Overnight U.S. inflation data unexpectedly came in higher, sharply boosting market bets that the Federal Reserve will keep interest rates elevated for an extended period. Combined with factors such as widening cracks in AI credit, U.S. technology and semiconductor stocks fell on Wednesday. Asia-Pacific markets opened broadly lower on Thursday, with South Korean equities suffering particularly steep losses. A-shares and Hong Kong stocks also opened lower and drifted down, with AI hardware and other sectors entering a correction phase.
On October 15, A-shares opened lower and moved downward, with all three major stock indices falling collectively in early trading. The Shenzhen Component Index and the ChiNext Index both dropped 2%. Computing hardware and chip semiconductors declined, with advanced packaging, glass substrate, and fiberglass-related concept stocks leading the losses. Memory chips, optical modules, copper-clad laminates, and circuit boards also came under pressure. Liquor and innovative drug sectors bucked the trend and stayed active.
Hong Kong stocks also opened lower, with the Hang Seng Index and Hang Seng Tech Index both declining in early trading. The Hang Seng Tech Index fell more than 2%, with heavyweight tech internet stocks broadly下滑. Optical modules, AI large model stocks, and other tech shares also dropped sharply. GigaDevice, Montage Technology, Zhongji Innolight, Zhipu, and MINIMAX led the declines. In the bond market, treasury bond futures rebounded collectively. In commodities, domestic commodity futures fell across the board, with precious metals futures posting notable declines. Core market movements:
A-shares: As of press time, the Shanghai Composite Index fell 1.40%, the Shenzhen Component Index dropped 2.00%, and the ChiNext Index declined 2.61%.
Hong Kong stocks: As of press time, the Hang Seng Index fell 0.89%, and the Hang Seng Tech Index dropped 2.11%.
Bond market: Treasury bond futures rebounded across the board. As of press time, the 30-year main contract rose 0.27%, the 10-year main contract gained 0.05%, the 5-year main contract edged up 0.01%, and the 2-year main contract also rose 0.01%.
Commodities: Domestic commodity futures fell broadly. As of press time, a few varieties such as glass and manganese silicon moved higher, while the container shipping index, fuel oil, hot-rolled coils, Shanghai gold, wood pulp, rebar, and iron ore declined. Caustic soda, Shanghai copper, Shanghai nickel, Shanghai aluminum, soybean meal, and palladium fell more than 1%. Alumina, lithium carbonate, eggs, polysilicon, industrial silicon, stainless steel, rapeseed, coke, platinum, asphalt, and rubber dropped more than 2%. Shanghai tin, coking coal, crude oil, and Shanghai silver all fell more than 3%.
10:08
Hong Kong memory concept stocks declined. CSOP Samsung Electronics Daily (2x) Leveraged Product fell more than 20%, Montage Technology dropped over 9%, and GigaDevice fell more than 6%.
The shipping sector fluctuated downward during intraday trading. China Merchants Energy Shipping approached the daily limit-down, while COSCO Shipping Energy Transportation, China Merchants Southern Petroleum, Haitong Development, and Ningbo Marine fell more than 4%.
Liquor concept stocks fluctuated higher. Huangtai Liquor hit the limit-up for the second time in three days, with Jinhui Liquor, Jinshiyuan, Yingjia Distillery, and Jinhui Liquor following the gains.
In early trading, innovative drug concept stocks rebounded. Berry Genomics hit the limit-up, with Jinshiya Pharmaceutical, Sanyuan Gene, North China Pharmaceutical, Aosaikang, and Guang Sheng Tang following the upward move.
On the news front, on October 13, the National Healthcare Security Administration convened a meeting, calling for active support of pharmaceutical science and technology innovation. The meeting proposed exploring the establishment of a pre-project approval system for medical service pricing to support more new medical technologies and products in accelerating their entry into large-scale clinical application.
09:56
The Hong Kong optical module (CPO) index fell more than 7%. Zhongji Innolight dropped over 6%, hitting a new low, while YOFC fell nearly 12%.
09:45
A-share and Hong Kong innovative drug sectors rose simultaneously, with WuXi AppTec, Asymchem, and Joinn Laboratories strengthening together. The Hang Seng Biotech Index rose more than 1%. CITIC Securities believes that AI has reshaped the underlying transformation of pharmaceutical logic and accelerated its commercialization breakthroughs.
09:40
The media sector continued to rally. Dooke Culture, Electronic Soul Network, Ciwen Media, Reader Media, and H&R Century Union all hit the limit-up.
09:39
Zhipu and MINIMAX-W both fell more than 6%. Ant Ling announced the official open-sourcing of Ling-3.1-flash, enabling teams to test model capabilities and inference efficiency within their own tasks and computing environments.
09:26
The Shanghai Composite Index opened 1.5% lower, and the ChiNext Index fell 3.13%. The AI hardware side underwent a significant correction, with copper-clad laminates, memory, and optical communications sectors leading the declines. Bank stocks were active.
09:21
The Hang Seng Index opened 0.8% lower, and the Hang Seng Tech Index fell 2.21%. AI concept stocks fell broadly, with Lenovo Group dropping more than 7% to lead the blue-chip losses.
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