The A-share market strengthened in early trading, with the ChiNext Index rising over 1% intraday. Leading gainers included battery, lithium mining, lithography machine, and insurance sectors, while commercial aerospace, real estate, education, and tourism lagged.
As of midday on December 23, the Shanghai Composite Index rose 0.34%, the Shenzhen Component Index gained 0.65%, and the ChiNext Index climbed 0.78%. Market breadth was weak, with over 3,300 stocks declining across Shanghai, Shenzhen, and Beijing exchanges. Turnover reached 1.25 trillion yuan in the morning session.
Key movers: - Lithography machine stocks rallied, with Tongfei and Guofeng New Materials hitting limit-up. - Hainan-related stocks extended gains, with Hainan Haiqi Transportation Group and Hainan Ruize New Building Material securing their third consecutive limit-up. - Commercial aerospace stocks retreated after an early surge, with Shunho Holdings plunging by the daily limit and Jiuzhiyang dropping over 10%.
Year-to-date A-share turnover surpassed 405 trillion yuan as of December 22, marking the first time annual turnover exceeded 400 trillion yuan in history. The average turnover ratio for 2025 stands at 1.74%, potentially the highest since 2016.
**Major Indices at Midday:** - Shanghai Composite: 3,930.87 (+0.34%) - Shenzhen Component: 13,419.60 (+0.65%) - ChiNext: 3,217.02 (+0.78%) - CSI 300: 4,635.13 (+0.51%) - STAR 50: 1,342.37 (+0.53%) - CSI 500: 7,285.43 (+0.41%) - CSI 1000: 7,427.70 (+0.26%)
**Hong Kong Market:** The Hang Seng Index edged up 0.18%, while the Hang Seng Tech Index fell 0.42%. Wind power stocks led gains amid strong installation demand, and building materials firms remained active. Gold and non-ferrous metal stocks extended rallies, while mobile gaming, Apple suppliers, and EV makers mostly declined. EasyHealth surged over 145% on its debut.
**Commodities & Bonds:** - Domestic platinum futures surged 10%, palladium jumped 5.99%, Shanghai gold rose 2.44%, and silver hit a record high with a 3.21% gain. Nickel, lithium carbonate, and fuel oil also advanced. - Overnight, COMEX gold rose 2.13% to $4,480.60/oz and silver gained 2.37% to $69.09/oz, supported by cooling U.S. inflation and geopolitical risks. - Treasury futures rose across the board, with the 30-year contract up 0.64%.
**Sector Highlights:**
- Quantum computing stocks opened strong after University of Science and Technology of China reported breakthroughs in error correction.
- Hainan Free Trade Zone stocks continued their rally, with multiple constituents hitting limit-up.
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**Forex & Global Markets:** - The yuan strengthened to 7.0523 against the dollar. - U.S. stocks closed higher overnight, with Tesla and Micron hitting record highs.
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