To The Moon

On October 26, A-shares opened lower and drifted down, with all three major indices declining in early trading. The ChiNext Index fell more than 2%, computing power hardware corrected once again, and concept stocks in circuit boards, optical modules, optical communications and copper-clad laminates dropped across the board. The "Yizhongtian" trio led the declines, while precious metals also suffered sharp losses as international spot gold further broke below the $3,980 mark. Retail, shipping and oil & gas sectors strengthened, while innovative drug and CRO concept stocks rebounded.

Hong Kong stocks also opened lower and moved down, with the Hang Seng Index and Hang Seng Tech Index falling together in early trading. The Hang Seng Tech Index dropped more than 1%, heavyweight tech names declined broadly, while NetEase (NTES) bucked the trend with a gain of over 3%. Chip stocks, optical communications and AI large-model stocks all fell across the board. In the bond market, government bond futures mostly declined. In commodities, domestic commodity futures mostly moved lower, with precious metals futures leading the declines.

Core market movements

A-shares: As of publication, the Shanghai Composite fell 0.39%, the Shenzhen Component dropped 1.09%, and the ChiNext Index declined 1.99%.

Hong Kong stocks: As of publication, the Hang Seng Index was flat, and the Hang Seng Tech Index fell 1.04%.

Bond market: Government bond futures fell across the board. As of publication, the 30-year main contract dropped 0.07%, the 10-year main contract fell 0.03%, the 5-year main contract declined 0.02%, and the 2-year main contract was unchanged.

Commodities: Domestic commodity futures mostly declined. As of publication, fuel oil rose more than 4%, asphalt gained 2%, crude oil and Shanghai tin rose 2%, while eggs, lithium carbonate, Shanghai aluminum, rubber, Shanghai copper, glass, industrial silicon and iron ore all moved higher. Rebar, polysilicon, manganese silicon, hot-rolled coil, palladium, coke, alumina, stainless steel, coking coal, wood pulp, container shipping index and platinum all fell. Shanghai gold, soybean meal, rapeseed, Shanghai nickel and Shanghai silver dropped more than 1%, while caustic soda fell more than 2%.

09:42

The optical communications sector slid steadily, with Zhongji Innolight, Eoptolink, YOFC and T&S Communications all falling more than 5%.

09:38

Precious metals concept stocks fluctuated downward, with Chifeng Gold approaching the daily limit-down. Zijin Mining, Zhaojin Gold, Shandong Gold International and China National Gold followed the decline. On the news front, spot gold lost the $3,980 per ounce level, falling 0.39% intraday.

In early trading, the PCB concept wavered and weakened, with Huazheng New Material hitting the limit-down, Aohong Electronics touching the limit-down, and Ultrasonic Electronics, Jin'an Guojii, Aoshikang and Dingtai Gaoke all falling more than 5%.

The retail concept showed active performance, with Xinhua Department Store touching the limit-up, Shanghai Jiubai posting a fourth consecutive limit-up, and Dongbai Group, Baida Group, Zhongbai Group and Yiwu Small Commodity City following the gains.

On the news front, a representative from the Consumption Promotion Department of the Ministry of Commerce recently introduced China's consumer market situation for the first three quarters of 2026. In the first three quarters, the Ministry of Commerce deeply implemented special actions to boost consumption, introduced a series of consumption promotion policies and measures, and pushed for steady expansion of the consumer market scale and continuous optimization of residents' consumption structure.

09:37

The ChiNext Index fell more than 2%.

09:35

The Hang Seng Tech Index extended its intraday decline to 1%, while the Hang Seng Biotech Index rose 1%.

09:26

A-share Brazil-themed ETFs plunged, with Brazil ETF Huaxia and Brazil ETF E Fund hitting the limit-down in call auction. Earlier, Brazilian President Lula won re-election.

09:26

The Shanghai Composite opened 0.53% lower, and the ChiNext Index fell 1.43%. Copper-clad laminate, optical communications and media sectors corrected, while liquor, shipping and gas sectors were active.

09:21

The Hang Seng Index opened 0.28% higher, and the Hang Seng Tech Index rose 0.43%. NetEase (NTES), WuXi Biologics and WuXi AppTec strengthened. Hisense Home Appliances fell more than 11%.