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Shanghai and Shenzhen A-shares Narrow Afternoon Losses; Three Major Indices Fall 0.3% to 1.3%; Lithium Miners and Chip Stocks Rise, Computing Power Concept Stocks Retreat
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The RMB central parity against the USD was set at 6.8674, lowered by 24 bps MoM. The People's Bank of China conducted RMB5 billion of seven-day reverse repos in the open market today (24th), with the operation rate unchanged at 1.4%. With RMB500 million of reverse repos maturing today, there was a net liquidity injection of RMB4.5 billion for the day. The three major A-share indices opened lower in the morning, with losses narrowing in the afternoon. The Shanghai Composite closed at 4,079 points, down 13 points or 0.3%, with turnover of RMB1.14 trillion. The Shenzhen Component Index closed at 14,940 points, down 103 points or 0.7%, with turnover of nearly RMB1.5 trillion. The ChiNext Index closed at 3,667 points, down 52 points or 1.4%, with turnover of RMB729.5 billion. Among mainland banks, Industrial and Commercial Bank of China (601398.SH) closed flat, while China Construction Bank (601939.SH) rose 0.1%. China Telecom (601728.SH) fell 0.8% after its 1Q net profit declined 17.1% YoY. Contemporary Amperex Technology (300750.SZ) rose 1.4% as its major shareholder Ningbo Lianchuang reduced its stake to 4.96%. BYD (002594.SZ) slipped 0.5%. Lithium mining concept stocks strengthened. Ganfeng Lithium (002460.SZ) and Tianqi Lithium (002466.SZ) surged 6.4% and 8.4%, respectively. Tibet Summit Resources (600338.SH), Jiangte Motor (002176.SZ) and Rongjie (002192.SZ) all hit their daily upper limits. Chip stocks opened lower but moved higher during the session. Semiconductor Manufacturing International Corporation (688981.SH) A-shares climbed 4.7%, while Hua Hong Semiconductor (688347.SH) A-shares soared 12.3%. AI chip maker Cambricon Technologies (688256.SH) gained 2.2%. Domestic GPU names MetaX (688802.SH) and Moore Threads (688795.SH) rose 7.2% and 5.4%, respectively. Naxinwei (688052.SH) A-shares advanced 2.9%. JHET (688141.SH) and Hygon Information Technology (688041.SH) jumped 16% and 8.2%, respectively. Computing power concept stocks retreated. Hongbo (002229.SZ) hit the daily lower limit. Fu'an (603315.SH) and Annuoqi (300067.SZ) slumped 6.3% and 8.3%, respectively. YOFC (601869.SH) extended losses, falling another 4.4% today. Shannon Semiconductor (300475.SZ) rose 3.6% after reporting 1Q net profit of RMB1.327 billion, surging more than 78 times YoY, mainly due to expanded sales scale of electronic components and higher product prices compared with the same period last year. Sunwoda Electronic (300207.SZ) dropped 4.7% as its 1Q net profit declined 70.49% YoY. Optical module giant Eoptolink Technology (300502.SZ) plunged 11.7%, despite reporting a 76.8% YoY increase in 1Q net profit. This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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