On May 13th, China's A-share market experienced a volatile morning session, with the three major indices initially declining collectively. The ChiNext Index fell by as much as 1% at one point, while the STAR 50 Index dropped over 2%. Subsequently, the three main indices saw a fluctuating recovery. Computing hardware stocks faced a broad-based adjustment, with GPU, memory chip, and semiconductor sectors leading the declines. In contrast, the power sector continued to rise, with numerous individual stocks hitting their daily limit-up.
Hong Kong stocks opened lower and continued to trend downwards, with the Hang Seng Tech Index falling 1%, and most technology and internet stocks declining. In the bond market, treasury futures mostly rose. In commodities, domestic futures showed a mixed performance; the containerized freight index surged over 3%, while coking coal dropped more than 3%.
**Core Market Movements:**
**A-shares:** As of the latest update, the Shanghai Composite Index was flat, the Shenzhen Component Index rose 0.20%, and the ChiNext Index gained 0.05%.
**Hong Kong Stocks:** As of the latest update, the Hang Seng Index fell 0.39%, and the Hang Seng Tech Index declined 0.82%.
**Bond Market:** Treasury futures were all up. As of the latest update, the 30-year main contract rose 0.05%, the 10-year main contract gained 0.06%, the 5-year main contract increased 0.07%, and the 2-year main contract edged up 0.03%.
**Commodities:** Domestic commodity futures were mixed. As of the latest update, the containerized freight index rose over 3%, while Shanghai copper, Shanghai silver, and soybean meal gained more than 1%. Polysilicon, platinum, asphalt, methanol, Shanghai tin, rubber, glass, and Shanghai aluminum also moved higher. In contrast, lithium carbonate, manganese silicon, pulp, hot-rolled coil, rebar, Shanghai gold, and alumina declined, with coking coal falling over 3%.
**10:27** The three major indices collectively turned positive, with the ChiNext Index having previously fallen over 1%. Stocks related to ultra-high voltage, super-hard materials, and computing power leasing concepts led the gains.
**10:03** The Hang Seng Tech Index fell 1% intraday. Hua Hong Semiconductor dropped over 6%, and Semiconductor Manufacturing International Corporation (SMIC) declined nearly 5%.
**10:02** The green power concept saw expanded intraday gains, with the power-computing synergy direction continuing to lead. Min Dong Electric Power hit the limit-up, following earlier strength. Datang International Power Generation achieved six consecutive limit-ups, while Huadian Liaoneng Energy saw nine limit-ups in 14 days. Ningbo Energy, Liaoning Energy, Jinkong Power, Dongfang New Energy, and others also reached their daily limit-up.
**10:01** The ChiNext Index fell over 1%, and the STAR 50 Index dropped over 2.5%. The Shanghai Composite Index declined 0.26%, and the Shenzhen Component Index fell 0.55%. Sectors such as semiconductors, insurance, securities, and real estate led the declines. Nearly 3000 stocks across the Shanghai, Shenzhen, and Beijing markets were in negative territory.
**09:57** The glass substrate concept saw a notable intraday surge. Caihong Display Devices hit the limit-up, while Xinyichang rose over 10%. Woguang Optoelectronics, One Stone, Kaishan Technology, Anhui Conch Color Chemical, and Wufang Optoelectronics followed with gains.
The news catalyst was SKC, a subsidiary of SK Group, announcing plans to raise approximately 1.17 trillion Korean won (about 5.3 billion Chinese yuan) by issuing 11.73 million new shares. Of this, about 589.6 billion won is earmarked for its glass substrate business, to be executed by its subsidiary Absolix.
**09:51** The power grid equipment concept showed repeated strength. Hanhe Cable achieved two consecutive limit-ups, with Baobian Electric, Sanbian Technology, Zhiguang Electric, Jinpan International, and Xidian New Energy also posting gains.
Supporting news indicated that due to a 350% surge in token demand, capital expenditure forecasts for hyperscale cloud service providers for 2026 have been significantly revised upward from $450 billion to $800 billion. Morgan Stanley estimates a power gap of 55 gigawatts facing data centers.
**09:43** Power stocks experienced a surge of limit-up gains. Datang International Power Generation achieved six consecutive limit-ups, while Jinkong Power, Jingneng Power, Ningbo Energy, Shaoneng Co., Ltd., and others also hit their daily limit-up.
**09:26** The Shanghai Composite Index opened 0.53% lower, and the ChiNext Index fell 0.87%. Computing hardware and the semiconductor industry chain saw significant adjustments, with CPO, memory, and optical fiber directions leading the decline. Industrial metals, AI application, satellite navigation, and humanoid robot concept stocks weakened. Gold and power sectors strengthened.
**09:21** The Hang Seng Index opened 0.08% higher, while the Hang Seng Tech Index fell 0.3%. Hua Hong Semiconductor and Semiconductor Manufacturing International Corporation (SMIC) fell over 2%. Baidu Group, NetEase, and Alibaba Group were among the top decliners. JD Logistics rose over 7%, and Pop Mart gained nearly 4%.
**09:01** Commodity futures opened with LU fuel oil, crude oil, and liquefied petroleum gas main contracts rising over 2%. International copper and fuel oil gained over 1%. Coking coal fell over 3%, coke dropped over 2%, while polysilicon, live hogs, industrial silicon, and alumina declined over 1%.
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