On July 9th, A-shares opened higher before retreating, with gains across the three major indices narrowing. The ChiNext Index, which had risen nearly 2% at the open, was up 0.4%, while the Shanghai Composite Index was close to turning negative. Sectors like oil & gas exploration and innovative drugs saw significant gains, and AI application stocks rebounded. Concepts like rare earth permanent magnets, lithium mining, and lab-grown diamonds were in adjustment.
Hong Kong stocks advanced again in the early session, with both the Hang Seng Index and the Hang Seng Tech Index rising, the latter up nearly 1%. AI large model stocks continued their strong rally, with Knowledge Atlas surging as much as 20% at one point. Technology and internet stocks were mixed, with Alibaba extending gains over 4%, while Baidu and JD.com retreated. Chip stocks were active, while new consumption concept stocks collectively fell sharply.
In the bond market, treasury futures fell across the board. In commodities, most domestic commodity futures declined. Key market movements:
A-Shares: At the time of writing, the Shanghai Composite Index was up 0.06%, the Shenzhen Component Index up 0.16%, and the ChiNext Index up 0.44%.
Hong Kong Stocks: At the time of writing, the Hang Seng Index was up 0.19%, and the Hang Seng Tech Index was up 0.82%.
Bond Market: Treasury futures fell across the board. At the time of writing, the 30-year main contract was down 0.06%, the 10-year main contract down 0.03%, the 5-year main contract down 0.03%, and the 2-year main contract down 0.01%.
Commodities: Most domestic commodity futures were lower. At the time of writing, crude oil and fuel oil continued to surge over 4%. Caustic soda, coke, coking coal, iron ore, soybean meal, alumina, Shanghai nickel, hot-rolled coil, and rebar were among the gainers. Rapeseed, pulp, asphalt, silicon manganese, Shanghai aluminum, rubber, Shanghai copper, and glass were among the decliners. Shanghai tin, industrial silicon, stainless steel, polysilicon, and Shanghai gold fell over 1%. Platinum, palladium, lithium carbonate, and Shanghai silver dropped at least 2%.
10:01 Update
The ChiNext Index turned negative, having earlier risen nearly 1.8%. Sectors like lithium batteries, rare earth permanent magnets, and lab-grown diamonds led the declines. Nearly 3,000 stocks across the Shanghai, Shenzhen, and Beijing markets were falling.
09:48 Update
The innovative drug concept rebounded intraday, with Chengdu Pioneer surging over 10%. Asymchem, InventisBio, Shiyao Innovation, Kelun Pharmaceutical, and Zhaoyan New Drug followed with gains.
The news backdrop shows recent intensive policy support for the pharmaceutical industry: a notice on priority review for active pharmaceutical ingredients has been issued, shortening the application cycle; the preliminary review pass rate for the 2026 national medical insurance and commercial insurance catalogs reached 92%, and a pre-application mechanism for innovative drugs shortens the commercialization cycle; the 12th batch of the national centralized drug procurement explicitly exempts innovative drugs.
09:47 Update
The lithium mining concept weakened again, with Rongjie Shares falling by the daily limit for a second consecutive session. Tianhua New Energy dropped over 11%. Tianqi Lithium, Chengtun Mining Group, Jiangte Motor, and Ganfeng Lithium all declined. On the news front, battery-grade lithium carbonate has retreated from its May high of 200,000 yuan per ton to around 165,000 yuan.
In the early session, the AI application segment saw a sudden surge. Huanrui Century hit its third daily limit in six sessions. Haitian Ruisheng, Huakai Yibai, Fushi Holdings, Saiyi Information, and Chinese Online followed with gains.
The semiconductor wafer concept strengthened, with Shenggong Shares and Youyan Silicon both rising over 12%. Shanghai Sinyang Silicon Materials, Li-On Microelectronics, Xi'an Yicai, and TCL Zhonghuan followed suit.
On the news front, Shenggong Shares announced plans to invest in three projects: the R&D of new silicon component products and supporting silicon material capacity expansion; the R&D and industrialization of key materials for integrated circuit manufacturing; and the R&D and industrialization of new silicon materials for packaging and micro-nano photoelectronics. The total investment is approximately 1.13 billion yuan.
09:42 Update
Knowledge Atlas surged over 20%, while MINIMAX rose more than 5%.
On the news front, reports note that on July 8th, approximately 256.8 million cornerstone investor lock-up shares of Knowledge Atlas were officially released from restrictions, representing a market value of over 40 billion Hong Kong dollars. Facing massive selling pressure, the stock price rose instead of falling, surging nearly 19% intraday and closing up over 13%, lifting its total market capitalization to 813.7 billion Hong Kong dollars.
Capitalizing on this strong performance, Knowledge Atlas promptly advanced a share placement plan, proposing to place 19.8 million H-shares at a price between 1,588 and 1,698 Hong Kong dollars per share, representing a discount of approximately 7% to 13% to the previous day's closing price, aiming to raise about 31.44 billion to 33.62 billion Hong Kong dollars.
The company disclosed that the proceeds will be used for three purposes: first, for R&D investment, including talent cultivation, computing resource deployment, and related technical service procurement; second, to accelerate business expansion and advance strategic investments and mergers & acquisitions; and third, to optimize capital structure and working capital management.
09:26 Update
The Shanghai Composite Index opened 0.17% higher, while the ChiNext Index opened up 1.22%. The semiconductor industry chain led gains, with HBM, memory, and automotive chip sectors at the forefront. Oil & gas stocks were active. Precious metals and pharmaceuticals led the declines, while lab-grown diamonds and lithium mining continued their weakness.
09:21 Update
The Hang Seng Index opened down 0.07%, while the Hang Seng Tech Index opened up 0.29%. Gold stocks and insurance stocks led the declines. Technology and internet stocks extended yesterday's gains, with Alibaba rising over 2% to lead blue-chip advancers.
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