage / optical modules / CPO: the window before Micron's 9/30 earnings + overnight SK Hynix -5% and the 10Y Treasury at a new high since 2007 — high-PE growth only has watch value (GigaDevice, Zhongji Innolight, Eoptolink, Biwin Storage);
• High-position consecutive-limit-up names: the relay ecology is near freezing point (yesterday's advance rate 15%); Xinhua Media's 5-limit-up lone survivor and the 3-limit-up cluster of Xuelong / Jinchen / Fujian Cement (600802, main board) — catch-down risk outweighs the breakout probability;
• Pure-theme robotics pulses: ASD (the field test ends today = the realization point), Yuanlin's resumption gamble, glass-substrate / map-cooking back rows;
• Bee-Assistant-style high-leverage compute leasing: big contracts but cash flow and counterparty risks unresolved — poor odds chasing highs;
• Precious metals: real-rate suppression not lifted.

④ Final one-line judgment

Pre-holiday ebb phase + unresolved external rate suppression — today, only watch event-driven names "with announcements and with earnings": GAC's resumption sets the sentiment ceiling for the auto chain; SMEC / Shengyi are the only earnings anchors in the compute direction; if the auction is weak (insufficient GAC sealed orders, JAC low open), stay defensive all day — don't chase high positions, don't bottom-fish storage on the left side.

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⚠️ Data sourcing & verification log (credibility notes for this issue):

• Direct scraping of the Eastmoney "overnight overseas markets" summary page and a TradingKey article failed (the former returned only a disclaimer, the latter 403); overnight US close data was instead sourced from the Tencent quotes API (static snapshot of the 9/28 ET close) cross-checked against Jin10's closing wire, and further spot-checked in the QC round against CNEWS' 9/29 close piece (Dow 51481.51/-0.67%, S&P 7683.69/-0.77%, SK Hynix down over 5% — consistent). One Eastmoney search snapshot saying "Nasdaq +0.45% at a new high" was a cached 9/22 article and was excluded.
• The FTSE A50 night-session close (13923, -0.01%) comes from the CLS / NBD wire of 9/29 05:29; the WTI / gold spot prices are the Tencent overseas-markets snapshot at 07:02.
• PBOC OMO: the first draft listed only the gross injection of RMB 1.1 trillion; QC re-verified the same-day 7-day reverse repo maturities of RMB 660.3 billion + MLF maturity of RMB 600 billion, a net drain of ~RMB 160 billion (per NBD / Eastmoney), and the body was switched to the full-caliber figure with the impact level downgraded to B+.
• GAC halt duration: the K-line data shows the halt starting 9/14 (last trading day 9/11), while most media wrote "halted for 10 days"; the difference comes from the holiday convention, and the body uniformly says "a halt of about two weeks"; the target financials disclosed in the plan (2025 net profit ~RMB 4.23 billion, 2026H1 ~RMB 1.01 billion, unaudited) come from CLS / 10jqka's interpretive coverage of the plan, and the body marks them as unaudited.
• Gotion's "≈half of market cap / ≈55% of 2025 revenue" is an estimate at ~RMB 7.8 per euro, noted as such in the body.
• Bee Assistant's RMB 5.717 billion service agreement and RMB 3.96 billion procurement agreement amounts were checked against the CNINFO announcement PDF; the counterparties are anonymous Companies C / D (trade secrets), so credit cannot be pierced.
• JAC's "Stellantis / Huawei / JAC" three-way tie-up and Joyson's "Tesla factory audit" are both rumor-grade with no announcement support, and are flagged item by item in the body.
• The specific board and code for Benmo Technology's (Li Zexiang-affiliated) listing today, and CanSemi's listing date, had no verifiable authoritative source pre-market; the body mentions them as events only and they are not included in the recommendations.

⚠️ Risk warning: this list is only a pre-market information roundup and watchlist, and does not constitute investment advice. A-share volatility risk is extremely high; auto-generated content may carry information timeliness gaps or industry-chain mapping errors, and must not be used directly as a trading basis. Pre-holiday liquidity, overseas rates (US Treasury yields), geopolitical events (US-Iran talks), and restructuring review progress can all invalidate this issue's judgments quickly.