On May 22, A-shares saw volatile gains in early trading, with the three major stock indices collectively rising. The Shenzhen Component Index climbed over 1%, while the ChiNext Index at one point surged more than 2%. Concept stocks related to CPO, PCB, and copper-clad laminates experienced a significant rally. The photovoltaic industry chain and non-ferrous metals sectors also saw upward movement, whereas baijiu (liquor) and oil & gas sectors collectively adjusted. Hong Kong stocks also moved higher in early trading, with the Hang Seng Tech Index gaining over 1%. Most technology and internet stocks rebounded, with LENOVO GROUP soaring over 10%, and AI large model stocks continued their upward trend. In the bond market, government bond futures mostly declined. Regarding commodities, domestic commodity futures saw widespread declines.
Core Market Movements: A-shares: As of writing, the Shanghai Composite Index rose 0.18%, the Shenzhen Component Index increased 1.24%, and the ChiNext Index advanced 1.87%. Hong Kong stocks: As of writing, the Hang Seng Index was up 0.56%, and the Hang Seng Tech Index rose 1.09%. Bond market: Government bond futures mostly fell. As of writing, the 30-year main contract was flat, the 10-year main contract dropped 0.03%, the 5-year main contract declined 0.03%, and the 2-year main contract dipped 0.01%. Commodities: Domestic commodity futures experienced broad-based declines. As of writing, the containerized freight index rose 3%, and Shanghai silver futures increased 1%. Palladium, platinum, Shanghai tin, Shanghai aluminum, and Shanghai gold futures were among the gainers. Rapeseed, iron ore, caustic soda, eggs, Shanghai copper, alumina, soybean meal, rebar, stainless steel, fuel oil, glass, rubber, industrial silicon, Shanghai nickel, hot-rolled coil, and ferromanganese silicon futures were among the decliners. Asphalt, pulp, lithium carbonate, polysilicon, crude oil, and coke futures fell over 1%, with coking coal futures plunging more than 3%.
10:05 Hong Kong-listed AI large model stocks extended their gains during the session, with Zhipu AI surging over 12% and MINIMAX rising more than 5%. On the news front, Zhipu AI announced the launch of the GLM-5.1-highspeed API for select enterprise clients, achieving a model output speed of 400 tokens per second, setting a new global speed record for large model APIs. The high-speed version is suitable for scenarios demanding extremely low response latency, such as AI programming, real-time interaction, business decision-making, and real-time voice applications, and is currently available to select enterprise clients on the Zhipu MaaS platform.
09:57 The ChiNext Index surged over 2%, the Shanghai Composite Index rose 0.44%, and the Shenzhen Component Index advanced 1.48%. Sectors including lab-grown diamonds, PCB, CPO, and rare earth permanent magnets led the gains. Nearly 3,600 stocks across the Shanghai, Shenzhen, and Beijing exchanges were in positive territory.
09:54 The humanoid robot concept showed repeated activity, with Efrobot surging over 12%. Prior to this, Hetai Electromechanical hit the daily limit-up. Other gainers included Orbbec, Broad-Ocean Motor, Julong Intelligent, Wuzhou Xinchun, Leader Harmonious Drive Systems, and Changsheng Bearing. On the news front, Tesla announced the official retirement of its Model S and Model X vehicles as they rolled off the production line at the Fremont factory in California. The Model S/X production line will be dismantled and reconfigured within four months, transforming into a dedicated production line for Tesla's humanoid robot, with a planned annual capacity of 1 million units.
09:46 The fiberglass concept saw volatile gains in early trading, with Honghe Technology touching the daily limit-up, continuing to set new historical highs. International Composite Materials rose over 10%. Other notable gainers included Shandong Fiberglass, Sinoma Science & Technology, Changhai Composite Materials, and China Jushi. On the news front, as of April 2026, prices within the industry have remained elevated, with most standard electronic fabric categories seeing increases exceeding 80%. Prices for some high-end electronic fabrics have even broken historical highs.
09:38 Hong Kong-listed LENOVO GROUP continued its strong performance, rising over 10%. The company's financial report showed record growth in its Q4 performance.
09:32 The lab-grown diamond concept saw a rapid surge, with Huanghe Whirlwind hitting the daily limit-up in a straight line. Sifangda rose over 8%. Other gainers included Power Diamond, Huifeng Diamond, and Wald. On the news front, according to CCTV Finance, diamond has long been hailed as the "industrial tooth." With the development of computing infrastructure driven by AI, the application of diamond for heat dissipation has exploded, transforming it from an industrial abrasive sold by the ton to a "chip cooling patch" sold by the piece.
09:30 The PCB concept strengthened again, with Avary Holding hitting the daily limit-up, continuing to set a new historical high with a total market capitalization exceeding 240 billion yuan. Other gainers included Shenzhen Fastprint Circuit Tech, Jingwang Electronics, Shenghong Technology, Shennan Circuits, and Shengyi Technology. On the news front, Guojin Securities pointed out that from the perspective of OEM manufacturers, breaking down the Bill of Materials (BOM) value, the shipment price for the VR200 cabinet is $7.8 million, representing a 100% increase compared to the GB300 cabinet ($3.9 million). The PCB value within the VR200 cabinet is $116,000, tripling the PCB value in the GB300 cabinet ($35,000), a year-on-year increase of 233%.
09:26 The Shanghai Composite Index opened 0.46% higher, while the ChiNext Index rose 1.2%. Quantum technology, CPO, stablecoins, semiconductors, innovative drugs, smart grids, memory, photovoltaics, vehicle-road-cloud integration, and computing hardware concept stocks were among the leading gainers.
09:21 The Hang Seng Index opened 1.01% higher, and the Hang Seng Tech Index rose 1.57%. LENOVO GROUP gained nearly 5%. Hua Hong Semiconductor, SMIC, Sunny Optical Technology, and NetEase rose over 3%.
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