The Shanghai Composite Index opened 3 points lower, and duty-free concept stocks surged

In the first quarter, the profits of large-scale industrial enterprises in mainland China increased by 0.8% year-on-year, reversing the downward trend. Domestic media quoted analysts as saying that expectations for a reserve requirement ratio cut and interest rate reduction have risen this quarter, with a reserve requirement ratio cut likely to be implemented first. The People's Bank of China today (28th) conducted a 7-day reverse repurchase operation in the open market amounting to 279 billion yuan (the same below), with the operation interest rate remaining at 1.5%. Additionally, 176 billion yuan in reverse repos matured, resulting in a net injection of 103 billion yuan for the day. The central parity rate of the yuan against the US dollar was reported at 7.2043, up 23 points.

The three major A-share indices showed little change this morning. The Shanghai Composite Index opened down 3 points or 0.09%, at 3,292 points; the Shenzhen Component Index opened up 8 points or 0.09%, at 9,925 points; the ChiNext Index opened up 3 points or 0.2%, at 1,951 points.

Domestic bank stocks saw China Construction Bank (601939.SH) open up 0.1%, and Industrial and Commercial Bank of China (601398.SH) open up 0.14%.

Mainland China has lowered the threshold for outbound tax refunds to 200 yuan, with the cash limit increased to 20,000 yuan. Duty-free concept stocks surged, with MAOYE COMMERCIAL (600828.SH) hitting the daily limit as soon as the market opened.

In addition, BYD (002594.SZ) opened down nearly 1%. Contemporary Amperex Technology Co., Limited (300750.SZ) opened up 0.7%