A-shares opened lower across the board on October 12, with the three major indices declining in early trading. The Shenzhen Component Index fell 1%, the ChiNext Index briefly dropped more than 1.5% and once again lost the 3000-point mark intraday, while the Shanghai Composite Index posted a smaller decline, supported by strength in heavyweight banking stocks. Technology stocks such as AI hardware and chip semiconductors came under pressure again, with concept stocks like copper-clad laminates falling across the board. Sectors including oil and gas, non-ferrous metals, and real estate also adjusted. AI applications, cultural media, and Bank of China bucked the trend. Foxconn Industrial Internet and Luxshare Precision saw relatively large declines after the U.S. launched a Section 337 investigation.
Hong Kong stocks opened higher but pulled back, with the Hang Seng Index and Hang Seng Tech Index both narrowing gains in early trading, and the Hang Seng Tech Index turning negative. Weighted tech internet stocks diverged, with NetEase and Alibaba rising, chip stocks falling, and new energy vehicle stocks climbing, led by Leapmotor, which surged over 6%. In the bond market, treasury bond futures rose collectively. In commodities, most domestic commodity futures advanced, precious metals futures rebounded broadly, and lithium carbonate plunged 8%.
Core market movements:
A-shares: As of press time, the Shanghai Composite Index fell 0.22%, the Shenzhen Component Index dropped 0.96%, and the ChiNext Index declined 1.10%.
Hong Kong stocks: As of press time, the Hang Seng Index rose 0.51%, while the Hang Seng Tech Index fell 0.29%.
Bond market: Treasury bond futures rose across the board. As of press time, the 30-year main contract gained 0.37%, the 10-year main contract added 0.09%, the 5-year main contract rose 0.06%, and the 2-year main contract edged up 0.03%.
Commodities: Most domestic commodity futures advanced. As of press time, Shanghai silver, rubber, coking coal, and platinum rose more than 2%, while coke, Shanghai tin, the container shipping index, Shanghai gold, and Shanghai copper gained 1%. Shanghai aluminum, palladium, industrial silicon, rebar, manganese silicon, rapeseed, hot-rolled coil, iron ore, and alumina all moved higher. Fuel oil, caustic soda, stainless steel, soybean meal, and Shanghai nickel declined. Glass, wood pulp, eggs, and polysilicon fell 1%, crude oil and asphalt dropped more than 2%, and lithium carbonate plunged over 8%.
10:35
The cultural media sector staged another wave of limit-up performances, with more than ten stocks including Guomai Culture, Bona Film Group, and Shanghai Film hitting the ceiling. Xinhua Media secured a 10th consecutive limit-up on merger and acquisition positive news. Currently, divergence on the AI hardware side is notable, while the AI application side shows greater elasticity, with capital speculation very active.
10:15
Semiconductor equipment concept stocks fluctuated upward, with Jingyi Equipment rising nearly 10%, followed by Huafeng Test & Control Technology, Piotech, Torrance, and Skyverse. On the news front, reports indicated that ASML will uniformly raise prices for replacement parts supplied in South Korea by 10%. The new prices will take effect from January next year, covering all components for EUV and DUV lithography machines.
The film and media sector continued to climb intraday. Guomai Culture hit its 20cm limit-up, Jishi Media sealed back to a limit-up for a second consecutive board, while Bona Film Group, Decai Shares, Ciwen Media, and Xinhua Winshare had earlier hit limit-up. H&R Century Union, Zhangyue Technology, Huace Film & TV, and Inner Mongolia Xinhua were among the top gainers.
Hong Kong optical communication and PCB concept stocks weakened, with Cambridge Technology falling more than 10% at one point, Yangtze Optical Fibre and Cable and Zhongji Innolight dropping nearly 5%; Guanghe Technology fell over 9%, Hans CNC declined more than 5%, Victory Giant Technology dropped over 4%, and Kingboard Laminates slid more than 3%.
In early trading, PCB concept stocks fluctuated downward, with Hongchang Electronic approaching the limit-down, while Xunjiexing, Jin'an Guoji, Huazheng New Material, Xianfeng Holding, and Guanghe Technology all fell more than 5%.
10:13
The copper-clad laminate sector once again led declines in the AI camp. Hongchang Electronic hit the limit-down, while Jin'an Guoji, Huazheng New Material, and Xianfeng Holding all dropped around 8%, with Shengyi Technology and Victory Giant Technology following lower. Reports said that Ming-Chi Kuo's supply chain research showed that Nvidia's Rubin Ultra (NVL576) next-generation server backplanes are testing glass-fiber-free copper-clad laminates.
10:11
The ChiNext Index fell 1.5%, dropping below the 3000-point mark.
09:57
The banking sector once again led dividend assets higher, with Bank of China and China CITIC Bank A-shares both hitting record highs. Earlier, according to media reports, a relevant responsible person at an insurance institution stated that they would adhere to a dual-track layout logic of high-dividend blue-chip assets and technology growth sectors, using the former as a base position and the latter to pursue higher returns.
09:46
Leapmotor surged over 6%, while NIO, XPeng, and CATL each rose more than 3%, with the Hong Kong new energy vehicle sector in full swing. Earlier, the Ministry of Industry and Information Technology and other departments jointly issued a notice soliciting public opinion on further strengthening management related to automotive product innovation design and R&D testing verification.
09:26
The Shanghai Composite Index opened 0.18% lower, and the ChiNext Index fell 0.65%. Copper-clad laminate, real estate, and optical communication sectors adjusted. Foxconn Industrial Internet dropped more than 3%.
On the news front, according to Securities Times, on October 9 local time, the U.S. International Trade Commission officially launched a Section 337 investigation into patent infringement claims filed by U.S.-based Vicor Corporation, targeting vertical power delivery systems, related components, and computing systems containing such products. Companies listed in this Section 337 investigation include Luxshare Precision, Foxconn Industrial Internet, Delta Electronics, and Infineon.
Luxshare Precision and Foxconn Industrial Internet quickly responded, both stating that the investigation at this stage will not have a major adverse impact on the company's production, operations, or performance.
Luxshare Precision stated that based on a preliminary assessment, the company's relevant products involved in this investigation are mainly used in integrated power supply solutions for power modules and processors in the data center field, and are currently in the customer verification stage, not yet in mass production. Foxconn Industrial Internet stated that the relevant products involved in this Section 337 investigation are still in the internal verification and evaluation stage.
09:21
The Hang Seng Index opened 0.92% higher, and the Hang Seng Tech Index rose 1.03%. Alibaba, NetEase, Zijin Mining, WuXi AppTec, and CanSino Biologics strengthened. Luxshare Precision fell more than 3%.
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