CSI 300 index futures (IF) front contract fell 2.17% at the morning close; SSE 50 index futures (IH) fell 0.61%; CSI 500 (IC) fell 3.73%; CSI 1000 (IM) fell 2.78%.

Escalation in Iran-related fighting and a sharp jump in crude pushed US Treasury yields higher on Wednesday, ending a three-day decline as markets feared higher energy costs would add to inflation ahead of the Fed's rate decision later in the day. The US and Saudi forces struck Iran-backed Iraqi militias — the first US airstrikes in the Middle East since Trump paused strikes on Iran last week — while Iran reported attacks on a US base in Jordan and on vessels in the Strait of Hormuz; Trump vowed retaliation. WTI and Brent rose more than 7% to $84.00/bbl and $87.81/bbl. The 10‑year Treasury yield rose 2.1bps to 4.625%, intraday high 4.6387%; the 30‑year rose 0.8bps to 5.104%, intraday high 5.113%. Market focus now shifts to the Fed policy meeting.

Since July, sharp overseas market weakness and imported shocks have increased volatility in A-shares. A recent rumor of a domestic lithography-machine R&D breakthrough sent ASML shares lower and pushed related A-share sectors higher. Market moves suggest greater supply-chain autonomy is reducing A-shares' sensitivity to external shocks and helping form a defensive moat. China has a near-complete industrial system, a large engineering workforce and deep end-market demand; domestic substitution is shifting from single-point wins toward coordinated full-chain progress. Continued industrial-chain improvement should raise listed companies' long-term growth value and resilience to external risk. Investors should temper valuation assumptions for “industrial-chain security”: the direction is clear, but the process may be uneven.