On July 23rd, China's A-share market experienced volatile gains, with major indices showing mixed performance.
The Shanghai Composite Index hovered near its opening level in early trading, while the Shenzhen Component Index and the ChiNext Index briefly surged over 1% at the start of the session.
Early market activity was led by strength in computing hardware stocks, with sectors like copper-clad laminates and optical modules showing gains.
Concepts such as lab-grown diamonds, glass fiber, and superhard materials also saw upward movement, while lithium mining and industrial metals posted significant rallies.
In contrast, the chip and semiconductor sector faced renewed pressure, with semiconductor wafers and equipment among the biggest decliners.
Hong Kong's market opened higher and extended gains in early trading, with both the Hang Seng Index and the Hang Seng Tech Index rising at the open, the former gaining nearly 1%.
Most technology and internet stocks rebounded, with gains seen in names like Tencent, Alibaba, Kuaishou, and Baidu, while chip stocks remained under pressure, with Hua Hong Semiconductor falling 6%.
AI large model stocks continued their upward trend, with MINIMAX and Zhipu AI moving higher.
In the bond market, treasury futures mostly declined.
Commodity futures in China were broadly higher.
Key Market Movements as of Press Time:
A-Shares: At the time of writing, the Shanghai Composite Index was at %, the Shenzhen Component Index at %, and the ChiNext Index at %.
Hong Kong Shares: At the time of writing, the Hang Seng Index was up 0.73%, and the Hang Seng Tech Index was up 0.27%.
Bond Market: Treasury futures were down across the board. At the time of writing, the 30-year main contract was up 0.16%, while the 10-year main contract was at %, the 5-year at %, and the 2-year at %.
Commodities: Domestic commodity futures were mostly higher. At the time of writing, crude oil and lithium carbonate had surged over 3%, with fuel oil, soybean meal, iron ore, coking coal, Shanghai nickel, Shanghai silver, polysilicon, pulp, asphalt, stainless steel, and others also posting gains.
10:01 Update:
The STAR 50 Index fell intraday by 2%. Among its constituents, Hua Hong Semiconductor dropped 7.8%, Piotech fell 5.8%, Skyverse Technology declined 4.2%, and GalaxyCore slipped 4.1%.
09:54 Update:
Both the Shenzhen Component Index and the ChiNext Index rose more than 1%.
09:47 Update:
The innovative drug concept saw a volatile rally, with Hanshin Pharmaceutical hitting its second consecutive limit-up, Frontier Biotech rising over 10%, and Joinn Biologics, Chengdu Pioneer, Hotgen Biotech, and Medicilon following with gains.
This movement followed recent remarks from the Ministry of Industry and Information Technology at a State Council press conference, indicating that 38 innovative drugs were approved for market in the first half of the year, 31 of which were domestically developed, accounting for over 80% of the total.
09:41 Update:
The liquid cooling server concept surged rapidly, with Feilong Auto Parts hitting the limit-up, Moon Environment Technology touching the limit-up, and Dayuan Pump, Envicool, Jialong, Chuanzhong Technology, and Tenglong Auto Parts following with gains.
09:38 Update:
The MLCC (Multi-Layer Ceramic Capacitor) concept rebounded in volatile early trading, with Fenghua Advanced Technology and Torch Electron hitting the limit-up, Junzheng Technology rising over 16%, and Lihexing, Sanhuan Group, Boqian New Materials, and Guoci Materials following with gains.
Market feedback from research indicates the current MLCC supply-demand dynamic is tight, with major producers operating at full capacity and ex-factory prices showing no signs of easing.
Upstream material suppliers, acting as "shovel sellers," report robust order books, with one company stating that clients have already secured capacity for a production line expansion four times its current scale, ensuring strong sales for the coming years.
09:36 Update:
The ChiNext Index rose over 1%, led by gains in the oil & gas and computing hardware sectors. Nearly 2,800 stocks across the Shanghai, Shenzhen, and Beijing exchanges were in positive territory.
09:34 Update:
The power sector showed early activity, with Lixin Energy hitting its sixth consecutive limit-up, Xinneng Shares and Xinzhong Port hitting their second consecutive limit-ups, and Shimao Energy, Huadian Liaoneng, China Power, and Changyuan Electric Power surging higher.
This follows data showing that in July, power loads in multiple regional grids have repeatedly hit record highs, with Jiangsu's grid reaching a peak load of 157.59 million kilowatts and Zhejiang reaching 133 million kilowatts. The national peak load reached 1.551 billion kilowatts.
The National Development and Reform Commission forecasts the national peak electricity load this summer will reach 1.6 billion kilowatts, an increase of 90 million kilowatts year-on-year.
In the first half of the year, electricity consumption for battery charging and swapping services surged 56.9% year-on-year, while consumption for internet data services grew 44.0%.
09:26 Update:
The Shanghai Composite Index opened 0.03% higher, while the ChiNext Index opened up 0.84%. Sectors like OCS, CPO, and copper-clad laminates performed strongly, and the energy equipment sector gained. Pharmaceutical and coal sectors were among the early decliners.
09:21 Update:
The Hang Seng Index opened 0.3% higher, and the Hang Seng Tech Index opened up 0.2%. Financial stocks led the gains in early trading, while the large AI model concept stocks showed strength, with Zhipu AI rising nearly 3%.
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