On July 10th, A-shares experienced volatile gains, with the three major indices collectively higher at the market open. The innovative drug and CRO sectors surged, while AI application stocks saw broad-based increases. The semiconductor chip industry chain was active during the session, with concepts like semiconductor wafers, HBM, advanced packaging, and memory chips collectively strengthening. Sectors like securities, coal, and lithium mining entered a period of adjustment.
Hong Kong stocks rose in early trading, with both the Hang Seng Index and the Hang Seng TECH Index advancing. The TECH Index gained 1%, with most technology and internet stocks climbing. Semiconductor stocks also rose, with Semiconductor Manufacturing International Corporation (SMIC) and Hua Hong Semiconductor gaining over 6%. AI large model stocks faced pressure, with Zhipu AI and MINIMAX both falling more than 5%.
In the bond market, government bond futures saw volatile gains. In commodities, most domestic futures prices moved higher, with Shanghai gold and Shanghai silver among the top gainers. Core market movements are as follows:
A-Shares: At the time of writing, the Shanghai Composite Index was up 0.52%, the Shenzhen Component Index rose 0.77%, and the ChiNext Index fell 0.03%.
Hong Kong Stocks: At the time of writing, the Hang Seng Index gained 1.43%, and the Hang Seng TECH Index increased by 1.94%.
Bond Market: Government bond futures experienced volatile declines. At the time of writing, the 30-year main contract fell 0.05%, while the 10-year, 5-year, and 2-year main contracts were flat.
Commodities: Most domestic commodity futures rose. At the time of writing, Shanghai silver gained 3%, while polysilicon, pulp, industrial silicon, and palladium rose over 2%. Shanghai tin, platinum, Shanghai copper, Shanghai gold, and eggs increased by 1%. Shanghai nickel, Shanghai aluminum, the containerized freight index, iron ore, alumina, and glass moved higher. Soybean meal, rebar, hot-rolled coil, caustic soda, stainless steel, silicon manganese, and rubber declined. Asphalt, rapeseed, fuel oil, coke, and lithium carbonate fell over 1%, while coking coal and crude oil dropped more than 2%.
Key Market Moves Throughout the Session
At 10:17, the Hang Seng TECH Index rose 2% intraday. Sensetime Group gained over 5%, while Kuaishou Technology and Horizon Robotics advanced over 4%.
At 10:07, the ChiNext Index turned negative, after having risen over 1% earlier.
At 10:02, the A-share IPO stock Torrens opened and quickly surged nearly 1070%, a 30% gain from its opening price, triggering a temporary trading halt. Torrens is a leading integrated service provider in China for the R&D, production, and sales of precision metal components. It is dedicated to supplying high-performance key process components, structural parts, gas pipeline systems, and assembly products for semiconductor equipment. The company's capabilities also cover the laser equipment sector, providing laser cavity and cooling process components required for high-power lasers.
At 09:48, innovative drug stocks rebounded from volatility. Medicilon surged over 12%, following a limit-up for Harbin Pharmaceutical Group. Frontier Biotech, Lifang Pharmaceutical, InnoStar, Wanbang Pharmaceutical, Sunshine Guojian Pharmaceutical, Tianjin Pharmaceutical Group, and Sinovac Biotech followed with gains. On the news front, the total value of out-licensing (BD) deals for Chinese innovative drugs in the first half of 2026 reached nearly $100 billion, hitting $99.7 billion, which is close to 73% of the full-year 2025 figure of $135.7 billion.
At 09:46, the glass substrate concept rebounded from early volatility. Yamaton and Three Gorges New Materials hit the limit-up, while Lontium Semiconductor, IRICO Group, MediCare, and Kibing Group followed with gains. On the news front, plasma equipment manufacturer Huisheng recently stated that, benefiting from the AI wave fueling the trend in advanced packaging, high-end substrate customers have urgent delivery needs and strong order momentum. The company has obtained verification from several major manufacturers and has successfully entered the strategic market for next-generation key technology, glass substrates.
At 09:41, the semiconductor equipment sector repeatedly strengthened. Shenke Technology hit two consecutive 20cm limit-up boards. Earlier, Yatsen Holding and Xuguang Electronics hit the limit-up. Guolin Technology, MaoLao Optics, MayAir Technology, and Zhichun Technology were among the top gainers. On the news front, Micron Technology announced plans to increase its total investment in the United States to over $250 billion by 2035, driven by surging demand for memory in the AI era. The company aims to raise the proportion of its US production to 40% of its total DRAM output.
At 09:26, the Shanghai Composite Index opened 0.13% lower, while the ChiNext Index opened 0.59% higher. The Apple supply chain, 6G, optical chips, CPO, and memory concepts led the gains. Oil & gas, education, and coal stocks were weak.
At 09:21, the Hang Seng Index opened 0.76% higher, and the Hang Seng TECH Index opened up 1.25%. Technology & internet stocks and resource stocks led the gains. Lenovo Group rose nearly 9%, Baidu gained over 3%, while Alibaba Group, JD.com, and Semiconductor Manufacturing International Corporation (SMIC) increased over 1%. AI concept stocks pulled back, with Zhipu AI falling nearly 9%.
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