The three major A-share indices of Shanghai and Shenzhen rose 0.3%-1.7% throughout the day, with banking and retail stocks climbing in the afternoon

AASTOCKS
2025.05.08 07:13

The People's Bank of China today (8th) conducted a 158.6 billion yuan (same below) 7-day reverse repurchase operation, with the operation rate lowered from 1.5% to 1.4%. There are no reverse repos maturing today, resulting in a net injection of 158.6 billion yuan. The central parity rate of the yuan against the US dollar is reported at 7.2073, down 68 points. The three major A-share indices opened lower but rose throughout the day.

The Shanghai Composite Index rose 9 points or 0.3% to close at 3,352 points, with a turnover of 501.6 billion yuan; the Shenzhen Component Index rose 93 points or 0.9% to close at 10,197 points, with a turnover of 791.8 billion yuan; the ChiNext Index rose 32 points or 1.7% to close at 2,029 points, with a turnover of 375.8 billion yuan.

Major domestic bank stock Industrial and Commercial Bank of China (601398.SH) closed flat. China Construction Bank (601939.SH) rose 0.9%. Some bank and insurance stocks performed strongly, with Bank of Ningbo (002142.SZ) and SPD Bank (600000.SH) rising 2.8% and 2.3%, respectively. China Pacific Insurance (601601.SH), China Merchants Bank (600036.SH), and China Life Insurance (601628.SH) rose by 0.9%-1.9%.

Leading domestic real estate stocks softened, with Vanke (000002.SZ), Poly (600048.SH), Greenland (600606.SH), and JinDi Group (600383.SH) falling by 0.3%-1.7%.

Retail department store stocks rose in the afternoon, with FJDB (600693.SH) and ZBJT (000759.SZ) hitting the daily limit. Hangzhou Department Store (600814.SH) and Baida Group (600865.SH) rose by 4.3% and 4%, respectively.

Automotive service concept stocks rose, with Shanghai Phoenix (600679.SH) and Jiuzhou Holdings (300994.SZ) both hitting the daily limit. Zhonglu Co., Ltd. (600818.SH) and Zhenghe Industrial (003033.SZ) rose by 2.9% and 5.8%, respectively.

Robot concept stocks surged, with Wanxiang Qianchao (000559.SZ), Chunguang Technology (603657.SH), and Jikai Co., Ltd. (002691.SZ) among several stocks hitting the daily limit.

BYD (002594.SZ) closed flat. Contemporary Amperex Technology Co., Limited (300750.SZ) rose 2.5%

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