The Shanghai Composite Index lost and regained 3,400 points throughout the day, the ChiNext dropped 1.2%, while rare earth stocks continued to rise against the trend

The People's Bank of China today (10th) conducted a 198.6 billion yuan (the same below) seven-day reverse repurchase operation in the open market, with the operation rate remaining at 1.4%. Additionally, 454.5 billion yuan of reverse repos are maturing, resulting in a net withdrawal of 255.9 billion yuan for the day. The central parity rate of the yuan against the US dollar is reported at 7.1840, up 15 points.

The Shanghai Composite Index attempted to break through 3,400 points, reaching a high of 3,406 points, closing down 14 points or 0.4% at 3,384 points, with a turnover of 557.4 billion yuan; the Shenzhen Component Index fell 87 points or 0.9%, closing at 10,162 points, with a turnover of 857.9 billion yuan; the ChiNext Index dropped 24 points or 1.2%, reporting 2,037 points, with a turnover of 411.8 billion yuan.

Banking stocks such as China Construction Bank (601939.SH) and Industrial and Commercial Bank of China (601398.SH) rose by 0.1% and 0.3%, respectively. In addition, BYD (002594.SZ) increased by 1.4%. Contemporary Amperex Technology Co., Limited (300750.SZ) fell by 1%.

Innovative drug concept stocks rose against the trend, with Sinovac Biotech (688136.SH), Haichang Pharmaceutical (300584.SZ), and Qianhong Pharmaceutical (002550.SZ) rising by 3% to 6.4%.

Rare earth stocks continued to rise against the trend, with Kanhoo (300340.SZ) hitting the daily limit again. Sinomag (300835.SZ) and JLMAG (300748.SZ) rose by 3.6% and 2%, respectively