The A-share market saw mixed and volatile trading on July 1st. The Shanghai Composite Index edged higher at the open, reclaiming the 4,100-point level, while the ChiNext board faced overall pressure, briefly falling 1%. The STAR 50 Index continued its upward momentum, gaining over 1%. The semiconductor industry chain surged, with sectors like semiconductor materials and silicon wafers leading gains. Brokerages, petrochemicals, and real estate were also active. Conversely, the photovoltaic industry chain collectively adjusted, with photovoltaic inverters and energy storage stocks falling sharply. Sungrow Power Supply Co.,Ltd. briefly hit the daily limit-down.
In the bond market, treasury futures declined across the board. In commodities, domestic futures were broadly lower. Key market movements as of press time:
A-shares: The Shanghai Composite Index rose 0.37%, the Shenzhen Component Index gained 0.31%, and the ChiNext Index fell 0.27%.
Hong Kong Stocks: The Hong Kong market was closed for a holiday.
Bond Market: Treasury futures were down across all maturities. The 30-year main contract fell 0.14%, the 10-year contract dropped 0.07%, the 5-year contract declined 0.04%, and the 2-year contract edged down 0.01%.
Commodities: Domestic commodity futures were mostly lower. Lithium carbonate bucked the trend, rising nearly 4%. A few other gainers included asphalt, eggs, polysilicon, Shanghai tin, rubber, and pulp. Decliners were widespread, including the containerized freight index, stainless steel, soybean meal, hot-rolled coil, ferromanganese silicon, Shanghai gold, industrial silicon, and Shanghai nickel. Glass, caustic soda, iron ore, palladium, Shanghai aluminum, rapeseed, coking coal, and coke all fell more than 1%.
Key Intraday Moves
10:21 - Memory chip concepts maintained strength. Yingxin Development hit its third limit-up in four days. Earlier leaders, Lingxian Co. and Shikong Technology, also reached limit-up. Puya Semiconductor and Ingenic Semiconductor rose over 10%. Jiangbolong, Shannon Core Creation, and Biwin Storage followed higher.
On the news front, a JPMorgan research report indicated the current memory super-cycle will be "higher and longer," projecting the global memory TAM to surge from $214 billion in 2025 to $1.68 trillion by 2028, with DRAM revenue expected to reach $1.23 trillion in 2028. The report also noted that CPUs have become a core catalyst for the new round of memory price increases.
10:11 - Brokerage stocks surged in a straight line. Huaan Securities hit limit-up, Tianfeng Securities gained over 8%, and Changjiang Securities rose more than 6%.
10:08 - The semiconductor materials index jumped sharply. Jinhong Gas, Orient Zirconium, Haohua Chemical Technology, and Do-Fluoride New Materials reached limit-up. Grikin Advanced Materials and Kaide Quartz rose over 10%.
09:52 - The humanoid robot concept remained active. Topstar rose over 16%, Meili Technology gained more than 10%. Founder Motor, Runergy Technology, Julong Intelligent Equipment, and Wuzhou Xinchun followed suit.
Catalysts included further clarity on Tesla's Optimus Gen 3 mass production signals, with the Fremont, California factory line reportedly revamped and V3 production set to officially launch between July and August. Over ten Chinese suppliers have reportedly entered the supply chain. Additionally, at Ubtech's 2026 global launch event, Chairman and CEO Zhou Jian stated that orders for the ultra-bionic humanoid robot "U-World U1" series had exceeded 10,000 units across all channels.
09:42 - Memory chip concepts rose rapidly. Shikong Technology hit limit-up, reaching a record high. Goldsun Sci & Tech surged over 10%. Shannon Core Creation, Netac Technology, Ingenic Semiconductor, Puya Semiconductor, and Biwin Storage followed higher.
09:36 - Energy storage concepts declined early in the session, led lower by the inverter segment. Sungrow Power Supply Co.,Ltd. fell over 15%. Chint Power Systems, Ginlong Technologies, GoodWe Technologies, and Deye Technology also dropped.
Reports citing five sources indicated the previous U.S. administration is drafting a ban on imports of foreign-made inverters, citing unfounded concerns that China could potentially use them to disrupt power supplies. Inverters are critical components in energy facilities, converting electricity from solar panels or batteries for household use and allowing remote access for updates and maintenance. According to the sources, restrictions being drafted by the relevant U.S. agency would apply to new foreign inverter models and could be issued as early as this year.
09:26 - The Shanghai Composite Index opened 0.09% lower, and the ChiNext Index fell 0.15%. Photovoltaics, CRO, generic drugs, AI applications, and CPO concepts weakened. Fluorochemicals, lithium mining, glass fiber, humanoid robots, online gaming, and vehicle-road-cloud concepts strengthened.
Comments