Chinese A-shares opened higher and extended gains, with the Shenzhen Component Index and ChiNext Index both rising over 2%. Sectors such as computing hardware, AI applications, commercial aerospace, and quantum technology led the rally, while aquaculture, shipbuilding, and aviation underperformed. The Hang Seng Tech Index climbed 1.15%, with Xiaomi Group surging 4.6%. Commodities were mixed, with Shanghai silver futures up over 2%, while bond markets declined across the board.
On November 25, A-shares opened strong and maintained momentum by midday. The Shanghai Composite Index rose 1.13%, the Shenzhen Component Index gained 2.04%, and the ChiNext Index jumped 2.6%. Over 4,800 stocks advanced in the Shanghai, Shenzhen, and Beijing markets, with half-day turnover reaching 1.18 trillion yuan. Computing hardware stocks surged, with companies like Decent and Guangku Technology hitting limit-up. AI application concepts strengthened further, with Shi Da Group securing four consecutive limit-ups and Rongji Software rising six times in seven sessions. Anti-flu stocks were active, with Guangji Pharma logging two limit-ups and Teva Pharma and Beida Pharma also hitting ceilings. Commercial aerospace stocks rallied, with Aerospace Hongyu and Shanghai Port among the gainers. In contrast, aquaculture stocks retreated, with China Fisheries and Zhangzidao touching跌停.
Key index performances: - Shanghai Composite: 3,880.22 (+1.13%) - Shenzhen Component: 12,841.60 (+2.04%) - ChiNext: 3,005.23 (+2.60%) - CSI 300: 4,504.16 (+1.26%) - STAR 50: 1,314.21 (+1.36%) - CSI 500: 6,999.07 (+1.89%) - CSI 1000: 7,293.96 (+1.92%)
Market catalysts included China’s first dedicated large-scale photonic quantum computing facility launching in Shenzhen’s Nanshan district. Reports suggest Meta Platforms is considering a multi-billion-dollar purchase of Alphabet’s TPUs for data center expansion. Alphabet has reportedly visited leading PCB manufacturers like Shenghong Tech to explore AI chip-related procurement. Investors are increasingly favoring the "Google Chain" for its attractive risk-reward profile.
Hong Kong stocks also opened higher, with the Hang Seng Index up 0.61% to 25,873.27 and the Hang Seng Tech Index rising 1.15% to 5,609.21. Tech stocks followed overnight gains in U.S.-listed Chinese equities, with Xiaomi up nearly 3% after CEO Lei Jun increased his stake by over HK$100 million. Baidu Group advanced nearly 4%, while precious metals rebounded, lifting Zijin Mining by 3%. Ubtech opened 2% lower.
Commodities were mostly higher by midday, with Shanghai silver futures up 3.36% and coking coal gaining 1.51%, while the Europe container shipping index fell 3.44%. Bonds declined, with the 30-year futures contract down 0.16% and the 10-year contract off 0.08%.
Notable intraday moves: - 10:37: Shanghai Composite surpassed 1% for the first time this month; ChiNext reclaimed 3,000, up over 3%. AI hardware sectors like CPO and CCL surged, with nearly 5,000 stocks advancing. - 9:54: ChiNext extended gains to 2%, while computing hardware and quantum tech led over 4,600 advancing stocks. - 9:35: Computing hardware stocks rallied, with Tefa Information notching three limit-ups. - 9:30: Treasury futures opened mixed, with the 30-year contract down 0.14%. - 9:28: CSI Convertible Bond Index opened 0.14% higher. - 9:25: Shanghai Composite opened up 0.36%, ChiNext +1.42%. - 9:20: Hang Seng Index opened 0.9% higher, with Baidu up nearly 4%. - 9:15: CNY midpoint strengthened 21 pips to 7.0826. - 9:00: Commodities opened higher, led by Shanghai silver (+2%). - Pre-market: FTSE China A50 futures rose 0.35%.
