On August 13, A-share markets opened broadly higher, with all three major indices gaining in early trading. The ChiNext index rose over 1%, while the STAR 50 index climbed nearly 2%. Concept stocks in computing power leasing, east-to-west computing transfer, and AI computing power all rallied strongly. Pharmaceutical stocks were active again, with CRO sectors advancing. The computing hardware chain continued its strong performance, with optical circuit switches, optical communication, and optical modules all seeing gains. Meanwhile, sectors such as real estate and oil and gas experienced pullbacks.
Hong Kong stocks fluctuated higher in morning trading. The Hang Seng Index turned positive after opening lower, while the Hang Seng Tech Index narrowed its losses. Major heavyweight tech stocks were mixed, with TENCENT leading the decline, hitting a more than two-week intraday low. The latest earnings report showed that substantial AI computing procurement pushed capital expenditure to 52.78 billion yuan, turning free cash flow negative. In the bond market, treasury bond futures rebounded across the board. In commodities, most domestic commodity futures fell.
Key market movements:
A-shares: As of press time, the Shanghai Composite Index was up 0.34%, the Shenzhen Component Index rose 0.93%, and the ChiNext Index gained 1.46%.
Hong Kong stocks: As of press time, the Hang Seng Index was down 0.19%, while the Hang Seng Tech Index was up 0.40%.
Bond market: Treasury bond futures fell across the board. As of press time, the 30-year futures contract rose 0.16%, the 10-year contract gained 0.03%, the 5-year contract edged up 0.02%, and the 2-year contract was up 0.01%.
Commodities: Most domestic commodity futures declined. As of press time, egg futures rose 2%, while polysilicon, pulp, soymeal, and silver futures gained over 1%. A few products, such as gold, fuel oil, the containerized freight index, iron ore, asphalt, platinum, palladium, and rebar, moved higher. In contrast, many products fell, including nickel, hot-rolled coil, rapeseed, manganese silicon, crude oil, coke, lithium carbonate, rubber, copper, tin, industrial silicon, aluminum, coking coal, stainless steel, and caustic soda. Alumina futures dropped over 1%, and glass futures fell nearly 3%.
09:49
Both the ChiNext Index and the STAR 50 Index surged over 2%. The Shanghai Composite Index rose 0.45%, and the Shenzhen Component Index gained 1.08%. Sectors such as computing power leasing, CPO, semiconductors, and PCB led the gains, with more than 2,200 stocks rising across the three major A-share markets.
09:48
TENCENT fell over 2%, hitting a more than two-week intraday low in early trading. Morgan Stanley stated that TENCENT's solid core fundamentals are being offset by upfront AI investments. The bank expects the company's earnings to remain flat from the second half of 2025 through 2027, lowered its target price by over 15% to 550 Hong Kong dollars, and maintained an overweight rating.
09:28
The computing power leasing concept continued to be active. In the A-share market, Changshou Huaxi Technology Co., Ltd. hit its daily limit for the third consecutive day, and Qunxing Toys Co., Ltd. saw its share price locked at the daily limit from the open. Zhongding Holding Group Co., Ltd., Xingyun Technology, Hongjing Technology, and Hongbo Co., Ltd. also saw significant gains.
09:26
The Shanghai Composite Index opened 0.27% higher, and the ChiNext Index rose 1.52%. The computing hardware industrial chain strengthened, with PCB, memory, and CPO sectors leading the gains. Concept stocks in computing power leasing, lithography machines, space-based photovoltaics, and commercial aerospace were active. Meanwhile, sectors for pharmaceutical commerce, innovative drugs, coal, oil and gas, and baijiu weakened.
09:21
The Hang Seng Index opened 0.6% lower, and the Hang Seng Tech Index fell 0.29%. TENCENT, JD.com, Li Auto, and Leapmotor saw declines at the open. Meanwhile, Lenovo Group, Huahong Grace Semiconductor, Zhipu, and SMIC strengthened.
On the news front, TENCENT's Q2 revenue grew 11% year-over-year, but AI spending raised concerns, and the company's quarterly free cash flow turned negative for the first time in a rare occurrence.
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