---
title: "The Shanghai Composite Index opened 3 points lower, and duty-free concept stocks surged"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/237748130.md"
description: "The Shanghai Composite Index opened down 3 points, reporting at 3,292 points; the Shenzhen Component Index opened up 8 points, reporting at 9,925 points; the ChiNext Index opened up 3 points, reporting at 1,951 points. Profits of industrial enterprises in the mainland grew by 0.8% in the first quarter, and expectations for reserve requirement ratio cuts and interest rate reductions have increased. The central parity rate of the RMB against the USD was adjusted to 7.2043. Duty-free concept stocks performed strongly, with MAOYE COMMERCIAL hitting the daily limit. BYD opened down nearly 1%"
datetime: "2025-04-28T01:33:10.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/237748130.md)
  - [en](https://longbridge.com/en/news/237748130.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/237748130.md)
generator: "portal-rs"
---

# 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%

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**