On January 19th, A-shares saw volatile gains in early trading, with the three major indices collectively strengthening at the open, driven by sectors like power grid equipment and precious metals. Hong Kong stocks opened lower and continued to decline, with both the Hang Seng Index and the Hang Seng Tech Index falling as technology and internet stocks adjusted, while new consumption concepts rebounded. In the bond market, government bond futures showed a divergent performance. In commodities, most futures contracts declined, with Shanghai tin dropping over 6% and lithium carbonate falling more than 4%. Key market movements:
A-shares: As of the time of writing, the Shanghai Composite Index was up %, the Shenzhen Component Index was up %, and the ChiNext Index was up %.
Hong Kong stocks: As of the time of writing, the Hang Seng Index was down 0.86%, and the Hang Seng Tech Index was down 0.74%.
Bond market: Government bond futures fluctuated and fell; as of the time of writing, the 30-year main contract was down 0.23%, the 10-year main contract was down 0.01%, the 5-year main contract was down 0.02%, and the 2-year main contract was flat.
Commodities: Most domestic commodity futures trended lower; as of the time of writing, Shanghai silver was up 2%, Shanghai gold was up 1%, while fuel oil, palladium, industrial silicon, soybean meal, rapeseed, and asphalt advanced. Pulp, polysilicon, stainless steel, alumina, Shanghai aluminum, Shanghai copper, hot-rolled coil, platinum, and ferromanganese silicon declined. Rebar, rubber, coke, eggs, caustic soda, glass, and Shanghai nickel fell over 1%; the containerized freight index and iron ore dropped more than 2%; lithium carbonate slid nearly 4%, and Shanghai nickel plunged 6%.
At 10:16, power grid equipment stocks ignited a surge towards the daily upside limit, with Shuangjie Electric hitting a 20% limit-up, and Yineng Power, Kabeiyi, Hongxiang Co., Mingyang Electric, Huazi Technology all rising over 10%. Hanlan Co., Senyuan Electric, Dalian Electric Porcelain, and China XD Electric all reached the 10% daily limit-up.
At 10:07, tourism and hotel concepts moved higher, with Jiuhua Mountain Tourism hitting the limit-up. Junting Hotel, Dalian Sunasia, BTG Hotels, Songcheng Performance, Jinjiang Hotels, and Changbai Mountain followed with gains.
On the news front, as the winter vacation and the upcoming 2026 Spring Festival holiday approach, the tourism market continues to heat up. Latest data from Spring Tour shows that, as of now, bookings for winter vacation and Spring Festival holiday trips have already surpassed the same period last year.
At 10:01, the AI application sector saw a volatile rebound in early trading, with Baina Qiancheng rising over 10%, following earlier limit-ups for Tiandi Online. Giant Interactive Group touched the limit-up, while Haitian Ruisheng, Dian Diagnostics, Jiechuang Intelligent, Keda GuoChuang, and BlueFocus Communication followed with gains.
The news catalyst was OpenAI's recent announcement that it plans to test ad placements in the free tier and Go subscription tier in the United States within the coming weeks.
At 09:54, precious metal concepts were active, with Sichuan Gold rising over 9%. Zhongjin Gold, Shanjin International, Chifeng Gold, Shengda Resources, and CHJ Group followed with gains.
This movement was driven by international gold and silver prices both hitting fresh all-time highs on the 19th. The spot price of gold in London briefly broke through $4,690 per ounce, while the spot price of silver surpassed $94 per ounce.
At 09:45, robotics concept stocks were active, with Fenglong Co. securing its 14th consecutive limit-up board. Oke Precision saw a 20% limit-up, while Kabeiyi, Huayan Jingji, and Huazi Technology rose over 10%. Wuzhou Xinchun and Orbbis gained more than 5%.
At 09:21, the Hang Seng Index opened 0.76% lower at 26,641.60 points; the Hang Seng Tech Index fell 0.77%. JD Health dropped nearly 3%, while Bilibili and Alibaba declined over 2%.
The central parity rate of the Chinese yuan against the U.S. dollar was set at 7.0051, marking its highest level in over 32 months. The rate was raised by 27 points from the previous day's fixing of 7.0078. The previous trading day's official closing price was 6.9690, and the overnight session closed at 6.9720.
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