Nvidia (NVDA.US) experienced a dramatic share price rally, adding approximately $442 billion in market capitalization in a single session, marking the second-largest one-day value increase in global stock market history. The company's robust forward guidance significantly exceeded Wall Street projections, reinforcing confidence in the sustained strength of artificial intelligence infrastructure demand.
On Thursday, Nvidia shares climbed 8.74%, the biggest single-day gain since April 2025. Following this surge, the company's total market value reached roughly $5.5 trillion, solidifying its position as the world's most valuable listed company. The primary catalyst behind this rally was the company's previously announced strong business outlook, which also alleviated recent market concerns about a potential slowdown in AI capital expenditure growth, demonstrating that global technology firms and cloud computing providers continue to show robust demand for AI chips and related infrastructure.
China Chengxin Credit Rating indicated that the third quarter of 2026 will become a critical industry inflection point for AI computing hardware, marking the global AI computing power supply chain's formal entry into a mass production cycle centered on Nvidia's Vera Rubin platform. The firm maintains a strongly optimistic view on the high-prosperity outlook for the AI computing hardware supply chain in the second half of the year, noting that the industry's development logic has completed a phase transition from policy and technology expectation gaming in the first half to substantive performance acceleration in the second half.
Market Overview
Overnight in the US markets, the Dow Jones Industrial Average rose 105.56 points, or 0.2%, closing at 53,569.44. The S&P 500 advanced 55.29 points, or 0.72%, to 7,730.99. The Nasdaq Composite gained 411.15 points, or 1.57%, to 26,541.35. Nvidia surged 8.74%, adding $442 billion in market value. In the memory chip sector, performance was mixed, with SK Hynix rising over 2%, Western Digital falling 1.47%, and SanDisk declining 0.96%. The cybersecurity sector saw broad gains, with Okta jumping over 28% and CrowdStrike climbing more than 20%.
The Nasdaq Golden Dragon China Index slipped 0.74% to 6,183.99 points. Hang Seng Index ADRs declined, translating to 25,510.43 points, down 55.31 points or 0.22% from the Hong Kong close. NYMEX WTI crude oil futures for the front-month contract gained $1.31 to settle at $83.54 per barrel, up 1.59%. COMEX gold futures for the front-month contract edged up $1.50, or 0.03%, to $4,654.8 per ounce.
Key Developments to Watch
CICC announced that its share swap merger plan to absorb Dongxing Securities and Cinda Securities received approval from the Shanghai Stock Exchange's restructuring review committee. Under the plan, CICC will issue A-shares to all A-share shareholders of Dongxing Securities and Cinda Securities to complete the merger. According to the review committee's announcement, the transaction meets the restructuring conditions and information disclosure requirements.
LME zinc prices have climbed for seven consecutive sessions, touching a four-year high as physical supply tightness intensifies a short squeeze. The metal is heading toward its largest monthly gain since January, defying earlier market expectations of price weakness at the start of the year. LME zinc rose more than 1% in early trading Thursday before retreating, with prices last up 0.08% at $3,888.5 per ton. This development impacts the non-ferrous metals sector of Hong Kong-listed stocks.
China Life Insurance (02628) released its interim results, reporting net profit attributable to shareholders of RMB 134.489 billion, an increase of 228.6% year-on-year, with earnings per share of RMB 4.76. The company declared an interim cash dividend of RMB 3.58 per 10 shares. Investment returns improved significantly, with total investment income reaching RMB 314.504 billion, up RMB 186.998 billion from the same period last year. The total investment yield stood at 5.58%, up 229 basis points year-on-year.
Bilibili-W (09626) announced its interim results, with net profit of RMB 541 million, representing a 160.65% year-on-year increase. For the first half of 2026, the group's total net revenue rose 7% year-on-year to RMB 15.41 billion, primarily driven by continued strong growth in the advertising business. Advertising revenue increased 29% year-on-year to RMB 5.72 billion.
Lygend Resources & Technology (02245) reported interim results with profit attributable to owners of the parent company of approximately RMB 2.738 billion, up 91.9% year-on-year, with earnings per share of RMB 1.76. The company attributed the revenue increase primarily to higher revenue generated from its nickel product smelting operations.
Texhong Textile Group (02678) released interim results, with profit attributable to shareholders of RMB 813 million, up 94% year-on-year, and basic earnings per share of RMB 0.89. The group's revenue is primarily derived from sales of yarn, grey fabric, and finished fabric. During the reporting period, total revenue was approximately RMB 11.7 billion, up about 6.4% year-on-year. Yarn sales remained the group's primary revenue source, accounting for approximately 79.6% of total revenue at RMB 9.3 billion, up 8.4% year-on-year, driven by increases in both sales volume and average selling price.
Wynn Macau (01128) announced interim results with profit attributable to shareholders of HK$1.546 billion, a year-on-year increase of 570.55%. For the six months ended June 30, 2026, operating revenue reached HK$15.594 billion, up 14.44% year-on-year, with basic earnings per share of HK$0.30. The company declared an interim dividend of HK$0.223 per share.
Fosun International (00656) reported net profit attributable to shareholders of RMB 1.721 billion, up 160.3% year-on-year. Despite continuous divestment of non-strategic and non-core assets, the company maintained overall stability, with industrial operating profit reaching RMB 3.69 billion, up 17% year-on-year. Profit attributable to shareholders rose substantially by 160.3%.
Skyworth Group (00751) released interim results, with profit attributable to shareholders of RMB 624 million, up 399.2% year-on-year, and earnings per share of RMB 33.05 cents. For the six months ended June 30, 2026, revenue from the Chinese mainland market was approximately RMB 27.812 billion, down 1.7% from RMB 28.29 billion in the same period last year.
Golden Wheel Tiandi Holdings (01232) turned profitable in the interim period, reporting a profit of RMB 1.641 billion. For the six months ended June 30, 2026, revenue increased approximately 18.8% to about RMB 342 million. The period's profit of approximately RMB 1.641 billion, compared to a loss of approximately RMB 216 million in the same period of 2025, was mainly attributed to the recognition of approximately RMB 1.691 billion in gains from overseas debt restructuring. Earnings per share stood at RMB 9.10.
SMIC (00981) released its interim results, reporting net profit attributable to shareholders of RMB 4.467 billion for the first half of the year, a 94.2% increase year-on-year, with basic earnings per share of US$0.08. The company stated that the revenue increase was primarily due to higher wafer shipments, increased average selling prices, and changes in product mix. The number of wafers sold (converted to 8-inch standard logic) increased 14.9% to 5.379 million units from 4.682 million units in the same period last year. The average selling price (wafer revenue divided by total wafers sold) was US$966 for the period, compared to US$903 in the prior year period.
Victory Giant Technology reported first-half net profit attributable to shareholders of RMB 2.857 billion, up 33.3% year-on-year. The company achieved operating revenue of RMB 11.629 billion in the first half, up 28.77% year-on-year, with basic earnings per share of RMB 3.14. The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital.
Biocytogen-B (02315) reported interim results with profit attributable to shareholders of RMB 241 million, up 402.3% year-on-year, and basic earnings per share of RMB 0.54. The increase in revenue during the period was primarily attributable to higher revenue from model animal sales, preclinical pharmacology and efficacy evaluations, and antibody development.
Stock Spotlight
Junzhigroup (01300) reported a 735.3% increase in interim profit to approximately RMB 208 million. Revenue rose approximately 41.7% to about RMB 1.75 billion, with earnings per share increasing from RMB 1.40 cents to RMB 11.79 cents. The revenue increase was primarily due to higher revenue from flame-retardant flexible cable series, optical cable series, related products, and new electronic components, which increased by approximately RMB 300 million, RMB 168 million, and RMB 32.4 million, respectively. Benefiting from the rapid growth of the global AI Data Center (AIDC) industry, the company has continuously optimized its customer and order structure. Its core products—power cables, signal cables, and optical cables—are gaining increasing recognition in the AIDC sector, with revenue and gross profit accelerating. While stabilizing its domestic market presence, the company is actively expanding into overseas markets.
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