AI application concept stocks continued to climb, following ByteDance's internal testing of its Seedance2.0 video model. The Xiao Yunque app now offers limited free access to Seedance2.0 (three free uses), with Seedance2.0fast set to launch soon.
On February 10, Chinese A-shares saw volatile gains, with the three major indices posting slight increases at the market open. AI application concept stocks extended their rise, computing hardware stocks were active in early trading, while the photovoltaic industry chain underwent adjustments. Hong Kong stocks opened higher and continued to advance, with both the Hang Seng Index and Hang Seng Tech Index rising over 1%. Technology and internet stocks staged a broad rebound, with Alibaba rising nearly 3%.
In bond markets, government bond futures traded within a narrow range. In commodities, domestic futures showed mixed performance, with metals like silver and tin futures rising, while polysilicon and industrial silicon declined. Key market movements:
A-shares: As of writing, the Shanghai Composite Index rose 0.19%, the Shenzhen Component Index gained 0.10%, and the ChiNext Index edged up 0.02%.
Hong Kong stocks: As of writing, the Hang Seng Index advanced 1.09%, while the Hang Seng Tech Index jumped 1.57%.
Bond market: Government bond futures traded sideways. As of writing, the 30-year main contract fell 0.07%, while the 10-year, 5-year, and 2-year main contracts remained flat.
Commodities: Domestic commodity futures were mixed. As of writing, containerized freight index and polysilicon fell over 1%, while coking coal, industrial silicon, coke, hot-rolled coil, soybean meal, silicon manganese, rebar, pulp, palladium, and alumina declined. Stainless steel, asphalt, iron ore, rapeseed, eggs, nickel, glass, copper, lithium carbonate, gold, and platinum rose. Rubber and fuel oil gained over 1%, caustic soda surged over 2%, while tin and silver futures jumped 4%.
10:26 The rally in AI application stocks expanded, with Dook Media Group hitting the 20% daily limit-up. Jie Cheng Shares, Rongxin Culture, Fengyuzhu, People.cn, and Zhangyue Technology were among over ten stocks that reached the limit-up.
09:55 The offshore yuan strengthened past the 6.91 level against the U.S. dollar for the first time since May 2023, currently quoted at 6.9094, up 57 points for the day.
09:46 Computing chip concepts strengthened in early trading, with VeriSilicon Microelectronics rising over 10% to a record high. Hygon Information, Cambricon Technologies, CloudMinds, Moore Thread, and Montage Technology also advanced.
On the news front, on February 6, the Ministry of Industry and Information Technology issued a notice on organizing the construction of national computing power interconnection nodes. The document emphasized building interconnection nodes for national hub nodes, key strategic regions, and major industries to establish a computing power interconnection system, improve the efficiency and service level of public computing resources, and promote high-quality development of computing power.
09:31 Seedance-related concepts remained strong in early trading, with Rongxin Culture, Huanrui Century, and Zhangyue Technology hitting their second consecutive limit-up. Chinese Online and Jie Cheng Shares opened over 10% higher.
Recent developments include ByteDance conducting internal tests of its Seedance2.0 video model. The Xiao Yunque app now provides limited free access to Seedance2.2 (three free uses), with Seedance2.0fast scheduled for launch soon. Seedance2.0 can generate single video clips lasting 5 to 15 seconds and, combined with a self-developed shot workflow, produce videos featuring multi-angle shots, character dialogue, and subtitles.
09:26 The Shanghai Composite Index opened 0.11% higher, while the ChiNext Index fell 0.33%. Three new stocks debuted today, with N Dianke opening up 750%, while N Aide and N Linping rose over 225% and 66% respectively.
09:21 The Hang Seng Index opened 0.65% higher at 27,202.96 points; the Hang Seng Tech Index gained 0.82%. Zijin Mining Group rose 2.9%, Pop Mart and NetEase advanced over 2%, while SMIC, JD.com, Alibaba, and others gained over 1%.
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