Computing hardware and semiconductor stocks experienced a significant rally, with concepts like memory chips and GPUs leading a broad-based advance. This surge propelled the ChiNext Index up by 2% and sent the STAR 50 Index soaring 3%, breaking through the 2,000-point level for the first time. On the news front, a report highlighted that memory chip leader Micron Technology delivered explosive earnings, with revenue more than tripling and net profit surging nearly 14-fold, indicating tight AI memory supply is expected to persist beyond 2027.
On June 25th, the A-share market showed a mixed performance with significant divergence. The three major indices initially rose collectively in the early session, but the Shanghai Composite Index later turned negative. The ChiNext Index gained 1%, having earlier touched a 2% increase, while the STAR 50 Index continued its strong run with a rise exceeding 3%. The semiconductor and computing hardware sectors saw a collective breakout, with memory chips, GPUs, HBM, and ASIC chips all posting substantial gains. In contrast, the non-ferrous metals sector suffered another heavy setback, and sectors like pharmaceuticals, coal, and shipping underwent adjustments.
The Hong Kong stock market opened lower and extended its losses, with both the Hang Seng Index and the Hang Seng Tech Index falling over 1%. Technology and internet stocks declined broadly, while chip stocks bucked the trend with notable gains, led by GigaDevice and Huahong Grace. In the bond market, treasury futures rebounded across the board. In commodities, most domestic futures prices fell, with metal futures experiencing sharp declines. This followed renewed selling pressure in international gold and silver, pushing the gold price below the $4,000 per ounce threshold. Key market movements are as follows:
A-Shares
As of the latest update, the Shanghai Composite Index is up 0.02%, the Shenzhen Component Index has risen 1.25%, and the ChiNext Index has gained 1.59%.
Hong Kong Shares
As of the latest update, the Hang Seng Index is down 1.25%, and the Hang Seng Tech Index has fallen 1.36%.
Bond Market
Treasury futures have rebounded across all contracts. As of the latest update, the 30-year main contract is up 0.49%, the 10-year main contract has risen 0.12%, the 5-year main contract is up 0.08%, and the 2-year main contract has gained 0.02%.
Commodities
Most domestic commodity futures are trading lower. As of the latest update, a few varieties like glass, coke, caustic soda, iron ore, polysilicon, coking coal, rebar, and hot-rolled coil are higher. Conversely, lithium carbonate, rapeseed, industrial silicon, soybean meal, eggs, and stainless steel are declining. Pulp, alumina, Shanghai nickel, and Shanghai copper have fallen over 1%. Shanghai tin, Shanghai aluminum, and Shanghai gold are down 2%. Fuel oil, the containerized freight index, and palladium have dropped 3%. Asphalt, platinum, and rubber have declined 4%. Crude oil is down 5%, and Shanghai silver has plunged nearly 7%.
Intraday Market Updates
At 09:49, the ChiNext Index rose 2%. Ingersoll Rand surged over 10%, Jiangbolong gained nearly 10%, and Lens Technology advanced over 8%.
At 09:41, the ChiNext Index increased over 1%. The STAR 50 Index climbed over 1%, breaking the 2,000-point mark for the first time, bringing its year-to-date gain to nearly 50%.
At 09:26, the Shanghai Composite Index opened 0.18% lower, while the ChiNext Index opened 0.63% higher. The semiconductor industry chain continued its strength, led by memory and advanced packaging segments. AI phone, glass substrate, and lithography machine indices were active. Gold, lithium batteries, SPD, rare earths, fintech, and AI application themes showed weakness.
At 09:21, the Hang Seng Index opened 0.1% lower, and the Hang Seng Tech Index opened 0.41% higher. Zhipu AI rose nearly 7%, Sunny Optical Technology gained over 5%, Lenovo Group advanced nearly 5%, MINIMAX increased over 4%, while Bilibili and SMIC both rose over 3%.
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