China's A-share biopharmaceutical sector showed a notable rebound after the government work report designated biopharmaceuticals as an emerging pillar industry. Hong Kong-listed technology and internet stocks rose, with JD.com surging following its latest earnings report, which showed Q4 net revenue increased 1.5% year-over-year to 352.3 billion yuan.
On March 6, A-shares opened lower across the board, with the three major indices initially declining collectively in early trading; the ChiNext Index fell over 1%. Subsequently, the indices fluctuated higher and have now collectively turned positive. Brain-computer interface and CRO concept stocks were active, while oil and gas, precious metals, and other sectors continued to adjust.
Hong Kong stocks saw a rebound, with both the Hang Seng Index and the Hang Seng Tech Index moving higher. The Hang Seng Index rose over 1%, and the Hang Seng Tech Index surged nearly 3%. Most technology and internet stocks advanced, and the pharmaceutical and biological sector climbed. In the bond market, government bond futures gained. In commodities, domestic commodity futures were mixed, with caustic soda up 6%, while the containerized freight index fell sharply by over 8%. Key market movements:
A-shares: As of writing, the Shanghai Composite Index was up 0.09%, the Shenzhen Component Index up 0.22%, and the ChiNext Index up 0.09%.
Hong Kong stocks: As of writing, the Hang Seng Index was up 1.14%, and the Hang Seng Tech Index was up 2.66%.
Bond market: Government bond futures rose across the board. As of writing, the 30-year main contract was up 0.07%, the 10-year main contract up 0.04%, the 5-year main contract up 0.03%, and the 2-year main contract up 0.01%.
Commodities: Domestic commodity futures were mostly higher. As of writing, caustic soda rose 6%, soybean meal gained nearly 3%, asphalt was up 2%, and glass increased 1%. Lithium carbonate, rapeseed, iron ore, Shanghai silver, alumina, coking coal, coke, industrial silicon, pulp, hot-rolled coil, rubber, rebar, and Shanghai nickel also advanced. Shanghai copper, eggs, Shanghai tin, manganese silicon, Shanghai gold, stainless steel, among others, declined. Fuel oil and palladium fell over 1%, crude oil dropped over 4%, and the containerized freight index plunged over 7%.
10:36 JD.com's stock price recorded its largest intraday gain since April 2025 in the Hong Kong market.
This followed Citigroup raising its target price for JD.com's ADR, citing better-than-expected Q4 2025 results. Management committed to ongoing share buybacks and a $1.4 billion dividend distribution. Management also projected that JD Retail would maintain healthy profit growth in 2026, with losses from the food delivery business expected to narrow. Citigroup maintained its Buy rating on JD.com and raised its ADR target price from $34 to $35.
10:14 The ChiNext Index rallied into positive territory after previously falling nearly 1.2%. Sectors such as agriculture, chemicals, brain-computer interface, and power grids led the gains. Nearly 4,200 stocks advanced across the Shanghai, Shenzhen, and Beijing exchanges.
The Hang Seng Index rose over 1%, and the Hang Seng Tech Index gained over 2%.
10:05 Domestic commodity futures were mixed, with crude oil and container freight index futures falling sharply against the trend.
On the news front, according to CCTV, Amir Heidari, deputy commander of Iran's Khatam al-Anbiya Central Headquarters, stated in an interview on the morning of the 5th local time that Iran has not blocked the Strait of Hormuz.
10:01 Biopharmaceutical concepts saw a volatile rebound during the session. Zhongyuan Union Cell hit the upside limit, Yahong Pharma approached the 20% limit, while Beilu Pharmaceutical, Shanghai Yizhong, Sanyuan Gene, and Hotgen Biotech were among the top gainers.
The government work report listed biopharmaceuticals as an emerging pillar industry, alongside integrated circuits, aerospace, and the low-altitude economy. Since the start of 2026, total BD contract values have exceeded 50 billion yuan in just over two months, surpassing 40% of the total for 2025.
09:54 JD.com rose nearly 6%.
According to its latest earnings report, the company's Q4 net revenue reached 352.3 billion yuan, a 1.5% year-over-year increase, slightly exceeding market expectations. However, due to increased strategic investment in new businesses, the quarter saw a shift to a net loss attributable to shareholders of 2.7 billion yuan, compared to a profit of 9.9 billion yuan in the same period last year.
09:49 The chemicals and fertilizers sectors experienced a volatile rebound. Kingenta and Jinpu Titanium hit the upside limit, while Hongbaoli, Satellite Chemical, Chitianhua, Guanghong Biochemical, and Chuanjinnuo followed with gains.
News indicated that Middle East granular urea prices have risen by approximately $130 per ton since last Friday, now quoted between $575 and $650. Additionally, several titanium dioxide producers, including Nanjing Titanium Dioxide and Annada, announced increases in their product出厂 prices.
09:38 The Hang Seng Tech Index expanded its gains to 1%.
09:37 The ChiNext Index fell over 1%, the Shanghai Composite Index declined 0.36%, and the Shenzhen Component Index dropped 0.69%. Precious metals, coal, MLED, PCB, and other sectors led the declines. Nearly 2,400 stocks fell across the Shanghai, Shenzhen, and Beijing exchanges.
09:26 The Shanghai Composite Index opened 0.55% lower, and the ChiNext Index opened down 0.6%. Oil and gas, shipping, and non-ferrous metals sectors were among the top decliners. High-speed copper connection, superhard materials, gold, memory, circuit boards, and CPO concept stocks weakened.
09:21 The Hang Seng Index opened 0.15% higher, and the Hang Seng Tech Index opened up 0.47%. JD Logistics rose over 6%, JD Health and Trip.com Group gained over 3%, while NetEase, JD.com, and Xiaomi Corporation were among the top gainers.
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