Shares of memory chip and semiconductor companies in both the A-share and Hong Kong markets have surged once again, driving continuous gains in the ChiNext and STAR 50 indices. A previous article noted that Apple is reportedly lobbying the US government to secure approval to purchase memory chips from ChangXin Memory Technologies. Analyst Ming-Chi Kuo pointed out that the real driver is not cost reduction but the forecast that the global memory supply gap will continue to widen by 2027.
On June 29, the A-share market opened lower but then fluctuated higher. The three major indices rose collectively at the start of trading, with the ChiNext Index gaining over 1% and the STAR 50 Index surging more than 3%. The semiconductor sector experienced a major breakout, with semiconductor wafers, materials, and equipment all soaring. Brokerages and chemical sectors were also active, while shipping and port sectors adjusted.
The Hong Kong market opened higher and continued its upward trajectory. The Hang Seng Tech Index rapidly expanded its gains at the opening, now up over 2%. Major weighted technology and internet stocks collectively rebounded, with Meituan, Alibaba, and JD.com all moving higher. Semiconductor stocks also rose sharply, led by Huahong Grace and GigaDevice. In the bond market, treasury futures rose across the board. In commodities, most domestic commodity futures traded higher. Key market movements are as follows:
A-Shares: At the time of writing, the Shanghai Composite Index was down 0.32%, the Shenzhen Component Index was down 0.26%, and the ChiNext Index was down 0.24%.
Hong Kong Shares: At the time of writing, the Hang Seng Index was up 0.77%, and the Hang Seng Tech Index was up 2.45%.
Bond Market: Treasury futures were all up. At the time of writing, the 30-year main contract was up 0.25%, the 10-year main contract was up 0.12%, the 5-year main contract was up 0.07%, and the 2-year main contract was up 0.02%.
Commodities: Domestic commodity futures were mostly higher. At the time of writing, coking coal, palladium, and platinum were up over 2%. Shanghai silver, coke, and Shanghai gold were up around 1%. Shanghai tin, asphalt, rapeseed, Shanghai copper, iron ore, Shanghai aluminum, fuel oil, containerized freight index, alumina, Shanghai nickel, glass, polysilicon, silicon manganese, stainless steel, soybean meal, and hot-rolled coil were among the gainers. Pulp, lithium carbonate, rubber, and eggs declined, while crude oil and caustic soda fell over 1%.
Market Moves in Detail
At 09:45, the glass substrate concept saw repeated strength, with Rainbow Display and Kaisheng Technology hitting the limit-up, following earlier gains by Kibing Group. Doyle Laser, Dragon Semiconductor, WFFT, and Leyard Optoelectronic also rose.
At 09:43, the memory chip concept remained active, with Shikong Technology hitting a limit-up and a new historical high. GigaDevice, Dagang Shares, Ingenic Semiconductor, and Puya Semiconductor followed suit.
On the news front, a senior semiconductor analyst at Bank of America Securities stated that the memory industry is undergoing a fundamental structural shift driven by AI. Micron Technology's latest quarterly results indicate that the production capacity required to manufacture AI-optimized memory chips is three to four times that needed for traditional computing products.
At 09:39, the CPO (Co-Packaged Optics) concept rebounded during morning trading, with Huagong Tech hitting a limit-up. Accelink, Lianxun Instruments, Cambridge Technology, and Hua Mao Technology also rose.
On the news front, the Ministry of Industry and Information Technology officially released the "White Paper on the Development of High-Speed Optical Module Industry." Additionally, a CCTV Finance report noted that products related to computing power have accelerated their overseas expansion this year. In Wuhan, optical module production lines are also operating 24/7. With the acceleration of global computing infrastructure construction, exports of 800G and above optical modules from this enterprise have increased over 100-fold year-on-year.
At 09:35, the MLCC (Multi-Layer Ceramic Capacitor) concept showed repeated activity, with Jie Mei Technology hitting a limit-up and a new historical high. Sanhuan Group and Sunlord Electronics rose nearly 10%. Torch Electron, Sinocera, Lihexing, and Fenghua Advanced Technology were among the top gainers.
At 09:35, the STAR Composite Index rose over 1%, and the semiconductor index surged again. Galaxycore rose by the 20% daily limit, Western Superconducting gained over 18%, and YSILICON among others rose over 10%.
At 09:31, the Hang Seng Tech Index expanded its intraday gain to 2%.
At 09:26, the Shanghai Composite Index opened 0.01% lower, while the ChiNext Index opened 0.15% higher. Lithium mining, high-speed copper connection, humanoid robots, CPO, AI computing, and photovoltaic concept stocks weakened. Semiconductor wafer, advanced packaging, memory, nuclear fusion, and glass substrate concept stocks strengthened.
At 09:21, the Hang Seng Index opened 0.69% higher, and the Hang Seng Tech Index opened 1.6% higher. Horizon Robotics rose over 5%. NetEase, Trip.com Group, and Baidu rose over 4%. Meituan and JD.com rose over 3%.
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