Computing hardware stocks staged a comprehensive rebound, with the CPO (Co-Packaged Optics) sector leading the gains. The "Yi Zhong Tian" group (referring to YOFC, ZTE, and Tianfu Communication) saw significant upward momentum, following corporate announcements indicating a collectively positive conclusion to 2025. Specifically, Eoptolink reported a net profit surge exceeding 200%, while InnoLight achieved nearly a 100% increase. Conversely, gold stocks continued their adjustment trend, mirroring overnight declines in international gold and silver prices.
On February 3rd, A-shares opened higher collectively, with the three major indices rising early in the session. The ChiNext Index climbed 2%, driven by a broad rebound in computing hardware stocks. Sectors such as CPO, optical communication, and optical chips led the advances, with the "Yi Zhong Tian" group experiencing an early-session rally. The photovoltaic industry chain also saw a strong breakout, with space-based solar and TOPcon battery technologies gaining traction. The precious metals sector, however, extended its decline, with stocks like Sichuan Gold and Zhaojin Gold hitting the daily downside limit.
In Hong Kong markets, the Hang Seng Index and Hang Seng Tech Index retreated after a higher open. Most technology and internet stocks declined, while the semiconductor and non-ferrous metals sectors posted modest rebounds. In the bond market, government bond futures were mixed, with the 30-year contract falling 0.3%. Commodities showed divergence domestically, with Shanghai silver futures plummeting over 16%, while lithium carbonate futures rose 5%. Key market movements were as follows:
A-shares: As of writing, the Shanghai Composite Index was up 0.44%, the Shenzhen Component Index rose 1.25%, and the ChiNext Index gained 1.73%.
Hong Kong Shares: As of writing, the Hang Seng Index increased 1.20%, and the Hang Seng Tech Index advanced 0.39%.
Bond Market: Government bond futures were mostly lower. As of writing, the 30-year main contract fell 0.31%, the 10-year main contract dipped 0.05%, the 5-year main contract was flat, and the 2-year main contract edged up 0.02%.
Commodities: Domestic commodity futures were mixed. As of writing, Shanghai silver fell over 15%, Shanghai tin dropped 7%, fuel oil declined over 3%, while stainless steel, Shanghai aluminum, asphalt, and Shanghai nickel each fell over 1%. Soybean meal, eggs, caustic soda, and Shanghai gold also declined. On the upside, rebar, silicon manganese, pulp, hot-rolled coil, industrial silicon, iron ore, rubber, Shanghai copper, alumina, and coking coal registered gains. Glass, rapeseed, and coke rose 1%, while the containerized freight index, platinum, and polysilicon increased over 3%. Palladium surged over 4%, and lithium carbonate jumped over 5%.
At 09:58, the memory chip concept showed signs of recovery during the morning session. China Micro Semicon rose over 10%, followed by gains in Hensergy, Netac Technology, Sunlord Electronics, Puya Semiconductor, and Ingenic Semiconductor.
This movement was influenced by an overnight surge in U.S. memory chip stocks, where Sandisk soared over 15%, Western Digital climbed nearly 8%, and Seagate Technology advanced over 6%. Sandisk's earnings significantly exceeded expectations. Additionally, data from the Q4 2025 financial reports of major NAND flash memory manufacturers SK Hynix and Sandisk indicated that the ASP (Average Selling Price) for NAND had increased by over 30%.
At 09:54, computing hardware stocks rebounded, with sectors like CPO and optical chips leading the charge. Robotec rose 17%, while companies like Changxin Borken, Guangku Technology, and Tianfu Communication gained over 7%. Stocks such as T&S Communications, Lante Communications, Deke Link, and Tongyu Communication advanced 6%.
At 09:43, the ChiNext Index was up 2%, with photovoltaics, computing hardware, and memory chips among the top gainers. Nearly 4,400 stocks across the Shanghai, Shenzhen, and Beijing exchanges were rising. The CPO sector saw significant gains, with Tianfu Communication rising over 10%, and both Eoptolink and InnoLight climbing over 3%.
At 09:26, the Shanghai Composite Index opened 0.7% higher, while the ChiNext Index started up 1.65%. The computing hardware industry chain rebounded, led by memory and CPO segments. Themes such as semiconductors, rare earths, lithium mining, and photovoltaics were active. The precious metals sector retreated again, while oil & gas and baijiu (liquor) stocks performed weakly.
At 09:21, the Hang Seng Index opened 0.82% higher, and the Hang Seng Tech Index started up 0.68%. NetEase, Zijin Mining Group, and Huahong Semiconductor rose over 3%; conversely, NIO and XPeng fell over 2%.
At 09:01, commodity futures opened with the Shanghai silver main contract down nearly 20%, Shanghai tin falling over 11%, and crude oil dropping over 4%. Fuel oil and platinum declined over 3%, while low-sulfur fuel oil (LU) and Shanghai nickel fell over 2%. The Europe route containerized freight index and alumina rose over 1%.
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