Chinese stock markets saw a broad-based rally on Wednesday morning, with the robotics sector leading a powerful surge that triggered a wave of limit-up gains. Meanwhile, a widespread service outage at a major financial data platform became a trending topic online.
The three major A-share indices all rebounded. By the midday close, the Shanghai Composite Index had risen by 0.69%, the Shenzhen Component Index gained 1.39%, the ChiNext Index advanced 1.58%, and the STAR Market Composite Index increased by 0.91%.
Across the broader market, more than 3,500 stocks traded higher. The robotics sector experienced a collective surge, with numerous stocks hitting their daily upward limit. The precious metals sector also showed significant strength. Sectors such as automotive parts, aerospace equipment, and consumer electronics led the gains. In contrast, electronic chemicals, gaming, and film & cinema sectors were among the decliners.
Hong Kong's major stock indices also rose collectively. The Hang Seng Index climbed 1.7%, the Hang Seng China Enterprises Index increased by 1.86%, the Hang Seng Tech Index advanced 2.22%, and the Hang Seng Biotech Index jumped 3.56% in the morning session.
The robotics concept sector in Hong Kong performed strongly, with Estun rising over 24%, Ubtech gaining nearly 9%, and stocks like Horizon Robotics and MicroPort MedBot following the upward trend.
Robotics Sector Surges, Over 20 Stocks Hit Limit-Up
Influenced by news such as Unitree Robotics receiving approval for its listing, the A-share robotics concept sector collectively surged during the morning session. Stocks related to Unitree Robotics and reducers saw strong gains.
Kailong High-Tech recorded a 20% limit-up. The reducer concept sector rose 4% by midday. Leaderdrive surged 15.7%. Over 20 stocks, including Estun, Wolong Electric, Kedali, Zhongda Lide, Xiaxia Precision, Hangzhou Advance Gearbox, and Rifa Precision, hit their 10% daily limit-up. Stocks like Lens Technology and Lingyi Itech also posted notable gains.
On the news front, the China Securities Regulatory Commission approved Unitree Robotics' application for its initial public offering and registration to list on the STAR Market. Unitree plans to issue new shares representing no less than 10% of its total, aiming to raise approximately 4.202 billion yuan. The proceeds are intended for investment in intelligent robot model and body research and development, new intelligent robot product development, and the construction of an intelligent robot manufacturing base.
Precious Metals Sector Explodes Higher Amid Gold Price Rebound
The A-share precious metals sector staged a powerful rally in the morning, with several stocks hitting their daily limit-up.
Chifeng Gold, Western Gold, Sichuan Gold, Zhaojin Mining, and Shandong Gold Mining all recorded 10% limit-up gains. XC Technology surged nearly 13%.
Driven by cooling expectations for Federal Reserve interest rate hikes, gold prices strengthened significantly, with New York futures briefly breaking through the $4,200 per ounce level. At the time of writing, spot gold was quoted at $4,181 per ounce, up 1.44% for the day. Spot silver traded at $62.3 per ounce, with a daily gain of 2.3%.
Analysis from GF Futures pointed out that US non-farm payrolls increased by only 57,000 in June, far below expectations. The market subsequently scaled back its expectations for Fed rate hikes, leading to a pullback in the US dollar and Treasury yields, which in turn drove the rebound in precious metals.
"Hithink Royalflush Crashes" Becomes Trending Topic
During the early trading session on July 3rd, the Hithink Royalflush Information Network Co.,Ltd. app experienced a widespread service disruption, with the topic "Hithink Royalflush Crashes" quickly trending on Weibo.
A large number of users reported various issues with the app, including a blank hot list, failure to retrieve stock codes, inability to load the community section, and lagging market data pages.
Some users initially thought the problem was with their mobile network, while others commented online, questioning if heavy trading activity had overwhelmed the servers.
Hithink Royalflush Information Network Co.,Ltd. later responded, stating that services had been restored, but the specific cause of the outage was still under investigation.
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