On August 12, mainland China's stock market opened with broad gains, as all three major indices rose from the start. The ChiNext Board briefly climbed over 1%, driven by a rebound in computing hardware, with strength in optical chips and optical modules. Semiconductor equipment also advanced, while industrial metals saw a significant rally, led by a collective rise in aluminum-related stocks. Oil and gas, along with electric utilities, experienced pullbacks.
Hong Kong stocks opened lower and extended losses, with the Hang Seng Index and the Hang Seng Tech Index both falling nearly 1%. Internet stocks broadly declined, with Tencent Music Entertainment Group dropping over 13%, while Xiaomi Corp, JD.com Inc, and Alibaba Group Holding Ltd fell more than 2%. Memory chip stocks rebounded, with Hua Hong Semiconductor Ltd and GigaDevice Semiconductor Inc moving higher. AI large model stocks, including Zhipu AI and MiniMax, rallied. In the bond market, government bond futures generally fell. Commodity markets saw most domestic futures contracts rise. Core market movements are as follows:
Mainland China Markets: As of the latest update, the Shanghai Composite Index rose 0.11%, the Shenzhen Component Index gained 0.69%, and the ChiNext Board advanced 0.87%.
Hong Kong Markets: As of the latest update, the Hang Seng Index fell 0.94%, and the Hang Seng Tech Index declined 0.93%.
Bond Market: Government bond futures were broadly lower, with the 30-year futures contract falling 0.09%, the 10-year contract down 0.01%, the 5-year contract dropping 0.02%, and the 2-year contract flat.
Commodities: Domestic commodity futures mostly rose, with fuel oil surging over 3%, lithium carbonate and coking coal up more than 2%, and asphalt, polysilicon, coke, and aluminum gaining over 1%. Manganese silicon, rubber, caustic soda, tin, alumina, crude oil, the containerized freight index, gold, silver, iron ore, hot-rolled coils, industrial silicon, rebar, stainless steel, and copper all advanced. A few commodities fell, including platinum, soybean meal, nickel, paper pulp, palladium, eggs, and glass.
At 09:52: Semiconductor equipment concepts strengthened, with Zhizhuo Technology hitting the daily limit up, Advanced Micro-Fabrication Equipment Inc China (AMEC) rising over 8%, and Naike Equipment, Zhongke Feice, AMEC, and Saiteng Co Ltd following gains.
At 09:47: The ChiNext Board pushed higher, gaining over 1%. Semiconductor chips, computing hardware, and pharmaceutical and biotech stocks led the gains, with nearly 3,000 stocks rising across the Shanghai, Shenzhen, and Beijing exchanges.
At 09:39: Tencent Music Entertainment Group fell over 13%. According to its latest financial report, the company's first-half total revenue was 16.83 billion yuan, up 6.5% year-over-year, while profit for the period was 4.69 billion yuan, down 31.6% year-over-year.
At 09:35: The innovative drug concept continued its strong momentum, with Baihua Pharmaceutical Co Ltd hitting a seventh consecutive daily limit up, Wanbang Biopharmaceuticals rising over 10%, and Yuhuan Pharmaceutical, Harbin Pharmaceutical Group, Medicilon Inc, and Baicheng Pharmaceutical following.
At 09:32: The industrial mother machine concept remained active in early trading, with East China CNC hitting a third consecutive daily limit up, Shenyang Machine Tool Co Ltd rising to its limit, and Eastern Communications, Raycus Fiber Laser, Cod CNC, and Dazu CNC following.
At 09:26: The Shanghai Composite Index opened 0.01% lower, while the ChiNext Board fell 0.2%. CRO, industrial metals, space-based solar power, humanoid robots, commercial aerospace, and 6G concept stocks weakened. Memory, lab-grown diamonds, and computing power leasing themes were active.
At 09:21: The Hang Seng Index opened 0.6% lower, and the Hang Seng Tech Index fell 0.8%. Tencent Music Entertainment Group dropped over 11%, falling 11.4% after its earnings report. Lenovo Group Ltd fell 2%, while Alibaba Group Holding Ltd and JD.com Inc declined more than 1%.
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